MIRA INFORM REPORT
|
Report No. : |
330047 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL INDUSTRIES
LIMITED |
|
|
|
|
Registered
Office : |
184-87, |
|
Tel. No.: |
91-22-66464200/ 66464236 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
05.09.1960 |
|
|
|
|
Com. Reg. No.: |
11-011807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 59.528 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200MH1960PLC011807 |
|
|
|
|
IEC No.: |
0388033983 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01415B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2488F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importers of Specialty chemicals, Pharmaceutical
intermediates and environmental products. |
|
|
|
|
No. of Employees
: |
940 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Kailash Dabhilkar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-66464200 |
|
Date : |
03.07.2015 |
LOCATIONS
|
Registered Office : |
184-87, |
|
Tel. No.: |
91-22-66464200/ 26704569/
26704653/ 26794866/ 26705812/ 26788258/ 69/ 269433000/ 26784255/26788258 |
|
Fax No.: |
91-22-66963514/
26784522 / 26783732 /26783657 |
|
E-Mail : |
|
|
Website : |
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Location : |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 1 : |
Plot No.112,
M.I.D.C. Industrial Area, Dhatav, Roha, District Raigad-402 116, |
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|
|
|
Factory 2 : |
D-9, M.I.D.C Lote
Parashuram, Taluka Khed, Ratnagiri-415722, |
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|
|
|
Factory 3 : |
Near Sewage Farm,
Narol Sarkhej Octroi Noka, Baherampura – 380 022, Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. K C Shroff |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. G Narayana |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Ashwin Champraj Shroff |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Usha Ashwin Shroff |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Setumadhav Rangrao Potdar |
|
Designation : |
Executive Director (upto 02/09/2014) |
|
|
|
|
Name : |
Mr. R. A. Shroff, |
|
Designation : |
Executive Director (w.e.f. 03/09/2014) |
|
|
|
|
Name : |
Mr. Atul Govindji Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. K. Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. B. Sathe |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. N. Bhogale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. N. Motiwalla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Jhaveri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. B. Parekh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. S. Vaidya |
|
Designation : |
Additional Director (w.e.f. 08/08/2014) |
|
|
|
|
Name : |
Mr. R. M. Pandia |
|
Designation : |
Additional Director (w.e.f. 08/08/2014) |
KEY EXECUTIVES
|
Name : |
Mr. Kailas Dabholkar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. S. K. Singhvi |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of
(A+B+C) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
423848 |
3.56 |
|
|
5057100 |
42.48 |
|
|
5480948 |
46.04 |
|
|
|
|
|
|
104082 |
0.87 |
|
|
104082 |
0.87 |
|
Total shareholding of Promoter
and Promoter Group (A) |
5585030 |
46.91 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
850 |
0.01 |
|
|
1020222 |
8.57 |
|
|
822 |
0.01 |
|
|
0 |
0.00 |
|
|
1021894 |
8.58 |
|
|
|
|
|
|
432573 |
3.63 |
|
|
|
|
|
|
3684349 |
30.95 |
|
|
1103465 |
9.27 |
|
|
78319 |
0.66 |
|
|
78319 |
0.66 |
|
|
5298706 |
44.51 |
|
Total Public shareholding (B) |
6320600 |
53.09 |
|
Total (A)+(B) |
11905630 |
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) |
11905630 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importers of Specialty chemicals,
Pharmaceutical intermediates and environmental products. |
|
|
|
|
Products : |
|
|
|
|
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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 : |
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Countries : |
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Imports : |
|
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Products : |
Raw Material |
|
Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
940 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address: |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
(West), Mumbai – 400028, Maharashtra, India |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises owned
or significantly influenced by Key Management Personnel or their relatives: (As On 31.03.2014) |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised
Capital: Rs. 200.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 59.528 Million
As on 31.03.2014
Authorised
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
38000000 |
Equity Shares |
Rs.5/- each |
Rs.190.000
Million |
|
850000 |
11% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.8.500 Million |
|
300000 |
Unclassified Shares |
Rs.5/- each |
Rs.1.500 million |
|
|
|
|
|
|
|
Total |
|
Rs.200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10905630 |
Equity Shares |
Rs.5/- each |
Rs.54.528 Million |
|
|
|
|
|
NOTE:
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2014 |
|
|
|
Nos. |
Rs. In Million |
|
At the beginning of the period |
10,905,630 |
54.528 |
|
Fresh issue of shares during the period |
-- |
-- |
|
Outstanding at the end of the period |
10,905,630 |
54.528 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of ` 5/- per share. Each holder of equity share carries one vote and is entitled to dividend that may be declared by the Board of Directors, which is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended March 31, 2014, the amount of per share dividend recognised as distributions to equity shareholders was ` 3.75/- (Previous year: ` 3/-) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company (as per the register of
members of the Company are as under):-
|
Name of the shareholder |
31.03.2014 |
|
|
|
Nos. of Shares |
% holding in the class |
|
Equity shares of Rs.5/- each fully paid |
|
|
|
Life Insurance Corporation of India |
1,012,799 |
9.29 |
|
Utkarsh Global Holdings Private Limited |
3,331,182 |
30.55 |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
59.528 |
54.528 |
54.528 |
|
(b) Reserves &
Surplus |
1758.226 |
1411.945 |
1284.976 |
|
(c) Money received
against share warrants |
17.250 |
34.500 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1835.004 |
1500.973 |
1339.504 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
181.508 |
258.708 |
105.007 |
|
(b) Deferred tax
liabilities (Net) |
163.377 |
138.283 |
147.250 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
129.034 |
128.288 |
80.532 |
|
Total Non-current
Liabilities (3) |
473.919 |
525.279 |
332.789 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
606.657 |
687.537 |
593.513 |
|
(b) Trade payables |
543.407 |
526.650 |
499.474 |
|
(c) Other current liabilities |
261.045 |
175.281 |
139.003 |
|
(d) Short-term provisions |
123.464 |
84.617 |
113.043 |
|
Total Current Liabilities
(4) |
1534.573 |
1474.085 |
1345.033 |
|
|
|
|
|
|
TOTAL |
3843.496 |
3500.337 |
3017.326 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1557.670 |
1265.515 |
1183.313 |
|
(ii) Intangible Assets |
17.263 |
18.228 |
25.318 |
|
(iii) Capital
work-in-progress |
25.834 |
200.904 |
47.691 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
140.302 |
141.315 |
141.315 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
138.578 |
128.108 |
41.136 |
|
(e) Other Non-current
assets |
1.000 |
10.500 |
17.800 |
|
Total Non-Current Assets |
1880.647 |
1764.570 |
1456.573 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
665.207 |
481.408 |
427.053 |
|
(c) Trade receivables |
1056.463 |
1015.975 |
888.619 |
|
(d) Cash and cash
equivalents |
21.353 |
88.427 |
68.192 |
|
(e) Short-term loans and
advances |
168.200 |
129.756 |
160.450 |
|
(f) Other current assets |
51.626 |
20.201 |
16.439 |
|
Total Current Assets |
1962.849 |
1735.767 |
1560.753 |
|
|
|
|
|
|
TOTAL |
3843.496 |
3500.337 |
3017.326 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4817.566 |
4169.193 |
3841.130 |
|
|
Other Income |
67.992 |
45.623 |
40.512 |
|
|
TOTAL (A) |
4885.558 |
4214.816 |
3881.642 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2472.874 |
2307.417 |
2077.022 |
|
|
Purchases of
Stock-in-Trade |
97.681 |
88.78 |
76.273 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(96.127) |
(11.303) |
(48.430) |
|
|
Employees benefits
expense |
616.792 |
552.195 |
507.976 |
|
|
Other expenses |
1005.192 |
839.921 |
828.369 |
|
|
TOTAL (B) |
4096.412 |
3777.010 |
3441.210 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
789.146 |
437.806 |
440.432 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
139.223 |
122.158 |
122.076 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
649.923 |
315.648 |
318.356 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.990 |
110.306 |
101.321 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
502.933 |
205.342 |
217.035 |
|
|
|
|
|
|
|
Less |
TAX (H) |
97.290 |
30.527 |
68.879 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
405.643 |
174.815 |
148.156 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
131.429 |
124.460 |
114.581 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
NA |
40.896 |
32.717 |
|
|
Dividend |
NA |
6.950 |
5.560 |
|
|
Tax on Dividend |
NA |
120.000 |
100.000 |
|
|
Total (M) |
NA |
167.846 |
138.277 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
537.072 |
131.429 |
124.460 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
657.833 |
733.865 |
|
|
Freight |
NA |
0.000 |
1.141 |
|
|
Insurance |
NA |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
657.833 |
735.006 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
1247.994 |
928.275 |
|
|
Capital goods |
NA |
5.350 |
13.201 |
|
|
Components and Spare Parts |
NA |
0.000 |
0.000 |
|
|
Purchase of Traded Goods |
NA |
0.470 |
0.355 |
|
|
TOTAL
IMPORTS |
NA |
1253.814 |
941.831 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
36.22 |
16.03 |
13.59 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
77.939 |
31.058 |
|
Cash generated from operations |
NA |
222.784 |
(136.192) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.42 |
4.19 |
3.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.38 |
10.50 |
11.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.68 |
6.50 |
7.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.43 |
0.68 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.18 |
1.16 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.280.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
54.528 |
54.528 |
59.528 |
|
Reserves & Surplus |
1284.976 |
1411.945 |
1758.226 |
|
Money received against
share warrants |
17.250 |
34.500 |
0.000 |
|
Net worth |
1356.754 |
1500.973 |
1817.754 |
|
|
|
|
|
|
long-term borrowings |
105.007 |
258.708 |
181.508 |
|
Short term borrowings |
593.513 |
687.537 |
606.657 |
|
Total borrowings |
729.578 |
1024.184 |
788.165 |
|
Debt/Equity ratio |
0.538 |
0.682 |
0.434 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3841.130 |
4169.193 |
4817.566 |
|
|
|
8.541 |
15.552 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
3841.130 |
4169.193 |
4817.566 |
|
Profit |
148.156 |
174.815 |
405.643 |
|
|
3.86% |
4.19% |
8.42% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Lodging No.:- |
ITXAL/213/2013 |
Filing Date:- |
31/01/2013 |
Reg. No.:- |
ITXA/1465/2014 |
Reg. Date:- |
23/09/2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX CENTRAL III, MUMBAI |
|
Respondent:- |
M/S EXCEL INDUSTRIES LTD. |
|
Petn.Adv.:- |
PADMA DIVAKAR (0) |
|
Resp.Adv.:- |
0 (0) |
|
|
OPERATIONS: (AS ON
31.03.2014)
During the year, the net sales increased from Rs.3789.600 Million to Rs.4097.900 Million, registering a growth of 8% but the exports decreased from Rs.750.100 Million to Rs.674.000 Million registering a decrease of 10%. Further, the Company made a profit of Rs.20.53 crores before taxation compared to Rs.217.000 Million in the previous year. Net profit after tax amounted to Rs.17.48 crores as compared to Rs.148.200 Million in the previous year.
NEW
PROJECTS/EXPANSIONS/IMPROVEMENTS: (AS ON 31.03.2014)
The Company has developed new products in both Pharma and Polymer fields and is aggressively pursuing opportunities. The revenue from these new areas is expected to exceed 10% of the total revenue in the current year. This growth in Polymer inputs is being generated out of the existing production facilities whereas the new Pharma plant built last year is expected to produce to its capacity this year. Various product approvals from large Pharma customers are being actively pursued.
OUTLOOK: (AS ON
31.03.2014)
Phosphorus based intermediates are experiencing continued growth due to increased production of agro-chemicals for both domestic consumption and export. The depreciation of the Rupee has made the Company’s Phosphonates quite competitive and volume growth will be maintained. New product introductions in polymer and pharma sectors will add good portions to the sales revenue. The Company has received local FDA approval for the Pharma manufacturing Plant at Lote Parshuram and Veterinary Pharma manufacturing Plant at Roha, and the commercial production of Active Pharmaceutical Ingredients (APIs) and intermediates of the APIs have commenced during the year. The Company has plans to launch new APIs and intermediates in the coming months. Newer models of Organic Waste Converter (OWC) have been launched and Celrich sales from Ahmedabad Plant to large fertilizer companies have also began.
The Company hopes to maintain growth in sales and hopes to improve the profit.
MANAGEMENT DISCUSSION
AND ANALYSIS: (AS ON 31.03.2014)
BUSINESS REVIEW:
Business Segment –
Chemicals Business Segment
Industry structure
and development:
Major portion of the Company’s revenue comes from Specialty Chemicals and Intermediates developed and produced for various industry segments like Agricultural Chemicals, Lubricant Oil Additives, Mineral Beneficiation additives, Dyes and Intermediates, Polymer manufacturing and processing and Pharmaceuticals. The Company also delivers performance enhancing chemicals and intermediates to industry sectors like water and its treatment, textiles auxiliaries, Soaps and detergents, preservation of industrial products, and management of Industrial hygiene. The end user industries consuming these intermediates have been growing steadily. While the Company faced severe and wide spread competition from China till a few years ago, there is a distinct shift towards sourcing from domestic producers as of now. Imports from the western world have also been coming down and even the western end product producers have been looking to source intermediates from India in preference to supplies from China.
Besides the local subsidiaries of large global chemical companies, the Intermediates industry is constituted by a large number of indigenous medium scale units most of them have been experiencing good growth rate, higher than the general industry or economy growth. The market for these companies is both domestic and export. While the growth in the domestic market is driven by growing consumption of existing end products, the export market is driven by the need for process development and production of newer intermediates for use in high end performance delivering chemical formulations that large global corporations worldwide continue to develop. Intermediates producer group is certainly coming of age today whereas the yester year chemicals industry was dominated by bulk chemical producers.
SEGMENT WISE
PERFORMANCE AND OUTLOOK: (AS ON 31.03.2014)
The agrochemicals intermediates group performed better in terms of volume growth but had to compromise on margins. The main competition in the Phosphonates market was from China and this year, the reduced availability from China and the rupee depreciation helped the Company to recover a good portion of the market lost earlier. Theyalso increased the share in the Pharma intermediates through higher production and also by developing new customers. The biocides demand saw a good jump thanks to the Company’s efforts in developing a new application in the preservation of wood and MDF.
All the efforts are slated to sustain and grow so that the Company can attain higher than ever capacity utilization in the coming year. The relative slowdown in the Chinese Economic growth and the increasing controls on Industrial Pollution there offers a vast opportunity for growth in India. The Company has taken steps to produce highest ever tonnages of several products and will succeed in checking the imports. The FDA approval received in early 2014-15 will boost the output and value realization from the Pharma plant.
BUSINESS SEGMENT –
ENVIRONMENT AND BIOTECH DIVISION: (AS ON 31.03.2014)
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Municipal Solid Waste (MSW) Management industry in India has developed interesting trends. Broadly, the industry can be bucketed into the following sets of players:
Concession Owners – A bunch of medium to large infrastructure players with or without prior experience in waste management continue to bid for MSW treatment contracts with large and small municipal corporations. While the philosophy of the ULB’s in India continue to be one in which they expect the waste to be treated free of cost, these companies are not shying away from making investments in these projects. They acquire and integrate various technologies for segregation, converting inorganic waste to RDF and complete combustion of waste to energy.
Technology developers for Waste to Energy – Several entrepreneur driven medium and small companies are actively developing technologies for converting waste to energy. These technologies include but are not limited to
conversion of plastics to fuel, conversion of agricultural waste to solid fuel briquettes and anaerobic digestion for converting organic waste to biogas and subsequently to energy.
Technology developers for de-centralized waste management – While the above two call for large investments,
regulatory push and change, India is experiencing the largest wave of de-centralized waste management and adaptation of technologies for the same. Excel continues to be the front runner in advocating this philosophy. Many large and small companies have seen this as a potentially large opportunity and are jumping the bandwagon. Technologies include Organic Waste Converter and In-vessel Composting, small biogas plants and de-centralized plants for converting waste to energy.
SEGMENT WISE
PERFORMANCE AND OUTLOOK: (AS ON 31.03.2014)
While the division clocked the highest number of machine sales in a year, the margins remained under pressure due to increasing competition in the de-centralized waste management business. Through aggressive and innovative advertising, the division continued to spread awareness and create more inquiries for OWC machines across the country and internationally. Some of the marketing initiative included direct marketing, in-flight magazine advertisements, participation in exhibitions and conferences, online advertising and use of mobile van for demonstrations in schools, housing societies and companies. The division will continue to reach out to more target audience in innovative and impactful ways in the years to come. The division launched its brand new in-vessel composting machine named ‘Bioneer’. After extensive research, development and trials Bioneer was launched the last quarter of the year and also won two prestigious orders from large companies in India. The division received and responded to inquiries for OWC and Bioneer from many countries in the Indian Sub continent, Asia and Africa.
Likewise, the sale of Sanitreat reached its highest ever level thanks to the increasing awareness of the product with Urban Local Bodies for odtheircontrol. The division received positive written communication endorsing the quality and effectiveness of Sanitreat. Though the sale of City Compost from the plant at Pirana were not as desired, the outlook is positive. With continuous RandD and engineering innovations in de-centralized composting solutions, the outlook for this business is very positive. With continuous marketing efforts in India and internationally through smart advertising, induction of fresh talent and like-minded partners, the outlook is very positive.
With the increasing awareness and demand of good quality organic manure by farmers and thus the fertilizer marketing companies coupled with the closure of competing plants in Ahmedabad, the outlook is positive. In all, substantial growth is projected for both arms of the division in the coming year.
CORPORATE INFORMATION
(AS ON 31.03.2014)
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in manufacturing of Chemicals, Pharma intermediates and Environmental products. Chemicals comprising of Industrial and Specialty chemicals and Pesticides Intermediates. Environmental products comprising of Soil Enricher, Bio-Pesticides and other Bio-products. The Company is also engaged in manufacturing activity on behalf of third parties.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From other: Finance lease obligation |
NA |
36.240 |
|
From shareholders |
NA |
16.511 |
|
From public |
NA |
89.354 |
|
Short-term
borrowings |
NA |
|
|
Foreign currency buyer’s credit loan |
NA |
97.430 |
|
Short Term Loan from Banks |
NA |
59.548 |
|
From others Inter corporate deposits |
NA |
50.000 |
|
Total |
NA |
349.083 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10484913 |
28/01/2014 |
100,000,000.00 |
BANK OF INDIA |
ANDHERI MID CORPORATE BRANCH, 28,
MDI. BUILDING,, |
C00518589 |
|
2 |
10450935 |
14/09/2012 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B81127441 |
|
3 |
10013940 |
11/08/2006 |
45,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, G.N.VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
A03346046 |
|
4 |
90241253 |
31/07/2009 * |
940,000,000.00 |
BANK OF INDIA |
28, S.V. ROAD,, ANDHERI [WEST], MUMBAI, MAHARASHTRA - 400058, INDIA |
A67992669 |
|
5 |
80007909 |
10/07/2006 * |
150,000,000.00 |
CENTRAL BANK OF INDIA |
MULLA HOUSE,, 51, MAHATMA GANDHI ROAD,, MUMBAI, MAHARASHTRA - 400023, INDIA |
A02702751 |
|
6 |
80007908 |
05/04/2002 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
MULLA HOUSE, 51, MAHATMA GANDHI
ROAD, MUMBAI, MAH |
- |
|
7 |
90240788 |
31/07/2009 * |
940,000,000.00 |
BANK OF INDIA |
28, S.V.ROAD,, ANDHERI [WEST], MUMBAI, MAHARASHTRA - 400058, INDIA |
A67997445 |
|
8 |
80038897 |
16/07/2009 * |
940,000,000.00 |
BANK OF INDIA |
28, S.V. ROAD ,, ANDHERI [WEST],
MUMBAI, MAHARASH |
A67016915 |
|
9 |
80038896 |
13/01/2001 |
1,400,900,000.00 |
BANK OF INDIA |
ANDHERI (WEST) BRANCH, MUMBAI, MAHARASHTRA - 400058, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land free Hold
- Land lease hold
- Leasehold improvements
- Buildings
- Plant and machinery
- Data processing equipments
- Electrical installation
- Laboratory equipments
- Furniture fixture
- office equipments
- Vehicles
- Technical books
Intangible assets
- Trade marks
- Computer software
- Export product
registration
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.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.