MIRA
INFORM REPORT
|
Report No. : |
306934 |
|
Report Date : |
07.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIRMA LIMITED |
|
|
|
|
Registered
Office : |
Nirma House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.02.1980 |
|
|
|
|
Com. Reg. No.: |
04-003670 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1005.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24240GJ1980PLC003670 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMN00409D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN5350K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of
Synthetic Detergents, Soaps, Chemicals and Allied Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed Fast Moving Consumer Goods
(FMCG) company having excellent track record. The rating takes into consideration the company established market
position in the domestic soda ash and soaps and detergent (S&D) businesses. The rating also reflects company strong financial risk profile marked
by healthy net worth and sound profitability of the company Director are reported to be experienced and respectable businessmen. Business is active. Trade relations are reported as praiseworthy.
Payments are regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
25.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
25.07.2014 |
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.
INFORMATION DECLINED
Management non co-operative (91-80-42902633)
LOCATIONS
|
Registered/ Corporate Office : |
Nirma House, Ashram Road, Ahmedabad
– 380009, Gujarat, India |
|
Tel. No.: |
91-79-27546565 - 74/ 26442187 |
|
Fax No.: |
91-79-27546603/ 05/ 01 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
· Block No. 16/B, Ahmedabad Mehsana Highway, P.O. Mandali, District Mehsana - 382732, Gujarat, India ·
Village Moraiya,
Post Chacharwadi Vasna,
Near Modern Denim Bavla Road, Taluka:
Sanand, District Ahmedabad
- 382213, Gujarat, India ·
Alindra Detergent
Complex, P. O. Alindra, Taluka
Savli, District Baroda - 391775, Gujarat, India ·
Bhavnagar Chemical
Complex, P.O. Kalatalav, District Bhavnagar - 364313, Gujarat, India ·
Wind Farm Project at Survey No. 691, Village Dhank, Taluka Upleta, District Rajkot,
Gujarat, India ·
Nirlife Pharma Complex, Survey No. 358-369, Village Sachana, Taluka Viramgam, District Ahmedabad -
382150, Gujarat, India |
DIRECTORS
As on 26.06.2014
|
Name : |
Mr. Karsanbhai K. Patel |
|
Designation : |
Chairman
|
|
Address : |
Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road,
She\Medabad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.01.1944 |
|
Date of Appointment : |
25.02.1980 |
|
DIN No.: |
00401099 |
|
Voter ID No.: |
LPZ4110078 |
|
|
|
|
Name : |
Mr. Rakesh K. Patel |
|
Designation : |
Vice
Chairman |
|
Address : |
Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road,
She\Medabad-380054, Gujarat, India |
|
Date of Birth/Age : |
18.07.1972 |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
00760023 |
|
Voter ID No.: |
GJ\11\064\0603732 |
|
|
|
|
Name : |
Mr. Pankaj R.
Patel |
|
Designation : |
Director |
|
Address : |
16 Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
16.03.1953 |
|
Date of Appointment : |
28.10.2006 |
|
DIN No.: |
00131852 |
|
|
|
|
Name : |
Mr. Shailesh V. Sonara |
|
Designation : |
Directors |
|
Address : |
F/1 Shivani Flats Opposite Azad society road B/H Sahjanand Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
18.10.1946 |
|
Date of Appointment : |
10.06.2013 |
|
DIN No.: |
06592025 |
|
|
|
|
Name : |
Mr. Chinubhai R. Shah |
|
Designation : |
Director |
|
Address : |
402 Heritage Cresent
B/H Prahlad Nagar Garden
S G Highway Ahmedabad – 380051, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
06.06.2002 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Mr. Rajendra D. Shah |
|
Designation : |
Director |
|
Address : |
15 Nilima Park,
Society Navarangpura, Ahmedabad
– 380009, Gujarat, India |
|
Date of Birth/Age : |
29.04.1934 |
|
Date of Appointment : |
22.12.1994 |
|
DIN No.: |
00386161 |
|
Voter ID No.: |
GJ\11\068\090145 |
|
|
|
|
Name : |
Mr. Hiren K.
Patel |
|
Designation : |
Director |
|
Address : |
Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road,
She\Medabad-380054, Gujarat, India |
|
Date of Birth/Age : |
29.07.1973 |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
0014519 |
|
Voter ID No.: |
LPZ4117149 |
|
|
|
|
Name : |
Mr. Kaushikbhai N. Patel |
|
Designation : |
Director |
|
Address : |
B No.5 Tapas Bunglow Vijay Bapunagar Society
Near Setu Bunglow
Opposite Tivera –II, Vejalpur,
Ahmedabad -380051, Gujarat, India |
|
Date of Birth/Age : |
02.12.1955 |
|
Date of Appointment : |
06.06.2002 |
|
DIN No.: |
00145086 |
|
|
|
|
Name : |
Mr. Kalpesh A. Patel |
|
Designation : |
Director |
|
Address : |
Radheshyam B/H Karnavati Club Gandhi Nagar Sarkhej Highway, Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
30.08.1967 |
|
Date of Appointment : |
01.04.1994 |
|
DIN No.: |
00322811 |
KEY EXECUTIVES
|
Name : |
Mr. Paresh Sheth |
|
Designation : |
Company Secretary |
|
Address : |
48 Lad Society Vastrapur Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.10.1962 |
|
Date of Appointment : |
06.09.2006 |
|
PAN No.: |
AEAPS2375C |
|
Voter ID No.: |
GJ\11\064\0351075 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
13.20 |
|
Directors or relatives of Directors |
86.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of
Synthetic Detergents, Soaps, Chemicals and Allied Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of India ·
HDFC Bank Limited ·
Credit Lyonnais ·
ANZ Grindlays Bank
Limited ·
Axis Bank Limited ·
The Kalupur
Commercial Cooperative Bank Limited ·
IDBI Trusteeship Services Limited Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,
Ballard Estate,, Mumbai - 400001, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Short Term
Borrowings i. The Short term loans and credit facilities from Banks are secured on parri-passu basis, by first charge, by way of hypothecation of specified stock of raw materials, stock in process, finished goods, other merchandise being movable, book debts, both present and future and by way of second charge on specified fixed assets, both present and future, of the Company. Effective cost of the above bank loan is in the range of 8% to 13% p.a. ii. Overdraft facility `Rs.0.100 Millions is secured by lien of Fixed deposit of ` 20 Millions (P.Y. Outstanding working capital facilities from banks part of cash credit facility ` 0.200 Millions was secured by lien of fixed deposit of Rs.1.500 Millions and overdraft facility ` 40.700 Millions was secured by lien of fixed deposit of ` 100.000 Millions).
i.
Effective cost of unsecured loan is in range
of 8% to 10% p.a. |
|
Auditors : |
|
|
Name : |
Hemanshu Shah and Company Chartered Accountants |
|
Address : |
A/46, 3rd Floor,
Nobles, Opposite Nehru Bridge, Ashram Road, Ahmedabad
- 380009, Gujarat, India |
|
Tel No.: |
91-79-26584250 |
|
Fax No.: |
91-79-26589463 |
|
Email : |
|
|
|
|
|
Subsidiaries of the
Company: (wholly owned) : |
Direct Holding · Karnavati Holdings Inc. USA ·
Nirlife Mexico, SA
DE C.V ·
Siddhi Vinayak Cement Private Limited Indirect Holding · Searles Valley Minerals Inc. (SVM), USA (Wholly owned subsidiaries of Karnavati Holding Inc. USA). ·
Searles Domestic
Water Company LLC ·
Trona Railway
Company LLC ·
Searles Valley
Minerals Europe ( Wholly owned by SVM) |
|
|
|
|
Associates
Entities: |
· Kargil Holdings Private Limited ·
Uri Holdings Private Limited ·
Leh Holdings
Private Limited ·
Banihal Holdings
Private Limited ·
Kulgam Holdings
Private Limited ·
Nirma Credit and
Capital Private Limited ·
Nirma Industries
Private Limited ·
Nirma Chemical
Works Private Limited ·
Baeurer Infotech Limited ·
Mahuva Port and
Infrastructure Private Limited ·
Kanak Castor
Products Private Limited ·
Navin Detergent
Private Limited ·
Navin Overseas FZC ·
Nirma Education
and Research Foundation ·
Nirma University, Nirma Labs ·
Trona Export
Terminals LLC, USA ·
FRM Trona Fuels LLC,
USA. |
CAPITAL STRUCTURE
As on 26.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
231000000 |
Equity Shares |
Rs.5/- each |
Rs.1155.000 Millions |
|
1000000 |
6% Redeemable Non-Cumulative Non-Convertible Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
250000000 |
6% Redeemable non-Cumulative Non-Convertible Preference Shares |
Re.1/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1505.000 Millions
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151702578 |
Equity Shares |
Rs.5/- each |
Rs.758.512
millions |
|
247080232 |
6% Redeemable non-Cumulative Non-Convertible Preference Shares |
Rs.1/- each |
Rs.247.080
millions |
|
|
Total |
|
Rs.1005.600
Millions |
Notes:
I) The Company has
reduced its Equity Share Capital held by the non promoter shareholders after
obtaining the requisite approval of the members and subsequent confirmation and
approval by the Honble High Court of Gujarat.
Accordingly, 7,472,288 issued and subscribed equity shares and 7,439,704
paid-up equity shares of the Company, held by Non Promoter Shareholders, have
been cancelled and extinguished.
Pursuant to the order passed by the Hon?ble
High Court of Gujarat, a sum of ` 225/- (Rupees Two Hundred Twenty Five) per
share was paid to the Non promoter shareholders, which includes a premium of `
220/- over the face value per equity share of ` 5/-, in lieu of and on
cancellation and extinguishment of their equity shares. In relation to payment
for extinguishment and cancellation of 32,584 equity shares kept in abeyance,
due to court order, the company would abide by the decision of court on attainment
of its finality.
II) The Company had issued 247,080,232 6% Redeemable non cumulative non
convertible preference shares of ` 1 each fully paid up against 1 equity share
of ` 1 each fully paid up held by the shareholders of erstwhile Saurashtra Chemicals Limited on 31.03.2013 consequent upon
the amalgamation. Pursuant to the scheme and the terms of issue, "the
preference shares shall be redeemed at par at the end of 5th year from the date
of allotment.
Preference Shares
The preference shares carry dividend @ 6 % p.a. The holders of
preference shares shall in respect of such capital have rights to vote only on
the resolution placed before the Company which directly affects the rights
attached to the preference shares. The preference shares carry preferential
rights in case of dividend. In the event of liquidation, preference
shareholders have a preferential right over equity shareholders to be repaid to
the extent of capital of paid up and dividend on such shares.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1005.600 |
1042.800 |
1042.800 |
|
(b) Reserves & Surplus |
30705.900 |
28488.100 |
26666.300 |
|
(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) |
31711.500 |
29530.900 |
27709.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7607.000 |
8605.200 |
9091.300 |
|
(b) Deferred tax liabilities (Net) |
3265.400 |
3685.200 |
3458.600 |
|
(c) Other long term liabilities |
1206.900 |
1316.300 |
1159.500 |
|
(d) long-term provisions |
312.800 |
288.900 |
276.900 |
|
Total Non-current
Liabilities (3) |
12392.100 |
13895.600 |
13986.300 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
10304.000 |
6783.100 |
4278.200 |
|
(b) Trade payables |
2191.500 |
2470.300 |
2909.500 |
|
(c) Other current liabilities |
5538.100 |
4579.700 |
4770.200 |
|
(d) Short-term provisions |
84.400 |
73.200 |
68.600 |
|
Total Current
Liabilities (4) |
18118.000 |
13906.300 |
12026.500 |
|
|
|
|
|
|
TOTAL |
62221.600 |
57332.800 |
53721.900 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20020.400 |
20274.500 |
21134.600 |
|
(ii) Intangible Assets |
40.900 |
356.900 |
503.300 |
|
(iii) Capital work-in-progress |
1717.300 |
2723.600 |
2051.100 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
55.800 |
|
(b) Non-current Investments |
9552.100 |
9537.300 |
9537.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9526.600 |
4291.300 |
453.300 |
|
(e) Other Non-current assets |
44.500 |
69.600 |
28.200 |
|
Total Non-Current
Assets |
40901.800 |
37253.200 |
33763.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
220.000 |
|
(b) Inventories |
10506.800 |
10452.300 |
10191.100 |
|
(c) Trade receivables |
4876.200 |
5611.300 |
4881.100 |
|
(d) Cash and cash equivalents |
406.800 |
219.500 |
327.800 |
|
(e) Short-term loans and advances |
5424.200 |
3697.300 |
4179.500 |
|
(f) Other current assets |
105.800 |
99.200 |
158.800 |
|
Total Current
Assets |
21319.800 |
20079.600 |
19958.300 |
|
|
|
|
|
|
TOTAL |
62221.600 |
57332.800 |
53721.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42831.300 |
22234.300 |
62315.800 |
|
|
|
Other Income |
1588.000 |
708.600 |
584.900 |
|
|
|
TOTAL (A) |
44419.300 |
22942.900 |
62900.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
16847.000 |
8629.000 |
26826.600 |
|
|
|
Purchases of stock-in-trade |
279.000 |
230.700 |
1039.500 |
|
|
|
Employee benefits expense |
2465.400 |
1214.200 |
3215.100 |
|
|
|
Other expenses |
17186.100 |
8659.500 |
23057.400 |
|
|
|
Exceptional items |
0.000 |
0.000 |
(20.300) |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(684.100) |
(386.800) |
(883.200) |
|
|
|
TOTAL (B) |
36093.400 |
18346.600 |
53235.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8325.900 |
4596.300 |
9665.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1717.700 |
737.100 |
1902.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6608.200 |
3859.200 |
7763.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2752.600 |
1396.300 |
4258.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3855.600 |
2462.900 |
3504.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(156.400) |
724.200 |
4115.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
4012.000 |
1738.700 |
(611.200) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2015.200 |
692.100 |
1585.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
945.500 |
385.600 |
281.900 |
|
|
BALANCE CARRIED
TO THE B/S |
5081.700 |
2045.200 |
692.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2062.800 |
1307.100 |
5330.100 |
|
|
|
Interest |
0.300 |
0.100 |
4.300 |
|
|
|
Commission |
0.900 |
5.100 |
37.800 |
|
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2064.000 |
1312.300 |
5372.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2532.500 |
998.800 |
3768.800 |
|
|
|
Stores & Spares |
0.000 |
273.100 |
203.200 |
|
|
|
Capital Goods |
588.400 |
66.000 |
638.600 |
|
|
TOTAL IMPORTS |
3120.900 |
1337.900 |
4610.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.27 |
10.93 |
(3.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.37 |
7.82 |
(0.98) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
19.44 |
20.67 |
15.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.57 |
5.46 |
8.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.08 |
0.13 |
|
|
|
|
|
|