MIRA INFORM REPORT
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Report No. : |
309870 |
|
Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMINES AND PLASTICIZERS LIMITED |
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Registered
Office : |
Poal and Enclave, C/O Pranati Builders Private Limited, Principal J.B. Road, Chenikuthi, Guwahati-781 003, Assam |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.09.1973 |
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Com. Reg. No.: |
02-001446 |
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Capital
Investment / Paid-up Capital : |
Rs.55.020 Millions |
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CIN No.: [Company Identification
No.] |
L24229AS1973PLC001446 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18981E |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufactures of Ethanolamine’s, Alkyl Alkanolamines, Plasticizers,
Morphine, Alkyl Morph lines and Gas Treating Solvents. |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 929000 |
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Status : |
Satisfactory |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating (BB+) |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial obligation |
|
Date |
April 15, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating (A4+) |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
April 15, 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 DENIED BY
Management non-co-operative (91-22-24935282)
LOCATIONS
|
Registered Office : |
Poal and Enclave, C/O Pranati Builders Private Limited, Principal J.B. Road, Chenikuthi, Guwahati-781 003, Assam, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
amines@vsnl.com (Corporate
Information and Export Sales) legal@amines.com (Corporate
Secretarial) marketing@amines.com
(Marketing-Domestic) purchase@amines.com (Purchase
Department) acconts@amines.com (Accounts
Department) pharmaprodcucts@amines.com
(Pharma Products) intlmarketing@amines.com
(international Business Development) |
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Website : |
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Corporate/ Head Office : |
D Building, Shivsagar Estate, |
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Tel. No.: |
91-22-24935282/ 87/ 88 |
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Fax No.: |
91-22-24938162 |
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Plant 1 : |
Chemical Plant (Unit No.1) D-21/21-A, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi
Mumbai-400705, Maharashtra, India |
|
Tel. No.: |
91-27681350 / 27681321/27681342 / 27687367 |
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Fax No.: |
91-22-27681332 |
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E-Mail : |
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Plant 2 : |
APL Industrial Gases Plant (Unit No.2) Survey no. 49, Village Vadval, Taluka Khalapur, Dist. Raigad – 420202,
Maharashtra, India |
|
Tel. No.: |
91-2192-278178/9 |
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Fax No.: |
91-2192-278179 |
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Branch Office : |
H – 10 – B, 2nd Floor, Kalkaji, New Delhi – 110019, India |
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Fax No.: |
91-11-26218528 |
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E-Mail : |
91-11-26218530 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Hemant Kumar Ruia |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Minraj Building 405, |
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Date of Birth : |
24.02.1958 |
|
Date of Appointment : |
01.04.2005 |
|
Election Commission Identity Card : |
MT04021087663 |
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DIN No.: |
00029410 |
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|
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Name : |
Mr. Kailashchandra K. Seksaria |
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Designation : |
Director |
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Address : |
74, |
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Date of Birth : |
03.04.1939 |
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Qualification: |
B.com |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00115565 |
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Name : |
Dr. Mothiliesh Kumar Sinha |
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Designation : |
Director |
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Address : |
1604 Orchid Filmcity, Malad East, Mumbai – 400097, |
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Date of Birth : |
02.09.1935 |
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Date of Appointment : |
29.09.2006 |
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Qualification: |
M.A., Phd. |
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DIN No.: |
00073988 |
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Name : |
Dr. Pandurang Hari Vaidya |
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Designation : |
Director |
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Address : |
27 C, Prachi Shahaji, |
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Date of Birth : |
25.05.1939 |
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Date of Appointment : |
29.09.2006 |
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Qualification: |
M.Com., Phd. |
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DIN No.: |
00939149 |
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Name : |
Mr. Arun Shanker Nagar |
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Designation : |
Director |
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Address : |
Jayashree Flat 45, 75 |
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Date of Birth : |
09.10.1946 |
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Qualification: |
Bachelor of Law, Master in English Literature (M.A.) |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00523905 |
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|
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Name : |
Mr. Brijmohan Shrikrishna Jindel |
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Designation : |
Director |
|
Address : |
B-51, Grain Merchant Soc., Sector No. 17, Vashi, Navi Mumbai – 400705,
Maharashtra, India |
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Date of Birth : |
13.06.1945 |
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Date of Appointment : |
20.09.2010 |
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Qualification: |
BA, IRS(Indian Revenue Service) |
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DIN No.: |
00071417 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Puranik |
|
Designation : |
Senior Vice President (Corporate Affairs) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
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|
2310998 |
42.00 |
|
|
1714477 |
31.16 |
|
|
4025475 |
73.16 |
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|
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|
Total shareholding of Promoter
and Promoter Group (A) |
4025475 |
73.16 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
1000 |
0.02 |
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|
200 |
0.00 |
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|
946 |
0.02 |
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|
2146 |
0.04 |
|
|
|
|
|
|
795318 |
14.46 |
|
|
|
|
|
|
576754 |
10.48 |
|
|
91462 |
1.66 |
|
|
10845 |
0.20 |
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|
10845 |
0.20 |
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|
1474379 |
26.80 |
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Total Public shareholding (B) |
1476525 |
26.84 |
|
Total (A)+(B) |
5502000 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5502000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of Ethanolamine’s, Alkyl Alkanolamines,
Plasticizers, Morphine, Alkyl Morph lines and Gas Treating Solvents. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Actual Production |
|
Alkyl Alknolamines (Average
Consumption): |
|
|
|
Furnance Oil |
MT |
31 |
|
L.D.O. |
MT |
42 |
|
Electricity |
MT |
276 |
|
Briquette |
KG |
1013 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
State Bank of India |
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Facilities : |
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Auditors : |
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Name : |
Bhandari Dastur Gupta and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
·
APL Infotech Limited CIN No.: U99999MH2001PLC134291 ·
APL Engineering Services Private Limited (wholly
owned subsidiary) CIN No.: U28910MH2008PTC179777 |
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Associates: |
· Multiwyn Investments and Holdings Private Limited · APL Holdings and Investments Limited · APL Investments Limited · Chefair Investment Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 125.000 Millions |
|
250,000 |
Preference Shares |
Rs.100/- each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,502,000 |
Equity Shares |
Rs.10/- each |
Rs. 55.020
Millions |
|
|
|
|
|
Right, Preference and
Restrictions attached to Equity Shares:
The Company has only one class of equity shares having par value of Rs. 10 per share. Each Shareholder is entitled to one vote per share. In the event of liquidation of the Company the holder of equity shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential payments. However, no such preferential amount exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
Reconciliation of
numbers of Equity Shares:
|
Particular |
No. of Share |
Amount |
|
Shares outstanding at the beginning of the year |
5,502,000 |
Rs. 150.000 Millions |
|
Shares outstanding
at the end of the year |
5,502,000 |
Rs. 150.000
Millions |
Details of members
holding Equity Shares more than 5%
|
Name of Shareholder |
No. of Share |
% Holding |
|
Hemant Kumar Ruia |
2,199,893 |
39.98 |
|
Multiwyn Investments and Holdings Private Limited |
1,206,477 |
21.93 |
|
India Carbon Limited |
699,000 |
12.70 |
|
Chefair Investment Private Limited |
508,000 |
9.23 |
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 |
55.020 |
55.020 |
55.020 |
|
(b) Reserves & Surplus |
269.952 |
226.303 |
198.759 |
|
(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) |
324.972 |
281.323 |
253.779 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
51.163 |
10.421 |
35.238 |
|
(b) Deferred tax liabilities (Net) |
32.858 |
26.822 |
22.903 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.299 |
0.517 |
2.114 |
|
Total Non-current
Liabilities (3) |
86.320 |
37.760 |
60.255 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
404.029 |
438.825 |
364.290 |
|
(b) Trade
payables |
485.637 |
411.056 |
426.588 |
|
(c) Other current
liabilities |
95.380 |
96.889 |
49.985 |
|
(d) Short-term
provisions |
12.948 |
8.491 |
12.665 |
|
Total Current
Liabilities (4) |
997.994 |
955.261 |
853.528 |
|
|
|
|
|
|
TOTAL |
1409.286 |
1274.344 |
1167.562 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
288.303 |
238.970 |
219.160 |
|
(ii)
Intangible Assets |
0.213 |
0.617 |
0.827 |
|
(iii)
Capital work-in-progress |
5.654 |
6.686 |
4.433 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.357 |
17.357 |
17.193 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.246 |
20.205 |
13.183 |
|
(e) Other Non-current
assets |
8.736 |
8.601 |
8.264 |
|
Total Non-Current
Assets |
353.509 |
292.436 |
263.060 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
375.202 |
364.934 |
321.761 |
|
(c) Trade
receivables |
412.266 |
355.082 |
343.849 |
|
(d) Cash
and cash equivalents |
31.773 |
20.009 |
15.971 |
|
(e)
Short-term loans and advances |
177.228 |
188.129 |
173.376 |
|
(f) Other
current assets |
59.308 |
53.754 |
49.545 |
|
Total Current
Assets |
1055.777 |
981.908 |
904.502 |
|
|
|
|
|
|
TOTAL |
1409.286 |
1274.344 |
1167.562 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2427.778 |
1916.685 |
1886.953 |
|
|
|
Other Income |
8.694 |
8.321 |
9.918 |
|
|
|
TOTAL (A) |
2436.472 |
1925.006 |
1896.871 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1816.051 |
1382.511 |
1379.638 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
1.439 |
8.880 |
|
|
|
Manufacturing and Operating
Costs |
212.316 |
171.349 |
165.184 |
|
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
(39.554) |
(12.546) |
(37.643) |
|
|
|
Employee benefits expense |
79.989 |
69.141 |
58.192 |
|
|
|
Other Expenses |
185.504 |
167.257 |
186.943 |
|
|
|
TOTAL (B) |
2254.306 |
1779.151 |
1761.194 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
182.166 |
145.855 |
135.677 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.989 |
87.772 |
80.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
90.177 |
58.083 |
55.141 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.123 |
14.961 |
12.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
72.054 |
43.122 |
42.901 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.648 |
12.052 |
12.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
50.406 |
31.070 |
30.684 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
211.102 |
183.229 |
155.742 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend – Equity Shares |
5.502 |
2.751 |
2.751 |
|
|
|
Corporate Dividend Tax |
0.935 |
0.446 |
0.446 |
|
|
BALANCE CARRIED
TO THE B/S |
255.071 |
211.102 |
183.229 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1087.040 |
956.557 |
933.566 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
548.395 |
374.677 |
66.400 |
|
|
|
Material for Resale and Repacking |
0.000 |
0.000 |
329.550 |
|
|
TOTAL IMPORTS |
548.395 |
374.677 |
395.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.16 |
5.65 |
5.58 |
|
QUARTERLY RESULTS
|
Particular |
30.06.2014 1 Quarter |
30.09.2014 2 Quarter |
31.12.2014 3 Quarter |
|
|
Unaudited |
||
|
Revenue |
689.800 |
845.100 |
821.000 |
|
Other Income |
2.000 |
2.400 |
2.160 |
|
Total Income |
691.800 |
847.500 |
823.160 |
|
Expenditure |
(647.300) |
(783.400) |
(751.080) |
|
Interest |
(24.300) |
(23.900) |
(22.690) |
|
PBDT |
(20.200) |
(40.200) |
49.390 |
|
Depreciation |
(4.500) |
(4.600) |
(4.710) |
|
PBT |
15.700 |
35.600 |
44.680 |
|
Tax |
(4.600) |
(11.100) |
(17.900) |
|
Net Profit |
11.100 |
24.600 |
26.780 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.08 |
1.62 |
1.63 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.50 |
7.61 |
7.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20 |
3.45 |
3.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40 |
1.60 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.03 |
1.06 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
55.020 |
55.020 |
55.020 |
|
Reserves & Surplus |
198.759 |
226.303 |
269.952 |
|
Net worth |
253.779 |
281.323 |
324.972 |
|
|
|
|
|
|
long-term borrowings |
35.238 |
10.421 |
51.163 |
|
Short term borrowings |
364.290 |
438.825 |
404.029 |
|
Total borrowings |
399.528 |
449.246 |
455.192 |
|
Debt/Equity ratio |
1.574 |
1.597 |
1.401 |
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) |
|
Revenue from operations |
1886.953 |
1916.685 |
2427.778 |
|
|
|
1.576 |
26.665 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
1886.953 |
1916.685 |
2427.778 |
|
Profit |
30.684 |
31.070 |
50.406 |
|
|
1.63% |
1.62% |
2.08% |
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 |
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 |
NOTE
The Registered
office of the company has been shifted from, Noonmati, Guwahati-781020, Assam, India to the present address w.e.f. 01.11.2008.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Millions3 |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term loans From banks |
0.000 |
1.383 |
|
From Other Bodies Corporate |
1.182 |
5.249 |
|
Total |
1.182 |
6.632 |
OPERATIONS AND FUTURE
PROSPECTS:
The year 2013-14 had been a year of uncertainty and unforeseen challenges keeping in view the political and economic conditions prevalent in the Country. The Company had shown its resilience in such challenging situations by delivering better turnover and profit for the year 2013-14.
Revenue from operations increased by approximately 25% to Rs. 2597.626 Millions Exports Revenue increased by approximately 13.34% to Rs. 1147.668 Millions. Profit before Tax increased by over 67% to Rs. 72.054 Millions Net Profit increased by 62.23% to Rs. 50.406 Millions.
The total net revenue of the Company was Rs. 2436.472 Millions and the consolidated total revenue of the Company as Rs. 2441.728/- Millions which includes revenue from services of Rs. 7.901 Millions. During the year, the revenue from operations is higher from the domestic markets as compared to last year wherein the Company had almost equal contribution of both domestic as well as the export revenue. The Company has been able to achieve substantial rise in the turnover but the higher Financial costs had been the burden in achieving higher profits for the Company.
EXPORTS:
During year ended 31st March, 2014, The Company export earning was Rs. 1147.668 Millions which was higher than the last year being Rs. 1012.616 Millions. Although this year the Company had higher Exports as compared to last year the contribution to total turnover in the current year was approximately 44.18% as compared to last year which was almost 49%. The Company has been in the international markets for more than a decade and export revenue has always been a significant element in Company’s growth.
MANAGEMENT DISCUSSION
AND ANALYSIS:
BUSINESS OVERVIEW:
APL is one of the largest producers of ethanolamine’s, morph line, alkyl morph line and gas treating solvents and is a global supplier of organic chemicals which find wide applications in oil refineries, natural gas plants, ammonia plants, petrochemical plants, electronic, pharmaceuticals and agrochemicals industries. APL is a major manufacturer and exporter of MDEA which is used in oil refineries as sour gas sweetening solvent with considerable energy savings. The Company currently exports a major part of its manufactured MDEA to Oil Refining companies located in Middle East and Southeast Asian Countries.
SUBSIDIARY COMPANIES
PROGRESS:
The Company has two subsidiaries, viz. APL InfoTech Limited., in which the Company is holding 51% equity and APL Engineering Services Private Limited, a wholly owned subsidiary of the Company. APL InfoTech Limited. is engaged in the business of providing services like Software development, software re-engineering and Network integration for pipe leak detection in collaboration with IIT, Mumbai. Whereas, APL Engineering Services Private Limited is engaged in the business of providing services for integrated design, engineering, procurement, construction, installation and project management for all types of engineering projects. As reported earlier, the fabrication unit of APL Engineering Services Private Limited. is fully operational and has been executing various orders for its clients. During the year, the Company received orders from engineering companies which have been completed and delivered satisfactorily.
The proposed amalgamation of its wholly owned subsidiary APL Engineering Services Private Limited with the Company is at an advanced stage and directions from the High Courts are awaited. The proposed Scheme of Amalgamation would result in business synergy and consolidation of business activities. The Company had taken all necessary steps to expedite the process. APL InfoTech Limited has also tied up with one of the largest Software Companies in India for marketing of its software in Domestic and International markets and expects results from them. The Company is also in talks with the largest Gas Transportation Company in India for installation of the software on their cross country gas transportation. Since this type of software is being developed for the first time in India, marketing of the same is time consuming and they expect good results in future as gas transportation will be in great demand in the Country in future as per Budget proposal.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
During the year, India’s Gross Domestic Product (GDP) growth remained below 5% and industrial growth remained in the negative territory. The economy was also affected due to rising inflation and high interest regime thereby affecting bottom line of the Company.
As reported earlier, the Company continues to focus on enhancing stakeholders’ value and looks beyond immediate opportunities by nurturing the business for long term and steady growth. During the year, the aggregate net revenue of the Company was Rs. 2436.472 Millions and profit before tax stood at Rs. 72.054 Millions. The Company has achieved a better turnover and increased its profits for the current year.
PRODUCTWISE
PERFORMANCE:
The Company has focused more on consolidating its products strength. All the products range so developed and marketed by the Company have been well accepted domestically and globally. The Company has expanded its wing in different parts of the world and added new customers during the year.
RESEARCH AND
DEVELOPMENT PROGRAMMES:
The Company has been taking conscious efforts to strengthen the Research and Development (R&D) efforts for new product development and to maximize customer satisfaction. The constant efforts to meet the current requirements of our esteemed customers has been fetching encouraging results. The Company’s current R&D focus is on “Cement Admixtures/Additives”, as there is a tremendous growth of ‘Infra-Structure Projects’ all over our Nation. This is, besides our ‘Specialty Gas Treating Solvents’ absorbance of large volumes, in key sectors like Natural Gas, Refineries, Fertilizers units with specific needs in India as well as abroad. As “Shale Gas” exploration is just to pick up in our country, our R&D efforts are concentrating in products related to this field too. “CO2 capture” is another field in which our R&D products are on trials, contributing to clean environment. High Purity of our Drug Intermediates Interactions with ‘Academic Institutions’ on projects related to “Performance Studies” of our “Formulated Specialty Gas Treating Solvents” and our own “Simulations Studies” by the Gas Treating Team with various Natural Gas/ Refinery Gas/ Ammonia/Hydrogen/ Flue Gas units, all over the world, kept the R&D Team alert throughout the year for their in-puts. Cosmetics Ingredients have attracted clients from ‘quality-conscious’ Japan, Europe & Korea with repeated orders, due to our sustained/consistent R&D efforts.
OPPORTUNITIES,
THREATS, RISKS AND CONCERNS:
To ensure long term competitiveness the Company has been taking several steps like constant new product innovation, quality improvement and enhancement in end-consumer experience which will help improve profitability and business in near term. For Amines & Plasticizers Limited strong markets in Middle East were affected by political unrest and internal conflicts. This has affected the export demand from these areas. With the constant efforts of R&D Division of the Company, your Company has developed wide range of products covering different, varied applications. The Company’s constant endeavor in induction, up gradation and expansion of its technical team, plant and marketing capacities had resulted in developing/ catering to various new products, processes which find utility in Oil and Gas, Electronic, Pharmaceuticals and Cosmetics.
As reported earlier, the Company has a dedicated and professional team of technical experts, chemical engineers who are continuously working on seizing new opportunities, developing new simulations, processes and products. Ethylene Oxide is the main raw materials and cannot be imported due to its inflammable explosive nature and had to be sourced domestically. Its price therefore becomes susceptible to steep fluctuations. Also other petroleum based products are largely dependent on the price of international crude / gas prices. The Company also faces stiff competition from Domestic as well as International players since their pricing are competitive.
INTERNAL CONTROL
SYSTEM:
The Company has instituted adequate internal controls to ensure that transactions are properly recorded, authorized and reported apart from safeguarding its assets. The Company’s internal control system is supplemented by well-developed operating procedures, policies, guidelines and review carried out by the Internal Audit function. The Audit Committee of the Company reviews the adequacy and effectiveness of the internal control of the Company and suggests improvement to strengthen the Company’s risk management policies and systems.
FINANCIAL
PERFORMANCE:
The Company has improved its performance during the current year. The efficient utilization of existing capacities, introduction of new specialized products had helped the Company to improve its performance during the year.
The Total Net Revenue was Rs. 2436.472 Millions during the year as compared to Rs. 1925.006 Millions in the previous year. The Company has continued its good performance of last few years in spite of higher operational cost, cut throat competition and high interest cost regime.
RESULTS OF
OPERATIONS:
The gross revenue from sales includes export revenue of Rs. 1147.668 Millions and domestic sales of Rs. 1486.133 Millions i.e. approximately 43% of export sales and 57% of domestic sales during the year under report.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Disputed Sales Tax Dues |
1.004 |
|
Claims against the Company not acknowledged as debts |
0.514 |
|
Disputed Income tax Matters (including interest upto date of Demand) |
1.248 |
|
Corporate Gurantee to the extent of loan taken by Subsidiaries |
7.311 |
|
Total |
47.926 |
INDEX OF CHREGS:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90267155 |
18/12/2014 * |
886,300,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH,, SHIVSAGAR ESTATE, WOR |
C37920410 |
|
* Date of charge modification |
||||||
FIXED
ASSETS
·
·
·
Development of
·
Buildings
·
Plant and Machineries
·
R and D Equipment
·
Effluent Treatment Plant
·
Furniture and Fittings
·
Office and Computer Equipment
·
Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS ON 31st DECEMBER 2014
[RS.
IN MILLIONS]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
820.672 |
844.625 |
2354.838 |
|
b) Other operating income |
0.329 |
0.507 |
1.099 |
|
Total
Income from Operations (net) |
821.001 |
845.132 |
2355.937 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
571.737 |
530.336 |
1627.315 |
|
b) Purchases of stock in trade |
0.000 |
74.911 |
78.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
6.519 |
28.497 |
26.091 |
|
|
46.595 |
50.073 |
135.709 |
|
d) Employees benefit expenses |
18.009 |
17.004 |
53.128 |
|
e) Depreciation and Amortization |
4.712 |
4.597 |
13.804 |
|
f) Other expenditure |
108.219 |
82.555 |
261.360 |
|
Total expenses |
755.791 |
787.973 |
2195.607 |
|
|
|
|
|
|
3. Profit from operations before other income, and
financial costs and Exceptional Items |
|
|
|
|
Profit/ (Loss) before Interest, Depreciation, Tax and
Amortisation |
65.210 |
57.159 |
160.330 |
|
4. Other income |
2.161 |
2.388 |
6.564 |
|
5. Profit from ordinary activities before finance costs |
67.371 |
59.547 |
166.894 |
|
6. Finance costs |
22.691 |
23.904 |
70.878 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
44.680 |
35.643 |
96.016 |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit from ordinary activities before tax
Expense: |
44.680 |
35.643 |
96.016 |
|
10.Tax expenses |
17.902 |
11.098 |
29.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
26.778 |
24.545 |
67.016 |
|
12.Extraordinary Items (net of
tax expense) |
- |
- |
- |
|
13.Net Profit
/ (Loss) for the period (11 -12) |
26.778 |
24.545 |
67.016 |
|
14.Paid-up
equity share capital (Nominal value Rs.10 per share) |
55.020 |
55.020 |
55.020 |
|
15.
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
- |
- |
- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
4.86 |
4.45 |
12.18 |
|
(a) Basic and diluted |
4.86 |
4.45 |
12.18 |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
1476525 |
1476525 |
1476525 |
|
- Percentage of shareholding |
26.84 |
26.84 |
26.84 |
|
2.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
4025475 |
4025475 |
4025475 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
73.16 |
73.16 |
73.16 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
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:
1. The above financial results have reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on Fabruary11, 2015.
2. A scheme of arrangement under section 391 to 394 f the companies Act, 1956 for merger of APL Engineering Services Private limited, 100% subsidiary of the company on 13.02.2013 and BSE Limited has issued observation letter on the same which is available for Members information on the Company’s website. The company has filed the application in the Guwahati High Court and Bombay High Court for necessary directions. The financial results do not carry effect of the said merger.
3. The company’s main business is chemical manufacturing. Accordingly, the company does not have one segment eligible for reporting in term of accounting Standard -17 “Segment Reporting”.
4. Other Expenses include Forex Loss of Rs. 3.493 Millions and 6.216 Millions respectively for the Quarter ended December 31, 2014 and September 30, 2014. For the quarter ended December 31, 2013 Forex Loss Rs. 1.142 Millions. For the nine Months ended December 31, 2014 Forex Loss of Rs. 10.793 Millions (December 31, 2013 Forex gain of Rs. 14.161 Millions and for the year ended March 31, 2014 Forex Gain of Rs. 10.583 Millions.
5. Effective from 1st April, 2014 the company has charged depreciation based on based on the remaining useful life of the fixed assets as per the requirements of schedule II of the companies Act, 2013 (the Act) Consequent to this, depreciation charge for the quarter and Nine Months ended on December 31, 3014 is lower by Rs. 0.096 Million and 0.880 Millions useful life is Nil, their carrying value (net of tax effect) Rs. 1.454 Millions after retaining the residual value as on 1st April, 2014 has been adjusted against the opening balance of retained earnings as on date.
6. The statutory Auditor of the Company has conducted “Limited Review” as required under Clause 41 of the Listing agreement of Stock Exchange.
7. Figures for previous periods have been reground wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.05 |
|
|
1 |
Rs.96.03 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.