MIRA INFORM REPORT
|
Report No. : |
307692 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BORAX MORARJI LIMITED |
|
|
|
|
Registered
Office : |
Prospect Chambers, 317-21, Dr. D N Road, Mumbai – 400001, |
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Country : |
India |
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Financials (as
on) : |
30.06.2014 |
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|
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|
Date of
Incorporation : |
27.08.1963 |
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Com. Reg. No.: |
11-012706 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 135.197 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1963PLC012706 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11836G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACB0507E |
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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 Boron Based Chemicals and Wind Power
Generation. |
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|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Management has reported consecutive losses leading to accumulation of
the same during FY 14. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow. In view of experienced promoters, the company can be considered for
business dealings with great 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: “B” |
|
Rating Explanation |
Risk prone credit quality and high credit
risk of default. |
|
Date |
10.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
10.11.2014 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shreeram R. Mohite |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9821010503 |
|
Date : |
13.02.2015 |
LOCATIONS
|
Registered Office : |
Prospect Chambers 317-21, |
|
Tel. No.: |
91-22-2061393/ 4 |
|
Fax No.: |
91-22-2061396 |
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E-Mail : |
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|
Website : |
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Location : |
Rented |
|
Locality : |
Residential |
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Factory 1: |
Chemical
Division Mahatma Gandhi Road, Ambarnath, Thane – 421502, Maharashtra, India |
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Tel. No.: |
91-251-2682271/ 2682272/ 2686250/ 2686260 |
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Fax No.: |
91-22-2682943/ 2682639 |
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E-Mail : |
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Factory 2: |
Chemical Division Plot No. CH/5/1 GIDC Industrial estate, Dahej, Taluka: Vagra, District Bharuch -392130, Gujarat, India |
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Factory 3: |
Wind Mill Farm Thosghar/ Maloshi/ Vankusawade, District Satara, Maharashtra, India |
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Factory 4: |
Wind Mill Farm Nani Sindhodi, Kutch, |
DIRECTORS
As on 31.03.2014
|
Name : |
L. N. Goculdas |
|
Designation : |
Chairman |
|
|
|
|
Name : |
B.L. Goculdas |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Ms. Mitika Laxmikumar Goculdas |
|
Designation : |
Director |
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Date of Birth/ Age: |
11.08.1972 |
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Qualification/ Experience :: |
MBA (Finance) form Pennsylvania State University, USA and as more than 12 year’s experience in Finance, Industry and International trade |
|
Date of Appointment : |
02.12.2009 |
|
Other Directorship : |
· The Dharamsi Morarji Chemical Company Limited · Gocul Gas Private Limited · Kosan Industries Private Limited · L.P. Gas Equipments Private Limited · L.P. Gas Transport and 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 Company Private Limited |
|
|
|
|
Name : |
S. K. Diwanji |
|
Designation : |
Director (Upto 2nd October, 2013) |
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|
Name : |
R. Sanghi |
|
Designation : |
Director (Upto 2nd October, 2013) |
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|
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|
Name : |
Sanjeev Vishwanath Joshi |
|
Designation : |
Director |
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Date of Birth/ Age: |
08.11.1959 |
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Qualification/ Experience :: |
B.Com, Practising Chartered Accountant for over Twenty Five years. |
|
Date of Appointment : |
31.03.2005 |
|
|
|
|
Name : |
Arvind Wasudeo Ketkar |
|
Designation : |
Director |
|
Date of Birth/ Age: |
14.05.1940 |
|
Qualification : |
B.Com (Hons), A.C.A.-Practising Chartered Accountant for over Forty years. |
|
Date of Appointment : |
25.09.2013 |
|
|
|
|
Name : |
Dilip Trimbak Gokhale |
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Designation : |
Director |
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Date of Birth/ Age: |
16.10.1949 |
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Qualification/ Experience : |
B. Com, LL.B., FCS experience of more than Thirty years in Company Administration, Corporate as well as other Laws relating to Companies and more than ten year’s experience in Finance and Banking |
|
Date of Appointment : |
02.03.2013 |
KEY EXECUTIVES
|
Name : |
Dilip S. Nagle |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
S.R. Mohite |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Shreeram R. Mohite |
|
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 |
|
|
|
|
|
|
|
|
639282 |
14.14 |
|
|
1952885 |
43.21 |
|
|
2592167 |
57.35 |
|
|
|
|
|
|
286873 |
6.35 |
|
|
286873 |
6.35 |
|
Total shareholding of Promoter and Promoter
Group (A) |
2879040 |
63.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1210 |
0.03 |
|
|
1267 |
0.03 |
|
|
32216 |
0.71 |
|
|
34693 |
0.77 |
|
|
|
|
|
|
104423 |
2.31 |
|
|
|
|
|
|
974055 |
21.55 |
|
|
436003 |
9.65 |
|
|
91484 |
2.02 |
|
|
1728 |
0.04 |
|
|
51602 |
1.14 |
|
|
4350 |
0.10 |
|
|
33804 |
0.75 |
|
|
1605965 |
35.53 |
|
Total Public shareholding (B) |
1640658 |
36.30 |
|
Total (A)+(B) |
4519698 |
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) |
4519698 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Boron Based Chemicals and Wind Power Generation. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Arabian Country · New Zealand · Africa · Belgium |
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Imports : |
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Products : |
Raw Material |
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Countries : |
America |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Dena Bank ·
Indian Overseas Bank |
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Facilities : |
NOTE LONG TERM
BORROWINGS Term Loans : Vehicle Loans Secured by hypothecation on respective vehicles. Rates of interest are 18% & 11.45 %. The loans are repayable in 36 EMIs ending March, 2015. SHORT TERM BORROWINGS Cash Credit Cash Credit including Export Packing Credit is secured by
hypothecation of stock-in-trade, stores and book debts of Chemical Division
at Ambarnath and Dahej, further secured by way of second charge by simple
registered mortgage on the land of Chemical Division at Ambarnath,
Maharashtra and mortgage on the land at Dahej, Gujarat. |
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Auditors : |
|
|
Name : |
K.S. Aiyar and Company Chartered Accountants |
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|
|
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Solicitors : |
Crawford Bayley and Company |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Subsidiary Company
: |
Borax Morarji (Europe) GmbH |
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|
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|
Companies where
Control Exists : |
· The Dharamsi Morarji Chemical Co. Limited · L.P.Gas Equipment Private Limited · Kosan Industries Private Limited · Phoenix Distributors Private Limited · The Natural Gas Co. Private Limited · Jasraj Trading Company · Bombay Foods Private Limited · L.P.Gas Transport and Bottling Co. Private Limited · Gocul Gas Private Limited · Autogas Conversion (India) Private Limited · B.S.and Services Private Limited · Falcon Chemical LLC |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4519698 |
Equity Shares |
Rs.10/- each |
Rs. 45.197 Millions |
|
9000000 |
Preference Shares |
Rs.10/- each |
Rs. 90.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 135.197
Millions |
NOTE
a Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As at 30.06.2014 |
|
|
|
Qty |
Rs. in Millions |
|
Number of Shares
outstanding at the beginning of the year : |
|
|
|
|
|
|
|
Add: Further issue
during the period |
|
|
|
Bonus shares |
4519698 |
45.197 |
|
|
|
|
|
Issued and allotted |
-- |
-- |
|
|
|
|
|
Number of Shares outstanding at the End of the year |
4519698 |
45.197 |
b. Terms/rights
attached to shares:
The Company has only one class of Equity Shares having a per of value of Rs. 10 per share. Each holder of Equity Share of the Company is entitled to one vote per share.
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 to the number of Equity Shares held by the Shareholder.
c Particulars of
Shareholders holding more than 5% of the Equity Share Capital:
|
Name of the
Shareholder |
As at 30.06.2014 |
|
|
|
% held |
No. of shares |
|
Jasraj Trading Company |
40.97 |
1851915 |
|
Laxmikumar N. Goculdas |
8.44 |
381443 |
|
Bharati L. Goculdas |
7.41 |
335050 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 (15 Months) |
31.03.2013 (12 Months) |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
135.197 |
45.197 |
45.197 |
|
(b) Reserves & Surplus |
(29.328) |
67.073 |
96.537 |
|
(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) |
105.869 |
112.270 |
141.734 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
50.378 |
135.337 |
124.363 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.738 |
15.458 |
|
(c) Other long term
liabilities |
6.635 |
6.580 |
7.302 |
|
(d) long-term
provisions |
1.806 |
1.289 |
1.889 |
|
Total Non-current
Liabilities (3) |
58.819 |
143.944 |
149.012 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
143.299 |
149.796 |
206.356 |
|
(b) Trade
payables |
118.892 |
146.087 |
118.695 |
|
(c) Other
current liabilities |
184.469 |
66.317 |
68.783 |
|
(d) Short-term
provisions |
0.351 |
0.341 |
0.020 |
|
Total Current
Liabilities (4) |
447.011 |
362.541 |
393.854 |
|
|
|
|
|
|
TOTAL |
611.699 |
618.755 |
684.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
293.843 |
278.140 |
201.275 |
|
(ii) Intangible
Assets |
0.235 |
0.472 |
0.662 |
|
(iii)
Capital work-in-progress |
10.917 |
32.475 |
65.752 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.777 |
4.124 |
4.124 |
|
(c) Deferred tax assets (net) |
42.451 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.355 |
22.665 |
18.744 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
371.578 |
337.876 |
290.557 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.120 |
0.185 |
0.104 |
|
(b)
Inventories |
151.309 |
179.672 |
210.945 |
|
(c) Trade
receivables |
49.175 |
53.461 |
135.935 |
|
(d) Cash
and cash equivalents |
15.384 |
22.181 |
18.538 |
|
(e) Short-term
loans and advances |
24.133 |
25.380 |
28.521 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
240.121 |
280.879 |
394.043 |
|
|
|
|
|
|
TOTAL |
611.699 |
618.755 |
684.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 (15 Months) |
31.03.2013 (12 Months) |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
662.117 |
617.466 |
772.692 |
|
|
|
Other Income |
9.045 |
1.434 |
2.783 |
|
|
|
TOTAL (A) |
671.162 |
618.900 |
775.475 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
509.145 |
433.102 |
526.926 |
|
|
|
Purchases of Stock-in-Trade |
5.719 |
0.981 |
38.213 |
|
|
|
(Increased)/Decreased in Inventories of finished goods and work in progress |
8.451 |
10.284 |
15.768 |
|
|
|
Employee Benefits Expenses |
49.602 |
37.292 |
38.594 |
|
|
|
Other Expenses |
166.047 |
139.800 |
145.401 |
|
|
|
TOTAL (B) |
738.964 |
621.459 |
764.902 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(67.802) |
(2.559) |
10.573 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.854 |
21.529 |
28.442 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(111.656) |
(24.088) |
(17.869) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.889 |
20.057 |
20.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(139.545) |
(44.145) |
(38.424) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(43.188) |
(14.720) |
(8.548) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(96.357) |
(29.425) |
(29.876) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(21.927) |
7.498 |
37.374 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(118.284) |
(21.927) |
7.498 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods calculated on FOB basis |
33.509 |
49.770 |
65.834 |
|
|
TOTAL EARNINGS |
33.509 |
49.770 |
65.834 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
303.487 |
204.094 |
337.245 |
|
|
TOTAL IMPORTS |
303.487 |
204.094 |
337.245 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(21.32) |
(6.51) |
(6.61) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2014 |
31.12.2014 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
140.500 |
210.700 |
|
Total Expenditure |
|
152.700 |
224.700 |
|
PBIDT (Excl OI) |
|
(12.200) |
(14.000) |
|
Other Income |
|
1.100 |
0.500 |
|
Operating Profit |
|
(11.100) |
(13.500) |
|
Interest |
|
8.600 |
8.400 |
|
Exceptional Items |
|
(4.900) |
(32.800) |
|
PBDT |
|
(24.600) |
(54.700) |
|
Depreciation |
|
4.600 |
5.200 |
|
Profit Before Tax |
|
(29.200) |
(59.900) |
|
Tax |
|
0 |
0.000 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(29.200) |
(59.900) |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior Period
Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(29.200) |
(59.900) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 (15 Months) |
31.03.2013 (12 Months) |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(14.55) |
(4.77) |
(3.87) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(10.24) |
(0.41) |
1.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(25.07) |
(7.58) |
(6.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.32) |
(0.39) |
(0.27) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.83 |
2.54 |
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54 |
0.77 |
1.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013
(12
Months) |
30.06.2014
(15
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
45.197 |
45.197 |
135.197 |
|
Reserves & Surplus |
96.537 |
67.073 |
(29.328) |
|
Net
worth |
141.734 |
112.270 |
105.869 |
|
|
|
|
|
|
long-term borrowings |
124.363 |
135.337 |
50.378 |
|
Short term borrowings |
206.356 |
149.796 |
143.299 |
|
Total
borrowings |
330.719 |
285.133 |
193.677 |
|
Debt/Equity
ratio |
2.333 |
2.540 |
1.829 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013
(12
Months) |
30.06.2014
(15
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
772.692 |
617.466 |
662.117 |
|
|
|
(20.089) |
7.231 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013
(12
Months) |
30.06.2014
(15
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
772.692 |
617.466 |
662.117 |
|
Profit |
(29.876) |
(29.425) |
(96.357) |
|
|
(3.87%) |
(4.77%) |
(14.55%) |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80038610 |
12/12/2013 * |
305,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B93393213 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
30.06.2014 (15 Months) (Rs.
In Millions) |
31.03.2013 (12 Months) (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits |
11.476 |
20.965 |
|
Loans from Related Parties |
2.546 |
77.547 |
|
Interest Free Sales Tax Loan from MEDA |
36.260 |
36.260 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand From Others : |
|
|
|
Inter Corporate Deposits |
18.280 |
12.600 |
|
Corporate Loan from HDFC Limited |
35.000 |
60.000 |
|
Total |
103.562 |
207.372 |
|
NOTE LONG TERM
BORROWINGS Fixed Deposits: Interest on Fixed Deposit for 9.50 % for one year and 10.50 % for three years. (Additional 0.5% interest will be paid on deposits accepted from shareholders of the company) Loan from Related
Parties: The loan taken from Related parties are interest free loan and repayable after 31st March 2015. SHORT TERM BORROWINGS Corporate loan from
HDFC Limited Corporate loan from HDFC Limited. for financing factory premises at Dahej @ 15.10% rate of interest, repayable by March, 2015 |
||
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW OF
OPERATIONS CHEMICAL DIVISION
During the extended financial year of Fifteen months the company continued to face sever working capital resources constrains resulting in turnover of Rs. 662.100 Millions only. The rising input costs coupled with depreciation of the Indian Rupee against the US
Dollar as also higher interest cost have adversely affected the performance of the Company. All these adverse factors resulted in loss of Rs. 96.357 Millions during the Fifteen months financial year ending 30/6/2014, as against net loss of Rs. 29.425 Millions during the previous financial year of twelve months.
DAHEJ OPERATIOS
The production at Dahej factory was partly commenced in the last quarter of the financial year 2012-2013 and the Company has commissioned manufacturing facilities of few speciality chemicals, in the current financial year.
The company has now completed the installation of most of plant, machinery and equipments at Dahej factory and barring unforeseen circumstances the company’s operations at Dahej will commence and continue be as envisaged, which will enable the management to introduce new range of products in the next financial year.
The Company’s R & D division is working on introduction of new products for manufacture at Dahej factory, which would satisfy the requirements of local as well as overseas market.
WIND MILL FARM
The Company’s two Wind Mill Farms, one at Satara in the State of Maharashtra, and another at Kutch in the State of Gujarat are operating at moderate scale. The Company is selling Power under third party arrangement as well as by sale to permissible Government /semi government institutions.
INDUSTRY STRUCTURE
AND OUTLOOK
The long-term outlook for the company’s products has always been encouraging but for the financial and other adverse constrains impacted the company’s performance. The Company continues its emphasis on retaining & servicing its customers, new product development and new market development. The Research and Development activities are being geared up to meet the requirements of domestic as well as export market.
Barring unforeseen circumstances, the Dahej Factory of the Company will be fully operational during the next financial year 2014-15.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.06.2014 (15 Months) (Rs.
In Millions) |
31.03.2013 (12 Months) (Rs.
In Millions) |
|
(1) Bank Guarantees
Outstanding |
4.968 |
3.990 |
|
|
|
|
|
(2) Claims against
the Company not acknowledged as debt: |
|
|
|
(a) Tax Demands under appeal: |
|
|
|
i) Excise Duty demanded by Commissioner of Central Excise |
1.265 |
1.265 |
|
ii) Custom Duty levied by Collector of Customs * |
4.460 |
4.460 |
|
* (The Company has prefered an appeal with CESTAT against the above demand in respect of validity of DEPB licenses. The Company has also deposited an amount of Rs. 2.800 Millions shown as recoverable “Loans and Advances” and has furnished bank guarantee for the balance of demand.) |
|
|
|
|
|
|
|
iv) Excise Duty demanded by Commissioner of Central Excise, Thane-I** |
-- |
30.997 |
|
** (The Company has prefered an appeal with CESTAT against the above demand and unconditional stay on the demand has also been granted by the CESTAT. In the current year, the Company has received an award in its favour) |
|
|
|
|
|
|
|
(b) Others |
-- |
0.769 |
|
|
|
|
|
(c) Some of the retrenched employees of Export Oriented Unit (EOU) of the erstwhile Timber Division have not accepted the retrenchment compensation offered by the Company on the closure of the unit and matter is in the court. The amount as offered by the Company has been duly provided for and as per legal opinion the possibility of any further liability is remote. The additional liability if any is presently not ascertainable. |
|
|
STATEMENT
OF STANDALONE UNAUDITED REESULTS FOR THE SIX MONTHS ENDED 31ST
DECEMBER, 2014
(Rs.
in Millions)
|
|
Particulars |
Quarter Ended |
Six Months Ended |
|||
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
PART - I |
|
|
|
|||
|
|
|
|
|
|
||
|
1 |
Income from
Operations |
|
|
|
||
|
|
a. Net Sales/ Income from Operations (Net of excise duty) |
210.282 |
138.821 |
349.103 |
||
|
|
b. Other Operating Income |
0.435 |
1.658 |
2.093 |
||
|
|
Total Income from Operations |
210.717 |
140.479 |
351.196 |
||
|
2 |
Expenses |
|
|
|
||
|
|
a. Consumption of Raw Materials |
120.047 |
104.351 |
224.398 |
||
|
|
b. Power, Fuel and Water Charges |
7.577 |
11.102 |
18.679 |
||
|
|
c. Purchases of Traded Goods |
0.000 |
1.476 |
1.476 |
||
|
|
d. Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade |
76.449 |
7.556 |
84.005 |
||
|
|
e. Employees Benefits Expense |
4.962 |
10.563 |
15.525 |
||
|
|
f. Depreciation and Amortisation Expenses |
5.186 |
4.605 |
9.791 |
||
|
|
g. Foreign Exchange Loss/ (Gain) |
3.068 |
2.576 |
5.644 |
||
|
|
h. Other Expenses |
12.621 |
15.053 |
27.674 |
||
|
|
Total Expenses |
229.910 |
157.282 |
387.192 |
||
|
3 |
Profit/ (Loss) from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
(19.193) |
(16.803) |
(35.996) |
||
|
4 |
Other Income |
0.476 |
1.069 |
1.545 |
||
|
5 |
Profit/ (Loss) from ordinary activities Before Finance Costs & Exceptional Items (3+4) |
(18.717) |
(15.734) |
(34.451) |
||
|
6 |
Finance Costs |
8.379 |
8.572 |
16.951 |
||
|
7 |
Profit/ (Loss) from ordinary activities after Finance Cost but before exceptional items (5-6) |
(27.096) |
(24.306) |
(51.402) |
||
|
8 |
Exceptional Items |
(32.784) |
(4.899) |
(37.683) |
||
|
9 |
Profit/ (Loss) from ordinary activities before Tax (7-8) |
(59.880) |
(29.205) |
(89.085) |
||
|
10 |
Tax Expense |
0.000 |
0.000 |
0.000 |
||
|
11 |
Net Profit/ (Loss) from ordinary activities after tax (9-10) |
(59.880) |
(29.205) |
(89.085) |
||
|
12 |
Extraordinary Items (net of tax expenses) |
-- |
-- |
-- |
||
|
13 |
Net Profit/ (Loss) for the period (11-12) |
(59.880) |
(29.205) |
(89.085) |
||
|
14 |
Paid up Equity Share Capital (Face Value of Rs.10/- each) |
45.197 |
45.197 |
45.197 |
||
|
15 |
Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
||
|
16 |
Earnings Per Share (EPS) IN Rs. Basic and Diluted EPS before and after extraordinary items (not annualised) |
(13.25) |
(6.46) |
(19.71) |
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
PART - II SELECT INFORMATION FOR THE SIX MONTHS
ENDED 31ST DECEMBER, 2014 |
||||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. Number of shares |
1640658 |
1640658 |
1640658 |
|
|
|
b. Percentage of shareholding |
36.30% |
36.30% |
36.30% |
|
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
2879040 |
2879040 |
2879040 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
63.70% |
63.70% |
63.70% |
|
Particulars |
Six Months Ended 31st December, 2014 |
|
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 |
Note:
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
|
Particular |
31.12.2014 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
135.197 |
|
|
(b) Reserves and surplus |
(118.437) |
|
|
Sub-total
- Shareholders' funds |
16.760 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
56.312 |
|
|
(b) Deferred Tax Liabilities (Net) |
-- |
|
|
(c) Other long-term liabilities |
6.545 |
|
|
(e) Long-term provision |
0.783 |
|
|
Sub-total
- Non-current liabilities |
63.640 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
129.709 |
|
|
(b) Trade payables |
174.105 |
|
|
(c) Other current liabilities |
237.690 |
|
|
(d) Short-term provision |
-- |
|
|
Sub-total - Current
liabilities |
541.604 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
621.904 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed
Assets |
|
|
|
(i)
Tangible assets |
284.518 |
|
|
(ii)
Intangible Assets |
0.222 |
|
|
(iii)
Capital work-in-progress |
16.082 |
|
|
(b) Non-current Investments |
1.777 |
|
|
(c) Long-term Loan and Advances |
13.041 |
|
|
(d) Deferred tax assets (net) |
42.461 |
|
|
Sub-total
- Non-current assets |
358.091 |
|
2 |
Current assets |
|
|
|
(a) Current Investments |
0.120 |
|
|
(b) Inventories |
90.943 |
|
|
(c) Trade receivables |
122.964 |
|
|
(d) Cash and cash equivalents |
23.777 |
|
|
(e) Short-term loans and advances |
26.009 |
|
|
Sub-total
- Current assets |
263.813 |
|
|
TOTAL
- ASSETS |
621.904 |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED AS PER CLAUSE 41 OF LISTING AGREEMENT
|
|
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1 |
Segment Revenue |
|
|
|
|
|
a. Chemical |
210.282 |
138.821 |
349.103 |
|
|
b. Wind Mill Farm |
0.435 |
1.658 |
2.093 |
|
|
Net Revenue from
Operations |
210.717 |
140.479 |
351.195 |
|
|
|
|
|
|
|
2. |
Segment Results |
|
|
|
|
|
Profit/ (Loss)
before Finance Cost and Tax |
|
|
|
|
|
a. Chemical |
(48.811) |
(20.169) |
(68.980) |
|
|
b. Wind Mill Farm |
(1.828) |
0.240 |
(1.588) |
|
|
Total |
(50.639) |
(19.929) |
(70.568) |
|
|
Less: Finance Cost |
8.378 |
8.572 |
16.950 |
|
|
Add: Excess of
Unallocable Income over Unallocable expenditure |
(0.863) |
(0.704) |
(1.567) |
|
|
Total Profit/
(Loss) before tax |
(59.880) |
(29.205) |
(89.085) |
|
|
|
|
|
|
|
3. |
Segment Capital
Employed (Excluding Borrowings) |
|
|
|
|
|
a. Chemical |
129.379 |
182.062 |
129.379 |
|
|
b. Wind Mill Farm |
40.874 |
42.037 |
40.874 |
|
|
c. Unallocated |
(2.459) |
(2.325) |
(2.459) |
|
|
|
167.794 |
221.774 |
167.794 |
NOTE
1. The above unaudited results for the quarter ended 31st December,2014 have been reviewed by the Audit Committee and taken on record by the Board of Directors in their meeting held on 11th February, 2015.
2. The Statutory Auditors have qualified certain Claims receivable and Recovery
of Overdue amounts from sundry debtors in their review report for the quarter
ended 31st December, 2014. The Management explanations are as under:
a. As regards the claims receivable from State Trading Corporation (STC) of Rs.
1.422 Millions, the matter was decided in favour of the Company by the Tis
Hajari Court, Delhi, against which STC has preferred an appeal, which is
pending in Delhi High Court. As regards the deposit of 2.800 Millions
recoverable from Custom Authorities, the Company has preferred an appeal which
is pending before CESTAT. Management is confident of full recovery in both
these cases.
b. As against the overdue receivables from Debtors, no provision is considered
necessary as these are fully recoverable.
.
3. As regard, Chemical Division at Dahej and Wind Mill Division, the
Depreciation has been re-computed as per the Schedule II of the Companies Act
2013, resulting into net reduction in the Depreciation charge by Rs. 1.096
Millions for the six month ending December 2014. In case of assets at Chemical
Division at Ambernath, as shifting/ relocating to Dahej is in process, the
Company will assess the remaining useful life of these assets and adjust the
excess/shortage of depreciation accordingly.
5. The provision for Deferred Tax Asset / Liability, if any, will be considered at the end of the year.
6. The corresponding figures for the earlier year to date are for period of nine months due to change of the accounting year for a period of fifteen months and are not comparable with the current years to date figures for a period of six months.
7. The figures of previous quarter/period have been reclassified / regrouped
wherever necessary.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings Road etc.
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers
Intangible Assets
· Software
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 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.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.