MIRA INFORM REPORT
|
Report No. : |
332339 |
|
Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ULTRAMARINE AND PIGMENTS LIMITED |
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|
|
|
Registered
Office : |
Thirumalai House, Road No. 29, Near Sion Hill, Fort, Sion (East),
Mumbai – 400022, Maharashtra |
|
Tel. No.: |
91-22-24017841 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
25.10.1960 |
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|
|
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Com. Reg. No.: |
11-011856 |
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Capital
Investment / Paid-up Capital : |
Rs. 58.400
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24224MH1960PLC011856 |
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|
|
|
IEC No.: |
Not Available |
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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
: |
Manufacturing and Selling of Pigments, Surfactants, IT
Enabled Services and Business Process Outsourcing (BPO) Activities. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company incorporated during the year
1960. It has a fine track record. For the financial year ended 2015, the company possesses strong
operational activities along with good top line of 14.40% and outstanding
profitability margin of 10.9%. Rating also reflects upstanding financial risk profile marked by
healthy reserves position and zero debt balance sheet profile. Further, rating also takes into consideration company’s long business
track record and strong market position. Trade relations are reported as fair. Payment terms are reported to be
regular and as per commitment. In view of long history of business and sound financial base, 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.
EXTERNAL AGENCY RATING
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-24017841)
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 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
556, Vanagaram Road, Ambattur, Chennai - 600053, Tamilnadu, India |
|
Tel. No.: |
91-44-66921195/ 66921196/ 66921197/ 66921198/ 66921199 |
|
Fax No.: |
91-44-26821201 |
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E-Mail : |
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Factory 2 : |
No.25B, SIPCOT Industrial Complex, Ranipet, District Vellore - 632403, Tamilnadu,India |
|
Tel. No.: |
91-4172-664401/ 664402/ 664403/ 664404/ 664405 |
|
Fax No.: |
91-4172-664400 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. R. Sampath |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
70 Years |
|
Qualifications : |
B.Sc., B.S. (Chem Engg.) U.S.A. |
|
Experience : |
44 Years |
|
|
|
|
Name : |
Mrs. Indira Sundararajan |
|
Designation : |
Vice Chairperson and Managing Director |
|
Date of Birth/Age : |
67 Years |
|
Qualifications : |
B.Sc. Tech |
|
Expertise in specific functional areas : |
Mrs. Indira Sundararajan, is a Technologist with extensive experience in
Business and Trade. She has made valuable contributions to the IT enabled
services division of the Company. |
|
DIN No.: |
00092203 |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
64 Years |
|
Qualifications : |
B.Sc., A.C.A. |
|
Experience : |
39 Years |
|
|
|
|
Name : |
Ms. Tara Parthasarathy |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
29 Years |
|
Qualifications : |
Bachelor of Technology, Master of Environmental Management, Yale
University, USA |
|
Expertise in specific functional areas : |
Ms. Tara Parthasarathy is a Bio-Technologist and a specialist in
Environmental Management and related businesses. Specialist in Green Energy Projects, Consulting, government Policy
advocacy and change, formation of industry Consortia and project scoping,
bidding and realization. |
|
DIN No.: |
07121058 |
|
|
|
|
Name : |
Mr. S. Santhanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. G. G. Nair |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Nimish Patel |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. T. R. Madhavan |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Vinod G. Nehemiah |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Navin M Ram |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
42 Years |
|
Qualifications : |
BA, Economics, University of Rochester |
|
Expertise in specific functional areas : |
Building and managing global product business (fixed income, equities)
in Asia Pacific, Middle East and South Africa. He was a Executive Director in Goldman Sachs As an Entrepreneur, he
had set up a soft ware development Company named Origin Wave for supporting
customized development for top hedge funds in the World. |
|
DIN No.: |
02410242 |
|
Directorship in
other Companies : |
· Pipe Hangers and Supports Private Limited · Blue Bay Personal care Private Limited |
|
|
|
|
Name : |
Mr. S. Ragothaman |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
69 Years |
|
Qualifications : |
Fellow member of Institute of Chartered Accountants of India. |
|
Expertise in specific functional areas : |
Mr. Ragothaman possesses more than 3 decades of rich experience in the
field of Project Appraisal, Project Financing and Management. He served as a
General Manager of ICICI Limited, a leading Financial Institution, now called
ICICI Bank for more than three decades. He has been offering advisory
services to Companies in the areas of fund mobilization, mergers and
acquisitions, business restructuring, micro finance etc. He has been a guest faculty in leading educational Institutions, LIBA
- Chennai, IFMR - Chennai, RBI Staff Training College – Chennai to share his
knowledge and experience in the areas of project finance, Risk management and
micro finance. |
|
DIN No.: |
00042395 |
|
Directorship in
other Companies : |
· The Bombay Dyeing and Manufacturing Company Limited · XPRO India Limited · Hinduja Foundries Limited · Shreyas Shipping and Logistics Limited · Xpro Global Limited · Shreyas Relay Systems Limited · Digjam Limited · National Peroxide Limited |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramanan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Kishore Kumar Sahoo |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
10808385 |
37.02 |
|
|
3115833 |
10.67 |
|
|
1182381 |
4.05 |
|
|
1182381 |
4.05 |
|
|
15106599 |
51.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
15106599 |
51.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
41968 |
0.14 |
|
|
41968 |
0.14 |
|
|
|
|
|
|
283840 |
0.97 |
|
|
|
|
|
|
8936256 |
30.60 |
|
|
4309144 |
14.76 |
|
|
522193 |
1.79 |
|
|
64626 |
0.22 |
|
|
451007 |
1.54 |
|
|
6560 |
0.02 |
|
|
14051433 |
48.12 |
|
Total Public shareholding (B) |
14093401 |
48.27 |
|
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
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Thirumalai Chemicals Limited |
30,44,800 |
10.43 |
|
2 |
Santhanam Sundararajan |
12,22,636 |
4.19 |
|
3 |
Sridhar Sundararajan |
12,23,595 |
4.19 |
|
4 |
Indira Sundararajan |
10,37,370 |
3.55 |
|
5 |
Bhooma Parthasarathy |
8,11,763 |
2.78 |
|
6 |
Jayalakshmi Sundararajan |
7,32,040 |
2.51 |
|
7 |
R Sampath |
8,37,542 |
2.87 |
|
8 |
S Santhanam |
5,19,075 |
1.78 |
|
9 |
Parthasarathy Rangaswamy |
6,51,087 |
2.23 |
|
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 |
1,51,06,599 |
51.73 |
|
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
R Sundar Rajan |
616789 |
2.11 |
|
|
2 |
K Sridhar |
577662 |
1.98 |
|
|
3 |
T Vijayaraghahvan |
447014 |
1.53 |
|
|
4 |
R Ramachandran |
322855 |
1.11 |
|
|
5 |
Govindbhai B Desai |
314100 |
1.08 |
|
|
Total |
2278420 |
7.80 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Pigments, Surfactants, IT
Enabled Services and Business Process Outsourcing (BPO) Activities. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: 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 : |
· Bank of India · HDFC Bank Limited ·
State Bank of India |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
501-502, 5th Floor, Narain Chambers, M. G. Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Companies in which
the company has substantial interest (i.e more than 20% in voting power
directly or indirectly) : |
·
Thirumalai Chemicals Limited. ·
Lapiz Inc, U.S.A. |
|
|
|
|
Other related
parties : |
·
Thirumalai Charity Trust ·
Chempak Industries ·
Hamsa Investments Associates Private
Limited ·
Varadaraja Credits and Investments Private
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,200,000 |
Equity Shares |
Rs. 2/- each |
Rs. 58.400
Million |
|
|
|
|
|
Terms/rights attached
to equity shares
(a) 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.
(b) 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.
(c) 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 share holders.
(d) There is no change in issued and paid up share capital during the year
(e) The details of shareholders holding more than 5% shares
|
Name of
Shareholders |
31.03.2015 |
|
|
|
No. of shares |
% held |
|
Thirumalai Chemicals Limited |
3,044,800 |
10.43 |
|
S. Santhanam |
1,741,711 |
5.96 |
|
R. Sampath |
1,649,430 |
5.65 |
|
S. Sridhar |
1,574,044 |
5.39 |
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 |
58.400 |
58.400 |
58.400 |
|
(b) Reserves & Surplus |
936.396 |
863.313 |
804.769 |
|
(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) |
994.796 |
921.713 |
863.169 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
20.000 |
|
(b) Deferred tax liabilities (Net) |
57.601 |
49.934 |
53.651 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
11.317 |
32.894 |
32.112 |
|
Total
Non-current Liabilities (3) |
68.918 |
82.828 |
105.763 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
3.115 |
|
(b)
Trade payables |
110.311 |
74.828 |
36.729 |
|
(c)
Other current liabilities |
73.968 |
81.510 |
70.443 |
|
(d)
Short-term provisions |
136.878 |
110.879 |
111.117 |
|
Total
Current Liabilities (4) |
321.157 |
267.217 |
221.404 |
|
|
|
|
|
|
TOTAL |
1384.871 |
1271.758 |
1190.336 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
379.718 |
405.738 |
401.611 |
|
(ii)
Intangible Assets |
1.498 |
2.742 |
3.792 |
|
(iii)
Capital work-in-progress |
15.702 |
12.980 |
24.165 |
|
(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 |
84.681 |
87.737 |
71.776 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
613.769 |
641.367 |
633.514 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
204.196 |
181.900 |
116.377 |
|
(c)
Trade receivables |
219.387 |
219.260 |
238.689 |
|
(d)
Cash and cash equivalents |
163.967 |
126.588 |
112.130 |
|
(e)
Short-term loans and advances |
176.678 |
98.698 |
83.934 |
|
(f)
Other current assets |
6.874 |
3.945 |
5.692 |
|
Total
Current Assets |
771.102 |
630.391 |
556.822 |
|
|
|
|
|
|
TOTAL |
1384.871 |
1271.758 |
1190.336 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1722.147 |
1502.222 |
1401.504 |
|
|
|
Other Income |
17.273 |
30.560 |
37.886 |
|
|
|
TOTAL (A) |
1739.420 |
1532.782 |
1439.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
753.960 |
626.879 |
612.916 |
|
|
|
Purchases of Stock-in-Trade |
0.098 |
0.173 |
0.029 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(27.050) |
(23.130) |
(24.691) |
|
|
|
Employees benefits expense |
316.809 |
278.620 |
252.808 |
|
|
|
Other expenses |
384.034 |
368.675 |
351.402 |
|
|
|
TOTAL (B) |
1427.851 |
1251.217 |
1192.464 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
311.569 |
281.565 |
246.926 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.923 |
9.568 |
15.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
306.646 |
271.997 |
231.295 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.512 |
56.118 |
57.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
275.134 |
215.879 |
173.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
87.748 |
71.929 |
52.426 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
187.386 |
143.950 |
121.237 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
292.445 |
222.123 |
252.259 |
|
|
|
Income from IT enabled services |
263.142 |
250.819 |
164.210 |
|
|
TOTAL EARNINGS |
555.587 |
472.942 |
416.469 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
371.785 |
337.980 |
228.446 |
|
|
|
Spare parts |
0.000 |
0.000 |
1.457 |
|
|
|
Capital Goods |
0.000 |
10.359 |
0.066 |
|
|
TOTAL IMPORTS |
371.785 |
348.339 |
229.969 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.42 |
4.93 |
4.15 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term borrowings |
0.000 |
20.000 |
37.769 |
|
|
|
|
|
|
Cash Generated from Operations |
308.556 |
254.435 |
201.563 |
|
|
|
|
|
|
Net cash from operating activities |
232.633 |
169.533 |
139.523 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.88 |
9.58 |
8.65 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.09 |
18.74 |
17.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.24 |
19.16 |
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.02 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40 |
2.36 |
2.51 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
|
|
|
Market Value |
Rs. 79.40/- |
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 |
58.400 |
58.400 |
58.400 |
|
Reserves & Surplus |
804.769 |
863.313 |
936.396 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
863.169 |
921.713 |
994.796 |
|
|
|
|
|
|
Long-term borrowings |
20.000 |
0.000 |
0.000 |
|
Short term borrowings |
3.115 |
0.000 |
0.000 |
|
Current maturities of long-term borrowings |
37.769 |
20.000 |
0.000 |
|
Total
borrowings |
60.884 |
20.000 |
0.000 |
|
Debt/Equity ratio |
0.071 |
0.022 |
0.000 |
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 |
1401.504 |
1502.222 |
1722.147 |
|
|
|
7.186 |
14.640 |
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 |
1401.504 |
1502.222 |
1722.147 |
|
Profit |
121.237 |
143.950 |
187.386 |
|
|
8.65% |
9.58% |
10.88% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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 |
B84993435 |
|
2 |
10394600 |
12/11/2012 |
92,500,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE BRANCH, BANK OF INDIA BLDG., |
B65032260 |
|
3 |
80063392 |
12/09/1995 |
105,000,000.00 |
BANK OF INDIA |
BOMBAY INUSTRIAL
FINANCE BRANCH, 70/80 M.G.ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
4 |
80063391 |
22/10/1974 |
2,000,000.00 |
BANK OF INDIA |
NARIMAN POINT
BRANCH, AIR INDIA BUILDING NARIMAN |
- |
CORPORATE INFORMATION
Subject is a public limited company domiciled in India incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in manufacturing and selling of pigments, surfactants, IT enabled services and Business Process Outsourcing (BPO) activities. The Company caters to both domestic and international markets.
MANAGEMENT’S
DISCUSSION AND ANALYSIS:
OPERATIONS
AND FINANCIAL PERFORMANCE:
The
overall performance of the Company both in terms of revenue and profit before
tax increased by 14% and 27% respectively. The total revenue is Rs. 1722.100
Million and profit before tax is Rs. 275.100 Million. The profitability of all
the major segments improved due to several steps initiated by the management
during the year.
PIGMENT
DIVISION:
This
division caters to the domestic and export markets. Unseasonal rain in South
India affected the demand from the domestic market, causing a dip in sales. The
European market remained fl at this year, and did not show any revival. This
division achieved a net revenue of Rs. 601.700 Million (4152 MT) as compared to
Rs. 545.800 Million (4542 MT) in financial year 2013 -14. Due to a better
product mix, realization per MT improved by 21% resulting in a better
profitability.
SURFACTANTS
DIVISION:
The
Company has achieved a net revenue (including processing) of Rs. 791.000
Million during the financial year ended March 31, 2015 as against Rs. 654.100
Million in the previous year, showing an increase of 21%. This improvement in
revenue and the margins is due to a sustained focus on broadening the customer
base, with an emphasis on the organized sector and corporate customers. The
increase in margins is also attributable to the improved supply of imported
Alpha Olefin (a key raw material) in the first two quarters of the year.
However in the latter part of the year, due to the volatility of crude prices,
they faced erratic and inconsistent supply of raw material.
WIND
MILL GENERATION:
The
total revenue of the windmills is Rs. 21.600 Million, an increase of 24% over
the previous year. They repaid the entire term loan availed from EXIM Bank, and
as a result, faced lesser interest charges. This helped improve the profit from
the Windmills significantly. In the coming years, they hope that the constraints
and bottlenecks faced by Windmill operators will be reduced, as the Tamil Nadu
State Grid capacity is augmented. This will help avoid production loss during
peak season.
REVIEW
OF IT DIVISION:
During
the year, this division reported an income of Rs. 288.800 Million, an increase
of 5% over last year. The profitability has improved considerably (15%) due to
better margins and controls on overhead costs.
EXPORTS:
Export
earnings have increased by 17% (Rs. 555.600 Million as against Rs. 472.900
Million) on account of better performance of both manufacturing and ITES
divisions. The Company continues to focus on the export market. They have been
consistently successful in broadening the customer base and at offering custom
grade material at faster pace. In order to improve realization, they have
focused on offering finer grades of material. The emphasis on in-house R&D
augurs well for export market.
PROSPECTS
AND OUTLOOK:
The
Company has made a continuous effort to bring in more value added products in Pigments
division, and has developed products like violet, cobalt blue and yellow. This
will help improve overall realization of Pigments division. The utilization of
the sulphonation plant capacity will also improve due to committed off take of
sulphonated products by leading corporates. In the case of ITES division, they
have a renewed focus on improving the operational efficiency, broadening of
customer base and enhancing the revenues of the domestic division.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(i) Claims against the Company/disputed liabilities not acknowledged as debts in respect of labour disputes |
0.480 |
0.480 |
|
(ii) Bank Guarantees issued and outstanding |
0.904 |
0.478 |
|
(iii) Letter of Credit issued and outstanding |
0.000 |
0.000 |
FIXED ASSETS:
· Land
· Buildings
· Plant & Machinery
· Wind Turbine Generators
· Kilns
· Computer Equipments
· Furniture Fixtures
· Leasehold Improvements
· Office Equipments
· Vehicles
· Computer Software
· Intellectual Property
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 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. 63.38 |
|
|
1 |
Rs. 99.13 |
|
Euro |
1 |
Rs. 69.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.