MIRA INFORM REPORT
|
Report No. : |
302708 |
|
Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAMPHOR AND ALLIED PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.04.1972 |
|
|
|
|
Com. Reg. No.: |
04-011626 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.337 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17299GJ1972PLC011626 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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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 Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Fine Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate
networth base and moderately high use of leverage in capital structure on
account of debt funded project. Along with adequate debt protection metrics. Management has witnessed an improvement in its performance marked by
increase in sales volume during 2014. The ratings also take into consideration the raw material price
fluctuation risk which may further affect the profitability during the year
under review. However, Trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of being one of the largest domestic manufacturers of
chemicals and technical support from Dupont of USA, 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
May 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limits=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
May 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office/ Branch Office 1/ Factory 1 : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara –
391340, Gujarat, India |
|
Tel. No.: |
91-265-2840251 |
|
Fax No.: |
91-265-2840224 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Jehangir Building,
133 M.G. Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-43214000 |
|
Fax No.: |
91-22-43214099 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2/ Factory 2 : |
Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India |
|
Tel. No.: |
91-581-2561115/ 2561128 |
|
Fax No.: |
91-581-2561112 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Anil K. Bodani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Dharmil A. Bodani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Shyamal A. Bodani |
|
Designation : |
Executive Directo |
|
|
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|
Name : |
Mr. D. S. Raghava |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Harshvardhan Piramal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ranjit A. Puranik |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Amitabh Himatsingka |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Prakash Mehta |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Madam. Amrudha Nair |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Kumar Singh |
|
Designation : |
Company Secretary (Upto 28.10.2012) |
|
|
|
|
Name : |
Ms. Nirmala Agarwal |
|
Designation : |
Company Secretary (From 19.11.2012) |
|
|
|
|
Name : |
Mr. Girish Khandelwal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Alpesh Karodia |
|
Designation : |
Accounts Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2960280 |
57.66 |
|
|
2960280 |
57.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2960280 |
57.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2150 |
0.04 |
|
|
1154 |
0.02 |
|
|
5 |
0.00 |
|
|
4000 |
0.08 |
|
|
7309 |
0.14 |
|
|
|
|
|
|
244226 |
4.76 |
|
|
|
|
|
|
1687502 |
32.87 |
|
|
196494 |
3.83 |
|
|
37863 |
0.74 |
|
|
25135 |
0.49 |
|
|
12728 |
0.25 |
|
|
2166085 |
42.19 |
|
Total Public shareholding (B) |
2173394 |
42.34 |
|
Total (A)+(B) |
5133674 |
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) |
5133674 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of fine chemicals |
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|
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|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
|
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Products : |
Fine chemicals |
|
Countries : |
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|
|
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
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Terms : |
|
|
Selling : |
Cash, L/C and Credit |
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|
|
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Customers : |
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Suppliers : |
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No. of Employees : |
Not Available |
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Bankers : |
· The Hongkong Shanghai Banking Corporation Limited · Standard Chartered Bank · Bank of Baroda · Ratnakar Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company : |
Oriental Aromatics Limited |
|
|
|
|
Fellow Subsidiary : |
Oriental Aromatics Inc. |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5133674 |
Equity Shares |
Rs.10/- each |
Rs.51.337 Millions |
|
|
|
|
|
a)
Details
of members holding equity shares more than 5%
|
Equity Shares |
Number
of Shares |
% holding |
|
Oriental Aromatics Limited (Holding Company) |
2960280 |
57.66 |
b)
Terms & Rights attached to equity
shares
1)
The Company has only one class of equity
shares having a par value of Rs.10 each. Each holder of equity shares is
entitled to one vote per share. The Company declares and pay dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to approval
of the Shareholders in the ensuing Annual General Meeting.
2)
In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amount, in proportion to the
shareholding. However, no such preferential amount exist currently.
c)
Reconciliation of numbers of equity
shares
|
Name of
Shareholder |
Number
of Shares |
|
Shares
outstanding at the beginning of the year |
5133674 |
|
Shares
Issued during the year |
-- |
|
Shares
bought back during the year |
-- |
|
Shares outstanding at the end of the year |
5133674 |
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 |
51.337 |
51.337 |
51.337 |
|
(b) Reserves & Surplus |
1110.029 |
920.961 |
681.580 |
|
(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) |
1161.366 |
972.298 |
732.917 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
340.793 |
526.157 |
695.838 |
|
(b) Deferred tax liabilities (Net) |
135.785 |
88.263 |
55.134 |
|
(c) Other long term
liabilities |
0.186 |
0.064 |
0.002 |
|
(d) long-term
provisions |
25.442 |
44.111 |
0.000 |
|
Total Non-current
Liabilities (3) |
502.206 |
658.595 |
750.974 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
607.646 |
539.520 |
248.656 |
|
(b) Trade
payables |
367.237 |
122.795 |
133.229 |
|
(c) Other
current liabilities |
309.489 |
324.255 |
124.490 |
|
(d) Short-term
provisions |
31.705 |
18.644 |
18.774 |
|
Total Current
Liabilities (4) |
1316.077 |
1005.214 |
525.149 |
|
|
|
|
|
|
TOTAL |
2979.649 |
2636.107 |
2009.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1311.204 |
1249.931 |
326.725 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.151 |
21.941 |
199.631 |
|
(iv)
Intangible assets under development |
0.000 |
1.280 |
1.280 |
|
(b) Non-current Investments |
0.000 |
0.789 |
0.767 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.269 |
20.106 |
48.433 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1333.624 |
1294.047 |
576.836 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
791.900 |
746.500 |
444.495 |
|
(c) Trade
receivables |
636.008 |
378.984 |
297.346 |
|
(d) Cash and
cash equivalents |
33.201 |
16.066 |
554.310 |
|
(e)
Short-term loans and advances |
184.404 |
199.540 |
133.895 |
|
(f) Other
current assets |
0.512 |
0.970 |
2.158 |
|
Total
Current Assets |
1646.025 |
1342.060 |
1432.204 |
|
|
|
|
|
|
TOTAL |
2979.649 |
2636.107 |
2009.040 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3093.295 |
2168.151 |
2022.359 |
|
|
|
Other Income |
14.107 |
3.761 |
5.773 |
|
|
|
TOTAL (A) |
3107.402 |
2171.912 |
2028.132 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2116.011 |
1484.874 |
1422.683 |
|
|
|
Manufacturing and operating costs |
391.586 |
275.185 |
210.186 |
|
|
|
Changes in inventories of finished goods and Work-in-Progress |
(124.966) |
(124.257) |
106.434 |
|
|
|
Employee benefits expense |
126.785 |
103.550 |
96.616 |
|
|
|
Other expenses |
114.621 |
101.046 |
76.306 |
|
|
|
Exceptional items |
(18.669) |
44.111 |
31.603 |
|
|
|
Foreign Exchange |
17.569 |
15.122 |
0.000 |
|
|
|
Profit on sale of surplus land |
0.000 |
(119.479) |
0.000 |
|
|
|
TOTAL (B) |
2622.937 |
1780.152 |
1943.828 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
484.465 |
391.760 |
84.304 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
95.037 |
12.749 |
25.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
389.428 |
379.011 |
58.333 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
76.846 |
31.416 |
27.446 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
312.582 |
347.595 |
30.887 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
111.500 |
108.214 |
9.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
201.082 |
239.381 |
21.234 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
455.697 |
216.316 |
195.110 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.100 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
10.267 |
0.000 |
0.000 |
|
|
|
Corporate Tax on Proposed Dividend |
1.745 |
0.000 |
0.028 |
|
|
BALANCE CARRIED
TO THE B/S |
629.667 |
455.697 |
216.316 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1160.710 |
1187.971 |
944.525 |
|
|
TOTAL IMPORTS |
1160.710 |
1187.971 |
944.525 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.17 |
46.63 |
4.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.02 |
1.05 |
3.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.03 |
1.53 |
4.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.31 |
1.71 |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.04 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.10 |
1.29 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
2.73 |
1.64 |
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 |
51.337 |
51.337 |
51.337 |
|
Reserves & Surplus |
681.580 |
920.961 |
1110.029 |
|
Net
worth |
732.917 |
972.298 |
1161.366 |
|
|
|
|
|
|
long-term borrowings |
695.838 |
526.157 |
340.793 |
|
Short term borrowings |
248.656 |
539.520 |
607.646 |
|
Total
borrowings |
944.494 |
1065.677 |
948.439 |
|
Debt/Equity
ratio |
1.289 |
1.096 |
0.817 |
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 |
2022.359 |
2168.151 |
3093.295 |
|
|
|
7.209 |
42.670 |
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 |
2022.359 |
2168.151 |
3093.295 |
|
Profit |
21.234 |
239.381 |
201.082 |
|
|
1.05% |
11.04% |
6.50% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF
GUJARAT CAVEAT (SPECIAL CIVIL APPLICATION) No. 1750 of 2014 |
|||||||
|
Status: INACTIVE ( Converted from :
ST/2880/2008 )
CCIN No: 001025201401750 Last Listing Date: Coram: - -- |
|||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||
|
1 |
STATE LOAD DISPATCH CENTRE |
MR PREMAL R JOSHI for: Caveator(s) |
|||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||
|
1 |
GLENMARK GENERICSW LTD |
|
|||||
|
Presented On : 10/04/2014 Registered
On : 29/08/2008 Bench
Category : District : VADODARA Case Originated From: THROUGH ADVOCATE Listed : 0 times Stage Name : -- |
|||||||
|
Office Details |
|||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||
|
1 |
11/04/2014 |
VAKALATNAMA |
MR PR JOSHI ADVOCATE for
PETITIONER(s) |
5 |
MR PR
JOSHI(1229) for P:1 |
||
|
2 |
11/04/2014 |
VAKALATNAMA |
MR PREMAL R JOSHI ADVOCATE |
5 |
MR PREMAL R
JOSHI(1327) for P:1 |
||
|
3 |
11/04/2014 |
MEMO OF APPEAL/PETITION/SUIT |
MR PR JOSHI ADVOCATE for
PETITIONER(s) |
50 |
MR PR
JOSHI(1229), for P:1 |
||
|
4 |
11/04/2014 |
MEMO OF APPEAL/PETITION/SUIT |
MR PREMAL R JOSHI ADVOCATE |
50 |
MR PREMAL R
JOSHI(1327), for P:1 |
||
REVIEW
OF OPERATIONS:-
The Company’s
sales revenue has increased substantially during the year, the Company has achieved
turnover of Rs. 3093.295 millions which is increased by 42.67% as compared to
last year turnover of Rs. 21,68.151 millions.
The Company earned
a Profit after tax of Rs. 201.083 millions during the year which is decreased
by 16% as compared to last years’ Profit after tax of Rs. 239.379 millions.
Profit of previous year was including revenue from the sale of surplus land.
The Company has
performed well during the year by efficiently managing the resources, which
result into improved performance and better sales realization, despite steep
hike in price of main imported raw materials other inputs like power, natural
gas, coal etc.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OVERVIEW:
The Company has plants
at Clutter buckganj, Bareilly, U.P. and at Nandesari, Vadodara in Gujarat and
is engaged in the manufacturing and selling of camphor, terpineols, resins,
aromatic & other terpene chemicals, fragrance chemicals and fragrance
chemical intermediaries.
INDUSTRY
STRUCTURE:
The Indian
Chemical Industry is one of the top five Industries in Asia and continues to
grow over the years. Chemical Industry can be broadly divided into three
categories- (1) Basic Chemicals like Petrochemicals, Fertilizers etc. (2)
Specialty Chemicals like Intermediaries, auxiliaries or catalyst in nature and
(3) High Technology based chemicals like medicinal or biotech products.
The Company’s vast
product range includes Synthetic Camphor, Terpineols, Pine Oils, Resins,
Astromusk, perfumery chemicals, specialty chemicals and several other chemicals
finding applications in vast array of industries ranging from Flavours &
Fragrances, Pharmaceuticals, Soaps & Cosmetics, Rubber & Tyre, Paints
& Varnishes and many more.
SEGMENT-WISE
OR PRODUCT-WISE PERFORMANCE:
ECONOMY
AND BUSINESS OUTLOOK:
Global activity
has broadly strengthened and is expected to improve further in 2014-15 with
much of the impetus coming from advance economies. Activity in many emerging
market economies has disappointed in a less favorable external financial
environment. The renewed increase in financial volatility in late January of
2014 highlights the challenges for emerging market economies posed by the
changing external environment. Although market pressures were relatively
broadly based countries with higher inflation and wider current account
deficits were generally more affected.
In view of
possible capital flow reversals, risk related to sizable external funding needs
and disorderly currency depreciations are a concern. Some emerging market
economies have tightened macroeconomic policies to shore up confidence and
strengthen their commitment to policy objectives. The cost of capital has
increased as a result and this expected to dampen investment and weigh on growth.
Looking ahead,
global growth is projected to strengthen, led by strong growth in United States
and positive but varied growth projections for euro area: stronger in core, but
weaker in countries with high debt (both private and public) and financial
fragmentation. In emerging markets and developing economies, growth is
projected to pick up helped by stronger external demand from advanced
economies, but tighter financial condition will be dampener to domestic demand
growth.
The Indian economy
continues to face an uphill task in attaining a higher growth trajectory, given
the continued impact of global economic crisis. The challenges included an
elevated current account deficit, persistent inflation and depreciation of
rupee against the US dollar. Other domestic impediments like rising food and
retail inflation, high input costs, pressure on profit margins and
infrastructural bottlenecks contributed to pressure on economy. These
challenges
prompted the
government to calibrate the fiscal policy and launch preventive administrative
measures along with
appropriate
institutional mechanism to fast track investments in the country.
However, passive
growth in the manufacturing sector resulted in the overall GDP growth rate
hovering around 4.6% during the year. However, going forward, the economy has
started picking positive cues from the advanced economies, alleviating external
constrains, and paving the way of recovery.
However, efforts are
made to increase productivity, reduce costs by controlling wastages with most
efficient use of plant & machinery.
The Company is
striving hard to reduce/ control costs at all stages to improve the
profitability.
.
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Inter Corporate Deposits from a related party |
82.500 |
45.000 |
|
|
|
|
|
Total |
82.500 |
45.000 |
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10502733 |
16/05/2014 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
Mittal Towers, A-Wing, Ground Floor,, 210 Nariman Point,, Mumbai,
Maharashtra - 400021, INDIA |
C06507248 |
|
2 |
10436301 |
09/07/2013 |
150,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA |
B79382289 |
|
3 |
10308522 |
27/09/2011 |
1,325,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B21701479 |
|
4 |
10300538 |
03/08/2011 |
775,000,000.00 |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B18180448 |
|
5 |
10278153 |
26/03/2011 |
450,000,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground floor,, Near Mithakali Six roads,, Ahmedabad,
Gujarat - 380006, INDIA |
B09594342 |
|
6 |
10275689 |
10/03/2011 |
250,000,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad,
Gujarat - 380006, INDIA |
B09077199 |
|
7 |
90110935 |
30/08/2010 * |
360,000,000.00 |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
A92996669 |
|
8 |
90110930 |
23/04/2005 |
70,000,000.00 |
THE HONGKONG & SANGHAI BANKING CORPORTION LIMITED |
52/60; MAHATMA GANDHI ROAD, MUMBAI, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30Th SEPTEMBER 2014
|
Sr. No |
PARTICULAR |
Quarter Ended |
Half year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
923.843 |
803.090 |
1726.933 |
|
|
|
b. Other Operating Income |
2.039 |
1.948 |
3.987 |
|
|
|
Total Income from
Operations (Net) |
925.882 |
805.038 |
1730.920 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
598.628 |
595.620 |
1194.248 |
|
|
|
b. Purchase of Stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
79.959 |
(62.614) |
17.345 |
|
|
|
d. Power and fuel |
73.078 |
68.331 |
141.409 |
|
|
|
e. Employees Benefit Expenses |
36.195 |
36.461 |
72.656 |
|
|
|
f. Depreciation and Amortisation Expenses |
23.275 |
24.231 |
47.506 |
|
|
|
g. Other expenses |
69.748 |
68.079 |
137.827 |
|
|
|
Total Expenses |
880.883 |
730.108 |
1610.991 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
44.999 |
74.930 |
119.929 |
|
|
4 |
Other Income |
0.023 |
0.437 |
0.460 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
45.022 |
75.367 |
120.389 |
|
|
6 |
Finance Costs |
23.248 |
20.874 |
44.122 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
21.774 |
54.493 |
76.267 |
|
|
8 |
Exceptional items |
12.499 |
4.134 |
16.633 |
|
|
9 |
Profit from
ordinary activities before tax |
34.273 |
58.627 |
92.900 |
|
|
10 |
Tax Expense |
11.290 |
17.710 |
29.000 |
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
11 |
Net Profit from
ordinary activity after tax |
22.983 |
40.917 |
63.900 |
|
|
12 |
Extraordinary Items |
|
|
|
|
|
13 |
Net Profit After
Tax |
|
|
|
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
51.337 |
51.337 |
51.337 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
0.204 |
0.716 |
0.921 |
|
|
|
Diluted EPS |
0.448 |
0.797 |
1.245 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
2173394 |
2173394 |
2173394 |
|
|
|
- Percentage of shareholding |
42.34% |
42.34% |
42.34% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
--- |
--- |
--- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
--- |
--- |
--- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
--- |
--- |
--- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
2960280 |
2960280 |
2960280 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
57.66% |
57.66% |
57.66% |
|
|
B. Investor
Complaints |
30.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES:
1.
The above financial results
have been taken on record by the Audit Committee and subsequently approved by
the Board of Directors in its meeting held on 14th November, 2014.
the statutory auditors of the company have carried out limited of the above
financial results.
2.
The Company is
exclusively engaged in the business of manufacture of Fine Chemicals, which is
considered to constitute only one business segment.
3.
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
|
|
|
30.09.2014 |
30.06.2014 |
|
|
(Unaudited) |
(Unaudited) |
|
Profit on sale of surplus land |
-- |
-- |
|
Foreign Exchange Gain / (Loss) |
-- |
-- |
|
MTM Loss on Interest Rate Swap Derivative - Reversal /
(Loss) |
12.499 |
4.134 |
|
Total |
12.499 |
4.134 |
4.
with effect from April
1, 2014, depreciation has been charged as per useful life under schedule 11 of
the companies Act, 2013. consequently, the amount of depreciation for the
quarter and half year ended September 30, 2014 is higher by Rs.5.036 millions
and Rs.10.885 millions respectively. With respect to assets which have nil
useful life as on 1st April, 2014 carrying value of such assets has
been opening reserves amounting to Rs.5.483 millions (net of deferred tax of
Rs.2.823 millions) in accordance with transitional of schedule II.
5.
- The Figures of the previous periods have been regrouped and
reclassified wherever necessary to make them comparable with the figures
for the current periods.
FIXED ASSETS:
· Land
· Assets under lease-Land
· Buildings-Non-Residential
· Buildings – Residential
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer
· Computer software
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 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.62.39 |
|
UK Pound |
1 |
Rs.94.16 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--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 |
|
48 |
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.