IRA INFORM REPORT

 

 

Report No. :

321167

Report Date :

07.05.2015

 

IDENTIFICATION DETAILS

 

Name :

TRANSPEK INDUSTRY LIMITED

 

 

Registered Office :

6th Floor, Marble Arch, Race Course Circle, Vadodara – 390 020, Gujarat

Tel. No.:

91-265-2335444, 2335446, 2335447, 2334141

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.10.1965

 

 

Com. Reg. No.:

04-001343

 

 

Capital Investment / Paid-up Capital :

Rs.58.720 Million

 

 

CIN No.:

[Company Identification No.]

L23205GJ1965PLC001343

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDT00491B

 

 

PAN No.:

[Permanent Account No.]

AAACT8639B

 

 

Legal Form :

A public limited liability company. The company's shares are listed on the Stock Exchanges

 

 

Line of Business :

Manufacturer and Exporter of chemicals servicing the requirements of customers from a diverse range of industries - Textiles, Pharmaceuticals, Agrochemicals, advanced Polymers, etc.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having satisfactory track.

 

The ratings also take into consideration TIL’s long track record in the chemical manufacturing business and market position in the acid and alkyl chlorides segment supported by healthy operating efficiencies, sound financial base and fair liquidity profile of the company.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL 

Rating

Long term rating = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

21st October, 2014

 

Rating Agency Name

CRISIL 

Rating

Short term rating = A3+

Rating Explanation

Moderate degree of safety and high credit risk.

Date

21st October, 2014

 

 

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

 

Name :

Mr. Ashok Kumar P Shah

Designation :

Chief Financial Officer

Contact No.:

91-265-2335444

Date :

04.05.2015

 

 

LOCATIONS

 

Registered Office/ Factory/ Corporate Headquarter :

6th Floor, Marble Arch, Race Course Circle, Vadodara – 390 020, Gujarat, India 

Tel. No.:

91-265-2335444, 2335446, 2335447, 2334141, 2358236, 2335757, 2342262  

Fax No.:

91-265-2335758

E-Mail :

transpek@wilnetonline.net

info@transpek.com

inquiry@transpek.com

secretarial@transpek.com

Website :

http://www.transpek.com 

 

 

Factory :

At and Post Ekalbara 391 440, Taluka Padra, District Vadodara, Gujarat, India

Tel. No.:

91-2662-222318 / 222309 / 221276-77 / 222287 / 222289

Fax No.:

91-2662-223439

E-Mail :

inquiry@transpek.com , transpek@transpek.com

Website :

www.transpek.com

 

 

Sales Agents (Domestic) :

Located at:

 

·         New Delhi

·         Ahmedabad

·         Chennai

·         Mumbai

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Ashwin C. Shroff

Designation :

Chairman

Date of Birth/Age :

22.01.1945

Qualification :

Science Gradate

Date of Appointment :

02.05.1980

 

 

Name :

Mr. A.G. Shroff

Designation :

Managing Director

Qualification :

S. S. C.

Date of Appointment :

01.12.1981

Previous Employment

Excel Industries Limited

 

 

Address :

Mr. Bimal V. Mehta

Date of Birth/Age :

Executive Director

 

 

Name :

Mr. D.K. Shroff

Designation :

Director

 

 

Name :

Mr. M.D. Patel

Designation :

Director (upto 10/07/2014)

 

 

Name :

Mr. A.H. Patel

Designation :

Director (upto 10/07/2014)

 

 

Name :

Dr. Bernd Dill

Designation :

Additional Director

Date of Birth/Age :

17.09.1950

Qualification :

School and University education with emphasis on mathematics and natural sciences

Date of Appointment :

22.06.2007

  

 

Name :

Mr. Ravi A. Shroff

Designation :

Director

 

 

Name :

Mr. Ninad D. Gupte

Designation :

Director

 

 

Name :

Mr. Nimish U. Patel

Designation :

Director

 

 

Name :

Mrs. Geeta A. Goradia

Designation :

Director (w.e.f. 30/05/2014)

 

 

Name :

Mr. Hemant J. Bhatt

Designation :

Director (w.e.f. 11/07/2014)

 

 

KEY EXECUTIVES

 

Name :

Mr. S. K. Solanki

Designation :

Company Secretary

 

Name :

Mr. Prashant Patel

Designation :

Account Officer

 

Name :

Mr. Ashok Kumar P Shah

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

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

988308

16.83

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

1531831

26.09

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

2520139

42.92

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

 

 

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

11710

0.20

http://www.bseindia.com/include/images/clear.gifDirectors/Promoters & their Relatives & Friends

11710

0.20

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

11710

0.20

Total shareholding of Promoter and Promoter Group (A)

2531849

43.12

 

 

 

(B) Public Shareholding

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

 

 

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

2900

0.05

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

2919

0.05

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

244882

4.17

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

260300

4.43

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

256460

4.37

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

767461

13.07

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

 

 

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

551920

9.40

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

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

1021103

17.39

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

555979

9.47

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

443728

7.56

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

162302

2.76

http://www.bseindia.com/include/images/clear.gifOffice Bearer

56443

0.96

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

120

0.00

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

78574

1.34

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

146289

2.49

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

2572730

43.81

Total Public shareholding (B)

3340191

56.88

 

 

 

Total (A)+(B)

5872040

100.00

(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

0

0.00

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

0

0.00

 

 

 

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

5872040

100.00

 

 

 

 

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

 

 

 

 

No.

Name of the Shareholder

Details of Shares held

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Kamaljyot Investments Ltd

6,15,433

10.48

2

Shruti Atul Shroff

3,05,725

5.21

3

Utkarsh Global Holdings Pvt Ltd

5,43,367

9.25

4

Atul Govindji Shroff

2,61,190

4.45

5

Chanda Kantisen Shroff

89,597

1.53

6

TML Industries Ltd

87,270

1.49

7

Vishwa Atul Shroff

78,386

1.33

8

Shrodip Investments Pvt Ltd

72,000

1.23

9

Madison Investments Pvt Ltd

73,193

1.25

10

United Phosphorus Ltd

41,150

0.70

11

Kantisen Chaturbhuj Shroff

40,690

0.69

12

Hyderabad Chemical Products Ltd

40,150

0.68

13

Chetna P Saraiya

38,966

0.66

14

Dipesh Kantisen Shroff

37,662

0.64

15

Shalil Shashikumar Shroff

30,867

0.53

16

Dipkanti Investments & Financing Pvt Ltd

30,501

0.52

17

Pritami Investments Pvt Ltd

27,004

0.46

18

Shaila Shashikumar Shroff

22,800

0.39

19

Anshul Amrish Bhatia

21,659

0.37

20

Dilipsinh G Bhatia

10,800

0.18

21

Hrishit Ashwin Shroff

7,086

0.12

22

Ravi Ashwin Shroff

7,086

0.12

23

Chaitanya Dipesh Shroff

6,746

0.11

24

Hiral Tushar Dayal

6,600

0.11

25

Chinmayi Dipesh Shroff

6,278

0.11

26

Kantisen Chatturbhai Shroff HUF

6,050

0.10

27

Usha Ashwin Shroff

5,532

0.09

28

Kirit Vidyasagar Dave

4,035

0.07

29

Tushar Charandas Dayal

5,005

0.09

30

Ashwin Champraj Shroff

3,919

0.07

31

Praful Manilal Saraiya

2,429

0.04

32

Hyderabad Chemicals Ltd

1,663

0.03

33

Sandra Rajju Shroff

910

0.02

34

Prakhyati Investments & Finance Pvt Ltd

100

0.00

 

Total

25,31,849

43.12

 

 

 

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

 

 No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

ITF Mauritius

260000

4.43

2

Patel Laxmikant C

244721

4.17

3

Life Insurance Corporation Of India

216132

3.68

4

Bharat Jayantilal Patel

192247

3.27

5

Ruchit Bharat Patel

121753

2.07

6

BP Equity Pvt ltd

144071

2.45

7

Finquest Securities Pvt. Ltd

505132

8.60

8

Meenal Rajesh Kapadia

65742

1.12

 

Total

1749798

29.80

 

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES

 

No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

1

Finquest Securities Pvt. Ltd

505132

8.60

 

Total

505132

8.60

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of chemicals servicing the requirements of customers from a diverse range of industries - Textiles, Pharmaceuticals, Agrochemicals, advanced Polymers, etc.

 

 

Products :

Item Code No. (ITC Code)          :  283110.01

Product Description                  :  Sodium Hydro Sulphite

 

Item Code No. (ITC Code)          :  283190.02

Product Description                  :  Sodium Formaldehyde Sulphoxylate

 

Item Code No. (ITC Code)          :  281210.04

Product Description                  :  Thionyl Chloride

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Purchasing Terms :

Cash and Credit (30 days / 60 days / 90 days)

 

 

Selling Terms :

Cash and Credit (30 days / 60 days / 90 days)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :
  • State Bank of India
  • Bank of Baroda
  • Axis Bank Limited
  • IDBI Bank Limited

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2014

As on

31.03.2013

Long term borrowings

 

 

Term Loans From Banks

31.160

133.008

Short term borrowings

 

 

Loans repayable on demand from banks

310.160

249.150

Other Short Term Loan from bank

30.000

0.000

Acceptances from Banks

141.204

165.945

Total

512.524

548.103

 

Note:

 

LONG TERM BORROWINGS

 

(i) Nature of security:

The above Term loans/capex loans are secured by first charge by way of hypothecation of all the movable machinery financed or to be financed under the said term/capex loans by the respective banks. The above loans are further secured by first charge by way of an equitable mortgage on the whole of the immovable assets of the Company, both present and future, on pari passu basis. They are further secured by second charge by way of hypothecation over entire current assets including stock and book debts with current charge holders on pari passu basis.

 

(ii) Maturity profile of Secured Term loans are set out below:

 

Particulars

Interest rate range

Maturity Profile 1-2 years

Term loans - from Banks

13.00 % to 13.50 %

31.160

 

SHORT TERM BORROWINGS

 

(i) The above cash/Export credit facilities, short term loan and Buyers credit from Consortium bankers i.e. State Bank of India, Axis Bank Limited, Bank of Baroda and IDBI Bank Limited are secured by first charge by way of hypothecation of stocks of raw materials, packing materials, consumable stores, finished goods, semi-finished goods and book debts of the company, on pari passu basis. The aforesaid credit facilities are further secured by way of charge on the whole of the fixed assets of the company ranking second and subservient for the charges

created in respect of borrowings obtained from them. The interest rate for the same ranges from 10.00% to 13.75%.

 

Auditors :

 

Name :

 
Contractor, Nayak and Kisnadwala
Chartered Accountants

Address :

 
Vadodara, Gujarat, India

 

 

Subsidiary Companies :
  • Transpek Industry (Europe) Limited
  • Sam Fine O Chem Limited

 

 

Enterprises owned or significantly influenced by key management personnel or their relatives
  • Excel Industries Limited
  • Excel Crop Care Limited
  • TML Industries Limited
  • Shroffs Engineering Limited
  • Anshul Specialty Molecules Limited
  • Anshul Life Sciences
  • Madison Investments Private Limited
  • Agrocel Industries Limited
  • Transchem Agritech Limited
  • Hyderabad Chemical Products Limited
  • Kamaljyot Investments Limited
  • Shroffs Foundation Trust
  • C.C. Shroff Research Institute

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity Shares

Rs.10/- each

Rs.75.000 Million

500000

Preference Shares

Rs.100/- each

Rs.50.000 Million

 

 

Total

Rs.125.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5872040

Equity Shares

Rs.10/- each

Rs.58.720 Million

 

 

 

 

 

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year:

 

Particulars

As at 31st March, 2014

Number of Shares

Rs. In Million

Opening/Closing Balance of Equity Shares with voting rights

5872040

Rs.58.720

 

The rights, preference and restriction attaching to each class of shares:

 

Equity shares with voting rights:

 

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any remaining assets of the company, after distribution of all preferential amounts and repayment towards preference share holders, if any.

 

Details of shares held by each share holder holding more than 5% shares.

Class of shares/Name of Share holder

As at 31st March, 2014

Number of Shares

Extend of Holding

Equity Shares with voting rights

 

 

Finquest Securities Private Limited

979812

16.69%

Kamljyot Investment Limited

611933

10.46%

Shruti A. Shroff

305725

5.21%

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

58.720

58.720

58.720

(b) Reserves & Surplus

613.604

558.804

477.066

(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)

672.324

617.524

535.786

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

89.515

264.469

254.696

(b) Deferred tax liabilities (Net)

137.369

91.760

84.282

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

16.970

17.742

18.046

Total Non-current Liabilities (3)

243.854

373.971

357.024

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

501.144

426.103

482.676

(b) Trade payables

443.484

283.956

272.202

(c) Other current liabilities

348.403

265.120

245.137

(d) Short-term provisions

37.399

37.560

8.494

Total Current Liabilities (4)

1330.430

1012.739

1008.509

 

 

 

 

TOTAL

2246.608

2004.234

1901.319

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

929.706

944.411

928.653

(ii) Intangible Assets

1.790

2.150

4.015

(iii) Capital work-in-progress

44.755

16.489

8.951

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

94.483

139.483

106.083

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

107.739

78.206

76.785

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1178.473

1180.739

1124.487

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

279.277

244.532

291.250

(c) Trade receivables

682.873

512.802

384.182

(d) Cash and cash equivalents

26.071

27.614

35.248

(e) Short-term loans and advances

68.115

30.338

61.693

(f) Other current assets

11.799

8.209

4.459

Total Current Assets

1068.135

823.495

776.832

 

 

 

 

TOTAL

2246.608

2004.234

1901.319

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

2409.422

2107.971

1562.679

 

 

Other Income

74.627

34.391

42.961

 

 

TOTAL                                     (A)

2484.049

2142.362

1605.640

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials consumed

1062.282

946.280

753.221

 

 

Purchases of Stock-in-Trade

196.156

17.513

49.080

 

 

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

(7.306)

23.474

10.595

 

 

Employee benefits expense

243.973

221.923

187.965

 

 

Other expenses

682.802

642.755

560.501

 

 

TOTAL                                     (B)

2177.907

1851.945

1561.362

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

306.142

290.417

44.278

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

115.182

113.979

100.947

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

190.960

176.438

(56.669)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

72.218

66.506

68.162

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

118.742

109.932

(124.831)

 

 

 

 

 

Less

TAX                                                                  (H)

46.767

7.584

(21.646)

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

71.975

102.348

(103.185)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

129.860

78.122

181.307

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

15.000

30.000

0.000

 

 

Dividend

14.680

17.616

0.000

 

 

Tax on Dividend

2.495

2.994

0.000

 

BALANCE CARRIED TO THE B/S

169.660

129.860

78.122

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1399.758

1286.367

821.178

 

TOTAL EARNINGS

1399.758

1286.367

821.178

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

491.986

405.291

288.010

 

 

Stores & Spares

0.101

0.071

0.023

 

 

Capital Goods

11.704

10.647

2.730

 

TOTAL IMPORTS

503.791

416.009

290.763

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

12.26

17.43

(17.57)

 

Expected sale (2014-2015) : Rs.2700.000 Million

 

Above information parted by Mr. Ashok Kumar P Shah.

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.99

4.86

(6.60)

 

 

 

 

 

Operating Profit Margins 

(PBTIT / Sales)

(%)

12.71

13.78

2.83

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.63

5.95

(6.99)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.18

0.18

(0.23)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.88

1.12

1.38

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.80

0.81

0.77

 

 

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

58.720

58.720

58.720

Reserves & Surplus

477.066

558.804

613.604

Share Application money pending allotment

0.000

0.000

0.000

Net worth

535.786

617.524

672.324

 

 

 

 

long-term borrowings

254.696

264.469

89.515

Short term borrowings

482.676

426.103

501.144

Total borrowings

737.372

690.572

590.659

Debt/Equity ratio

1.376

1.118

0.879

 

 

 

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

1562.679

2107.971

2409.422

 

 

34.895

14.301

 

 

 

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

1562.679

2107.971

2409.422

Profit/Loss

(103.185)

102.348

71.975

 

(6.60%)

4.86%

2.99%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT

 

Particular

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

31.03.2012

Rs. In Million

Current maturities of long-term debt

104.497

117.168

101.141

 

 

 

 

Total

104.497

117.168

101.141

 

 

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

Yes

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)

No

21]

Market information

--------

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-------

26]

Buyer visit details

--------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

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

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

Yes

 

LITIGATION DETAILS

 

 

 

 

HIGH COURT OF GUJARAT

 

CAVEAT (SPECIAL CIVIL APPLICATION) No. 1750 of 2014

Status : INACTIVE

CCIN No : 001025201401750

 

 

Last Listing Date:

-

Coram

·         -

S.NO.

Name of the Petitioner

Advocate On Record

1

STATE LOAD DISPATCH CENTRE

MR PREMAL R JOSHI for: Caveator(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1
2
3
4
5
6
7
8
9
10
11

GLENMARK GENERICSW LTD
UNITED PHOSPHORUS LTD
GUJARAT THEMIS BIOSYN LTD
D B ASHAR DIRECTOR - TECH
D B ASHAR DIRECTOR - TECH
N.R. AGARWAL IND. LTD.
RICHTER THEMIS MEDICARE (I) PVT LTD
RAMA PULP AND PAPERS LTD
ALOK INDUSTRIES LTD
JAY BHARAT METCAST PVT LTD
SHREE AJIT PULP AND PAPER LTD
more

 

Presented On

: 10/04/2014

Registered On

: -

Bench Category

: -

District

: VADODARA

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 0 times

Stage Name

: -

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

11/04/2014

VAKALATNAMA

MR PR JOSHI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR PR JOSHI(1229) for P:1

2

11/04/2014

VAKALATNAMA

MR PREMAL R JOSHI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR PREMAL R JOSHI(1327) for P:1

3

11/04/2014

MEMO OF APPEAL/PETITION/SUIT

MR PR JOSHI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR PR JOSHI(1229), for P:1

4

11/04/2014

MEMO OF APPEAL/PETITION/SUIT

MR PREMAL R JOSHI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR PREMAL R JOSHI(1327), for P:1

 

 

UNSECURED LOAN

Rs. In Million

Particular

As on

31.03.2014

As on

31.03.2013

Long term borrowings

 

 

Public Deposits

35.855

108.961

Loan from Related Parties

 

 

Inter Corporate Deposits

14.000

14.000

Deposits from Director's

7.000

7.000

Deposits from Relative of Director

1.500

1.500

Short term borrowings

 

 

Public Deposits

19.780

11.008

Total

78.135

142.469

 

 

 

Note:

 

LONG TERM BORROWINGS

 

Deposits aggregating to Rs.35.800 Million are accepted from shareholders and are repayable within a period of next two to three years. The interest rate for the same ranges from 9.50% to 11.00 %

 

Public deposits includes deposits from related parties amounting to Rs. 0.221 Million.

 

Unsecured Loan from Related Parties aggregating to Rs. 22.500 Million are repayable in next one to two years. The company has accepted the above loans as per stipulation of banks. The rate of interest is 12.00 %

 

SHORT TERM BORROWINGS

 

The Interest rate for short term unsecured public deposit is 9.5%

 

Public deposits includes deposits from related parties amounting to Rs. 0.061 Million .

 

 

REVIEW OF OPERATIONS

 

year, an increase of 5.58%. During the financial year 2013-14, the Company registered net profit of Rs.70.000 Million as against net profit of Rs.102.300 Million in the previous year.

 

Exports registered Rs.1425.600 Million (PY: Rs. 1308.000 Million) an increase of 9%, and domestic sale registered Rs.717.400 Million (PY: Rs.762.200 Million).

 

Performance in the year 2013-2014 was better than the previous year, due to the following key points:

 

1. The Company maintained the average contribution as compared to last year.

 

2. During the year, good amount of non moving stocks of raw materials and finished goods was sold.

 

3. The Company improved the quality and efficiency of various Acid Chlorides Products during the year, which resulted in higher sales volumes.

 

4. With the installation of Agro Waste Boiler and implementing Power Trading, the Company could substantially reduce the cost of Fuel and Power during the year.

 

5. Exports of various key products of the Company increased as compared to previous year.

 

However, due to increased raw material cost and diminution in the value of investment, the net profit has reduced in comparison to the previous year.

 

OUTLOOK

 

With the global presence and wide spread customer base, your Company is expected to achieve substantial growth in the volumes in the year 2014-15. The margins are expected to remain stable barring any uncertainty of major foreign exchange fluctuations or economic conditions.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

The product portfolio of the Company comprises of various Acid Chlorides and Alkyl Chlorides which find application in a very broad range of products.

 

The Company supplies its products globally and caters to the needs of many leading International Chemical and

Pharmaceutical companies.

 

The Company’s products find applications in agro-chemicals, polymers and plastics, pharmaceuticals, performance materials, organic peroxides, personal care and flavours and fragrances.

 

 

POLYMERS AND SPECIALITY PLASTICS AND PERFORMANCE MATERIALS

 

The Company has been a leading supplier of Acid Chlorides to world leaders in high-end, strength polymers. With stable business conditions in this segment, we expect to maintain our market position for the coming period.’ The Company’s products are used to make performance materials which can withstand heavy wear and tear over a long period. This market is expected to grow with the advent of new material and discovery of new applications.

 

The Company is taking steps to increase its market presence in this segment.

 

PHARMA PRODUCTS

 

The Company has been a supplier of choice for many Pharma companies. Due to the reputation for quality, delivery and reliability, the market for the Company’s products in this segment has been consistently growing over the last few years and the same trend is expected to continue.

 

With the expiry of some pharma patents in the near future, some products of your Company are expected to be in much higher demand.

 

AGROCHEMICALS AND DYESTUFF

 

The overall Agro-chemical market is expected to be stable during the year. The Company envisages the demand to be stable for its products in the near future.

 

We do not expect any growth in the dye-stuff industries. Therefore, our Thionyl Chloride supply to its market is expected to be the same as in the last year.

 

FLAVOURS AND FRAGRANCES

 

The Company has introduced a new product in this segment. The Company is working to substantially expand its business in this segment in the near future.

 

OUTLOOK

 

The Company, with its excellent reputation and wide product portfolio having many important applications, is expected to continue to grow at a steady pace while retaining the current level of margins. The Company expects to grow mainly in the segments of performance materials and pharmaceuticals. Some growth is also expected in the personal care, flavours and fragrances markets.

 

The Union Budget for 2014-15 has proposed many initiatives to give boost to manufacturing. If implemented, these initiatives may provide benefits to Chemical Industry in a period of two to three years.

 

CONTINGENT LIABILITY:

(Rs. In Million)

Particulars

31.03.2014

31.03.2013

 

 

 

Claims against the company not acknowledged as debts

(mainly on account of outstanding law suits)

26.425

26.425

Guarantee given by banks to third parties on behalf of the company

4.083

1.797

Disputed income tax liability

20.555

21.322

Disputed sales tax liability

3.951

3.411

Disputed Excise & Service Tax Liability

37.253

0.000

Total

92.267

52.955

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10537780

20/12/2014

60,000,000.00

IDBI BANK LIMITED

SPECIALISED CORP. BRANCH 1ST FLOOR, GARG PLAZA, 4 
6-A GAUTAM NAGAR, NR MGVCL BLDG RACE COURSE ROAD, 
VADODARA, GUJARAT - 390007, INDIA

C37574712

2

10489222

31/12/2014 *

100,000,000.00

AXIS BANK LIMITED

VARDHAMAN COMPLEX, OPP: GEB OFFICE,, BESIDES PIZZ 
A HUT, RACE COURSE, VADODARA, GUJARAT - 390007, IN 
DIA

C39393715

3

10285720

18/10/2011 *

70,000,000.00

BANK OF BARODA

CORPORATE FINANCIAL SERVICES, R C DUTT ROAD, VADO 
DARA, GUJARAT - 390007, INDIA

B23524515

4

10251986

10/02/2011 *

55,000,000.00

AXIS BANK LIMITED

VARDHAMAN COMPLEX, OPP. GEB, RACE COURSE, VADODAR 
A, GUJARAT - 390007, INDIA

B07923527

5

10237528

10/02/2011 *

85,000,000.00

IDBI BANK LIMITED

SPECIALIZED CORPORATE BRANCH, 1ST FLOOR GARG PLAZA 
, 46-A, GAUTAM NAGAR, RACE CORSE ROAD, VADODARA, 
GUJARAT - 390007, INDIA

B07938343

6

80030773

25/02/2015 *

1,014,500,000.00

STATE BANK OF INDIA

1ST FLOOR, MARBLE ARCH, RACE COURSE,, VADODARA, G 
UJARAT - 390007, INDIA

C47036744

7

80007927

25/03/2015 *

1,014,500,000.00

BANK OF BARODA

CORPORATE FINANCIAL SERVICES BRANCH, FIRST FLOOR, 
BOB BLDG,OPP: PETROL PUMP, R.C.DUTT ROAD, ALKAPUR 
I, VADODARA, GUJARAT - 390007, INDIA

C49405681

 

 

* Date of charge modification

 

 

STATEMENT OF STAND ALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2014

(Rs. In Million)

 

Particulars

Quarter ended

Year ended

 

31.12.2014

30.09.2014

31.12.2014

 

Unaudited

Unaudited

Unaudited

Net Sales / Income from Operations

 

 

 

Net Sales / Income from Operations

562.200

657.800

1734.600

Other Operating Income

2.300

4.000

12.400

TOTAL

564.500

661.800

1747.000

Expenditure

 

 

 

Other Expenses

116.500

122.600

387.300

Power & Fuel

35.000

37.800

109.000

Loss On Exchange Fluctuation

(1.600)

(1.200)

(4.000)

Employee Benefit Expenses

63.400

70.300

200.400

Changes in inventories of finished goods, wip and Stock-in-trade

19.600

31.100

25.500

Depreciation and Amortisation expense

18.300

18.600

56.100

Cost of Materials Consumed

278.400

317.600

887.900

Purchase from stock in trade

0.000

(1.700)

(1.700)

Total

529.600

595.100

1660.500

Profit from Operations before Other Income, Interest and Exceptional Items

34.900

66.700

86.500

Other Income

1.200

2.600

18.100

Profit before Interest and Exceptional Items

36.100

69.300

104.600

Interest / Finance

28.500

28.900

85.700

Profit after Interest but before Exceptional Items

7.600

40.400

18.900

Exceptional Items

--

--

---

Profit (+)/ Loss (-) from Ordinary Activities before Tax

7.600

40.400

18.900

Tax

 

 

 

Current Tax

0.000

1.800

2.600

Deferred Tax

2.500

7.700

3.100

MAT Credit

(1.800)

0.600

(2.000)

Excess provision for tax earlier year

0.000

(1.200)

(1.200)

Net Profit (+)/ Loss (-) from Ordinary Activities after Tax

6.900

31.500

16.400

Extraordinary Items

 

---

 

Net Profit

6.900

31.500

16.400

Equity Capital

58.700

58.700

58.700

Face Value (in Rs.10)

 

 

 

Reserves

 

 

 

EPS before Extraordinary items (in Rs.10)

 

 

 

Basic & Diluted EPS before Extraordinary items

1.17

5.36

2.79

EPS after Extraordinary items (in Rs)

 

 

 

Basic & Diluted EPS after Extraordinary items

1.17

5.36

2.79

Number of Public Shareholding

3616072

3107433

3616072

Percentage of Public Shareholding

61.58

52.92

61.58

Promoters and Promoter Group Shareholding

 

 

 

Pledged / Encumbered

 

 

 

Number of Shares

0.00

0.00

0.00

Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

0.00

0.00

0.00

Percentage of Shares (as a% of the total share capital of the company)

0.00

0.00

0.00

Non-encumbered

 

 

 

Number of Shares

2255968

2251243

2255968

Percentage of Shares (as a% of the total shareholding of promoter & prom group)

100.00

100.00

100.00

Percentage of Shares (as a % of the total share capital of the company)

38.42

38.34

38.42

 

 

PARTICULARS

Quarter Ended 31.12.2014

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the Quarter

Nil

 

Disposed of during the quarter

Nil

 

Remaining unresolved at the end of the quarter 

Nil

 

 

Notes :

 

1. The above results, as reviewed by the Audit Committee, have been approved at the meeting of the Board of Directors of the Company held on 3rd February, 2015.

 

2. The Statutory Auditors have carried out a "Limited Review" of the stand alone financial results for the third quarter ended on 31st December, 2014.

 

3. The Company has only one segment of activity, namely "Chemicals".

 

4. Previous year's figures have been regrouped / re-arranged, wherever necessary.

 

5. With effect from April 1, 2014, the Company has followed useful lives of tangible assets as prescribed by Schedule II to the Companies Act, 2013 and depreciation for the current periods has been provided accordingly. As a result of this change, depreciation for the quarter and the nine months ended on 31.12.2014 is higher by Rs. 0.347 Million and Rs. 1.158 Million respectively with consequential effect on the profit for the current periods.

6. Consequent to disinvestment, effective from 3rd January, 2015 Sam Fine O Chem Limited has ceased to be a Subsidiary of the Company.

 

FIXED ASSETS

 

  • Land
  • Building
  • Pumps and Water Pipe lines
  • Plant and Machinery
  • Electrical Installations
  • Research and development equipments
  • Furniture and Fixtures
  • Technical Books
  • Vehicles

 

 

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.63.64

UK Pound

1

Rs.96.81

Euro

1

Rs.71.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAR

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

SNT

 

 

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

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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.