MIRA INFORM REPORT
|
Report No. : |
348385 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TCP LIMITED |
|
|
|
|
Formerly Known
As : |
TAMIL NADU CHEMICAL PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
TCP Sapthagiri Bhavan, No. 4 (Old No.10), Karpagambal Nagar, Mylapore, Chennai – 600004, Tamilnadu |
|
Tel. No.: |
91-44-24991518/ 24991289 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.06.1971 |
|
|
|
|
Com. Reg. No.: |
18-005999 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.319
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200TN1971PLC005999 |
|
|
|
|
IEC No.: |
0488033306 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00143D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3615K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Seller of Sodium Hydrosulphite, Liquid Sulphur Dioxide and also
Generation and Sale of Power. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10565000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in 1971; the Chennai-based TCP generates
power and manufactures sodium hydrosulphite. It has satisfactory track
record. The company possesses a decent profile marked by adequate networth base
along with fair liquidity and good profitability. The rating also takes into consideration established position in the
power generation and chemical businesses and its healthy operating
capability. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 = BBB+ |
|
Rating Explanation |
Having moderate degree of safety and carry
moderate credit risk. |
|
Date |
August 21, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A2 |
|
Rating Explanation |
Having strong degree of safety and carry low
credit risk. |
|
Date |
August 21, 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
31-03-2015.
LOCATIONS
|
Registered Office : |
TCP Sapthagiri Bhavan, No. 4 (Old No.10), Karpagambal Nagar, Mylapore, Chennai – 600004, Tamilnadu, India |
|
Tel. No.: |
91-44-24991518/ 24991289 |
|
Fax No.: |
91-44-24992435 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factories : |
Chemical, Windmills
and Biomass Divisions Koviloor, Sivaganga District - 630307, Tamilnadu, India Power Division Thandalacherry Road, New Gummidipoondi, Thiruvallore District – 601201, Tamilnadu, India Food Division Tondiarpet, Chennai – 600081, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Venkatachalapathy Ramasamyudayar
Venkatachalam |
|
Designation : |
Chairman and Managing Director |
|
Address : |
No.24, Old No.25, Sir C.V. Raman Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
Date of Birth/Age : |
09.04.1960 |
|
Qualification : |
B.A. |
|
Experience : |
35 years’ experience in business of various industries such as Textiles, Chemicals, Granites, Vanaspati and Medical. |
|
Date of Appointment : |
07.11.1986 |
|
DIN No.: |
00037524 |
|
|
|
|
Name : |
Mr. Arunachalam Sellamuthu Thillainayagam |
|
Designation : |
Director |
|
Address : |
3, 7th Street, Gopalapuram, Chennai - 600086, Tamilnadu, India |
|
Date of Birth/Age : |
17.02.1952 |
|
Date of Appointment : |
30.12.1987 |
|
DIN No.: |
00951729 |
|
|
|
|
Name : |
Mr. Rajasekaran Vaithinathan |
|
Designation : |
Executive Director (Whole time director) |
|
Address : |
Plot No.499, 18th Street, 4th Sector, K.K. Nagar, Chennai - 600078, Tamilnadu, India |
|
Date of Birth/Age : |
06.11.1952 |
|
Qualification : |
B.E. (Chem), M. Tech, M.B.A. |
|
Experience : |
39 years’ experience in Chemical, Power, Textile and Financing |
|
Date of Appointment : |
01.03.1992 |
|
PAN No.: |
AERPR0716F |
|
DIN No.: |
00037006 |
|
|
|
|
Name : |
Mr. Sengutuvan Venkataachalam |
|
Designation : |
Director |
|
Address : |
Old No.25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
Date of Birth/Age : |
07.12.1986 |
|
Date of Appointment : |
26.08.2009 |
|
PAN No.: |
BBWPS3097M |
|
DIN No.: |
00053629 |
|
|
|
|
Name : |
Mr. Sivaraman Varatharajan |
|
Designation : |
Independent Director |
|
Address : |
No. 20A/5A, North Mada Street, Srinagar Colony, Saidapet, Chennai –
600015, Tamilnadu, India |
|
Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
01819133 |
|
|
|
|
Name : |
Mr. Madabushi Parthasarathi |
|
Designation : |
Independent Director |
|
Address : |
C-35 Industrial Estate, Guindy, Chennai - 600032, Tamilnadu, India |
|
Date of Birth/Age : |
04.05.1954 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
03209175 |
|
|
|
|
Name : |
Mr. Ram Ravi Krishnan |
|
Designation : |
Independent Director |
|
Address : |
No.23/11, Kasturi Ranga Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
Date of Birth/Age : |
01.04.1955 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
01722565 |
|
|
|
|
Name : |
Mr. Natarajan Jai Ganesh |
|
Designation : |
Independent Director |
|
Address : |
20, Kumara Koil Street, Thiruvarur - 610001, Tamilnadu, India |
|
Date of Birth/Age : |
22.03.1978 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
06969618 |
|
|
|
|
Name : |
Mrs. Nidhya Rajeswari Guhan |
|
Designation : |
Independent Director |
|
Address : |
Avm Studios, 38, Arcot Road, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
09.10.1966 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
06969627 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Selvarajan |
|
Designation : |
Secretary |
|
Address : |
Old No. 8, New No: 19, Venkata Krishna Road, R.A. Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
27.06.1961 |
|
Date of Appointment : |
01.09.2012 |
|
PAN No.: |
AAFPR4745Q |
|
|
|
|
Name : |
Mr. Ravi Selvarajan |
|
Designation : |
Company Secretary and DGM- Finance |
|
|
|
|
Name : |
Mr. C. Dhanushkodi |
|
Designation : |
General Manager - Works |
|
|
|
|
Name : |
Mr. P. Ramaprasad |
|
Designation : |
Works Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 19.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
49.57 |
|
Directors
or relatives of directors |
48.50 |
|
Other
top fifty shareholders |
1.79 |
|
Others
|
0.14 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Seller of Sodium Hydrosulphite, Liquid Sulphur Dioxide and also
Generation and Sale of Power. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS (AS ON 31.03.2015)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
CHEMICAL
DIVISION: Sodium
Hydrosulphite |
(Tonnes) |
10,000 |
10,000 |
10,811 |
|
Liquid
Sulphur Di-oxide |
(Tonnes) |
4,950 |
4,950 |
10,075 |
|
Sulphoxilates |
(Tonnes) |
2,000 |
2,000 |
5 |
|
Recovery
Salts |
(Tonnes) |
-- |
-- |
3,391 |
|
Drum
Plant |
(Tonnes) |
-- |
-- |
1,74,591 |
|
500
drums per day # |
|
|
|
|
|
POWER
DIVISION: Generated
units in lacs * |
|
63.5 mw |
63.5 mw |
4,781 |
|
|
|
|
|
|
|
BIOMASS
DIVISION: Generated
units in lacs * |
|
6 mw |
6 mw |
186 |
|
|
|
|
|
|
|
WINDMILLS: Generated
units in lacs @ |
|
16.5 mw |
16.5 mw |
262 |
Notes:
* The above production of
units generated includes 344 lac units (2014 - 789) utilised for captive
consumption
# The above production of
drums includes 164391 drums (2014 - 174940) utilised for captive consumption
@ The above production of
units generated includes 60 lac units (2014 - 70) utilised for captive
consumption
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
(Approximately) |
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|
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Bankers : |
· Indian Overseas Bank Commercial and Institutional Credit Branch, 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600004, Tamilnadu, India · Indusind Bank Limited 2401 Gen Thimmayya Road, Cantonment, Pune - 411001, Maharashtra, India · Industrial Development Bank of India Limited IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India ·
State Bank of India · IDBI Bank Limited
|
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|
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· Sundram Finance Limited No. 21 Patullons Road, Chennai - 600002, Tamilnadu, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
M. Kannan Cost Accountant |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Sankaran and Krishnan Chartered Accountants |
|
|
|
|
Auditors : |
|
|
Name : |
T. Selvaraj and Company Chartered Accountants |
|
Address : |
32, Dewan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT0425E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company : |
TCP
Hotels Private Limited [U55101TN2001PTC046673] |
|
|
|
|
Associate Companies : |
·
Tanchem Imports and Exports Private Limited
[U52321TN1987PTC014326] ·
The Thiruvalluvaar Textiles Private Limited [U17111TZ1980PTC000953] · Binny Mills Limited [L17111TN1969PLC005736] |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11750000 |
Equity Shares |
Rs. 10/- each |
Rs. 117.500 Million |
|
25000 |
11% Cumulative Redeemable Preference Shares| |
Rs. 100/- each |
Rs. 2.500 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 120.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5031909 |
Equity Shares |
Rs. 10/- each |
Rs. 50.319
Million |
|
|
|
|
|
There has been no movement
in Equity Share Capital during the year.
The company has issued only
one class of shares viz., Equity Shares having a par value of Rs.10/-. Each
Share holder is entitled to one vote per equity share. Dividend proposed by the
Board of Directors is subject to the approval of the Shareholders at the Annual
General Meeting. The amount of dividend proposed to be distributed to Equity
Shareholders is Rs.5.032 Million and the related amount per Equity Share is
Re.1/-
Details
of shares held by each shareholder holding more than 5% shares:
|
Class
of shares / Name of Shareholders |
As at 31 March, 2015 |
|
|
Equity
shares with voting rights of `10/- each |
Number
of shares held |
%
Holding in that
class of Shares |
|
The
Thiruvalluvaar Textiles Private Limited |
13,08,300 |
26.00 |
|
V
R Venkataachalam |
12,34,059 |
24.52 |
|
ICL
Financial Services Limited |
4,59,480 |
9.13 |
|
V
Sengutuvan |
3,61,764 |
7.19 |
|
ICL
Securities Limited |
2,70,272 |
5.37 |
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 |
50.319 |
50.319 |
50.319 |
|
(b) Reserves & Surplus |
3647.455 |
3239.778 |
2976.167 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3697.774 |
3290.097 |
3026.486 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
209.690 |
282.589 |
262.294 |
|
(b) Deferred tax liabilities (Net) |
16.188 |
7.275 |
23.281 |
|
(c)
Other long term liabilities |
807.209 |
181.192 |
33.324 |
|
(d)
long-term provisions |
5.295 |
4.474 |
8.251 |
|
Total
Non-current Liabilities (3) |
1038.382 |
475.530 |
327.150 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
445.265 |
292.901 |
612.175 |
|
(b)
Trade payables |
320.398 |
793.336 |
1104.739 |
|
(c)
Other current liabilities |
475.267 |
504.229 |
623.583 |
|
(d)
Short-term provisions |
14.649 |
34.959 |
22.011 |
|
Total
Current Liabilities (4) |
1255.579 |
1625.425 |
2362.508 |
|
|
|
|
|
|
TOTAL |
5991.735 |
5391.052 |
5716.144 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1088.464 |
1073.012 |
1139.818 |
|
(ii)
Intangible Assets |
6.158 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
105.005 |
102.551 |
82.440 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2396.120 |
1615.279 |
1418.026 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
50.787 |
45.371 |
57.079 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3646.534 |
2836.213 |
2697.363 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
955.906 |
1015.517 |
1013.304 |
|
(c)
Trade receivables |
966.333 |
1102.906 |
1625.929 |
|
(d)
Cash and cash equivalents |
46.765 |
21.138 |
22.382 |
|
(e)
Short-term loans and advances |
376.197 |
415.278 |
357.166 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2345.201 |
2554.839 |
3018.781 |
|
|
|
|
|
|
TOTAL |
5991.735 |
5391.052 |
5716.144 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3719.695 |
3876.441 |
3363.638 |
|
|
|
Other Income |
13.423 |
12.470 |
11.178 |
|
|
|
TOTAL (A) |
3733.118 |
3888.911 |
3374.816 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2201.364 |
2448.120 |
2246.191 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
22.233 |
(61.389) |
(31.702) |
|
|
|
Employees benefits expense |
217.422 |
194.151 |
148.137 |
|
|
|
Other expenses |
579.206 |
697.890 |
531.421 |
|
|
|
TOTAL (B) |
3020.225 |
3278.772 |
2894.047 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
712.893 |
610.139 |
480.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.545 |
91.901 |
136.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
656.348 |
518.238 |
344.193 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.671 |
126.390 |
137.826 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
602.677 |
391.848 |
206.367 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
194.786 |
122.350 |
55.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
407.891 |
269.498 |
151.259 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Value) |
266.230 |
292.447 |
207.473 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
500.880 |
653.110 |
701.707 |
|
|
|
Stores & Components |
1.602 |
1.445 |
1.073 |
|
|
TOTAL IMPORTS |
502.482 |
654.555 |
702.780 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81 |
54 |
30 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
maturities of long-term debt |
|
|
|
|
Deposits |
|
|
|
|
Key
Management Personnel |
0.048 |
0.000 |
|
|
Relatives
of Key Management Personnel |
0.000 |
5.200 |
|
|
Unclaimed |
3.456 |
2.715 |
|
|
Others |
115.241 |
121.218 |
|
|
|
|
|
|
|
Total |
118.745 |
129.133 |
279.447 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flow from / (used in) operating activities |
1004.363 |
341.048 |
224.854 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.97 |
6.95 |
4.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
19.17 |
15.74 |
14.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.27 |
10.67 |
4.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.12 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21 |
0.21 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87 |
1.57 |
1.28 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
|
|
|
Market Value |
TCP Limited is not traded on NSE in the last 30 days. |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
50.319 |
50.319 |
50.319 |
|
Reserves & Surplus |
2976.167 |
3239.778 |
3647.455 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3026.486 |
3290.097 |
3697.774 |
|
|
|
|
|
|
Long-term borrowings |
262.294 |
282.589 |
209.690 |
|
Short term borrowings |
612.175 |
292.901 |
445.265 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
279.447 |
129.133 |
118.745 |
|
Total
borrowings |
1153.916 |
704.623 |
773.700 |
|
Debt/Equity ratio |
0.381 |
0.214 |
0.209 |
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 |
3363.638 |
3876.441 |
3719.695 |
|
|
|
15.245 |
-4.044 |
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 |
3363.638 |
3876.441 |
3719.695 |
|
Profit |
151.259 |
269.498 |
407.891 |
|
|
4.50% |
6.95% |
10.97% |
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 |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
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 |
10339720 |
04/03/2013 * |
500,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI,, SAIDAPET, CHENNAI, TAMIL
NADU - 600015, INDIA |
B69772127 |
|
2 |
10327959 |
04/01/2012 |
100,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, SAIDAPET, CHENNAI, TAMIL
NADU - 600015, INDIA |
B29427549 |
|
3 |
10298396 |
28/05/2012 * |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B40163602 |
|
4 |
90286973 |
31/03/2005 |
200,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTRE; FIRST FLOOR, 751 - B; ANNA
SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
5 |
90287871 |
05/02/2004 |
111,168,000.00 |
HDFC BANK |
SENAPATI BUPAT MARG, LOWER PAREL WEST,
MUMBAI, MAHARASHTRA - 600002, INDIA |
- |
|
6 |
90287703 |
25/07/2012 * |
502,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,, 232, N.S.C.BOSE ROAD, CHENNAI,
TAMIL NADU - 600001, INDIA |
B55993455 |
|
7 |
90287521 |
30/05/2000 * |
50,000,000.00 |
INDIAN OVERSEAS BANK |
C & IC; DR. RADHAKRISHNAN SALAI,
MYLAPOPORE, CHE |
- |
|
8 |
90287492 |
12/08/2013 * |
874,200,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL & INSTITUTIONAL CREDIT
BRANCH, 98-A, D R. RADHAKRISHNAN SALAI, MYLAPORE, CHENNAI,
TAMIL NADU - 600004, INDIA |
B84522093 |
|
9 |
90287415 |
13/07/2005 * |
49,200,000.00 |
INDIAN OVERSEAS BANK |
COKMMERCIAL AND INSTITUTIONAL BRANCH,
RADHKRISHNA |
- |
|
10 |
90288881 |
28/03/1996 |
82,000,000.00 |
ALLAHABAD BANK |
41; ANNA SALAI, CHENNAI, TAMIL NADU -
600002, INDIA |
- |
|
11 |
90287200 |
06/07/1989 * |
16,000,000.00 |
INDIAN BANK |
ALWARPET BRANCH, MADRASH, TAMIL NADU -
600018, INDIA |
- |
|
12 |
90287193 |
28/03/1996 * |
28,800,000.00 |
ALLAHABAD BANK |
41; MOUNT ROAD, MADRAS, TAMIL NADU -
600002, INDIA |
- |
|
13 |
90287178 |
12/11/1988 * |
8,000,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL AND INSTITUTIONAL CREDIT
BRANCH;, KHIVARAJ MANSION 1ST FLOOR 738 ANNA SALAI, MADRASH, T |
- |
|
14 |
90287136 |
28/03/1996 * |
34,500,000.00 |
INDION OVERSES BANK |
COMMERCIAL& INSTITUTIONAL CREADIT
BRANCH, POST BAG NO. 351 98A RADHAKRISHNA SALAI MYLAPORE, MADRAS, TAMIL NADU
- 600004, INDIA |
- |
|
15 |
90286805 |
10/02/1983 * |
4,000,000.00 |
I.D.B.I. BANK LIMITED |
BANK OF BARODA BUILDING, 16; SANAD MARG;
P.B. NO - 363;, NEW DELHI, TAMIL NADU - 110001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other Loans (Unsecured-Considered good) |
|
|
|
Key Management Personnel |
30.465 |
29.231 |
|
Relatives of Key
Management Personnel |
50.282 |
49.625 |
|
Others |
9.700 |
9.700 |
|
Deposits (Unsecured -Considered good) |
|
|
|
Key Management Personnel |
0.210 |
0.258 |
|
Relatives of Key Management
Personnel |
5.200 |
0.000 |
|
Others |
113.833 |
193.775 |
|
SHORT TERM BORROWINGS |
|
|
|
Inter Corporate Deposit -
Unsecured, Considered good |
29.500 |
29.500 |
|
|
|
|
|
Total |
239.190 |
312.089 |
CORPORATE INFORMATION:
Subject is a Public Limited
Company domiciled in India and incorporated under the provisions of the
Companies Act, 2013. The Company is engaged in the business of manufacture and
sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of
power.
SEGMENTWISE
/ PRODUCTWISE PERFORMANCE
PRODUCTION
I. CHEMICALS
Sodium
Hydrosulphite
During the year the company
had produced 10,811 MT of Sodium Hydrosulphite as against 13,881 MT in the
previous year, a decrease by about 22%. The decrease in production is due to an
unexpected plant shut down for maintenance work.
Liquid Sulphur Dioxide
During the year the Company
had produced 10,075 MT of Liquid Sulphur Dioxide as against 13,378 MT in the previous
year, a decrease by about 25 %.
Sulphoxylate
The production of
Sulphoxylates was 5 MT during the year as against 62 MT in the previous year.
II. RECOVERY SALTS
The trisalt production was
3,391 MT as against 3,805 MT in the previous year.
III. ELECTRIC POWER
Electric Power Generation
The company had generated
4,781 lakh units of electricity as against 5,212 lakh units last year from the
Thermal Power Plant. The average Plant Load Factor during the year was 85.61%.
The Biomass based power plant had generated 186 lakh units of electricity as
against 235 lakh units in the previous year. The Wind Mills had generated 262
lakh units of electricity as against 306 lakh units in the previous year.
SALES
I. CHEMICALS
Sodium Hydrosulphite
During the year the company
had made sale of 11,188 MT of Sodium Hydrosulphite as against 13,768 MT in the
previous year. The domestic sales decreased by about 24% during the year when
compared with the previous year due to fall in production. The company is preparing
to expand its market base in the current year. There is increase in demand from
textiles, paper and pharma industries which may favour them with maximum market
share during the current year.
Liquid Sulphur Dioxide
The sale of Liquid Sulphur Dioxide
during the year was 894 MT as against 1,496 MT in the previous year. During the
year the sales has decreased by about 40%. The sales can be augmented in the
coming years, as we foresee a good demand for the product.
Sulphoxylates
The sale of Sulphoxylates
was 8 MT as against 77 MT in the previous year. This is due to lower production
this year.
Recovery salts
The sale of Recovery salts
was 2,776 MT during the year as against 1,346 MT in the previous year. The sale
of sodium sulphite was better than last year. New channels are being found out
for strengthening the sale of sodium sulphite. The sale of sodium formate has
also improved during the year.
II. POWER
During the year the Company
had sold 4,479 lakh units of electricity as against 4,763 lakh units in the
previous year from the Thermal Power Plant. The Biomass based Power plant had
sold 144 lakh units of electricity as against 192 lakh units in the previous
year. The Wind mills had exported 202 lakh units of electricity as against 233
lakh units in the previous year.
The Company sells power
under Group Captive Consumers arrangement. The power generated up to 38 MW were
sold to Group Captive Consumers, power generated up to 20 MW was sold to
TANGEDCO and the balance power generated was towards captive consumption. The
Group Captive Consumers arrangement Rules stipulate that the Group Captive
Consumers should hold at least 26% share holding in the Company. Accordingly,
the present Group Captive Consumers hold about 26% equity shareholding in the
Company. As at 31st March 2015 there are 21 Group Captive Consumers.
EXPORTS
During the year, the
Company had exported 3,418 MTs of Sodium Hydrosulphite as against 3,537 MTs
during the previous year, a marginal decrease by 3% due to unexpected fall in
production. For the second year in succession, the Company’s exports of Sodium
Hydrosulphite has crossed the 3,000 MT mark. Exports were about 31% of the
total sales quantity and production quantity during the year as against 25% in
the preceding year.
The highlight of this
year’s performance is that exports to the Turkey continues to be the highest in
terms of volume of exports – Country wise, contributing about 33% of the
overall volume of exports. Exports to the Taiwan were the next highest contributing
about 28% of the overall volume of exports. These two countries together
contributed about 61% of the exports.
This year Sodium
Hydrosulphite was exported to 11 countries spread across all the regions like
the United States of America, Europe, Far East, South Asia and Africa. The
exports to the European countries were again the highest. This year they have
made a reentry into the Kenyan and Egyptian markets. Diversification of markets
and identification of new buyers in the existing markets were a major
achievement during the year.
At present, the
international market is favourable to the Company. But there is still a stiff
competition from China, the world’s largest producer and exporter of Sodium
Hydrosulphite. In the current year too their focus would be on retaining the
existing markets, identifying new buyers in the existing markets and
penetrating into new markets.
Company’ performance
Considering the difficult
macro- economic conditions and challenging business environment, the Company’s
performance during the year was satisfactory.
FUTURE PLANS
The Company has plans to
increase the production capacity of Sodium Hydrosulphite from 12,000 Metric
Tons to 15,000 Metric Tons during the current year 2015-16. The Company also
has plans to modernize its Liquid Sulphur di oxide plant to increase its
production capacity. The Liquid Sulphur di oxide so produced would be used for
captive consumption to produce Sodium Hydrosulphite. The company will focus on
the domestic market sales in the current year in respect of the products of the
Chemical division. With the textile industry showing signs of recovery, due to
the measures adopted / proposed to be adopted by the Textile Ministry, it is
expected that the sale of Sodium Hydrosulphite to the textile industry will
improve in the current year. The Company has plans to increase its market share
in the Paper and Pharma industries. Since the company has expanded the sale of
its recovery salts to the pharma and paper industries, it is expected that the
sale of trisalt, during the current year, will improve. The Company also has
plans to focus on markets in eastern India, western India and Kanpur for
maximizing the sale.
The company’s exports has
to face a stiff competition from the Chinese goods. The Company is forced to
offer a much more competitive price to meet the competition. The Company is
hopeful that the exchange rate in the year would be advantageous to exports and
with increased production the Company would be in a position to regain its
presence in the European markets which has been, traditionally, their major
markets. The Company is also taking all efforts to identify and develop new
markets and at the same time continuing to focus on the existing markets, where
price realisation is relatively higher. In the global market, their Sodium
Hydrosulphite has built up a good brand image for its quality and delivery.
ECONOMIC AND BUSINESS
ENVIRONMENT
In the current economic
scenario, there are certain Governmental factors that are working, especially
in mining, road infrastructure and coal. In the mining sector, there seems to
be a directive to maximize coal production and reduce the import bill. Those
supplying into this industry are expecting a pick up from the third quarter of
this year. On road building, the Government is putting together projects
(National Highways) and the speed of road building has increased. There is hope
that by the end of the calendar year, there will be some reasonable progress on
this front. On the agriculture side, procurement of food grains has started.
The monsoon seems to be pretty good so far. The drought prone areas, which are
dependent on rains, have got rains.
From business perspective,
over the next 12 months, the prospects for growth in the domestic sector are
much better than growth from overseas markets, even though the United States is
relatively stronger now. In 2016-17, one can definitely expect some serious
growth as compared to the current levels.
OUTLOOK AND OPPORTUNITIES
The directors expect that
with stable government in the Centre, estimates of better GDP growth rate, the
Company’s strong business model, innovative fund management and marketing
techniques, continued confidence and support of the lending institutions to the
Company’s fund mobilization activities on account of good track record of debt
servicing, continued confidence and support of the customers and suppliers, the
Company should achieve better performance in the year 2015-16.
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
1)
Letter
of Credit opened by banks for purchase of raw materials Rs 211.407 Million
(2014 – Rs 488.221 Million)
2)
Estimated
amount of contracts remaining to be executed on Capital Account and not
provided for Rs. 10.934 Million (2014 – Rs 6.704 Million)
3)
Guarantee
given by the bankers on behalf of Company Rs 64.645 Million (2014 –Rs 77.988
Million)
4)
Excise
Duty Rs. 0.802 Million (2014 – Rs 0.802 Million) for which the Company has
preferred an appeal before the appellate authorities and it is pending. Out of
this, a sum of Rs. 0.247 Million (Rs 0.247 Million) has been paid under protest
5)
Income
Tax – Rs.172.738 Million (Rs.151.525 Million) for which the company has
preferred a rectification petition before the Assessing Officer and Appeal
before the Appellate Authority and the same are pending. The Company is
confident of succeeding the aforesaid appeals in view of the fact that most of
the issues are already settled in favour of the company by higher judicial
forum. Out of this said amount Rs 46.600 Million has been paid under protest.
FIXED ASSETS:
·
Land
·
Buildings
·
Leasehold
Land
·
Leasehold
Buildings
·
Plant
and Machinery
·
Furniture and Fittings
·
Vehicles
·
Office Equipment
· Computer
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. 66.35 |
|
|
1 |
Rs. 100.28 |
|
Euro |
1 |
Rs. 71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
48 |
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.