MIRA INFORM REPORT
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Report No. : |
309014 |
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Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
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Name : |
GANESH BENZOPLAST LIMITED |
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Registered
Office : |
Dina Building, 1st Floor, M.K. Road, Marine Lines (East),
Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.05.1986 |
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Com. Reg. No.: |
11-039836 |
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Capital
Investment / Paid-up Capital : |
Rs. 57.060 Million |
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CIN No.: [Company Identification
No.] |
L24200MH1986PLC039836 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10314D |
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PAN No.: [Permanent Account No.] |
AAACG1259J |
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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 of food preservatives and Industrial Lubricants. |
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No. of Employees
: |
625 (Office – 25, Factory – 600) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Unit |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear (Note: Mumbai Case site is
not working) |
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Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has Register Case (Case No. 42/2009) with Board for
Industrial and Financial Reconstruction under section of Sick Industrial Companies
Act 1985. The order on which for approval for rehabilitation proposal is
pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a fully secured
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
31-03-2014.
INFORMATION PARTED BY
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Name : |
Mr. Arun Pandey |
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Designation : |
Account Manager |
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Contact No.: |
91-9321211403 |
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Date : |
14.03.2015 |
LOCATIONS
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Registered Office : |
Dina Building, 1st Floor, M.K. Road, Marine Lines (East),
Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-22001928 |
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Mobile No.: |
91-9321211403 (Mr. Arun Pandey) |
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Fax No.: |
91-22-22001928 |
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E-Mail : |
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Area : |
3000 Sq. Ft |
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Location : |
Owned |
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Website : |
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Corporate Office : |
Ganesh House, A-1/A-2, Grudutt Co-operative Housing Society Limited,
Ajitnagar, Near Jankalyan Bank, J B Nagar, Andheri (East), Mumbai – 400059,
Maharashtra, India |
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Tel. No.: |
91-28390694 |
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Factory 1 : |
Chemical Division: D-5/2 and D-21/2/2, M.I.D.C. Industrial Area, Tarapur, District Thane, Maharashtra, India |
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Factory 2 : |
Infrastructure
Division: Jawaharlal Nehru Port (JNPT), Bulk Road, Nhava Sheva, Navi Mumbai – 400 707, Maharashtra, India |
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Tel. No.: |
91-22-27241011 |
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Factory 3 : |
Infrastructure
Division: Terminal at Marmuga Port |
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Factory 4 : |
Infrastructure
Division: Plot No. A-1, A-2, A-3, South End, Willington
Island, Near IOCL Petrol Pump, |
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Tel. No.: |
91-484-2669222 |
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Fax No.: |
91-484-2669222 |
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E-Mail : |
DIRECTORS
As on 30.09.2014
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Name : |
Mr. Rishi Ramesh
Pillani |
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Designation : |
Chairman and
Managing Director w.e.f. 30th September, 2011 (Chairman and Director upto 29th
Sept, 2011) |
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Address : |
Shanti Sadan, 10,
J. B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
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Date of Birth/Age : |
29.04.1978 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00901627 |
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Other Directorship :
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Name : |
Mr. Raunak Ramakant Pilani |
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Designation : |
Director |
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Address : |
Shanti Sadan, 10, J. B. Nagar, Andheri (East), Mumbai-400059,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1987 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
00932269 |
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Other Directorship:
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Name : |
Mr. Kanahiyalal Thussu |
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Designation : |
Director (w.e.f. 9th October, 2012) |
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Name : |
Shri Rameshkumar D.Punjabi |
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Designation : |
Independent Director ( w.e.f 13th February, 2014 ) |
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KEY EXECUTIVES
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Name : |
Mr. Arun Pandey |
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Designation : |
Account Manager |
SHAREHOLDING PATTERN
As on 31.12.2014
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Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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1472000 |
2.84 |
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15525101 |
29.98 |
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16997101 |
32.82 |
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Total
shareholding of Promoter and Promoter Group (A) |
16997101 |
32.82 |
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(B) Public
Shareholding |
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|
5704827 |
11.02 |
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5704827 |
11.02 |
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9752790 |
18.83 |
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13226686 |
25.54 |
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5110644 |
9.87 |
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|
992245 |
1.92 |
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992245 |
1.92 |
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|
29082365 |
56.16 |
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Total Public
shareholding (B) |
34787192 |
67.18 |
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Total (A)+(B) |
51784293 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
51784293 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of food preservatives and Industrial Lubricants. |
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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 : |
Calcium Oxide |
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Countries : |
Canada |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
625 (Office – 25, Factory – 600) (Approximately) |
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Bankers : |
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Facilities : |
Notes: a) Company had issued 746,630
nos. of Zero coupon Bond (ZCB) having face value of Rs.100 each for an
aggregate of Rs.74.66 million to IFCI in accordance with One Time Settlement
Agreement entered in the earlier years. The said ZCB are redeemable at par in
three equal installments of Rs.24.88 million each on September 30, 2016,
September 30, 2017 and September 30, 2018. These ZCB are interest free and
non-transferable. Further these are secured by second charge on all fixed
assets of the Company. b) Cent rental loan is
secured against contract with one of the customer Indorama Synthetic (I)
Limited for rendering of storage services. Further this is secured against
mortgage of personal properties of promoter’s along with personal guarantees
of directors and their relatives. c) Term Loans from
financial institutions include loans directly disbursed by India Debt
Management Private Limited (IDM) and those acquired by IDM from some
erstwhile lenders of the Company. All these term loans are secured by a first
charge/ mortgage of all immovable properties both present and future and by
a first charge by way of hypothecation of all movables (save and except book
debts) including movable machinery spares, tools and accessories present and
future and shall rank pair pass between one another. These loans are proposed
to be restructured in both quantum and repayment schedule under a draft
Rehabilitation Scheme filed by the Company with BIFR which is pending
approval. As per the proposed terms under the Draft Rehabilitation Scheme,
these loans carry an interest rate of 18.50% p.a. effective from January 1,
2014 and are repayable before 31.08.2014 based on terms agreed between IDM
and the Company. The Company is taking appropriate steps to repay the said
loans, by way of availing fresh long term loans from prospective investor to
replace the debt of IDM. Hence though the restructured loans of IDM are
repayable by 31.08.2014, these continue to be classified as Long term
borrowings for the current financial year as the Company and management
expect to refinance these obligations through fresh long term loans. d) Loans and advances from
shareholders and related parties are long term, unsecured and interest free
in nature. Further there are agreed terms in respect of repayment. |
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Auditors : |
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Name : |
Samaria and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Solicitors : |
Ashwani Dhatwalia and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises owned
or significantly influenced by key management personnel or their relatives : |
·
Futuristic Offshore Services and Chemical
Limited Address :
A1/A2, Ajit Nagar, JB Nagar, Andheri (East), Mumbai – 400059, Maharashtra,
India ·
Agarwal Chemicals ·
Susram Financial Services and Reality
Private Limited ·
Agarwal Bulk Actives Private Limited ·
Ganesh Risk Management Private Limited ·
Ganesh Investment and Financial Technics
Private Limited ·
Ganesh Energene Limited ·
Ganesh Medicament Private Limited Address :
A1/A2, Ajit Nagar, JB Nagar, Andheri (East), Mumbai – 400059, Maharashtra,
India ·
Poonam Software Solutions Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
400000000 |
Equity Shares |
Rs.1/- each |
Rs. 400.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51780000 |
Equity Shares |
Rs.1/- each |
Rs. 51.780
Million |
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Share Forfeiture Account (1050000 Shares@ Rs. 5 paid up, 31st March 2013: 1050000 Shares @ Rs. 5 paid up.) |
Rs. 5/- each |
Rs. 5.280
Million |
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Total |
|
Rs. 57.060 Million |
Note:
(a) Reconciliation of
the Equity shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
31.03.2014 No.
Million |
31.03.2014 (Rs.
in Million) |
|
|
|
|
|
At the beginning of the period |
51.780 |
51.780 |
|
Issued during the period – Bonus issue |
- |
- |
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Issued during the period – ESOP |
- |
- |
|
Outstanding at the end of the period |
51.780 |
51.780 |
(b)
Terms/Rights attached to Equity shares
The company has only one class of equity shares having par value of `1’ per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive 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
(c) Details of shareholders holding more than 5% shares in the company
|
No. Of Equity
Shares |
31.03.2014 No.
Million |
31.03.2014 % Holding in the class |
|
Equity Shares of
Rs. 1 each fully paid |
|
|
|
Suaram Financial Services and Techniques Private Limited |
10.560 |
20.38% |
|
Ganesh Risk Management Private Limited |
4.970 |
9.60% |
|
India Debt Management Private Limited |
6.940 |
13.41% |
|
IFCI Limited |
3.890 |
7.51% |
As per
the of the company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal & beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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I.
EQUITY AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
57.060 |
57.060 |
57.060 |
|
(b) Reserves &
Surplus |
(899.380) |
(900.660) |
(987.950) |
|
(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) |
(842.320) |
(843.600 |
-930.890 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2546.330 |
2601.490 |
2722.740 |
|
(b) Deferred tax
liabilities (Net) |
12.830 |
12.000 |
9.380 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2559.160 |
2613.490 |
2732.120 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
55.600 |
50.200 |
54.900 |
|
(b) Trade payables |
363.360 |
307.860 |
196.610 |
|
(c) Other current
liabilities |
237.400 |
270.030 |
182.180 |
|
(d) Short-term provisions |
2.480 |
2.270 |
1.560 |
|
Total Current Liabilities
(4) |
658.840 |
630.360 |
435.250 |
|
|
|
|
|
|
TOTAL |
2375.680 |
2400.250 |
2236.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1517.180 |
1579.820 |
1653.380 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
18.330 |
55.000 |
0.800 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.220 |
0.220 |
0.220 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
231.120 |
215.570 |
203.360 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
7.900 |
|
Total Non-Current Assets |
1766.850 |
1850.610 |
1865.660 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
75.530 |
65.920 |
32.540 |
|
(c) Trade receivables |
160.410 |
188.960 |
102.320 |
|
(d) Cash and cash equivalents |
62.170 |
69.260 |
76.920 |
|
(e) Short-term loans and
advances |
296.570 |
216.560 |
158.590 |
|
(f) Other current assets |
14.150 |
8.940 |
0.450 |
|
Total Current Assets |
608.830 |
549.640 |
370.820 |
|
|
|
|
|
|
TOTAL |
2375.680 |
2400.250 |
2236.480 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1153.820 |
1183.890 |
1020.750 |
|
|
Other Income |
30.310 |
22.740 |
15.090 |
|
|
TOTAL |
1184.130 |
1206.630 |
1035.840 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
445.440 |
417.540 |
402.890 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6.680) |
(1.890) |
(8.760) |
|
|
Employees benefits
expense |
56.630 |
54.430 |
42.280 |
|
|
Exceptional and Prior
period items |
69.550 |
9.120 |
7.160 |
|
|
Other expenses |
296.130 |
316.370 |
251.610 |
|
|
TOTAL |
861.070 |
795.570 |
695.180 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
323.060 |
411.060 |
340.660 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
135.170 |
142.850 |
154.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
187.890 |
268.210 |
186.560 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
186.610 |
180.930 |
174.750 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1.280 |
87.280 |
11.810 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1.280 |
87.280 |
11.810 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
119.610 |
95.810 |
77.150 |
|
|
TOTAL EARNINGS |
119.610 |
95.810 |
77.150 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3.050 |
0.810 |
1.100 |
|
|
TOTAL IMPORTS |
3.050 |
0.810 |
1.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.02 |
1.69 |
0.23 |
Expected Sales (2014-15): Rs.2000.000 Million
The above information has been parted by Mr. Arun Pandey (Accounts).
QUARTERLY RESULTS
|
Particulars (Rs.
In Million) |
30.06.2014 1st Quarter |
30.09.2014 2nd Quarter |
31.12.2014 3rd Quarter |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
282.500 |
267.300 |
286.500 |
|
Total Expenditure |
198.400 |
182.400 |
201.300 |
|
PBIDT (Excl OI) |
84.000 |
84.900 |
85.200 |
|
Other Income |
0.800 |
0.900 |
0.500 |
|
Operating Profit |
84.800 |
85.800 |
85.700 |
|
Interest |
33.500 |
37.400 |
35.000 |
|
Exceptional Items |
(4.300) |
(3.700) |
9.100 |
|
PBDT |
47.000 |
44.700 |
59.800 |
|
Depreciation |
49.200 |
49.300 |
49.300 |
|
Profit Before Tax |
(2.200) |
(4.600) |
10.500 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(2.200) |
(4.600) |
10.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(2.200) |
(4.600) |
10.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.11 |
7.37 |
1.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
28.00 |
34.72 |
33.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.05 |
3.72 |
0.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.10) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.09) |
(3.14) |
(2.98) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.87 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
57.060 |
57.060 |
57.060 |
|
Reserves & Surplus |
(987.950) |
(900.660) |
-899.380 |
|
Net worth |
(930.890) |
(843.600) |
-842.320 |
|
|
|
|
|
|
long-term borrowings |
2722.740 |
2601.490 |
2546.330 |
|
Short term borrowings |
54.900 |
50.200 |
55.600 |
|
Total borrowings |
2777.640 |
2651.690 |
2601.930 |
|
Debt/Equity ratio |
(2.984) |
-3.143 |
-3.089 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1020.750 |
1183.890 |
1153.820 |
|
|
|
15.982 |
(2.540) |
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 |
1020.750 |
1183.890 |
1153.820 |
|
Profit |
11.810 |
87.280 |
1.280 |
|
|
1.16% |
7.37% |
0.11% |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------- |
|
26] |
Buyer visit details |
---------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loan From
Banks and Financial Institutions |
|
|
|
Cent Rental loan from Bank |
0.000 |
8.810 |
|
Other loans and
advances |
|
|
|
From Shareholders |
190.330 |
190.350 |
|
From Related parties |
5.530 |
1.860 |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
3.330 |
3.330 |
|
Total |
199.190 |
204.350 |
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10402341 |
04/10/2013 * |
152,500,000.00 |
CENTRAL BANK OF INDIA |
Dina Building, Marine
Line, Mumbai, Maharashtra - 400002, India |
B90508912 |
|
2 |
10310946 |
26/11/2014 * |
12,489,000.00 |
CENTRAL BANK OF INDIA |
1st Floor, Dina Building,
M K Road, Marine Lines E |
C40911364 |
|
3 |
80047476 |
13/01/2015 * |
2,135,463,572.00 |
KOTAK MAHINDRA BANK
LIMITED |
27bkc, C 27, G Block,
Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C43349125 |
|
4 |
80047480 |
13/01/2015 * |
2,135,463,572.00 |
KOTAK MAHINDRA BANK
LIMITED |
27bkc, C 27, G Block, Bandra
Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C43347061 |
|
5 |
80047481 |
13/01/2015 * |
2,135,463,572.00 |
KOTAK MAHINDRA BANK
LIMITED |
27bkc, C 27, G Block,
Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C43347657 |
|
6 |
90226945 |
08/02/1999 * |
25,560,000.00 |
STATE BANK OF INDIA |
Securities And Services
Division;, Mumbai Main Building; Mumbai Samachar Marg, Mumbai, Maharashtra
- |
- |
|
7 |
80047477 |
06/01/1999 * |
10,000,000.00 |
IFCI |
IFCI Tower, 61 , Nehru
Place, , New Delhi, Delhi |
- |
|
8 |
80048094 |
06/01/1999 * |
20,000,000.00 |
ICICI LTD |
163, Backbay Reclamation
, Mumbai, Maharashtra - 400020, India |
- |
* Date of charge modification
Corporate
Information
Ganesh Benzoplast Limited (the Company) is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The company is engaged in
the business of manufacturing and selling food preservatives and industrial
lubricants. The company caters to both domestic and international markets. The
company also provides storage and warehousing services at various ports in
India.
FINANCIAL
RESULTS
The Gross revenue from Operations was Rs.1194.950 Million for the year
under review as against Rs.1228.210 Million for the previous year.
The operations for the year resulted in to a net profit of Rs.1.280
Million as against net profit of Rs. 87.280 Million in the previous year.
FUTURE OUTLOOK
Performance of the company is improving over the past years and
directors are hopeful for better performance in the current year. The Liquid
Storage Terminal (LST) division is running at Satisfactory level, also chemical
division is showing better capacity utilization compared to previous financial
year. The company is vigorously pursuing various steps to improve sales,
coupled with cost conservation measures to improve profitability in coming
years.
MANAGEMENT DISCUSSION AND ANALYSIS
Business of the company
The
business of the company is presently organized in the following major segments
–
CHEMICAL DIVISION
Manufacturing and marketing of specialized chemicals such as Benzoate Plasticizer,
Benzoic Acid and spectrum preservatives. The Company is the only company in
India to manufacture pure Benzoic acid, confirming to International standards
of food grade. Sodium Benzoate & Benzoic Acid both have huge demand in the
International Markets mostly in the Industries like Food Processing, Fruit
Processing, Tooth Paste, Automobiles, Paints, Tobacco, Rubber, Antifreeze
Coolant, Paper, Corrosion and Cutting Oils.
INFRASTRUCTURE DIVISION
Liquid chemical storage tanks which are leased on rent for storing
liquid chemicals. The tanks are located presently at JNPT (Nhava Sheva), Goa
and Cochin. The Storage terminals are located at prime locations within the
ports having full-fledged facilities for import and export of Liquid Cargo.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31st
DECEMBER 2014
(Rs. In Million)
|
PARTICULARS |
Quarter ended |
Nine Months
Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations(Net of Excise
Duty) |
286.460 |
267.340 |
836.250 |
|
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income from
operations (net) |
286.460 |
267.340 |
836.250 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of Raw materials |
95.180 |
90.270 |
290.950 |
|
(b) Purchase of material consumed |
0.000 |
0.000 |
0.000 |
|
(c) Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
70.950 |
(4.950) |
6.530 |
|
(d) Employee Benefit Expenses |
16.890 |
14.190 |
46.450 |
|
(e) Depreciation and amortization expenses |
49.250 |
49.250 |
147.660 |
|
(f) Other Expenditure |
78.280 |
82.920 |
229.140 |
|
Total Expenses |
250.540 |
231.680 |
720.730 |
|
Profit/ (Loss) from
Operations before other Income, finance cost and Exceptional item (1-2) |
35.910 |
35.660 |
115.520 |
|
Other Income |
0.520 |
0.890 |
2.220 |
|
Profit/ (Loss) from
Ordinary Activities before finance cost and Exceptional item (3+4) |
36.430 |
36.550 |
117.740 |
|
Finance Cost |
34.990 |
37.420 |
105.940 |
|
Profit/ (Loss) from
Ordinary Activities after finance cost but before Exceptional item (5-6) |
1.450 |
(0.870) |
11.800 |
|
Exceptional
item |
9.070 |
(3.700) |
(8.100) |
|
Profit/
Loss from Ordinary Activities before tax(7+8) |
10.520 |
(4.570) |
3.710 |
|
Less:- Tax
Expenses |
0.000 |
0.000 |
0.000 |
|
Net
Profit/ Loss from Ordinary Activities after tax |
10.520 |
(4.570) |
3.710 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net profit (+)/Loss (-) for the period |
10.520 |
(4.570) |
3.710 |
|
Paid Up Equity Share capital (Face value of
Rs. 1 each) |
51.780 |
51.780 |
51.780 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
- |
- |
- |
|
Earnings per
share (of Rs. 1/- each) (not annualised) |
- |
- |
- |
|
a) Basic |
0.03 |
(0.02) |
0.23 |
|
b) Dilluted |
0.20 |
(0.09) |
0.07 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
34787192 |
34787192 |
34787192 |
|
Percentage of Shareholding |
67.18% |
67.18% |
67.18% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
14285418 |
169977101 |
14285418 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
84.05% |
100.00% |
84.05% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
27.59% |
32.82% |
27.59% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
2711663 |
NIL |
2711683 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
15.95% |
NIL |
15.95% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
5.23% |
NIL |
5.23% |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
PARTICULARS |
Quarter ended |
Nine Months
Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment Revenue (Net
Sales and Services) |
|
|
|
|
a) Chemical Division |
113.700 |
98.010 |
343.880 |
|
b) LST Division |
172.750 |
169.33 |
492.370 |
|
Total Segment Revenue |
286.460 |
267.340 |
836.250 |
|
Less : Inter Segment
Revenue |
0.000 |
0.000 |
0.000 |
|
Ney Sales/Income from
Operations |
286.460 |
267.340 |
836.250 |
|
|
|
|
|
|
Segment Results Profit (+)/Loss (-) Before Tax and Interest |
|
|
|
|
a) Chemical Division |
(42.870) |
(35.430) |
(103.080) |
|
b) LST Division |
78.780 |
71.980 |
218.600 |
|
Total |
35.910 |
36.550 |
115.520 |
|
Less:- Finance Cost |
(34.990) |
(37.420) |
(105.940) |
|
Add:- Un –
allocable income |
0.520 |
0.000 |
2.220 |
|
Less:- Un –
allocable Expenditure |
0.000 |
0.000 |
0.000 |
|
Total
Profit/(Loss) Before Tax and Exceptional Items |
1.450 |
(0.870) |
11.800 |
|
Exceptional
Income(Expense) |
9.070 |
(3.700) |
3.710 |
|
Total
Profit/(Loss) Before Tax |
10.520 |
(4.570) |
3.710 |
|
Less:- Tax Expenses |
0.000 |
0.000 |
0.000 |
|
Total
Profit/(Loss) After Tax |
10.520 |
(4.570) |
3.710 |
|
|
|
|
|
|
Capital Employed (Segment
assets- Segment Liabilities) |
|
|
|
|
a) Chemical Division |
170.900 |
133.210 |
170.900 |
|
b) LST Division |
1095.670 |
1109.380 |
1095.670 |
|
Total Capital Employed in Segments |
1266.590 |
1242.590 |
1266.590 |
|
c) Add :
Unallocable Corporate Assets less Liabilities |
473.630 |
388.060 |
473.630 |
|
Total Capital Employed in the Company |
1740.210 |
1630.650 |
1740.200 |
Note:
1. The above results are in accordance with the mandatory Accounting Standards issued by the ICAI.
2. Figures for the previous periods have been regrouped wherever required.
3. The above results were reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on 13th February 2015 and statutory
auditors of the Company.
FIXED ASSETS
Tangible Assets
- Building
- Plant and
Equipment
- Storage tanks
- Office
premises
- Furniture and
Fittings
- Vehicles
- Computers
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.60 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
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|
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
PNM |
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.