MIRA INFORM REPORT
|
Report No. : |
303245 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ULTRAMARINE AND PIGMENTS LIMITED |
|
|
|
|
Registered
Office : |
Thirumalai House, Road No. 29, Near Sion Hill Fort, Sion (East),
Mumbai – 400022, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.10.1960 |
|
|
|
|
Com. Reg. No.: |
11-011856 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 58.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24224MH1960PLC011856 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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 inorganic pigments, organic surfactants and dry mix
detergents. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exists |
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|
|
|
Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company 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.
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
Management non-cooperative (Tel No.: 91-22-24017841/ 44-66921195)
LOCATIONS
|
Registered Office : |
Thirumalai House, Road No. 29, Near Sion Hill Fort, Sion (East),
Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-43686200/ 6256 |
|
Fax No.: |
91-22-24011699/ 24014754 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Factory 1 : |
556, Vanagaram Road, Ambattur, Chennai – 600053, Tamilnadu, India |
|
Tel. No.: |
91-44-66921195/ 1196/ 1197 |
|
Fax No.: |
91-44-66921100 |
|
|
|
|
Factory 2 : |
25-B, SIPCOT Industrial Complex, Ranipet – 632403, Tamilnadu, India |
|
Tel. No.: |
91-4172-664401/ 402/ 403/ 404/ 405 |
|
Fax No.: |
91-4172-664400 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. R Sampath |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
69 Years |
|
Qualification : |
B. Sc., B.S. (Chem. Engineering) |
|
Experience : |
44 Years |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
B.Sc., A.C.A. |
|
Experience : |
39 Years |
|
|
|
|
Name : |
Ms. Indira Sundararajan |
|
Designation : |
Whole Time Executive Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
B.Sc. (Chemical), B.Tech. (Pharma) |
|
Experience : |
41 Years |
|
|
|
|
Name : |
Mr. S. Santhanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. G.G. Nair |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nimish Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T.R. Madhavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod G. Nehemiah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kishore Kumar Sahoo |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of
holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
10731685 |
36.75 |
|
|
3115833 |
10.67 |
|
|
1182381 |
4.05 |
|
|
1182381 |
4.05 |
|
|
15029899 |
51.47 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
15029899 |
51.47 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
41968 |
0.14 |
|
|
41968 |
0.14 |
|
|
|
|
|
|
379148 |
1.30 |
|
|
|
|
|
|
8968864 |
30.72 |
|
|
4279812 |
14.66 |
|
|
500309 |
1.71 |
|
|
73764 |
0.25 |
|
|
419985 |
1.44 |
|
|
6560 |
0.02 |
|
|
14128133 |
48.38 |
|
Total Public
shareholding (B) |
14170101 |
48.53 |
|
Total (A)+(B) |
29200000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
29200000 |
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
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Thirumalai Chemicals Ltd |
30,44,800 |
10.43 |
|
2 |
Santhanam Sundararajan |
12,22,636 |
4.19 |
|
3 |
Sridhar Sundararajan |
12,17,595 |
4.17 |
|
4 |
Indira Sundararajan |
10,20,770 |
3.50 |
|
5 |
Bhooma Parthasarathy |
8,11,763 |
2.78 |
|
6 |
Jayalakshmi Sundararajan |
7,32,040 |
2.51 |
|
7 |
R Sampath |
8,09,042 |
2.77 |
|
8 |
S Santhanam |
5,19,075 |
1.78 |
|
9 |
Parthasarathy Rangaswamy |
6,25,487 |
2.14 |
|
10 |
Sujata Sampath |
5,47,634 |
1.88 |
|
11 |
Daya Sridhar |
4,82,928 |
1.65 |
|
12 |
Kala Sundararajan |
3,96,970 |
1.36 |
|
13 |
Rangaswamy Parthasarthy |
4,07,400 |
1.40 |
|
14 |
Sridhar Sundararajan |
3,50,449 |
1.20 |
|
15 |
Deepa Ajay |
3,06,200 |
1.05 |
|
16 |
Rangswamy Sampath ( GS Family Trust) |
3,15,301 |
1.08 |
|
17 |
Rangswamy Sampath |
2,60,207 |
0.89 |
|
18 |
R Sampath (RS Family Trust) |
2,49,680 |
0.86 |
|
19 |
Sujata Sampath (VS Family Trust) |
2,46,680 |
0.84 |
|
20 |
Geetha S |
1,92,962 |
0.66 |
|
21 |
Bhooma Parthasarathy ( MP Family Trust) |
1,87,960 |
0.64 |
|
22 |
Parthasarathy Rangaswamy ( TP Family Trust) |
1,82,760 |
0.63 |
|
23 |
Pravin Rangachari |
1,80,030 |
0.62 |
|
24 |
S Varadarajan |
1,60,000 |
0.55 |
|
25 |
Srinath Sridhar |
1,44,680 |
0.50 |
|
26 |
S Vidhya |
1,07,515 |
0.37 |
|
27 |
S Narayan |
72,800 |
0.25 |
|
28 |
Sam C Sales And Market Creating LLP |
71,033 |
0.24 |
|
29 |
Ramya Bharatram |
36,360 |
0.12 |
|
30 |
Meera Parthasarathy |
48,120 |
0.16 |
|
31 |
Tara Parthasarathy |
20,000 |
0.07 |
|
32 |
Aditya Rajan |
17,200 |
0.06 |
|
33 |
Kavya Narayan |
16,000 |
0.05 |
|
34 |
Uttara B |
16,000 |
0.05 |
|
35 |
V S Sundararajan |
4,108 |
0.01 |
|
36 |
Bina Rajan |
4,000 |
0.01 |
|
37 |
Prathamesh Karkal |
1,600 |
0.01 |
|
38 |
Varadarajan Santhanam |
114 |
0.00 |
|
|
Total |
1,50,29,899 |
51.47 |
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
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
R Sundar Rajan |
616789 |
2.11 |
|
|
2 |
K Sridhar |
577662 |
1.98 |
|
|
3 |
T Vijayaraghahvan |
446614 |
1.53 |
|
|
4 |
R Ramachandran |
322855 |
1.11 |
|
|
5 |
Govindbhai B Desai |
314100 |
1.08 |
|
|
|
Total |
2278020 |
7.80 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of inorganic pigments, organic surfactants and dry mix
detergents. |
|
|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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|
Terms : |
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|
Selling : |
Not Available |
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|
|
Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
501-502, 5th Floor, Narain Chambers, M.G. Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Companies in which the company has substantial interest (i.e. more
than 20% in voting power directly or indirectly) : |
|
|
|
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|
Other related parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29,200,000 |
Equity Shares |
Rs. 2/- each |
Rs. 58.400
Millions |
|
|
|
|
|
Terms/rights attached to equity shares
The Company has only one class of share referred to as equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. The distribution will be proportionate to the number of equity shares held by the shareholders.
There is no change in issued and paid up share capital during the year
The details of
shareholders holding more than 5% shares
|
Particulars |
31.03.2014 |
|
|
No. of shares |
% held |
|
|
Thirumalai Chemicals Limited |
3,044,800 |
10.43 |
|
S. Santhanam |
1,741,711 |
5.96 |
|
R. Sampath |
1,564,780 |
5.05 |
|
S. Sridhar |
1,503,569 |
5.15 |
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 |
58.400 |
58.400 |
58.400 |
|
(b) Reserves & Surplus |
863.313 |
804.769 |
760.397 |
|
(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) |
921.713 |
863.169 |
818.797 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
20.000 |
57.769 |
|
(b) Deferred tax liabilities (Net) |
49.934 |
53.651 |
55.226 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
32.894 |
32.112 |
26.699 |
|
Total Non-current
Liabilities (3) |
82.828 |
105.763 |
139.694 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
3.115 |
0.000 |
|
(b) Trade
payables |
74.828 |
36.728 |
88.428 |
|
(c) Other
current liabilities |
82.214 |
70.443 |
72.017 |
|
(d) Short-term
provisions |
108.766 |
111.117 |
135.594 |
|
Total Current
Liabilities (4) |
265.808 |
221.403 |
296.039 |
|
|
|
|
|
|
TOTAL |
1270.349 |
1190.335 |
1254.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
405.738 |
401.611 |
427.933 |
|
(ii) Intangible
Assets |
2.742 |
3.792 |
4.958 |
|
(iii)
Capital work-in-progress |
12.980 |
24.165 |
19.753 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
132.170 |
132.170 |
132.170 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.262 |
71.776 |
58.792 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
639.892 |
633.514 |
643.606 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
181.900 |
116.377 |
159.024 |
|
(c) Trade
receivables |
219.260 |
238.689 |
205.119 |
|
(d) Cash
and cash equivalents |
126.588 |
112.130 |
186.472 |
|
(e) Short-term
loans and advances |
98.764 |
83.934 |
49.599 |
|
(f) Other
current assets |
3.945 |
5.691 |
10.710 |
|
Total
Current Assets |
630.457 |
556.821 |
610.924 |
|
|
|
|
|
|
TOTAL |
1270.349 |
1190.335 |
1254.530 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1504.539 |
1401.504 |
1360.365 |
|
|
|
Other Income |
30.560 |
37.886 |
22.100 |
|
|
|
TOTAL (A) |
1535.099 |
1439.390 |
1382.465 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
626.879 |
612.916 |
539.523 |
|
|
|
Purchases of Stock-in-Trade |
0.172 |
0.029 |
4.828 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(23.130) |
(24.691) |
(11.068) |
|
|
|
Employees benefits expense |
278.620 |
252.809 |
219.579 |
|
|
|
Other expenses |
370.993 |
351.403 |
374.835 |
|
|
|
TOTAL (B) |
1253.534 |
1192.466 |
1127.697 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
281.565 |
246.924 |
254.768 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.568 |
15.631 |
17.134 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.997 |
231.293 |
237.634 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.118 |
57.631 |
55.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
215.879 |
173.662 |
182.612 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
71.930 |
52.425 |
45.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
143.949 |
121.237 |
136.924 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
222.123 |
252.259 |
255.602 |
|
|
TOTAL EARNINGS |
222.123 |
252.259 |
255.602 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
337.980 |
228.446 |
283.302 |
|
|
|
Stores & Spares |
0.000 |
1.457 |
0.764 |
|
|
|
Capital Goods |
10.359 |
0.066 |
9.529 |
|
|
TOTAL IMPORTS |
348.339 |
229.969 |
293.595 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.93 |
4.15 |
4.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
9.57
|
8.65 |
10.07 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.71
|
17.62 |
18.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.19 |
16.80 |
16.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.20 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37 |
2.51 |
2.06 |
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 |
58.400 |
58.400 |
58.400 |
|
Reserves & Surplus |
760.397 |
804.769 |
863.313 |
|
Net
worth |
818.797 |
863.169 |
921.713 |
|
|
|
|
|
|
long-term borrowings |
57.769 |
20.000 |
0.000 |
|
Short term borrowings |
0.000 |
3.115 |
0.000 |
|
Total
borrowings |
57.769 |
23.115 |
0.000 |
|
Debt/Equity
ratio |
0.071 |
0.027 |
0.000 |
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 |
1360.365 |
1401.504 |
1504.539 |
|
|
|
3.024 |
7.352 |
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 |
1360.365 |
1401.504 |
1504.539 |
|
Profit |
136.924 |
121.237 |
143.949 |
|
|
10.07% |
8.65% |
9.57% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM BORROWINGS:
(Rs.
In Millions)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturity of long term borrowings |
20.000 |
37.769 |
37.769 |
|
|
|
|
|
|
Total |
20.000 |
37.769 |
37.769 |
|
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 |
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 |
No |
|
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 |
No |
LITIGATION DETAILS
|
CASE DETAILS BENCH: BOMBAY |
||||||
|
Lodging No: ITXAL/320/2009 Filing Date: 05/02/2009 Reg. No.: ITXA/2560/2009 Reg. Date: 18/09/2009 |
||||||
|
Petitioner: |
THE COMMISSIONER
OF INCOME TAX |
Respondent: |
M/S. ULTRAMARINE
AND PIGMENTS LTD- |
|||
|
Petn. Adv: |
SURESH KUMAR (0) |
Resp. Adv.:- |
SUBHASH S SHETTY
AND HIRO RAI (0) |
|||
|
District: MUMBAI |
||||||
|
Bench: DIVISION |
||||||
|
Status: |
Admitted
(Unready)
|
Category:- |
TAX APPEALS |
|||
|
Last Date :- |
17/01/2011 |
Stage : - |
FOR ADMISSION –
AFTER NOTICE (HIGH ON BOARD) |
|||
|
Last Coram:- HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE MRS. JUSTICE MRIDULA BHATKAR |
||||||
MANAGEMENT’S DISCUSSION AND ANALYSIS:
OPERATIONS AND FINANCIAL PERFORMANCE
The overall performance of the Company was better and there is marked improvement in the ITES division. This was achieved in spite of depressed economic conditions in 2013-14. For the first time, the total revenue has crossed Rs. 1500.000 Millions and the profit before tax improved by 24% to Rs. 215.500 Millions.
PROSPECTS AND OUTLOOK
In the case of ITES division, there has been an improvement in operational efficiency by bringing all the divisions under one roof. This has resulted in synergy of operation and helped to post better revenue and profitability. This will be more pronounced in the coming year.
The export market for pigments is showing signs of revival and our participation in overseas trade exhibitions during last year improved our overseas customer base, especially in China and South Korea.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10449063 |
23/08/2013 |
92,500,000.00 |
BANK OF INDIA |
Mumbai Mid Corporate Branch, BOI Building, Mezzanine Floor, 70/80, M.G. Road., Mumbai, Maharashtra - 400023, INDIA |
B84993435 |
|
2 |
10394600 |
12/11/2012 |
92,500,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE BRANCH, BANK OF INDIA BLDG., Maharashtra - 400001, INDIA |
B65032260 |
|
3 |
80063392 |
12/09/1995 |
105,000,000.00 |
Bank of India |
Bombay Inustrial Finance
Branch, 70/80 M.G.Road, Maharashtra - 400023, INDIA |
- |
|
4 |
80063391 |
22/10/1974 |
2,000,000.00 |
Bank of India |
Nariman Point Branch, Air India Building Nariman Point, Mumbai, Maharashtra - 400001, INDIA |
- |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Sales / Income from Operations |
438.000 |
419.600 |
857.600 |
|
|
b)
Other Operating Income |
1.600 |
1.200 |
2.800 |
|
|
Total
Income from Operations (net) |
439.600 |
420.800 |
860.400 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
211.800 |
212.800 |
424.600 |
|
|
b)
Purchase of stock-in-trade |
-- |
-- |
-- |
|
|
c)
Power, fuel and other utilities |
-- |
-- |
-- |
|
|
d) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(30.600) |
(38.100) |
(68.700) |
|
|
e)
Employee benefits expense |
79.900 |
79.900 |
159.800 |
|
|
f)
Depreciation and amortisation expense |
8.200 |
7.700 |
15.900 |
|
|
g)
Other expenses |
97.700 |
96.600 |
191.300 |
|
|
Total Expenses |
367.000 |
355.900 |
722.900 |
|
3. |
Profit from Operations
before Other Income and Finance Costs (1-2) |
72.600 |
64.900 |
137.500 |
|
4. |
Other Income |
3.600 |
4.400 |
8.000 |
|
5. |
Profit
before finance costs (3+4) |
76.200 |
69.300 |
145.500 |
|
6. |
Finance Costs |
0.000 |
0.000 |
0.000 |
|
7. |
Profit/
Loss from Operation before other Income, Finance Costs and Exceptional (5-6) |
74.700 |
68.000 |
142.700 |
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
74.700 |
68.000 |
142.700 |
|
10. |
Tax
Expenses |
29.400 |
17.600 |
47.000 |
|
11. |
Net Profit from
ordinary activities after tax (10-11) |
45.300 |
50.400 |
95.700 |
|
12. |
Extraordinary
Items |
-- |
-- |
-- |
|
13. |
Net Profit for the period/year (12+13) |
45.300 |
50.400 |
95.700 |
|
14. |
Paid-up equity share capital (face value Rs. 10 per share) |
58.400 |
58.400 |
58.400 |
|
15. |
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
16. |
Earning per equity shares |
|
|
|
|
|
(a) Basic |
1.55 |
1.73 |
3.28 |
|
|
(b) Diluted |
1.55 |
1.73 |
3.28 |
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
14,170,101 |
14,255,211 |
14,170,101 |
|
|
- Percentage of Shareholding |
48.53 |
48.82 |
48.53 |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
14,170,101 |
14,255,211 |
14,170,101 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
NA |
NA |
NA |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
15,029,899 |
14,944,789 |
15,029,899 |
|
|
- 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) |
51.47 |
51.18 |
51.47 |
|
PARTICULARS |
For the quarter ended 30th September
2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
FIXED ASSETS
- Land freehold
- Leasehold
- Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Office
equipment
- Vehicles
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.16 |
|
|
1 |
Rs. 94.28 |
|
Euro |
1 |
Rs. 73.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.