MIRA INFORM REPORT

 

 

Report No. :

308008

Report Date :

14.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MANGALAM ORGANICS LIMITED

 

 

Registered Office :

Kumbhivali Village, Savroli Kharpada Road, Taluka Khalapur, Khopoli, District Raigad - 410203, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.07.1981

 

 

Com. Reg. No.:

11-024742

 

 

Capital Investment / Paid-up Capital :

Rs. 90.375 Millions

 

 

CIN No.:

[Company Identification No.]

L24110MH1981PLC024742

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing and Trading of Chemicals.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The company possesses a favourable financial profile marked by adequate networth base modest gearing and decent debt protection metrics, along with slight working capital intensive operations.  

 

Management has reported an acceptable sales volume as well as net profitability during FY14.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

In view of experienced and creditworthy nature of the promoters, the subject can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

SME 1

Rating Explanation

Highest creditworthiness 

Date

23.04.2014

 

 

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

 

(CONTACT NO.: 91-22-22616200)

 

 

LOCATIONS

 

Registered Office/ Factory :

Kumbhivali Village, Savroli Kharpada Road, Taluka Khalapur, Khopoli, District Raigad - 410203, Maharashtra, India

Tel. No.:

91-2192-276140

Fax No.:

Not Available

E-Mail :

power@bom3.vsnl.net.in

 

 

Administrative Office :

812, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22824089/ 40884089

Fax No.:

91-22-22841284/ 81/ 49204081

 

 

DIRECTORS

 

AS ON 31.03.2013

 

Name :

Mr. Kamalkumar Dujodwala

Designation :

Chairman

 

 

Name :

Mr. Pannkaj Dujodwala

Designation :

Director

 

 

Name :

Mr. Narendra Goenka

Designation :

Director

 

 

Name :

Mr. Rajkumar Saraf

Designation :

Director

Date of Birth/Age :

07.10.1945

Qualification :

B.Com

Date of Appointment :

25.05.2010

 

 

Name :

Mr. Rajkumar Jatia

Designation :

Director

Date of Birth/Age :

14.10.1951

Qualification :

B.Com

Date of Appointment :

25.05.2010

 

 

Name :

Mr. Sharad Saraf

Designation :

Director

 

 

KEY EXECUTIVES

 

Audit Committee :

·         Mr. Sharad Saraf

·         Mr. Rajkumar Saraf

·         Mr. Kamalkumar Dujodwala

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

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

2243362

24.78

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

2001849

22.11

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

4245211

46.89

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

 

 

Total shareholding of Promoter and Promoter Group (A)

4245211

46.89

(B) Public Shareholding

 

 

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

 

 

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

1900

0.02

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

600

0.01

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

2500

0.03

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

 

 

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

758343

8.38

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

2440258

26.96

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

1282365

14.17

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

324003

3.58

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

261564

2.89

http://www.bseindia.com/include/images/clear.gifClearing Members

62439

0.69

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

4804969

53.08

Total Public shareholding (B)

4807469

53.11

Total (A)+(B)

9052680

100.00

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

 

 

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)

9052680

100.00

 

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl. No.

Name of the Shareholders

Details of Shares held

No. of Shares held

As a %

1

Akshay Dujodwala

3,51,374

3.88

2

Alka Dujodwala

5,78,790

6.39

3

Dujodwala Export Private Limited

1,72,432

1.90

4

Indo Euro Securities Limited

18,29,417

20.21

5

Manisha Dujodwala

8,53,250

9.43

6

Pankaj Ramgopal Dujodwala HUF

1,72,432

1.90

7

Ramgopal Kamalkumar HUF

1,56,216

1.73

8

Vasudha Dujodwala

1,31,300

1.45

 

Total

42,45,211

46.89

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholders

No. of Shares held

Shares as % of Total No. of Shares

1

Jagdish Amritlal Shah

95745

1.06

2

Sangeetha S

136330

1.51

3

Vijay Rani Saraf

420900

4.65

4

J B C International Private Limited

414500

4.58

Total

1067475

11.79

 

 

Details of Locked-in Shares

 

Sl. No.

Name of the Shareholders

No. of Shares

Locked-in Shares as %

1

Pankaj Ramgopal Dujodwala HUF

1,72,432

1.90

2

Ramgopal Kamalkumar HUF

86,216

0.95

3

Dujodwala Export Private Limited

1,72,432

1.90

Total

4,31,080

4.76

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Trading of Chemicals.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

·         The Saraswat Co-operative Bank Limited (Scheduled Bank)

SME Nariman Point, A-Wing, 1st Floor, Mittal Court, Mumbai - 400021, Maharashtra, India

 

 

Facilities :

 

SECURED LOAN

31.03.2013

(Rs. in Millions)

LONG TERM BORROWING

 

From Saraswat Co-operative Bank Limited

 

Corporate loan

Secured against first charge on the present and future fixed assets of the Company (Land and Building, Plant & Machinery) Re-payable in 33 months in monthly installment of Rs. 2.122 Millions each.  Applicable rate of interest is 14.5%

0.000

Rupee term loan          

Equitable mortgage of additional construction on existing land at Kumbhivali, Savroli Kharpada Road, Taluka - Khalapur, Khopoli, District - Raigad. Repayable after a moratorium period of 12 months. Repayable in 71 monthly installments of Rs. 0.475 Million each.  Applicable rate of interest is 14.5%.

25.324

Rupee term loan – I

Secured against hypothecation of existing Plant and Machinery of the Company.

Repayable in 24 monthly installment of Rs. 0.875 Million each. Starting from June 13. Applicable rate of interest is 14.5%.

0.223

Rupee term loan – II

Secured against hypothecation of equipments Plant and Machinery financed.

Repayable in 60 monthly installment of Rs. 0.705 Million each. Applicable rate of interest is 14.5%.

16.144

Vehicle Loan

(Secured against Vehicle financed and personal guarantee of

Mr.  Pannkaj  Dujodwala, Director of the Company)

1.121

SHORT TERM BORROWING

 

Loans repayable on demand

 

Cash Credit from The Saraswat Cooperative Bank Limited

(Secured against hypothecation of Inventories and book debts of the Company) [Collateral Securities:

 

a) Equitable mortgage of Factory Land and Building at  Kumbhivali village, Savroli Kharpada Road, District Raigad, Taluka Khalapur, Khopoli - 410203, Maharashtra.

b) Hypothecation of plant and machinery.

c) Personal guarantees of Mr. Kamalkumar Dujodwala and Shri Pannkaj Dujodwala]

278.410

Working capital loan

45.971

 

 

Total

367.193

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Sundarlal, Desai and Kanodia

Chartered Accountants

Address :

903, Arcadia, NCPA Marg,  Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Companies / Firm controlled by Directors / Relatives who have the authority and controlling their activities :

·         Balaji Pine Chemicals Limited

·         Specially Chemicals

·         Dujodwala Resin and Terpenes Lined

·         Indo-Euro Securities Limited

·         Dujodwala Exports Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 19.09.2014

 

Authorised Capital : Rs. 120.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 90.527 Millions

 

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs.120.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9052680

Equity Shares

Rs.10/- each

Rs.90.527 Millions

 

Less: Calls Unpaid

 

Rs.0.152 Million

 

 

 

 

 

Total

 

Rs.90.375 Millions

 

 

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

90.375

90.375

90.375

(b) Reserves & Surplus

419.602

371.762

339.942

(c) Money received against share warrants

0.000

0.000

7.026

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

509.977

462.137

437.343

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

29.961

42.812

61.357

(b) Deferred tax liabilities (Net)

64.912

62.671

55.364

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

8.343

7.864

8.095

Total Non-current Liabilities (3)

103.216

113.347

124.816

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

494.544

324.381

410.052

(b) Trade payables

325.369

325.690

360.187

(c) Other current liabilities

156.176

178.401

121.877

(d) Short-term provisions

2.175

1.325

0.000

Total Current Liabilities (4)

978.264

829.797

892.116

 

 

 

 

TOTAL

1591.457

1405.281

1454.275

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

498.128

503.933

437.026

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

12.537

34.973

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.025

0.025

0.025

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

6.108

40.071

39.780

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

504.261

556.566

511.804

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

546.537

435.186

538.940

(c) Trade receivables

353.156

272.885

276.869

(d) Cash and cash equivalents

46.484

42.939

40.662

(e) Short-term loans and advances

140.879

87.424

79.612

(f) Other current assets

0.140

10.281

6.388

Total Current Assets

1087.196

848.715

942.471

 

 

 

 

TOTAL

1591.457

1405.281

1454.275

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

2316.585

2095.232

2202.272

 

 

Other Income

11.717

13.160

6.637

 

 

TOTAL                                     (A)

2328.302

2108.392

2208.909

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1560.253

1585.674

1515.044

 

 

Purchases of Stock-in-Trade

229.354

208.925

189.178

 

 

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

15.456

(149.823)

51.553

 

 

Employees benefits expense

84.079

76.760

65.599

 

 

Other expenses

241.822

238.214

250.490

 

 

TOTAL                                     (B)

2130.964

1959.750

2071.864

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

197.338

148.642

137.045

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

78.994

56.937

66.480

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

118.344

91.705

70.565

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

46.763

43.003

38.097

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

71.581

48.702

32.468

 

 

 

Less

TAX                                                                  (H)

23.741

13.944

(1.022)

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

47.840

34.758

33.490

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export made on FOB Basis

NA

219.072

129.921

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

721.674

955.786

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

5.28

3.84

3.70

 

Diluted

5.28

3.84

3.17

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

519.700

769.300

555.900

Total Expenditure

474.100

736.300

510.900

PBIDT (Excl OI)

45.600

33.000

45.000

Other Income

1.600

16.500

2.200

Operating Profit

47.100

49.500

47.300

Interest

14.200

15.400

12.500

Exceptional Items

0.000

0.000

0.000

PBDT

33.000

34.100

34.700

Depreciation

12.000

12.200

12.400

Profit Before Tax

21.000

22.000

22.300

Tax

0.000

7.500

7.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

21.000

14.500

15.300

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

21.000

14.500

15.300

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

2.07

1.66

1.52

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

8.52

7.09

6.22

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.50

3.50

2.29

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.11

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.03

0.79

1.08

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.02

1.06

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

90.375

90.375

90.375

Reserves & Surplus

339.942

371.762

419.602

Money received against share warrants

7.026

0.000

0.000

Net worth

437.343

462.137

509.977

 

 

 

 

Long-term borrowings

61.357

42.812

29.961

Short term borrowings

410.052

324.381

494.544

Total borrowings

471.409

367.193

524.505

Debt/Equity ratio

1.078

0.795

1.028

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

2202.272

2095.232

2316.585

 

 

(4.860)

10.565

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

2202.272

2095.232

2316.585

Profit

33.490

34.758

47.840

 

1.52%

1.66%

2.07%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT

 

Particulars

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

 

 

 

 

Current maturities of long-term debt

NA

26.029

37.950

 

 

 

 

 

 

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

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

----------------------

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

10537504

17/12/2014

50,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH, MITTAL COURT A WING, 1ST 
FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

C37453479

2

10531064

27/09/2014

575,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

LAJPAT NAGAR BRANCH, 20A, RING ROAD, LAJPAT NAGAR-IV, NEW DELHI, DELHI, DELHI - 110024, INDIA

C33477589

3

10524133

01/09/2014

8,489,799.00

RELIANCE CAPITAL LIMITED

"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA

C26061333

4

10506243

20/06/2014

20,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH, MITTAL COURT A WING, 1ST 
FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

C09451865

5

10468451

23/12/2013

50,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH, MITTAL COURT A WING, 1ST 
FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B92829829

6

10368766

23/07/2012

8,864,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH, MITTAL COURT A WING, 1ST 
FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B44992824

7

10290361

18/04/2011

500,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR, 50, RANADE ROAD, DADAR, MUMBAI, MAHARASHTRA - 400028, INDIA

B14340277

8

10256791

08/11/2010

27,500,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

CST BRANCH, CST, MUMBAI, MAHARASHTRA - 400001, INDIA

B01247626

9

10241737

14/09/2010

50,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

FORT FOREX BRANCH, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

A95489092

10

10224181

10/05/2010

42,300,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

CST BRANCH, CST, MUMBAI, MAHARASHTRA - 400001, INDIA

A87252276

11

10223534

14/05/2012 *

370,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, MUMBAI, MAHARASHTRA - 400021, INDIA

B39480868

12

10224201

21/09/2011 *

537,300,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B22155519

13

10223536

24/04/2010

5,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

CST BRANCH, CST, MUMBAI, MAHARASHTRA - 400001, INDIA

A87048351

14

10224013

13/06/2011 *

265,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B16726192

15

10223533

23/04/2010

21,000,000.00

THE SARASWAT CO-OPERATIVE BANK LIMITED

CST BRANCH, CST, MUMBAI, MAHARASHTRA - 400001, INDIA

A87047239

 

* Date of charge modification

 

 

UNAUDITED FINANCIAL RESULTS FOR THE 3RD QUARTER ENDED ON 31.12.2014

 

(RS. IN MILLIONS)

 

PARTICULARS

Quarter ended

Nine Months ended

 

31.12.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

Income from Operations

 

 

 

Net Sales/ Income from Operations including Trading Sales

608.804

847.585

2027.528

Less: Excise Duty

52.886

78.296

182.667

Net of Excise

555.918

769.289

1844.861

 

 

 

 

Other Income

2.220

16.525

20.325

Total Income from operations (net)

558.138

785.814

1865.186

 

 

 

 

Expenses

 

 

 

(a) Consumption of raw material

423.161

665.715

1478.544

(b) Purchase of stock in trade

36.258

47.629

140.805

(c) Changes in inventories of finished goods, work in progress and stock in trade

(35.956)

(51.404)

(151.615)

(d) Employee benefit expenses

30.782

24.853

78.650

(e) Depreciation and amortization expenses

12.382

12.146

36.496

(f) Other Expenses

56.632

49.482

174.873

Total Expenses

523.259

748.421

1757.753

 

 

 

 

Finance costs

12.536

15.419

42.110

 

 

 

 

Exceptional item

--

--

--

 

 

 

 

Profit/ Loss from Ordinary Activities before tax

22.343

21.974

65.323

Tax Expenses

7.000

7.500

21.600

Net Profit/ Loss from Ordinary Activities after tax

15.343

14.474

43.723

Extraordinary Items

--

--

--

Net Profit for the period

15.343

14.474

43.723

Paid- up Equity Share Capital (Face value of the share – Rs. 10)

90.527

90.527

90.527

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

 

 

 

Earnings per share [EPS]

 

 

 

Basic and diluted EPS before Extraordinary items for the period for the year to date and for the previous year [not annualized]

- Basic 

1.69

1.60

4.83

- Diluted

1.69

1.60

4.83

 

 

 

 

Basic and diluted EPS after Extraordinary items for the period for the year to date and for the previous year [not annualized]

- Basic 

1.69

1.60

4.83

- Diluted

1.69

1.60

4.83

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

4807469

4807469

4807469

Percentage of Shareholding

53.11

53.11

53.11

 

 

 

 

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

NA

NA

NA

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

NA

NA

NA

- Percentage of Shares (as a % of the Total Share Capital of the Company)

NA

NA

NA

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

4245211

4245211

4245211

- 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)

46.89

46.89

46.89

 

NOTES:

 

1)     The above Un-audited Financial results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at its meeting held on 6th January, 2015.

 

2)     The Statutory Auditors of the Company have carried out limited review of the above results.

 

3)     During the quarter, no investor’s complaints received and there were no investors complaints pending for redressal at the end of the quarter.

 

4)     The segment-wise reporting as defined in AS-17 is not applicable since the Company has only one reportable segment 'Chemicals’.

 

5)     The Deferred tax provision will be made at the year end. The Company hitherto was not making provision for income Tax in quarterly results. However the tax provision effects are given in last quarter as well as for the current quarter and accordingly figures have been re-grouped wherever necessary.

 

6)     The Company has paid advance tax of Rs. 10.500 Millions till 31.12.2014.

 

7)     Corresponding figures of the previous period / year have been re-grouped / re-arranged wherever necessary to make them comparable.

 

8)     The Management has estimated (without any technical evaluation) that the useful life of the assets as on 1.4.2014 will be depreciated fully over the period when depreciation is charged as per the rates provided in the Companies Act, 1956 and it has continued the same method of charging depreciation which is considered to be adequate irrespective of the new rate of depreciation as indicative in Schedule II of the Companies Act, 2013.

 

 

FIXED ASSETS

 

·         Land

·         Residential Premises

·         Factory Building

·         Plant and Machinery

·         Vehicle

·         Furniture and Fixture

·         Computer

·         Office Equipment

·         Office Premises

 

 

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. 62.14

UK Pound

1

Rs. 95.78

Euro

1

Rs. 71.05

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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.