MIRA INFORM REPORT
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Report No. : |
323204 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SUDARSHAN CHEMICAL INDUSTRIES LIMITED |
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Registered
Office : |
162, Wellesley Road, 411001 Pune – 411001, Maharashtra |
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Tel. No.: |
91-20-2622620/ 26058888/ 26058046/ 26226200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.02.1951 |
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Com. Reg. No.: |
11-008409 |
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Capital Investment
/ Paid-up Capital : |
Rs. 69.227 Million |
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CIN No.: [Company Identification
No.] |
L24119PN1951PLC008409 |
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IEC No.: |
0388017520 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCS4223P |
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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
: |
Manufacturer, Exporter and Importer of Organic and
Inorganic Pigments, Intermediates and Agro Chemicals. |
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No. of Employees
: |
860 (Approximately) |
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RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
marked by adequate liquidity position and sound profitability margins of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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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
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Rating Agency Name |
ICRA |
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Rating |
Term Loan: A (Suspended) |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
January, 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based Limits: A1 (Suspended) |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
January, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Nihi |
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Designation : |
Admin Manager |
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Contact No.: |
91-20-2622620 |
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Date : |
18.05.2015 |
LOCATIONS
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Registered Office : |
162, Wellesley Road, 411001 Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-2622620/ 26058888/ 26058046/ 26226200 |
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Fax No.: |
91-20 - 26058222 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory 1 : |
46, MIDC Estate, Dhatav, Roha, District Raigad – 402116, Maharashtra,
India |
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Factory 2 : |
Plot No.A-19/1+2, MIDC Estate, Mahad, District Raigad – 402301,
Maharashtra, India |
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Factory 3 : |
R and D Laboratory, Ambadvet, Amralevadi, Taluka Mulshi, District
Pune, Maharashtra, India |
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Branch Office : |
Located at :
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DIRECTORS
AS ON 09.08.2014
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Name : |
Mr. K.L. Rathi |
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Designation : |
Executive Chairman |
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Date of Birth/Age : |
76 Years |
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Qualification : |
B. Sc, B.Sc.(Tech) M.A. (Chem) (Columbia) |
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Experience : |
51 Years |
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Date of Appointment : |
01.01.1964 |
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Name : |
Mr. R.B. Rathi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.E. Mech. Egg. MIT, Pune B.S. Chem. Eng. Ohio University, USA M.B.A.,
Pittsburgh University, USA |
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Experience : |
23 Years |
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Date of Appointment : |
01.10.1992 |
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Name : |
Mr. P.R. Rathi |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
62 Years |
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Qualification : |
M.S.(M.I.T.) M.B.A. (Columbia) |
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Experience : |
39 Years |
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Date of Appointment : |
01.04.1976 |
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Name : |
Mr. B.S. Mehta |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. S.N. Inamdar |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. P.P. Chhabria |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. D.N. Damania |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. S. Padmanabhan |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. S.K. Asher |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. N.J. Rathi |
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Designation : |
Non-Executive Director |
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Name : |
Mrs. R. F. Forbes |
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Designation : |
Non-Executive, Independent Director |
KEY EXECUTIVES
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Name : |
Ms. Nihi |
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Designation : |
Admin Manager |
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Name : |
Mr. P.S. Raghavan |
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Designation : |
Company Secretary |
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Name : |
Mr. A. Vij |
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Designation : |
Chief Operating Officer – Pigment Division |
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Date of Birth/ Age : |
41 Years |
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Qualification : |
B.E. Chemical, Punjab University |
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Experience : |
24 Years |
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Date of Appointment : |
08.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
34364160 |
49.64 |
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|
2252100 |
3.25 |
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|
36616260 |
52.89 |
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Total shareholding of Promoter and
Promoter Group (A) |
36616260 |
52.89 |
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(B) Public Shareholding |
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|
7250 |
0.01 |
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|
54218 |
0.08 |
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|
341130 |
0.49 |
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|
3468730 |
5.01 |
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|
3871328 |
5.59 |
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|
1296349 |
1.87 |
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|
12605135 |
18.21 |
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8051547 |
11.63 |
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6786631 |
9.80 |
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|
172734 |
0.25 |
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150567 |
0.22 |
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5580820 |
8.06 |
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882510 |
1.27 |
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28739662 |
41.51 |
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Total Public shareholding (B) |
32610990 |
47.11 |
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Total (A)+(B) |
69227250 |
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) |
69227250 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Organic and
Inorganic Pigments, Intermediates and Agro Chemicals. |
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Products/ Services : |
· Pigments Organic · Pigments Inorganic · Pesticides |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash, Advance Payment and Credit |
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Purchasing : |
Cash, Advance Payment and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and End Users
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No. of Employees : |
860 (Approximately) |
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Bankers : |
· State Bank of India · Bank of Baroda · ICICI Bank Limited · HDFC Bank Limited · HSBC Limited ·
Export - Import Bank of India |
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Facilities : |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies : |
· Prescient Color Limited · Sudarshan Europe B.V. · Sudarshan North America, Inc. (Step-down subsidiary of Sudarshan, India) |
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Entities in which
Key Management Personnel and / or their relatives exercise significant influence
(SKMP) : |
· Rathi Brothers Poona Limited · Rathi Brothers Madras Limited · Rathi Brothers Calcutta Limited · Rathi Brothers Delhi Limited · Manan Rathi Trust · Balkrishna Rathi Finance Private Limited · PRR Finance Private Limited · Laxminarayan Finance Private Limited · Marathwada Chemical Industries Private Limited · RIECO Industries Limited · Rathi Vessels and Systems Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
* 6,922,775 |
Equity Shares |
Rs. 10/- each |
Rs. 69.228 Million |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
6,922,725 |
Equity Shares |
Rs. 10/- each |
Rs. 69.227 Million |
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* Allotment of 50 Rights Equity Shares of Rs. 10 each is kept in abeyance, matter being sub-judice.
Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
No. of shares |
Amount (Rs. in Million) |
|
At the beginning of the year |
6922725 |
69.227 |
|
Add: Allotted during
the year |
-- |
-- |
|
Less: Shares bought
back during the year |
-- |
-- |
|
Outstanding at the end of the year |
6922725 |
69.227 |
Terms/ Rights
attached to equity shares:
The Company has only
one class of equity shares having a par value of Rs.10 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividend in Indian Rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the Financial Year ended 31st March, 2014, the amount of per share proposed dividend recognised as distribution to the equity shareholders is Rs. 15.00 (Previous Year : Rs. 12.50).
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.
Shares held by
holding/ultimate holding company and/or their subsidiaries/associates:
The Company does not have any holding or ultimate holding company.
Details of
shareholders holding more than 5% shares in the company:
|
Particulars |
No. of shares |
% |
|
Pradeep R. Rathi |
382345 |
5.52 |
|
Rahul P. Rathi |
475454 |
6.87 |
|
Anuj N. Rathi |
382762 |
5.53 |
|
DIC Corporation, Japan |
557989 |
8.06 |
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 |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
69.227 |
69.227 |
69.227 |
|
(b) Reserves & Surplus |
2964.394 |
2741.705 |
2632.395 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3033.621 |
2810.932 |
2701.622 |
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(3)
Non-Current Liabilities |
|
|
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(a) Long-term borrowings |
1768.647 |
2103.899 |
1233.222 |
|
(b) Deferred tax liabilities (Net) |
348.158 |
252.261 |
212.310 |
|
(c)
Other long term liabilities |
27.793 |
27.811 |
27.770 |
|
(d)
long-term provisions |
54.708 |
52.871 |
53.392 |
|
Total
Non-current Liabilities (3) |
2199.306 |
2436.842 |
1526.694 |
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1469.852 |
1443.166 |
1051.553 |
|
(b)
Trade payables |
1077.144 |
1017.263 |
963.133 |
|
(c)
Other current liabilities |
1093.991 |
882.487 |
823.158 |
|
(d)
Short-term provisions |
167.510 |
145.070 |
139.505 |
|
Total
Current Liabilities (4) |
3808.497 |
3487.986 |
2977.349 |
|
|
|
|
|
|
TOTAL |
9041.424 |
8735.760 |
7205.665 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3030.558 |
2959.990 |
2048.034 |
|
(ii)
Intangible Assets |
126.763 |
120.944 |
123.441 |
|
(iii)
Capital work-in-progress |
62.872 |
225.879 |
167.466 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
292.762 |
251.840 |
251.770 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
202.567 |
210.069 |
274.096 |
|
(e)
Other Non-current assets |
2.500 |
3.000 |
5.500 |
|
Total
Non-Current Assets |
3718.022 |
3771.722 |
2870.307 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2113.439 |
1858.572 |
1569.123 |
|
(c)
Trade receivables |
2645.502 |
1995.931 |
1842.773 |
|
(d)
Cash and cash equivalents |
121.305 |
217.040 |
338.335 |
|
(e)
Short-term loans and advances |
158.645 |
644.334 |
398.772 |
|
(f)
Other current assets |
284.511 |
248.161 |
186.355 |
|
Total
Current Assets |
5323.402 |
4964.038 |
4335.358 |
|
|
|
|
|
|
TOTAL |
9041.424 |
8735.760 |
7205.665 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10266.501 |
7852.539 |
7442.343 |
|
|
|
Other Income |
47.284 |
115.504 |
79.836 |
|
|
|
TOTAL (A) |
10313.785 |
7968.043 |
7522.179 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5710.391 |
4520.131 |
4042.208 |
|
|
|
Cost of Goods Traded |
313.382 |
298.575 |
284.851 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
51.848 |
(323.554) |
(133.619) |
|
|
|
Employees benefits expense |
644.559 |
602.042 |
536.333 |
|
|
|
Other expenses |
2315.849 |
2058.185 |
1905.965 |
|
|
|
TOTAL (B) |
9036.029 |
7155.379 |
6635.738 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1277.756 |
812.664 |
886.441 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
375.966 |
311.790 |
213.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
901.790 |
500.874 |
673.331 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
353.515 |
250.372 |
171.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
548.275 |
250.502 |
501.846 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
204.098 |
39.952 |
140.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
344.177 |
210.550 |
361.510 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
561.980 |
482.670 |
421.732 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
60.000 |
30.000 |
200.000 |
|
|
|
Proposed Equity Dividend |
103.841 |
86.534 |
86.534 |
|
|
|
Tax on Proposed Equity Dividend |
17.648 |
14.706 |
14.038 |
|
|
BALANCE CARRIED
TO THE B/S |
561.981 |
482.671 |
421.732 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. Basis (inclusive of exports of Export House) |
4394.989 |
3014.850 |
3105.423 |
|
|
|
Others |
7.247 |
31.823 |
24.243 |
|
|
TOTAL EARNINGS |
4402.236 |
3046.673 |
3129.666 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (including through Canalizing Agencies) |
2033.985 |
1316.967 |
1103.185 |
|
|
|
Stores & Components |
13.730 |
74.831 |
10.778 |
|
|
|
Capital Goods |
0.210 |
76.229 |
18.986 |
|
|
TOTAL IMPORTS |
2047.925 |
1468.027 |
1132.949 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.72 |
30.41 |
52.22 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
267.247 |
302.961 |
245.519 |
|
Total Expenditure |
238.756 |
267.309 |
218.388 |
|
PBIDT (Excl OI) |
28.491 |
35.652 |
27.131 |
|
Other Income |
8.832 |
4.615 |
4.161 |
|
Operating Profit |
37.323 |
40.267 |
31.292 |
|
Interest |
11.441 |
6.853 |
6.779 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
258.82 |
334.14 |
24.513 |
|
Depreciation |
9.699 |
9.967 |
9.640 |
|
Profit Before Tax |
16.183 |
23.447 |
14.873 |
|
Tax |
4.603 |
7.008 |
4.050 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
115.80 |
16.439 |
10.823 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
11.580 |
16.439 |
10.823 |
|
Equity Capital |
6.923 |
6.923 |
13.845 |
|
Face Value (IN RS) |
10 |
2 |
2 |
|
Reserves |
|
|
|
|
Calculated EPS |
1.673 |
0.475 |
0.156 |
|
Calculated EPS (Annualised) |
6.691 |
1.900 |
0.625 |
|
No of Public Share Holdings |
326109.900 |
326109.900 |
3261099.000 |
|
% of Public Share Holdings |
4.711 |
47.11 |
4.711 |
|
|
NA |
NA |
NA |
|
PBIDTM% (Excl OI) |
1.066 |
1.177 |
1.105 |
|
PBIDTM% |
1.397 |
1.329 |
1.275 |
|
PBDTM% |
0.968 |
1.103 |
0.998 |
|
PBTM% |
0.606 |
0.774 |
0.606 |
|
PATM% |
0.433 |
0.543 |
0.441 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.35 |
2.68 |
4.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.45 |
10.35 |
11.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.31 |
3.03 |
7.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.09 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.07 |
1.26 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.42 |
1.46 |
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 |
69.227 |
69.227 |
69.227 |
|
Reserves & Surplus |
2632.395 |
2741.705 |
2964.394 |
|
|
|
|
|
|
Net
worth |
2701.622 |
2810.932 |
3033.621 |
|
|
|
|
|
|
long-term borrowings |
1233.222 |
2103.899 |
1768.647 |
|
Short term borrowings |
1051.553 |
1443.166 |
1469.852 |
|
Total
borrowings |
2284.775 |
3547.065 |
3238.499 |
|
Debt/Equity
ratio |
0.846 |
1.262 |
1.068 |
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
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 |
7442.343 |
7852.539 |
10266.501 |
|
|
|
5.512 |
30.741 |
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 |
7442.343 |
7852.539 |
10266.501 |
|
Profit |
361.510 |
210.550 |
344.177 |
|
|
4.86% |
2.68% |
3.35% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
No |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10556800 |
20/03/2015 |
150,000,000.00 |
EXPORT
IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
C47619168 |
|
2 |
10494776 |
27/05/2014
* |
1,100,000,000.00 |
STATE
BANK OF INDIA |
OFFICE
NO. 709 & 710, LEVEL 7, THE GATE PRECINCT,, |
C04715397 |
|
3 |
10421285 |
01/10/2013
* |
300,000,000.00 |
STATE
BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA
CHAMBERS,2ND FLOOR,NEAR MARIAAI POLICE CHOWKY |
B86859485 |
|
4 |
10412965 |
01/10/2013
* |
55,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B86887593 |
|
5 |
10254591 |
15/12/2010 |
350,000,000.00 |
BANK OF
MAHARASHTRA |
CORPORATE
FINANCE BRANCH, YASHOMANGAL,1183/A,F.C. ROAD, PUNE - 411005, MAHARASHTRA,
INDIA |
B01306745 |
|
6 |
10254495 |
15/12/2010 |
360,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B00828087 |
|
7 |
80017484 |
27/05/2014
* |
3,250,000,000.00 |
BANK OF
MAHARASHTRA |
CORPORATE
FINANCE BRANCH, YASHOMANGAL", F.C.ROAD, |
C05589239 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and
Advances from Related Parties: |
|
|
|
Intercorporate Deposits (Note No. xi) |
103.835 |
175.610 |
|
Fixed Deposits (Note No. ii) |
|
|
|
From Public |
0.000 |
5.600 |
|
From Shareholders |
10.080 |
10.880 |
|
Loans and
Advances from Others: |
|
|
|
Intercorporate Deposits (Note No. xi) |
8.510 |
26.900 |
|
Fixed Deposits |
|
|
|
From Public |
453.105 |
239.190 |
|
From Shareholders |
40.805 |
24.110 |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Loan repayable on
demand: |
|
|
|
From Banks |
|
|
|
Short Term Loan [Note Nos. xii) to xix)] |
492.500 |
744.453 |
|
|
|
|
|
Total |
1108.835 |
1226.743 |
NOTES:
LONG-TERM
BORROWINGS
xiv) Nature of Security : The Term Loans from Export Import Bank of India (EXIM Bank), Bank of Maharashtra (BOM) and HDFC Bank Limited are secured by First Pari Passu charge by way of hypothecation of all movable fixed assets and further secured by way of mortgage on all immovable fixed assets of the Company situated at Roha, Mahad, Dist. Raigad and at Ambadvet, Amralevadi, Dist. Pune. The Term Loan of EXIM Bank of Rs. 150.000 Million is also secured by a charge on the Company’s current assets, both present and future. The Foreign Currency Term Loan of USD 1.00 Million (Rs. 55.000 Million approx.) from Export Import Bank of India (EXIM Bank) is secured by a First Pari Passu charge on the entire fixed assets of the Company. Also the said Foreign Currency Term Loan is to be secured by a mortgage charge on the immovable properties of the Company situated at Roha, Mahad, Dist. Raigad and Ambadvet, Amralevadi, Dist. Pune. The Corporate Loan of Rs. 30 Crores from State Bank of India, Pune (SBI) is secured by a First Pari Passu charge on the movable fixed assets and current assets of the Company. Also the said Corporate Loan is to be secured by a mortgage charge on the immovable properties of the Company situated at Roha, Mahad, Dist. Raigad and Ambadvet, Amralevadi, Dist. Pune.
xv) The Loan from Kotak Mahindra Prime Limited is secured by hypothecation of vehicle procured out of the said loan.
xvi) Intercorporate Deposits are generally accepted for period of 3 years. Rate of Interest varies from 10 - 11.50% p.a.
xvii) Fixed Deposits are generally accepted for period of 1 - 3 years. Rate of Interest varies from 9 - 11.50% p.a.
xviii)
Above Loans exclude those maturing within 12 months
SHORT-TERM
BORROWINGS
xii) Nature of Security : Working Capital Borrowings from Bank of Maharashtra led Consortium Banks consisting of Bank of Maharashtra, State Bank of India, Bank of Baroda, ICICI Bank Limited, HDFC Bank Limited and The Hong Kong and Shanghai Banking Corporation Limited are secured by hypothecation of stock-in-trade, book debts and receivables. These are further secured by second charge on the immovable properties of the Company situated at Roha, Mahad, Dist. Raigad and Ambadvet, Amralewadi, Dist. Pune by creation of a joint registered mortgage.
xiii)Short-Term Loan Rs. Nil (P.Y. Rs. 140.000 Million) from State Bank of India carries interest @ 10.50% p.a. The Loan is repayable within 90 days from the date of borrowing.
xiv) Short-Term Loan Rs. 250.000 Million (P.Y. Rs. 300.000 Million) from Bank of Maharashtra carries interest @ 10.50% p.a. The Loan is repayable within 90 days from the date of borrowing.
xv) Short-Term Loan Rs. 82.500 Million (P.Y. Rs. Nil) from HSBC Limited carries interest @ 10.15% p.a. The Loan is repayable within 90 days from the date of borrowing.
xvi) Short-Term Loan Rs. 80.000 Million (P.Y. Rs. Nil) from Bank of Baroda carries interest @ 10.50% p.a. The Loan is repayable within 90 days from the date of borrowing.
xvii) Short-Term Loan Rs. 80.000 Million (P.Y. Rs. Nil) from HDFC Bank Limited carries interest @ 10.30% p.a. The Loan is repayable within 90 days from the date of borrowing.
xviii) Short-Term Loan Rs. 244.890 Million (P.Y. Rs. Nil) from HSBC Limited carries interest @ 3.62% p.a. The Loan is repayable within 90 days from the date of borrowing.
xix) Short-Term Loan Rs. 10.000 Million (P.Y. Rs. Nil) from Bank of Maharashtra carries interest @ 12.75 % p.a. The Loan is repayable within 90 days from the date of borrowing.
xx) Buyer’s Credit Loan Rs. Nil (P.Y. Rs. 205.062 Million) from HSBC Limited carries interest @ LIBOR + 195 / 205 & 235 b.p.s. p.a. The Loan is repayable within 180 days from the date of borrowing.
xxi) Buyer’s Credit Loan Rs. Nil (P.Y. Rs. 43.194 Million) from Citibank N.A. carries interest @ LIBOR + 175 b.p.s. p.a. The Loan is repayable within 180 days from the date of borrowing.
xxii) Buyer’s Credit Loan Rs. Nil (P.Y. Rs. 56.195 Million) from ICICI Bank Limited carries interest @ LIBOR + 170 b.p.s. p.a. The Loan is repayable within 180 days from the date of borrowing.
xxiii) Buyer’s Credit Loan Rs. 47.070 Million (P.Y. Rs. 161.943 Million) from EXIM Bank carries interest @ LIBOR+500 b.p.s. p.a. The loan is repayable within 180 days from the date of borrowing.
xxiv)
Buyer’s Credit Loan from EXIM Bank is secured by corporate guarantee
issued by Sudarshan Chemical Industries Ltd.
THE YEAR IN RETROSPECT:
(A) SALES:
The Financial Year 2013 - 14 turned out to be a good year for the Company. For the first time Sales have crossed Rs. 10000 Million in the year, notwithstanding the challenging macro-economic conditions and negative business sentiments prevalent throughout the year, both in the domestic and international market and across the Industry. The impressive performance is the result of sustained drive and team work of the organization as a whole.
Total Revenue from operations for the year ended 31st March, 2014 aggregated to Rs. 10314 million as against Rs. 7968 million achieved during the previous year thereby recording a good growth of around 29%. Profit after tax for the year ended 31st March, 2014 was Rs. 344 million as against Rs. 211 million earned during the previous year. Margins could have higher but for the increase in interest costs, input costs and forex loss all of which had to be absorbed by the Company.
Pigment revenue rose from Rs. 6967 million in the previous year to Rs. 9167 million in the year thereby recording an excellent growth of 32%. Profits for the Pigment Division for the year amounted to Rs. 1058 million as compared to Rs. 772 million of the previous year.
Agro revenue for the year ended 31st March, 2014 amounted to Rs. 1100 Million as against Rs. 886 million achieved during the previous year thereby recording a growth of 24%. Profits for the Agro Division for the year amounted to Rs. 77 million as compared to Rs. 45 million of the previous year.
(B) EXPORTS:
The Company’s subsidiaries in The Netherlands and North America continue to record improved performance in terms of revenue. The natural mica based pearlescent business for cosmetics, sold under the brand Prestige and Flonac C, has been well integrated in the Cosmetic Pigment Products Portfolio and has yielded good
Results.
In view of the increasing opportunities in the overseas markets the Company has also taken steps in the staffing of manpower in The Netherlands and North America for addressing the requirements of the overseas markets. The Company also has set up an efficient sales and distribution network in core overseas markets. All these measures are expected to give a boost to exports and contribute to consolidation in the export market.
Revenue from pigment exports for the year ended 31st March, 2014 amounted to Rs. 4.380 million as against Rs. 3.005 million for the previous year thereby registering an excellent growth of 46% over the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The Global economic environment during the year 2013 - 14 continued to be under stress in the background of recession in Europe, slow growth in the United States, and in most emerging market economies. The Euro-zone crisis continues to affect key economies in Central and Eastern Europe. On the other hand turmoil in the Middle East is causing serious economic risks – both there and elsewhere, contributing to high oil prices, constraining global growth.
The Indian Economy though reasonably insulated from Global downturn continues to battle rising input costs, adverse foreign exchange situation, high current account deficit and tight credit conditions all of which have affected growth.
BUSINESS OF THE COMPANY
The Company is a
globally renowned player in the Pigment Industry and manufactures a wide range
of Organic and Inorganic Pigments, Effect Pigments, Agro Chemicals and other
products with facilities at Roha and Mahad, District Raigad, Maharashtra. The
Company has also set up an ultra-modern R and D Facility at Ambedvet,
Amralevadi, Taluka Mulshi, District Pune, and India.
FINANCIAL AND OPERATIONAL PERFORMANCE
The business environment has been extremely challenging given the
recessionary economic conditions leading to slowdown in global economic growth.
Profits were affected on account of high inflation, higher input costs, tightening credit market conditions etc. Inspite of these adverse market conditions, the Company has done exceedingly well in terms of sales. Of the total sales revenue of 10225 Million achieved during the year, export of contribute 43%.
The Company’s overseas
Subsidiaries viz. Sudarshan Europe BV, Sudarshan North America, Inc., step down
Subsidiary of Sudarshan, India and Indian Subsidiary, Prescient Color Limited
have posted improved results in the year as can be seen from the Company’s
Consolidated Financial Results. The operations of the Company’s Representative
Office have also been revamped to focus on furthering its interests in the Asia
Pacific region.
The certification
of ISO 9001 and ISO 14001 and OHSAS –ISO 18001 from BVQI is a testimony to the
Company’s commitment towards quality, safety and sustainable environment
friendly approach. The Roha and Mahad factories of the Company have received
British Five Star Rating which is a testimony to strenuous efforts taken by the
Company to achieve operational excellence in Environment Health and Safety. The
Company has also well-established R & D laboratories recognized by
Department of Scientific and Industrial Research (DSIR). Also, their Labs are
ISO 17025:2001 certified by National Accreditation Board for Testing and
Calibration Laboratories (NABL), Government of India. The Ministry of Science
and Technology, New Delhi, acting on behalf of Government of India has
recognized the Company’s in house R & D Units at Roha, District Raigad and
Ambadvet, Amralevadi, Taluka Mulshi, District Pune for a further period of 4
years i.e. up to 31.06.2016.
SEGMENTAL OVERVIEW
In accordance with
Accounting Standard -17, the Company has two reportable business segments,
Pigments and Agro Chemicals.
The pigment
business of the Company mainly comprises manufacturing of High Performance
Pigments and Commodity
Pigments apart
from customized pigments for niche segments catering to domestic and
international customers as also manufacture of Effect Pigments for cosmetics,
coating applications etc.
Agro Chemical business of the Company consists primarily of Products
which are generic in nature.
SEGMENT I – PIGMENTS
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Pigment
Industry worldwide is one of the dominant industries with collective revenues
of over USD 5 billion. The growth of the Pigment Industry has more or less
moved in tandem with the growth of Global economy. Growth in per capita income
leading to growth in per capita spending fuels demand for Pigments ranging from
paints to plastics to polymer, ink to cosmetics and more, encompassing every
sphere of life.
The Company is one
of the largest domestic manufacturers of Pigments in India with a 30% market
share. The Pigment Division manufactures a wide range of Organic, Inorganic and
Effect Pigments catering to domestic and
Export markets
mainly for paint, inks, plastics, cosmetics, fashion accessories and
automobiles as the user industries. The Company’s Pigments are exported to most
of the discerning markets in Europe, America and Asia. The manufacturing
activity is carried out at Roha and Mahad factories with R&D facilities at
Ambadvet, Amralevadi, Taluka Mulshi, and District Pune.
There is an excess
capacity for the manufacture of commodity pigments worldwide. This results in
intense price competition in the commodity segments market. The China factor
also continues to affect the Pigment industry.
PERFORMANCE
The Pigment Division increased its revenue in the year 2013 - 14 to Rs. 9.167 million from Rs. 6.967 million in 2012 - 13, recording an excellent increase of around 32% over the previous year. Sales from exports for the year
Under review amounted to Rs. 4.380 million as against Rs. 3.005 million achieved during the previous year recording an excellent growth of around 46%.
OUTLOOK:
Sudarshan’s
globalization plans and its already strong base in India provides a great
opportunity for growth. Also
Sudarshan’s
strategy of focusing on High Performance Pigments and specialized Azo Pigments
provide a great future.
The Indian Pigment
Industry has evolved from a basic Pigment producer to that of a knowledge
intensive industry catering to requirement of colorants for all segments. The
domestic demand for Pigments offers opportunity to the Company to improve its
market share. Many new High Performance and Effect Pigments are also being
launched for cosmetic and coating markets. The Company’s strategy of setting up
sales offices to cater to European and North American Customers as also a
representative office in China is expected to give a push to Pigment exports as
the Company is better equipped to understand and comply with their preferences.
As a result of the
slowdown in Western markets, end consumers of Pigment Products are on the
lookout for alternative suppliers to meet their varied requirements. Sudarshan,
with a wide range of High Performance Pigments as also Effect Pigments, is
ideally placed to meet their requirements.
As a consequence of all these actions, the Company expects better
results during the current year.
1. Industry Structure and Developments
As India continues to grow its economy in a greater way, the agriculture sector must also keep pace in improving its infrastructure, efficiency and productivity in a sustainable manner and contribute to the food security of over abillion people. Weather fluctuations continue to affect agriculture sector significantly. Favourable monsoon has in general helped to improve the agriculture sector’s production prospects. Excess rainfall towards the end of the monsoon season in some of the areas led to crop damage. The unseasonal rainfall and hailstorms in many parts of the country in February / March, 2014 has damaged the standing Rabi crop which has resulted in a decline in overall crop production.
The
Agro Chemical Industry has also seen a change in the product mix owing to a
change in the crop pattern and also due to a change in the pattern of pest
formation. The average per hectare consumption of agrochemicals in India is
comparatively lower than consumption in USA, Japan and other developed
countries. This augurs well for the Agro Chemical Industry. Rapid growth in
acreage of Bt Cotton hybrids resulting in improvement in yield of cotton crop
is opening new opportunities for more consumption of pesticides for the control
of sucking pests and plant growth nutrients.
India being a tropical country, the consumption pattern of pesticides is tilted towards insecticides, accounting for around 58-60% of the crop protection chemical market. It is followed by herbicides and fungicides at 20% and 18% respectively.
The Crop Protection Industry witnessed growing uncertainties owing to variations in the monsoon spread in some parts of the country, change in climatic conditions, fluctuation in end product prices due to variable raw material costs and also unavailability of key raw materials from China. The Industry also witnessed a further slide in the demand for conventional pesticide products.
PERFORMANCE:
During the year under review, the Agro Division achieved a turnover of Rs. 1100 million as against Rs. 886 million
Made in the previous year thereby recording a growth of around 24%. Notwithstanding the adverse business environment, the Agro Division has managed to earn reasonable profits for the year under review. The Company
Expects to improve performance by concentrating more on the sale of Technical and Bulk pesticides.
The Agro Chemical Industry is more than ever subjected to the vagaries of the monsoon and could impact sale of
Agrochemicals. The Company is mainly into the generic segment which faces cut throat competition from other unorganized and organized players in the Agro Chemical Industry. This may lead to stagnation in revenues and profits.
OUTLOOK:
The Company expects to improve the performance by
laying more emphasis on Technical and Bulk as well as Brand business.
Notwithstanding availability constraints of key raw materials and difficult
market conditions, the current year should end on a positive note.
Profile of Promoter Directors:
1. Mr. K.L. Rathi,
Executive Chairman, is B. Sc, B.Sc. (Tech) and M.A.(Chem) from Columbia
University, USA and has been associated with the Company for more than four
decades. Mr. K.L. Rathi is also the Chairman of Roha Manufacturers Association.
2. Mr. P.R. Rathi,
Vice Chairman and Managing Director, is MS in Chemical Engineering from MIT,
USA and MBA from Columbia University, USA and has been associated with the
Company for more than three decades.
3. Mr. R.B. Rathi,
Director, is B.E. Mech. Engg from MIT, Pune, B.S. Chem. Engg. from Ohio
University USA and M.B.A. from Pittsburgh University, USA. Mr. R.B. Rathi has
been associated with the Company for the past two decades.
4. Mr. N.J. Rathi, Non Executive Director, is M.Com from University of
Pune and M.B.A. from USA.
Profile of Non-Executive Independent Directors:
1. Mr. B.S. Mehta,
is a Fellow Member of the Institute of Chartered Accountants of India. Mr. B.S.
Mehta is Senior
Partner of Bansi
S. Mehta and Co., a firm of Chartered Accountants. Mr. B.S. Mehta is also on
the Board of several other Companies.
2. Mr. S.N.
Inamdar, is a leading advocate and an expert in Income Tax matters. Mr. S.N.
Inamdar is also on the Board of several other Companies.
3. Mr. P.P.
Chhabria Mr. P.P. Chhabria is the original Promoter of Finolex companies coming
under Finolex Group. Mr. P.P. Chhabria is also on the Board of several other
Companies.
4. Mr. D.N. Damania
is B.E Mechanical Engineering from Pune University and a renowned technocrat.
Mr. D.N. Damania is also on the Board of several other Companies.
5. Mr. S.
Padmanabhan is M.Sc. (Physics) from Delhi University and Bachelor of General
Law from Mumbai University. Mr. S. Padmanabhan has a diploma in Development
Economics from University of Cambridge, U.K. and a Diploma in Management
Accounting from Bajaj Institute of Management, Mumbai. A former IAS Officer,
Mr. S. Padmanabhan has wide experience in industrial projects, finance and
administration. Mr. S. Padmanabhan is also on Board of several other Companies.
6. Mr. S.K. Asher
is a Fellow member of the Institute of Chartered accountants of India and
Commerce and Law graduate from the Bombay University. Mr. Sanjay Asher is
senior partner of Crawford Bayley and Company, Mumbai and is also on the Board
of several other Companies.
7. Mrs. R.F.Forbes, is a Graduate in Psychology and Sociology from Bombay University and has further done special courses on Women in Leadership, Human Resources and Organizational Behaviour and Social Entrepreneurship and Philanthropy from IIM Ahmedabad and Stanford University. She is also on the Board of other companies including Forbes Marshall Private Ltd. (since 1999)
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED 31st December 2014
(Rs. in Million)
|
Sr.
No. |
Particulars
|
Quarter Ended |
9
Months ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
PART I |
|
|
|
|
1 |
Income
from operations |
|
|
|
|
|
(a) Net
sales/income from operations (Net of excise duty) |
2439.790 |
3017.520 |
8120.590 |
|
|
(b) Other operating
income |
15.400 |
12.090 |
36.680 |
|
|
Total
income from operations (net) |
2455.190 |
3029.610 |
8157.270 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of
materials consumed |
1549.010 |
1798.950 |
4891.060 |
|
|
(b) Purchases of
stock-in-trade |
55.300 |
110.730 |
257.370 |
|
|
(c) Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(197.740) |
(68.230) |
(217.360) |
|
|
(d) Employee
benefits expense |
180.210 |
197.500 |
562.450 |
|
|
(e) Depreciation
and amortisation expense |
96.400 |
99.670 |
293.060 |
|
|
(f) Other expenses |
597.100 |
634.140 |
1751.010 |
|
|
Total
expenses |
2280.280 |
2772.760 |
7537.590 |
|
3 |
Profit / (Loss) from
operations before other income, finance costs and exceptional items (1 - 2) |
174.910 |
256.850 |
619.680 |
|
4 |
Other income |
41.610 |
46.150 |
176.080 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
216.520 |
303.000 |
795.760 |
|
6 |
Finance costs |
67.790 |
68.530 |
250.730 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items (5 -
6) |
148.730 |
234.470 |
545.030 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
148.730 |
234.470 |
545.030 |
|
10 |
Tax expense |
40.500 |
70.080 |
156.610 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 - 10) |
108.230 |
164.390 |
388.420 |
|
12 |
Extraordinary items
(net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
108.230 |
164.390 |
388.420 |
|
14 |
Paid-up equity share
capital (Face Value Rs. 10/- per share) |
138.450 |
69.230 |
138.450 |
|
15 |
Reserve
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
-- |
|
16 i |
Earnings
per share (before extraordinary items) (of Rs.2/- each)
(not annualised): |
1.56 |
2.37 |
5.61 |
|
|
Basic and Diluted |
|
|
|
|
16 ii |
Earnings
per share (after extraordinary items) (of Rs.2/- each)
(not annualised): |
1.56 |
2.37 |
5.61 |
|
|
Basic and Diluted |
|
|
|
|
|
PART II |
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
32610990 |
3261099 |
32610990 |
|
|
- Percentage of
shareholding |
47.11 |
47.11 |
47.11 |
|
2 |
Promoters and Promoter
Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of
shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares
(as a % of the total share capital of
the company) |
-- |
-- |
-- |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
3661626 |
3661626 |
3661626 |
|
|
- Percentage of
shares (as a % of the total shareholding
of the Promoter and Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of
shares (as a % of the total share
capital of the company) |
52.89 |
52.89 |
52.89 |
|
|
Particulars |
3 Months Ended 31st December 2014 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
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 |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Half year ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Pigments |
2263.870 |
2635.150 |
7209.630 |
|
|
b) Agro Chemicals |
191.320 |
394.460 |
947.640 |
|
|
Total : |
2455.190 |
3029.610 |
8157.270 |
|
|
Less : Inter segment revenue |
-- |
-- |
-- |
|
|
Net sales/income
from operations |
2455.190 |
3029.610 |
8157.270 |
|
2 |
Segment Results - Profit / (Loss)
before tax and finance cost from segment : |
|
|
|
|
|
a) Pigments |
295.540 |
335.050 |
933.100 |
|
|
b) Agro Chemicals |
8.360 |
35.990 |
63.370 |
|
|
Total: |
303.900 |
371.040 |
996.470 |
|
|
Less : (i) Finance cost |
67.790 |
68.530 |
250.730 |
|
|
(ii) Other un-allocable expenditure (Net of un-allocable income) |
87.380 |
68.040 |
200.710 |
|
|
|
|
|
|
|
|
Profit before Tax : |
148.730 |
234.470 |
545.030 |
|
3 |
Capital Employed (Segment Assets - Segment Liabilities) : |
|
|
|
|
|
a) Pigments |
5071.330 |
5189.850 |
5071.330 |
|
|
b) Agro Chemicals |
222.300 |
284.490 |
222.300 |
|
|
c) Unallocated |
1370.070 |
1341.040 |
1370.070 |
|
|
Total Capital
Employed : |
6663.700 |
6815.380 |
6663.700 |
Note :
1.The above unaudited
financial results were reviewed by the Audit Committee and approved by the
Board of Directors at their meeting
held on 13th February, 2015.
2. The "Limited Review" of the financial
results for the quarter ended 31st December, 2014 pursuant to Clause 41 of the
Listing Agreement, has been carried out by the Statutory Auditors
3. The Company has revised depreciation rates on
fixed assets according to the useful life as specified in the Schedule II to
the Companies Act, 2013 or on the basis of its assessment made by the Company
as permitted by the said schedule. Had there not been change in depreciation
rates, the depreciation for the quarter would have been lower by Rs. 2.100 Million
and for the nine months ended 31st December, 2014, by Rs. 10.600 Million
The depreciation on the basis of Revised
Schedule II on assets whose useful life is already exhausted before 01.04.2014
(net of deferred tax impact thereon) has been adjusted to General Reserve.
4. On 4th October, 2014, the Committee
constituted by the Board of Directors allotted 34,613,625 fully paid Equity
Shares of Rs. 2/- each as Bonus Shares. The Record Date fixed for stock split
and Bonus Shares was 1st October, 2014. These Bonus Shares were approved for
listing at BSE and NSE on 8th October, 2014 and permitted for trading at BSE
and NSE from 9th October, 2014 onwards. Out of General Reserve Rs.69.200
Million has been capitalised, consequent to the issue of Bonus shares. The
earnings per share ("EPS") data for all the periods disclosed above
have been adjusted for the issue of bonus and sub-divided shares as per the
Accounting Standard (AS) 20 on EPS.
5. Company has entered into an agreement to
acquire the "Industrial Mixers" business of Rathi Vessels &
Systems Private Limited to be effective from 1st October, 2014. The parties
i.e. Company and Rathi Vessels & Systems Private Limited are in the process
of complying with the conditions precedent agreed in the Business Transfer
Agreement. On completion of compliances with all the conditions precedent, the
acquisition will get completed. It is expected that the conditions precedent
and consequently acquisition will get completed by 31st March, 2015. On
completion of the acquisition, the financial results effective from 1st
October, 2014 will be accounted for in the books of the Company.
6. Previous period's / year's figures have been
regrouped wherever necessary to conform to the current period's classification.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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. 63.55 |
|
|
1 |
Rs. 99.86 |
|
Euro |
1 |
Rs. 72.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
MAN |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
62 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.