MIRA INFORM REPORT

 

 

Report No. :

324802

Report Date :

30.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995)

 

 

Formerly Known As :

AARTI ORGANICS LIMITED

 

 

Registered Office :

Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat

Tel. No.:

91-2638-25690411

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

28.09.1984

 

 

Com. Reg. No.:

04-007301

 

 

Capital Investment / Paid-up Capital :

Rs.443.000 Million

 

 

CIN No.:

[Company Identification No.]

L24110GJ1984PLC007301

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTA02524E

 

 

PAN No.:

[Permanent Account No.]

AABCA2787L

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 26000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

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

 

The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be 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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating: “A+”

Rating Explanation

Adequate credit quality and average credit risk.

Date

17.07.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating: “A1”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

17.07.2014

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY

 

Name :

Mr. Chetan Gandhi

Designation :

Chief Financial Officer

Contact No.:

2638-231366

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat, India

Tel. No.:

91-2638-25690411/ 2/ 3/ 25918195/ 55976666

Fax No.:

91-2638-25904806/ 25653186-87/ 25653185

E-Mail :

ail@bom2.vsnl.net.in

secretarial@aartigroup.com

info@aartigroup.com

investorrelations@aartigroup.com

Website :

www.aartigroup.com

 

 

Corporate Office :

Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Tel. No.:

91-22-67976666/ 67976697/ 25918195/ 55976666

Fax No.:

91-22-25653234/ 25653185

E-Mail :

info@aartigroup.com

 

 

Factory 2:

Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 3:

Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 4:

Plot No. 22 / C / 1 & 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 5:

Shed No. A1-6&9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India

 

 

Factory 6 :

Plot No. 609 & 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 7:

Plot Nos. 750-754, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 8:

Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 9:

Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 10:

Plot Nos. 758/1, 2 & 3, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

 

 

Factory 11:

Plot Nos. 756/2 A&B, 756/3 A&B, 756/4 A&B, 756/5 A&B, 756/6 A&B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

 

 

Factory 12:

Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India

 

 

Factory 13:

Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 14:

Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 15:

Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 16:

Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 17:

Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 18:

Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India

 

 

Factory 19:

Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India

 

 

Factory 20:

Plot Nos. 62, 63 & 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, DistrictDhar, Madhya Pradesh, India

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Chandrakant V. Gogri

Designation :

Chairman

 

 

Name :

Mr. Rajendra V. Gogri

Designation :

Chairman and Managing Director

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Shantilal T. Shah

Designation :

Vice Chairman

Date of Birth/Age :

28.12.1938

Qualification :

B.Com.

Date of Appointment :

25.04.1990

 

 

Name :

Mr. Rashesh C. Gogri

Designation :

Vice Chairman and Managing Director

Date of Birth/Age :

03.06.1974

Qualification :

Industrial Engineer and holds Diploma in Business

Management

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Ramdas M. Gandhi

Designation :

Independent Director

Date of Birth/Age :

14.03.1933

Qualification :

L.L.M, Solicitor.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Laxmichand K. Jain

Designation :

Independent Director

Date of Birth/Age :

02.03.1941

Qualification :

MS (Chem.) US

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Vijay H. Patil

Designation :

Independent Director

Date of Birth/Age :

15.07.1937

Qualification :

L.L.M.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Haresh K. Chheda

Designation :

Independent Director

 

 

Name :

Mr. K. V. S. Shyam Sunder

Designation :

Independent Director

Date of Birth/Age :

29.07.1942

 

 

Name :

Mr. P A Sethi

Designation :

Independent Director

 

 

Name :

Mr. Bhavesh R Vora

Designation :

Independent Director

Date of Birth/Age :

13.09.1967

 

 

Name :

Mr. Sunil M Dedhia

Designation :

Independent Director

Date of Birth/Age :

20.06.1965

Qualification :

B. Com., A.C.A., F.C.S.

Date of Appointment :

30.07.2009

 

 

Name :

Mr. Parimal H. Desai

Designation :

Whole time Director

Date of Birth/Age :

29.05.1949

 

 

Name :

Mr. Manoj M. Chheda

Designation :

Whole Time Director

Date of Birth/Age :

23.10.1962

Qualification :

B. Com

Date of Appointment :

25.11.1993

 

 

Name :

Ms. Hetal Gogri Gala

Designation :

Whole Time Director

Date of Birth/Age :

10.07.1975

Qualification :

B. E (Electronics) and MEP degree

from IIM Ahmedabad.

Date of Appointment :

01.11.2001

 

 

Name :

Mr. Kirit R. Mehta

Designation :

Whole Time Director

Date of Birth/Age :

02.08.1948

Qualification :

B. Com.

Date of Appointment :

18.09.2000

 

 

Name :

Renil R. Gogri

Designation :

Whole Time Director

Date of Birth/Age :

14.04.1987

Qualification :

B.E. (IIT MUMBAI), 2008

Date of Appointment :

16.08.2012

 

 

KEY EXECUTIVES

 

Name :

Ms. Mona Patel

Designation :

Company Secretary

 

 

Name :

Mr. Chetan Gandhi

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

As a %

(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

29785296

33.62

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

22593579

25.50

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

52378875

59.12

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

86148

0.10

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

86148

0.10

Total shareholding of Promoter and Promoter Group (A)

52465023

59.22

(B) Public Shareholding

 

 

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

 

 

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

10912899

12.32

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

14210

0.02

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

669659

0.76

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

118236

0.13

http://www.bseindia.com/include/images/clear.gifForeign Portolio Investor ( Corporate)

118236

0.13

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

11715004

13.22

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

 

 

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

1260504

1.42

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

 

 

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

9790325

11.05

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

12708746

14.35

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

652085

0.74

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

211618

0.24

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

43129

0.05

http://www.bseindia.com/include/images/clear.gifUnclaimed Suspense A/c

397338

0.45

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

24411660

27.56

Total Public shareholding (B)

36126664

40.78

Total (A)+(B)

88591687

100.00

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

0

0.00

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)

88591687

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

Products :

Item Code No. (ITC Code)

Product Description

29049005

Para Nitro Chloro Benzene

29049004

Ortho Nitro Chloro Benzene

28070001

Sulphuric Acid

38081021

Quinalphos

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

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 :

Information declined by the management

 

 

Bankers :
  • Axis Bank Limited
  • Bank of Baroda
  • Citi Bank N.A.
  • DBS Bank Limited
  • Export-Import Bank of India
  • First Rand Bank
  • HDFC Bank Limited
  • IDBI Bank Limited
  • IndusInd Bank Limited
  • ING Vysya Bank Limited
  • Kotak Mahindra Bank Limited
  • Societe Generale
  • Standard Chartered Bank
  • State Bank of India
  • Union Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

LONG TERM BORROWING

 

 

ECB/Term Loans from Banks/Financial Institutions

NA

2544.346

Vehicle Loans from Banks/Financial Institution

NA

5.935

SHORT TERM BORROWING

 

 

Working Capital Loan From Bank

NA

6700.405

Total

NA

9250.686

 

NOTE

 

LONG TERM BORROWING (AS ON 31.03.2014)

 

(a) Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs.34,94.419 Million;

 

(i) Outstanding Term Loans/ECBs to the extent of Rs.2256.075 Million, are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi and Jhagadia, in the State of Gujarat, Pithampur in the State of Madhya Pradesh, Silvassa in the Union Teritorry of Silvassa and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

 

(ii) Term Loan from Citibank to the extent of Rs.295.250 Million is secured by way of Exclusive Charge on the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia Unit II.

 

(iii) ECB from DBS Bank to the extent of Rs.149.750 Million is secured by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit.

 

(iv) Term Loan from IndusInd Bank to the extent of Rs.15.000 Million is secured by way of Joint Equitable Mortgage of the one of Company’s Immovable Property situated at Tarapur, in the State of Maharashtra and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit.

 

(v) Term Loan of Rs.750.000 Million from Societe Generale is secured by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

 

(vi) Term Loan of Rs.28.344 Million from Financial Institution is secured by way of exclusive charge on specific ISO-Tanks used for Company’s operations.

 

(b) Vehicle loans from banks/Financial Institutions are secured by way of hypothecation of respective vehicles.

 

SHORT TERM BORROWING(AS ON 31.03.2014)

 

 

Working Capital Loans availed from Scheduled Banks, are secured/to be secured by way of Pari Passu first charge by hypothecation of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi, Jhagadia and Bhachau in the State of Gujarat and at Tarapur in the State of Maharashtra and further by way of hypothecation of all moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts and inventories) wherever situated, ranking second to the charge held by ECB/Term Lenders.

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Parikh Joshi and Kothare

Chartered Accountants

Address :

49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East), Mumbai – 400 051, Maharashtra, India

 

Subsidiaries (AS ON 31.03.2014):
  • Aarti Corporate Services Limited
  • Nascent Chemical Industries Limited (Through its holding Company: Aarti Corporate Services Limited.)
  • Shanti Intermediates Private Limited. (Through its holding Company: Aarti Corporate Services Limited)
  • Anushakti Specialities Limited Liability Partnership (LLP)
  • Alchemie (Europe) Limited
  • Innovative Envirocare Jhagadia Limited

 

Associates (AS ON 31.03.2014):

·         Ganesh Polychem Limited

·         Anushakti Chemicals and Drugs Limited

·         Anushakti Holdings Limited

 

 

Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence (AS ON 31.03.2014):
  • Alchemie Pharma Chem Limited
  • Alchemie Industries
  • Gogri and Sons Investments Private Limited
  • Alchemie Leasing and Financing Private Limited
  • Alchemie Laboratories
  • Aarti Drugs Limited
  • Alchemie Dye Chem Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 443.000 Million 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12,50,00,000

Equity Shares

Rs.5/- each

Rs.625.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8,85,91,687

Equity Shares

Rs.5/- each

Rs.442.958 Million

 

 

 

 

 

Reconciliation of the number of shares outstanding as on 31st March, 2013:

 

Particulars

No. of Shares outstanding

As at

31st March, 2014

Equity shares at the beginning of the year

79,120,073

Add: Shares Issued during the year

9,471,614

Less: Shares buy back during the year

NIL

Equity shares at the end of the year

88,591,687

 

Details of Shareholders holding more than 5% shares:

 

Name of Shareholder

As at 31st March, 2014

No. of

Shares held

%

held

Anushakti Holdings Limited

7,022,301

7.93

HDFC Trustee Company Limited – HDFC Prudence Fund

6,181,510

6.98

Gogri and Sons Investments Private Limited

5,833,773

6.59

Alchemie Leasing and Financing Private Limited

5,184,098

5.85

 

The details of Equity shares outstanding during last 5 Years:

 

Particulars

Financial Year

2012-13

2011-12

2010-11

2009-10

2008-09

No. of Equity Shares outstanding:

88,591,687

79,120,073

79,120,073

76,720,073

76,720,073

 

Note on issued, Subscribed and Paid up Equity Share Capital:

 

[a] 8,43,649 (previous year – 8,43,649) were issued to Shareholders of Surfactant Specialities Limited pursuant to its Merger with the Company.

[b] 42,000 (previous year – 42,000) were issued to Shareholders of Avinash Drugs Limited pursuant to its Merger with the Company.

[c] 30,25,000 (previous year – 30,25,000) were issued towards Preferential allotment at a premium of Rs. 30.65 paise to Warrantholders.

[d] 24,00,000 (previous year – 24,00,000) have been issued towards Preferential allotment at a premium of Rs. 53/- to Warrantholders.

[e] 94,71,614 (previous year Nil) were issued to Shareholders of Anushakti Chemicals & Drugs Ltd. pursuant to its Scheme of

arrangement with the Company.

 

SHARE CAPITAL PENDING ALLOTMENT UPON SCHEME OF ARRANGEMENT

 

(Rs. In Million)

Particulars

As at

31st March, 2014

94,71,614 Shares are to be issued and allotted to Shareholders of Anushakti Chemicals

& Drugs Ltd. pursuant to the Scheme of Arrangement approved by the Honorable High

Courts at Ahmedabad and Bombay vide their order dated 8th March, 2013 & 8th February,

2013 respectively.

NIL

Total

NIL

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

443.000

442.958

395.600

(b) Reserves & Surplus

8635.400

7343.988

6323.452

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

47.358

Total Shareholders’ Funds (1) + (2)

9078.400

7786.946

6766.410

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4189.200

2550.281

1167.407

(b) Deferred tax liabilities (Net)

1024.600

844.592

707.092

(c) Other long term liabilities

1.800

73.197

2.037

(d) long-term provisions

3001.700

2556.661

2171.661

Total Non-current Liabilities (3)

8217.300

6024.731

4048.197

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6473.200

6858.376

6850.084

(b) Trade payables

2526.600

3678.359

2158.461

(c) Other current liabilities

1563.100

1010.355

637.629

(d) Short-term provisions

330.300

289.819

268.034

Total Current Liabilities (4)

10893.200

11836.909

9914.208

 

 

 

 

TOTAL

28188.900

25648.586

20728.815

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

11240.400

7932.017

6640.988

(ii) Intangible Assets

 

0.855

1.273

(iii) Capital work-in-progress

 

1126.112

620.083

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

632.400

322.496

185.952

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4299.600

3861.617

3126.240

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

16172.400

13243.097

10574.536

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5438.700

6033.321

4621.230

(c) Trade receivables

4668.200

4657.732

4286.528

(d) Cash and cash equivalents

263.300

123.542

97.106

(e) Short-term loans and advances

1374.100

1295.918

896.438

(f) Other current assets

272.200

294.976

252.977

Total Current Assets

12016.500

12405.489

10154.279

 

 

 

 

TOTAL

28188.900

25648.586

20728.815

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

28706.500

26327.772

20961.176

 

Other Income

19.700

104.246

43.961

 

TOTAL (A)

28726.200

26432.018

21005.137

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed (Incl. Packing, Fuel, Stores & Spares)

16460.200

16307.884

12622.725

 

Purchases of Stock-in-Trade

1321.400

1168.589

931.178

 

Employee Benefits Expenses

897.100

757.274

636.137

 

Other Expenses

5290.800

4759.645

3919.368

 

Changes in inventories of Finished Goods Work-in-Progress and Stock-in-Trade

172.200

(620.514)

(710.689)

 

Exceptional Items

(34.800)

0.000

0.000

 

TOTAL (B)

24106.900

22372.878

17398.719

 

 

 

 

 

Less

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

4619.300

4059.140

3606.418

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1374.800

1175.335

949.980

 

 

 

 

 

 

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

3244.500

2883.805

2656.438

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

786.500

874.355

818.004

 

 

 

 

 

 

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

2458.000

2009.450

1838.434

 

 

 

 

 

Less

TAX (H)

580.000

522.500

525.000

 

 

 

 

 

 

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

1878.000

1486.950

1313.434

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

4202.106

3433.084

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Proposed Dividend

 

132.887

110.740

 

Interim Dividend

 

265.774

243.628

 

Tax on Dividend

 

67.753

58.544

 

Transfer to General Reserve

 

149.000

131.500

 

Balance Carried to the B/S

NA

5073.642

4202.106

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

12143.712

9923.781

 

TOTAL EARNINGS

NA

12143.712

9923.781

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods

60.78

129.759

 

Raw Materials

 

3769.924

2648.259

 

Stores and Spares

 

6.928

2.085

 

Fuel

 

246.85

155.232

 

TOTAL IMPORTS

NA

4084.482

2935.335

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

21.20

16.78

14.83

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

950.073

430.784

Cash generated from operations

NA

3436.542

2751.804

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

6.54

5.65

6.27

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

16.09

15.42

17.21

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.92

8.30

9.23

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.27

0.26

0.27

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.17

1.33

1.25

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.10

1.05

1.02

 

 

STOCK PRICES

 

Market Value

Rs.323.00/-

Face Value

Rs.5.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

395.600

442.958

443.000

Reserves & Surplus

6323.452

7343.988

8635.400

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

47.358

0.000

0.000

Net worth

6766.410

7786.946

9078.400

 

 

 

 

long-term borrowings

1167.407

2550.281

4189.200

Short term borrowings

6850.084

6858.376

6473.200

Total borrowings

8448.275

10358.730

10662.400

Debt/Equity ratio

1.249

1.330

1.174

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

20961.176

26327.772

28706.500

 

 

25.603

9.035

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

20961.176

26327.772

28706.500

Profit

1313.434

1486.950

1878.000

 

6.27%

5.65%

6.54%

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

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

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 296 of 2013 To TAX APPEAL No. 299 of 2013

 

Status : PENDING

CCIN No : 001092201300296

 

Last Listing Date:

22/12/2014

Coram

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX (TDS)

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

AARTI INDUSTRIES LTD

MR B S SOPARKAR for :Opponent(s) 1

Presented On

: 02/04/2013

Registered On

: 04/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: WARNED LIST - TAX APPEAL

 

Classification
  • DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act
  • INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3020/AHD/2010

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH

JUDICIAL MEMBER AND ACCOUNTANT MEMBER

25/10/2012

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/04/2013

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT:1

2

02/04/2013

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT:1

3

04/04/2013

DOCUMENT

RULE NOT RECD BACK
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

RULE NOT RECD BACK:1

4

02/07/2013

VAKALATNAMA

MR B S SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR B S SOPARKAR(6851), for R:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

08/04/2013

7

43

FOR FINAL HEARING

RULE/ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

22/12/2014

51

91

WARNED LIST - TAX APPEAL

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/296/2013

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

08/04/2013

N

ORDER

-

Y

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

09/04/2013

O/11987/2013

08/04/2013

10/04/2013

12/04/2013

Delivered

ORDER

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10478126

29/01/2014

750,000,000.00

SOCIETE GENERALE

6TH FLOOR, MOHAN DEV, 13, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA

B96612064

2

10475423

24/04/2014 *

13,775,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C05478441

3

10469995

11/12/2013

750,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B93436699

4

10459225

21/03/2014 *

950,000,000.00

INDUSIND BANK LTD.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA

C05258702

5

10465719

14/11/2013

300,000,000.00

ING VYSYA BANK LIMITED

PLOT NO. C-12, G BLOCK, BANDRA-KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA

B91775379

6

10459809

21/03/2014 *

450,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA

C12146601

7

10452990

18/09/2013

631,400,000.00

IDBI TRUSTEESHIP SERVICES LTD.

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, I
NDIA

B86628591

8

10424578

26/04/2013

541,200,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

B74713702

9

10406918

23/01/2013

275,000,000.00

CITIBANK N. A.

KALAPURNAM, 1ST FLOOR, NEAR MUNICIPAL MARKET, C. G. ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA

B69134021

10

10356963

31/03/2012

75,000,000.00

SIEMENS FINANCIAL SERVICES PRIVATE LIMITED

130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA
RASHTRA - 400018, INDIA

B40081291

 

* Date of charge modification

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

LONG TERM BORROWING

 

 

Deposits

NA

0.000

SHORT TERM BORROWING

 

 

From Banks

NA

157.971

From Others

NA

0.000

Total

NA

157.971

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Claims against the Company not acknowledged as Debts

NA

390.853

Letters of Credit, Bank Guarantees and Bills Discounted

NA

753.989

Total

NA

1144.842

 

FIXED ASSETS

 

v  Tangible Assets

·         Free hold Land

·         Lease Hold Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

v  Intangible Assets

·         Process Development

·         Technical Knowhow

·         Goodwill

·         Computer Software

·         Copyrights and Patents

 

 

 

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.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

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

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

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

 

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

 

--

 

 

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.