MIRA INFORM REPORT

 

 

Report No. :

328687

Report Date :

23.06.2015

 

IDENTIFICATION DETAILS

 

Name :

D C W LIMITED

 

 

Registered Office :

No.2, Guest House, Dhrangadhra – 363315, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

28.01.1939

 

 

Com. Reg. No.:

04-000748

 

 

Capital Investment / Paid-up Capital :

Rs. 426.989 Million

 

 

CIN No.:

[Company Identification No.]

L24110GJ1939PLC000748

 

 

IEC No.:

0388047402

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMD02579D

 

 

PAN No.:

[Permanent Account No.]

AAACD0559N

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Soda Ash, Caustic Soda, PVC Resins, Sodium Bicarbonates, Ammonium Bicarbonate, Trichloroethylene, Utox, Liquid Chlorine, Hydrochloric Acid And A Few Other Chemicals.

 

 

No. of Employees :

700 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track record.

 

It was incorporated in 1939. The company manufactures soda ash, caustic soda, PVC resins, Sodium bicarbonates, ammonium bicarbonate, trichloroethylene, utox, liquid chlorine, hydrochloric acid and a few other chemicals.

 

Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment.

 

In the view of long track record, 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.

 

 

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

India Ratings and Research

Rating

Long Term Rating = IND A-

Rating Explanation

Adequate degree of safety and low credit risk.

Date

30.03.2015

 

Rating Agency Name

India Ratings and Research

Rating

Short Term Rating = IND A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

30.03.2015

 

 

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 (GENERAL DETAILS)

 

Name :

Mr. Dipen

Designation :

Finance Manager

Contact No.:

91-22-22871914

Date :

22.06.2015

 

 

LOCATIONS

 

Registered Office/ Factory 1 (Soda Ash Division) :

No.2, Guest House, Dhrangadhra – 363315, Gujarat, India

Tel. No.:

91 – 22-22871914/ 22871916/ 22020743

Fax No.:

91-2754-283245

E-Mail :

legal@dcwltd.com

office@dhg.dcwltd.com

Website :

http://www.dcwltd.com

Location :

Owned and Industrial

 

 

Head/ Corporate Office :

“Nirmal”, 3rd Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22871914/ 16

Fax No.:

91-22-22028838

E-Mail :

ho@dcwltd.com

 

 

Factory 2 (Caustic Soda Division and PVC Division) :

Arumuganeri P.O., Sahupuram – 628202, Tamilnadu, India 

Tel. No.:

91-4639-280231/ 280439

Fax No.:

91-4639-280611/ 280016

E-Mail :

office@shpm.dcwltd.com

 

 

Factory 3 (Salt Works) :

Kuda Gujarat, India

Location :

Owned

 

 

Branch Office 1 :

Indra Palace, 1st Floor, H – Block, Connaught Circus, New Delhi – 110001, India

Tel. No.:

91-11-23714956/ 23320392

Fax No.:

91-11-23731141

E-Mail :

office@del.dcwltd.com

 

 

Branch Office 2 :

358, Anna Salai, Thousand Lights, Chennai – 600006, Tamilnadu, India

Tel. No.:

91-44-28292082/ 28292752

Fax No.:

91-44-28295766

E-Mail :

office@chn.dcwltd.com

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Dr. Shashi Chand Jain

Designation :

Chairman and Managing Director

Qualification :

Ph. D (Economics)

Date of Appointment :

01.04.1969

 

 

Name :

Mr. Pramod Kumar Jain

Designation :

Managing Director

Qualification :

B.A. (Hon.) Economics

Date of Appointment :

01.04.1969

DIN No :

00380458

 

 

Name :

Mr. Bakul Jain

Designation :

Managing Director

Qualification :

B.Com., MBA

Date of Appointment :

01.09.1984

DIN No :

00380256

 

 

Name :

Mr. Mudit Jain

Designation :

Executive Director

Qualification :

B. Com, MBA

Date of Appointment :

01.04.1989

DIN No :

00647298

 

 

Name :

Mr. Sodhsal Singh Dev of Dharnagadhra

Designation :

Director

DIN No :

00682550

 

 

Name :

Ms. Sujata Rangnekar

Designation :

Director

DIN No :

06425371

 

 

Name :

Mr. D. Ganapathy

Designation :

Director

DIN No :

02707898

 

 

Name :

Mr. Vivek Jain

Designation :

Managing Director

DIN No :

00502027

 

 

Name :

Mr. Salil Kapoor

Designation :

Director

DIN No :

02256540

 

 

KEY EXECUTIVES

 

Name :

Mr. Dipen

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

46945604

21.99

http://www.bseindia.com/include/images/clear.gifBodies Corporate

54806190

25.67

http://www.bseindia.com/include/images/clear.gifSub Total

101751794

47.66

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

101751794

47.66

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

10755

0.01

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

583702

0.28

http://www.bseindia.com/include/images/clear.gifInsurance Companies

8366415

3.92

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

15570377

7.29

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

0

0.02

http://www.bseindia.com/include/images/clear.gifForeign Financial Institutions / Banks

0

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

24531249

11.52

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

11002939

5.19

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

48932110

24.78

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

12690831

5.99

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

7632538

3.59

http://www.bseindia.com/include/images/clear.gifClearing Members

535056

0.25

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

5760218

2.70

http://www.bseindia.com/include/images/clear.gifTrusts

20850

0.01

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1316414

0.63

http://www.bseindia.com/include/images/clear.gifSub Total

80258418

39.55

Total Public shareholding (B)

104789667

51.07

Total (A)+(B)

206541461

98.73

(C) Shares held by Custodians and against which Depository Receipts have been issued

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

2708750

1.27

http://www.bseindia.com/include/images/clear.gifSub Total

2708750

1.27

Total (A)+(B)+(C)

209250211

100.00

 

 

 

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

SAHU BROTHERS PRIVATE LIMITED

5,12,59,860

24.01

VANDANA JAIN

89,23,706

4.18

VIVEK JAIN

57,14,576

2.68

USHA P JAIN

40,23,421

1.88

ASHISH JAIN

36,11,318

1.69

MUDIT JAIN

31,48,498

1.47

PRAMOD KUMAR JAIN

28,41,883

1.33

DURGAVATI JAIN

21,13,159

0.99

PRAMOD KUMAR JAIN

19,76,000

0.93

PREMCHAND JAIN

19,20,540

0.90

NAMITA P JAIN

13,61,945

0.64

PRAMOD KUMAR JAIN

12,36,920

0.58

M/S DHRANGADHRA TRADING CO PVT LTD

11,58,750

0.54

SAATVIK JAIN

11,48,363

0.54

VARSHA JAIN

11,44,580

0.54

CRESCENT HOLDINGS AND ENTERPRISES PVT LTD

11,37,000

0.53

DURGAVATI JAIN

11,28,832

0.53

SAHU CYLINDERS & UDYOG PVT LTD

11,03,250

0.52

BAKUL JAIN

9,60,447

0.45

SONALIKA JAIN

8,71,941

0.41

BAKUL JAIN

7,65,025

0.36

MEETA JAIN

7,56,385

0.35

VIVEK JAIN

6,23,935

0.29

BHARATI JAIN

6,20,470

0.29

PAULOMI BAKUL JAIN

4,80,085

0.22

NEERA JAIN

3,06,481

0.14

ASHISIH JAIN

2,54,750

0.12

SAATVIK JAIN

2,52,255

0.12

NITISH JAIN

2,21,568

0.10

BAKUL JAIN

1,70,820

0.08

SATYAWATI GIANCHAND JAIN

1,09,000

0.05

VIVEK JAIN

88,020

0.04

FLORIDA HOLDINGS AND TRADING PVT LTD

76,750

0.04

RIMA SHREYASH JHAVERI

59,511

0.03

MALTI BHINDI

50,000

0.02

SAMARTH JAIN

34,000

0.02

KALPATARU BOTANICAL GARDENS PRIVATE LIMITED

22,500

0.01

MEETA JAIN

22,335

0.01

CASHCO HOLDINGS PRIVATE LIMITED

17,750

0.01

B J HOLDINGS PRIVATE LIMITED

16,000

0.01

D P 8 HOLDINGS PRIVATE LIMITED

13,500

0.01

SHIVANTIKA JAIN

4,835

0.00

CANVAS SHOE CO (GOA) PRIVATE LTD

830

0.00

Total

10,17,51,794

47.66

 

 

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

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

APMS INVESTMENT FUND LTD

9805000

4.59

LIFE INSURANCE CORPORATION OF INDIA

8366415

3.92

QUINCY OVERSEAS LIMITED

5753250

2.69

LOTUS GLOBAL INVESTMENTS LTD

4390377

2.06

Total

28315042

13.26

 

 

 

 

 

DETAILS OF LOCKED-IN SHARES

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

Bakul Jain

9,60,447

0.45

Bakul Jain

7,65,025

0.36

Bakul Jain

1,70,820

0.08

Durgavati Jain

11,28,832

0.53

Durgavati Jain

21,13,159

0.99

Meeta Jain

22,335

0.01

Meeta Jain

7,56,385

0.35

Mudit Jain

31,48,498

1.47

Paulomi Bakul Jain

4,80,085

0.22

Pramod Kumar Jain

12,36,920

0.58

Pramod Kumar Jain

22,66,025

1.06

Pramod Kumar Jain

19,76,000

0.93

Premchand Jain

19,20,540

0.90

Saatvik Jain

11,48,363

0.54

Sahu Brothers Pvt. Ltd.

5,12,59,860

24.01

Usha P Jain

1,85,180

0.09

Usha P Jain

37,20,545

1.74

Vivek Jain

24,80,449

1.16

Vivek Jain

6,23,935

0.29

Vivek Jain

88,020

0.04

Total

7,64,51,423

35.81

 

 

DETAILS OF DEPOSITORY RECEIPTS (DRS)

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

GDR

27,08,750

1.27

Total

27,08,750

1.27

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Soda Ash, Caustic Soda, PVC Resins, Sodium Bicarbonates, Ammonium Bicarbonate, Trichloroethylene, Utox, Liquid Chlorine, Hydrochloric Acid And A Few Other Chemicals.

 

 

Products :

ITC Code No.

 

Product Descriptions

390042102

Poly Vinyl Chloride by Suspension

28151101

Caustic Soda

28362009

Soda Ash

 

  • Soda Ash
  • Caustic Soda
  • PVC Resins
  • Sodium Bicarbonates
  • Ammonium Bicarbonate
  • Trichloroethylene
  • Utox, Liquid Chlorine
  • Hydrochloric Acid
  • Few Other Chemical

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Not Available

Countries :

Japan

 

 

Imports :

 

Products :

Not Available

Countries :

Qatar

 

 

Terms :

 

Selling :

Cash and Cheque (30/ 60 Days)

 

 

Purchasing :

Cash, Credit and Cheque (30/ 60 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Wholesalers and Retailers

 

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

700 (Approximately)

 

 

Bankers :

(31.03.2014)

 
  • Punjab National Bank
  • City Union Bank Limited
  • ING Vysya Bank Limited
  • State Bank of India, Corporate Accounts Group Branch, Neville House,
    J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2015

As on

31.03.2014

LONG-TERM BORROWINGS

 

 

Term Loans

– From Banks

NA

3199.349

– From Financial Institutions

NA

2678.436

– From NBFC

NA

0.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

Working Capital

NA

42.975

Line of Credit

NA

101.349

Total

NA

6022.109

 

Long–term Borrowings (31.03.2014)

 

LOANS – Security : Banks/ Institutions

Term Loans and External Commercial Barrowings from Banks and Institutions are secured by a pari–passu first charge by way of hypothecation of movable fixed assets of the Company, including movable machinery spares, stores and further secured by mortgage on all the immovable properties of the Company situated in the states of Tamilnadu and Gujarat on first pari–passu charge basis and second charge on Current Assets.

 

Institutions:

The term loans from Institutions are secured by first charge on moveable properties and assets pertaining to windmill assets in the state of Rajasthan on specific charge basis.

 

NBFC:

Term loan from NBFC are secured by creation of charge on all the assets purchased under the loan.

 

Short-term borrowings (31.03.2014)

 

LOANS – Security

Loans from Banks and Working Capital facilities are secured by a first charge by way of hypothecation and/or pledge of current assets, namely, stocks of materials and finished goods, consumable stores and spares including machinery spares not capitalized, bills receivable and book debts and further secured by a second charge by way of hypothecation over all of movable plant and machinery and by way of mortgage by deposit of title deeds over the immovable properties, both present and future, such mortgage to rank second to the mortgages created/to be created in favour of Term Loan Lenders viz., Banks / Financial Institutions.

 

Auditors :

 

Name :

V. Sankar Aiyar and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Company :

(31.03.2014)
  • DCW Pigments Limited

 

 

Entities in which key management personnel and / or their relatives have significant influence :

(31.03.2014)
  • Double Dot Finance Limited
  • Crescent Finstock Limited
  • Sahu Brothers Private Limited
  • Jain Sahu Brothers Properties Private Limited
  • Dhrangadhra Trading Company Private Limited
  • Kishco Limited
  • Crescent Holdings Private Limited

 

 

CAPITAL STRUCTURE

 

 

AS ON 31.03.2015

 

Authorised Capital : Rs.650.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs.426.989 Million

 

 

AFTER 13.08.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

325000000

Equity Shares

Rs. 2/- each

Rs.650.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

213494500

Equity Shares

Rs. 2/- each

Rs.426.989 Million

 

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

325000000

Equity Shares

Rs. 2/- each

Rs.650.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

209790953

Equity Shares

Rs. 2/- each

Rs.419.582 Million

 

 

 

 

 

23610000 Shares were issued and allotted on preferential basis to the Promoters of the company and FII’s during 2007–2008.

 

13636363 Shares were issued and allotted to the promoters on conversion of warrants issued on preferential basis to Promoters group during 2011–2013

 

Name of Shareholder

31.03.2014

 

No. of Shares

% held

Sahu Brothers Private Limited

50148156

23.90

 

 

THE RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING IS SET OUT BELOW :

 

Particulars

31.03.2014

 

No. of Shares

Equity Shares at the beginning of the year

209790953

Add : Shares issued on conversion of warrants to Promoters on

preferential basis

--

Equity Shares at the end of the Year

209790953

 

 

 

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

426.989

419.582

419.582

(b) Reserves & Surplus

5173.940

5145.182

4858.738

(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)

5600.929

5564.764

5278.320

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

5673.965

5877.784

3877.176

(b) Deferred tax liabilities (Net)

1146.787

1159.006

1109.522

(c) Other long term liabilities

110.474

0.000

0.000

(d) long-term provisions

250.000

96.983

86.001

Total Non-current Liabilities (3)

7181.226

7133.773

5072.699

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1126.394

144.323

731.720

(b) Trade payables

2938.385

3786.779

2130.803

(c) Other current liabilities

1616.640

1157.434

2074.802

(d) Short-term provisions

0.000

113.866

192.034

Total Current Liabilities (4)

5681.419

5202.402

5129.359

 

 

 

 

TOTAL

18463.574

17900.939

15480.378

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

14845.400

6612.704

6635.802

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

7179.287

4416.699

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.510

3.239

3.239

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

213.443

173.757

126.457

(e) Other Non-current assets

70.442

110.948

110.900

Total Non-Current Assets

15129.795

14079.935

11293.097

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1655.974

2036.132

2310.600

(c) Trade receivables

945.813

943.108

927.974

(d) Cash and cash equivalents

57.315

34.128

52.319

(e) Short-term loans and advances

674.677

807.636

882.906

(f) Other current assets

0.000

0.000

13.482

Total Current Assets

3333.779

3821.004

4187.281

 

 

 

 

TOTAL

18463.574

17900.939

15480.378

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

12544.682

13255.521

13277.996

 

 

Other Income

18.487

13.142

28.883

 

 

TOTAL                                    

12563.169

13268.663

13306.879

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

6492.518

6961.501

6068.089

 

 

Purchases of Stock-in-Trade

0.722

21.877

2.344

 

 

Power and Fuel

2254.394

0.000

0.000

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

420.892

 

(182.503)

(350.556)

 

 

Excise duty on inventory differential

0.000

(20.611)

(15.847)

 

 

Employees benefits expense

921.625

826.622

890.848

 

 

Other expenses

1807.767

4359.352

4198.515

 

 

Exceptional Items

6.016

0.000

59.020

 

 

TOTAL                                    

11903.934

11966.238

10852.413

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

659.235

1302.425

2454.466

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

186.872

270.296

321.276

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

472.363

1032.129

2133.190

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

520.016

510.192

529.088

 

 

 

 

 

 

PROFIT BEFORE TAX                          

(47.653)

521.937

1604.102

 

 

 

 

 

Less

TAX                                                                 

11.564

143.143

555.217

 

 

 

 

 

 

PROFIT AFTER TAX

(59.217)

378.794

1048.885

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export on FOB basis

NA

2233.557

4176.148

 

 

Other Earnings

NA

0.464

1.199

 

TOTAL EARNINGS

NA

2234.021

4177.347

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

6835.453

6282.942

 

 

Fuel Oil/ Coal

NA

1123.650

1506.688

 

 

Stores & Spares

NA

8.681

81.952

 

 

Capital Goods

NA

16.479

392.517

 

TOTAL IMPORTS

NA

7984.263

8264.099

 

 

 

 

 

 

Earnings Per Share (Rs.)

(0.28)

1.81

5.05

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

690.273

827.389

Cash generated from operations

NA

2508.299

2289.663

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(0.47)

2.86

7.90

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

5.26

9.83

18.49

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.26)

4.87

14.50

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.01)

0.09

0.30

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.21

1.21

1.03

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.59

0.73

0.82

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

Market Value

Rs. 17.20/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

419.582

419.582

426.989

Reserves & Surplus

4858.738

5145.182

5173.940

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

5278.320

5564.764

5600.929

 

 

 

 

long-term borrowings

3877.176

5877.784

5673.965

Short term borrowings

731.720

144.323

1126.394

CURRENT MATURITIES OF LONG-TERM DEBTS

827.389

690.273

0.000

Total borrowings

5436.285

6712.380

6800.359

Debt/Equity ratio

1.030

1.206

1.214

 

 

 

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

13277.996

13255.521

12544.682

 

 

(0.169)

(5.363)

 

 

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

13277.996

13255.521

12544.682

Profit

1048.885

378.794

(59.217)

 

7.90%

2.86%

(0.47)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

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

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NATURE OF OPERATIONS (31.03.2014)

 

Subject a public limited company, together with its subsidiary, operates as an integrated Chemical Manufacturing organization.

 

The Parent Company’s shares are listed for trading on the National Stock Exchange and the Bombay Stock Exchange in India and its Global Depository Receipts [covering equity shares of Parent Company] are listed on the Luxembourg Stock Exchange.

 

 

OPERATIONS: (31.03.2014)

 

The sales for the year are Rs.13255.500 Million compared to Rs.13278.000 Million in the previous year. The Gross Profit for the year (before depreciation) is Rs.1032.100 Million against Rs.2133.200 Million in previous year. The profit before tax amounted to Rs.521.900 Million as against Rs.1604.100 Million in the previous year. The profit after provision of current tax is Rs.428.300 Million against Rs.1240.200 Million, of last year and profit after deferred tax is Rs.378.800 Million against Rs.1048.900 Million of last year, Deferred Tax is only a provision as per accounting guidelines and not an outflow.

 

Lower realization on export of Synthetic Rutile has largely affected decline in profits.

 

Exports:

 

The Company’s exports are Rs. 2233.600 Million as compared to Rs. 4176.100 Million in the previous year. This reduction in Export Turnover is on account of decrease in realization on Synthetic Rutile.

 

Division wise Performance:

 

a) PVC Division:

 

The turnover of the division is Rs.5330.400 Million as compared to Rs.4312.900 Million in the previous year, an increase in turnover by 24%. The increase in turnover is on account of better realization on PVC. The demand for PVC continues to show positive growth. The Government has identified irrigation, power and infrastructure, as thrust areas and increased activity in these sectors are likely to boost demand of PVC Resin.

 

b) Caustic Soda Division:

The turnover of the division is Rs. 5330.400 Million as compared to Rs.6978.000 Million in the previous year, a decrease of 24%. The reduction in turnover of the division is mainly on account of decrease in realization on Synthetic Rutile.

 

c) Soda Ash Division:

The turnover of the division is Rs.1776.600 Million as compared to Rs.1835.500 Million in the previous year. The decrease in turnover in the division is due to reduction in quantity of the product sold manufactured by the division.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT (31.03.2014)

 

Outlook:

The Company has diversified operations with three business segments viz. PVC, Chloro Alkali and Soda Ash. It is thus reasonably protected from the vagaries of individual business cycles of these products.

 

PVC Division:

The Company, one of the country’s five producers of PVC resin, has maintained its market share of nearly 7%. Proposed implementation of Anti-dumping duty on PVC resin imports from China, USA, Mexico, European Union, Indonesia will protect the domestic industry against dumping of PVC resin from these countries. Also automation programmed in this unit will help the company in reducing cost and increasing production on this division.

 

Caustic Soda Division:

The Company continues to be a major player in South India with a market share of approximately 20%. The demand for caustic soda is expected to grow at a steady rate, especially with increased demand from alumina manufacturers. The company has captive use of HCL and Chlorine which helps to maintain Caustic Production at full level.

 

Soda Ash Division:

The Soda Ash Industry continues to grow at a compounded rate of 4% - 5% per annum and this trend is expected to continue. Antidumping duty imposed on import of Soda Ash from countries like Iran, Pakistan, China, Ukraine, Kenya, European Union and the US by Govt., of India, will protect the industry against dumping of Soda Ash from these countries.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10517632

28/01/2015 *

400000000

State Bank of India

Corporate Accounts Group Branch, Neville House,
J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

C41634163

2

10485648

05/11/2014 *

750000000

Export-Import Bank of India

Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India

C34380840

3

10466531

05/11/2014 *

400000000

DCB BANK LIMITED

601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai -400013, Maharashtra, India

C33174210

4

10448917

05/11/2014 *

750000000

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, Gujarat, India

C33294505

5

10448104

05/11/2014 *

400000000

State Bank of Travancore

112-115, Tulsiani Chambers, West wing, 1st Floor, Free Ress Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

C34039354

6

10411467

21/03/2014 *

1250000000

Punjab National Bank

PNB House, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, India

C03608775

7

10412009

14/03/2013

3000000

Axis Bank Limited

RAC Ahmadabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near. C. N. Vidhyalaya, Ambawadi, AHMEDABAD - 380006, Gujarat, India

B70825344

8

10386950

02/11/2012

1267184

Axis Bank Limited

RAC Ahmadabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near. C. N. Vidhyalaya, Ambawadi, AHMEDABAD -- 380006, Gujarat, India

B62203484

9

10369079

20/06/2012

2940000

Axis Bank Limited

TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, Gujarat, India

B45104627

10

10344885

12/02/2013 *

400000000

LAKSHMI VILAS BANK LIMITED

42-46, Plot No.427, Shanthinath Bhuvan No.2, Dr.
Ambedkar Road, Matunga (CR), Mumbai - 400019, Maharashtra, India

B69684009

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Vehicle
  • Office Equipments
  • Furniture and Fixture

 

 

 

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 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.63.50

UK Pound

1

Rs.100.93

Euro

1

Rs.72.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

DDD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY 

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.