MIRA INFORM REPORT
|
Report No. : |
349978 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDOKEM LIMITED (w.e.f. 18.10.1996) |
|
|
|
|
Formerly Known
As : |
KHATAU JUNKER LIMITED |
|
|
|
|
Registered
Office : |
Khatau House, Plot No. 410/411, 1st Floor, Mogul Lane,
Mahim (West), Mumbai – 400016, Maharashtra |
|
Tel. No.: |
91-11- 61236767 / 61236711 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
22.12.1964 |
|
|
|
|
Com. Reg. No.: |
11-013088 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 244.972 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1964PLC013088 |
|
|
|
|
IEC No.: |
0388097621 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2959M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject Manufactures, Sells and Deals in dyes, sizing
chemicals and auxiliaries used in Textile industry. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 323000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behavior : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Indokem Limited was established in 1946, further it was incorporated
on 22nd December 1964. It is old established company having
moderate track record. The rating assigned to Indokem Limited are primarily constrained by
the weak financial risk profile marked by declining and low profitability
margins, leveraged capital structure and low debt coverage indicators. The rating are also further constrained by its modest scale of
operations, working capital intensive nature of business operations, exposure to raw material price volatility
and foreign exchange fluctuation risk. The rating, however draw support from the experience of the promoters
in industry and long established track record of the business in dyes and
chemicals industry. Trade relations are fair. Business is active. Payments terms are
reported to be slow and delayed In view of long track record backed by rich experience of its
promoters, the company can be considered for business dealings with some
caution. NOTE : RBI Defaulter status shows old cases on the subject company. But
current status is unknown to us. |
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under :
|
Borrowers’ Name : |
INDOKEM LIMITED |
|
Address : |
KHATAU HOUSE,1ST FLOOR, MOGUL LANE, MAHIM(W), MUMBAI-400016, Maharashtra, India |
|
Name of Individual : |
Anil K Khatau Arup Basu Leela K. Khata M Sarin Mahendra K Khatau N S Parulekar V K Sharma |
|
Name of Credit Grantors / Bank & Branch: |
State Bank of India, SAMB |
|
Amount (Rs. In Millions) : |
Rs. 83.900 Million |
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.
INFORMATION DENIED BY
|
Name : |
Ms. Maria |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-61236767 |
|
Date : |
16.11.2015 |
LOCATIONS
|
Registered/ Head Office: |
Khatau House, Plot No. 410/411, 1st Floor, Mogul Lane,
Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
91-11- 61236767 / 61236711 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch offices 1 : |
213/214, "Shail" Building opposite Madhusadan House, Off. C. G.Road, Navrangpura Post, Ahmedabad- 380006, Gujarat, India |
|
Tel. No.: |
79-26466826/ 264661090/ 264661093 |
|
Fax No.: |
79-26466831 |
|
|
|
|
Branch offices 2 : |
3/4, Asaf Ali Road, New Delhi-110 002, India |
|
Tel. No.: |
11-23274083/23261334 |
|
Fax No.: |
11-23270436 |
|
|
|
|
Branch offices 2 : |
Plot No. 244/2 (B), Red Rose Towers, D.B. Road, Coimbatore – 641 002, Tamilnadu, India |
|
Tel. No.: |
91-422-2470410 |
|
Fax No.: |
91-422–2470518 |
|
E-Mail : |
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Factory 1/ Warehouse : |
Plot No.244/2 (B), Village Dahisar Mori, Mumbra Panvel Road, Navi
Mumbai, Thane-400612, India |
|
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|
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Factory 2 : |
Ambernath, Maharashtra, India |
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|
Warehouse 2 : |
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mahendra K. Khatau |
|
Designation : |
Chairman and Managing Director |
|
Address : |
6,Manav Mandir Road, Walkeshwar,Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
04.08.1988 |
|
DIN No.: |
00062794 |
|
|
|
|
Name : |
Ms. Leelabai K. Khatau |
|
Designation : |
Non Executive Director |
|
Address : |
6,Manav Mandir Road, Walkeshwar, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
01.02.1995 |
|
DIN No.: |
00063807 |
|
|
|
|
Name : |
Mr. S. Rajagopalan |
|
Designation : |
Director |
|
Date of Birth/Age : |
75 Years |
|
Qualification : |
B. COM., A.I.C.W.A. (Associate ICWA) |
|
Experience : |
Over 39 Years Experience with leading manufacturing companies in the areas of Accounts, Finance and Audit |
|
Date of Appointment : |
27.12.2005 |
|
DIN No.: |
00289643 |
|
|
|
|
Name : |
Mr. Kailash Pershad |
|
Designation : |
Director |
|
Date of Birth/Age : |
74 Years |
|
Qualification : |
B.E. Mechanical |
|
Experience : |
More than 42 years experience in the fields of Finance, General Management in Marketing as a consultant and Advisor |
|
Date of Appointment : |
31.10.2006 |
|
DIN No.: |
00503603 |
|
|
|
|
Name : |
Mr. Bhalchandra Sontakke |
|
Designation : |
Director |
|
Date of Birth/Age : |
70 Years |
|
Qualification : |
B. com., L.L.B. and MLS |
|
Experience : |
Experience of 32 years in the areas of Human Resource, Administration and Liaison with various government authorities. |
|
Date of Appointment : |
30.10.2009 |
|
DIN No.: |
01225753 |
|
|
|
|
Name : |
Mrs. Asha M. Khatau |
|
Designation : |
Director |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
B.A. |
|
Experience : |
Over 20 years in the fields of General Management as a Consultant and Advisor |
|
Date of Appointment : |
30.10.2009 |
|
Other
Directorship: |
1) Refnol Resins and Chemicals Limited 2) Prism Plantations Private Limited 3) Priyamvada Holdings Limited 4) Asha Marine Products Private Limited 5) Emerald Capital Services Private Limited |
KEY EXECUTIVES
|
Name : |
Rohan R. Gavas |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1905282 |
7.78 |
|
|
15518855 |
63.35 |
|
|
17424137 |
71.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17424137 |
71.13 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
35650 |
0.15 |
|
|
2075 |
0.01 |
|
|
15950 |
0.07 |
|
|
5100 |
0.02 |
|
|
58775 |
0.24 |
|
|
|
|
|
|
280063 |
1.14 |
|
|
|
|
|
|
4927130 |
20.11 |
|
|
1796770 |
7.33 |
|
|
10313 |
0.04 |
|
|
10313 |
0.04 |
|
|
7014276 |
28.63 |
|
Total Public shareholding (B) |
7073051 |
28.87 |
|
Total (A)+(B) |
24497188 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
24497188 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject Manufactures, Sells and Deals in dyes, sizing
chemicals and auxiliaries used in Textile industry. |
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Products : |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Secured Loan : [31.03.2014] Long-term
Borrowings Details of Security and Terms of Repayment i) Vehicle Loan amounting to Rs 3.848 Million (March’13, Rs 4.696 Million) repayable in monthly instalment, last instalment due on 10th November 2017 and is secured against specific vehicle ii) Vehicle Loan amounting to Rs. Nil (March’13, Rs 0.261 Million) repayable in monthly instalment, last instalment due on 20th January 2014 and is secured against specific vehicle Secured Loan : Short-term
Borrowings As per one time settlement with bank and repayable within 12 months, the company has not repaid first instalment of Rs.135.0 Million which was due on 30th September 2012. The borrowing is secured against assets at Ankleshwar factory and premises at Mumbai. |
|
Auditors : |
|
|
Name : |
Sheth Doctor and Associates Chartered Accountants |
|
Address : |
3/1124, Navjivan commercial Premises, Co-op, Society, Lamington Road,
Mumbai Central, Mumbai – 400008, Maharashtra, India |
|
Mobile No.: |
91-9819748438 |
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Fax No.: |
91-22-23020050 |
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E-Mail : |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
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|
Associate Company : [31.03.2014] |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 244.972
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,53,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 253.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,44,97,188 |
Equity Shares |
Rs.10/- each |
Rs. 244.972 Million |
|
|
|
|
|
RIGHTS ETC. ATTACHED
TO EQUITY SHARES:
The Company has only one class of equity having a face value of Rs.10/ – per share. Each shareholder is eligible for one vote per share held.
DETAILS OF SHARES
HELD BY THE SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE
COMPANY:
|
Particulars |
31.03.2014 |
|
|
Name
of the Shareholder |
No. of shares |
% of
Holding |
|
Priyamvada Holdings Limited |
53,59,869 |
21.88 |
|
Vindhyapriya Holdings Private Limited |
29,94,588 |
12.22 |
|
Khatau Leasing and Finance Company Private Limited |
35,67,185 |
14.56 |
RECONCILIATION OF
NUMBER OF SHARES OUTSTANDING AS ON BEGINNING AND CLOSING OF THE YEAR.
The company has neither issued nor is bought back any of its shares during the year and also in previous year and balance of share at the end of the year the same as at the beginning of the year.
ABRIDGED
BALANCE SHEET
FINANCIAL DATA
[all figures are
in Rupees Million]
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 (12 Months) |
31.03.2013 (6 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
244.972 |
244.972 |
244.972 |
|
(b) Reserves & Surplus |
(131.880) |
(152.462) |
(130.174) |
|
(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) |
113.092 |
92.510 |
114.798 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
84.257 |
85.622 |
80.652 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
19.538 |
20.143 |
20.112 |
|
(d) long-term
provisions |
7.518 |
7.103 |
5.549 |
|
Total Non-current
Liabilities (3) |
111.313 |
112.868 |
106.313 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
141.000 |
141.000 |
141.000 |
|
(b) Trade
payables |
111.158 |
90.125 |
86.543 |
|
(c) Other current
liabilities |
70.788 |
97.575 |
80.384 |
|
(d) Short-term
provisions |
2.316 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
325.262 |
328.700 |
307.927 |
|
|
|
|
|
|
TOTAL |
549.667 |
534.078 |
529.038 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
194.483 |
234.887 |
234.839 |
|
(ii)
Intangible Assets |
0.000 |
3.830 |
5.835 |
|
(iii)
Capital work-in-progress |
0.000 |
2.483 |
2.075 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.455 |
37.955 |
39.960 |
|
(c) Deferred tax assets (net) |
38.865 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
37.825 |
35.706 |
|
(e) Other Non-current
assets |
1.695 |
0.550 |
0.996 |
|
Total Non-Current
Assets |
250.498 |
317.530 |
319.411 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
108.028 |
93.664 |
83.535 |
|
(c) Trade
receivables |
139.585 |
109.303 |
113.675 |
|
(d) Cash
and cash equivalents |
5.789 |
6.121 |
6.264 |
|
(e)
Short-term loans and advances |
45.077 |
6.391 |
5.083 |
|
(f) Other
current assets |
0.690 |
1.069 |
1.070 |
|
Total
Current Assets |
299.169 |
216.548 |
209.627 |
|
|
|
|
|
|
TOTAL |
549.667 |
534.078 |
529.038 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 (12 Months) |
31.03.2013 (6 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
520.300 |
370.492 |
173.200 |
|
|
|
Other Income |
10.700 |
5.021 |
0.585 |
|
|
|
TOTAL |
531.000 |
375.513 |
173.785 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
389.800 |
275.095 |
130.491 |
|
|
|
Employees benefits expense |
41.500 |
34.043 |
10.766 |
|
|
|
Other expenses |
77.700 |
48.437 |
20.972 |
|
|
|
TOTAL |
509.000 |
357.575 |
162.229 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
22.000 |
17.938 |
11.556 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
28.700 |
25.014 |
11.929 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(6.700) |
(7.076) |
(0.373) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4.700 |
5.933 |
2.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(11.400) |
(13.009) |
(2.670) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.184 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) FROM
CONTINUING OPERATIONS |
(11.400) |
(14.193) |
(2.670) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DISCONTINUING
OPERATIONS |
|
|
|
|
|
|
Profit / (Loss) from discontinuing operations (before tax) |
NA |
(10.354) |
(5.882) |
|
|
|
Gain on settlement of liabilities attributable to the discontinuing operations |
NA |
2.259 |
0.000 |
|
|
|
PROFIT / (LOSS)
FROM DISCONTINUING OPERATIONS |
NA |
(8.095) |
(5.882) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
NA |
(22.288) |
(8.552) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
56.247 |
15.439 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
27.307 |
8.489 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.47) |
(0.91) |
(0.35) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 (12 Months) |
31.03.2013 (6 Months) |
|
Current Maturities of Long term debt |
NA |
0.930 |
1.110 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activities |
NA |
12.600 |
8.646 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 (1st
Quarter) |
30.09.2015 (2nd
Quarter) |
|
(Unaudited) |
|
|
|
|
Net Sales |
|
130.800 |
163.600 |
|
Total Expenditure |
|
123.800 |
152.600 |
|
PBIDT (Excl OI) |
|
7.000 |
11.000 |
|
Other Income |
|
0.500 |
1.500 |
|
Operating Profit |
|
7.600 |
12.500 |
|
Interest |
|
9.500 |
15.500 |
|
Exceptional Items |
|
0.000 |
6.700 |
|
PBDT |
|
(1.900) |
3.700 |
|
Depreciation |
|
0.900 |
1.600 |
|
Profit Before Tax |
|
(2.800) |
2.100 |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(2.800) |
2.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(2.800) |
2.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 (12 Months) |
31.03.2013 (6 Months) |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.19) |
(6.02) |
(4.94) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.23 |
4.84 |
6.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.30) |
(2.64) |
(0.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.14) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.99 |
2.46 |
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.66 |
0.68 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 6.77/- |
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 |
244.972 |
244.972 |
244.972 |
|
Reserves & Surplus |
(130.174) |
(152.462) |
(131.880) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
114.798 |
92.510 |
113.092 |
|
|
|
|
|
|
long-term borrowings |
80.652 |
85.622 |
84.257 |
|
Short term borrowings |
141.000 |
141.000 |
141.000 |
|
Total borrowings |
221.652 |
226.622 |
225.257 |
|
Debt/Equity ratio |
1.931 |
2.450 |
1.992 |
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 |
173.200 |
370.492 |
520.300 |
|
|
|
113.910 |
40.435 |
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 |
173.200 |
370.492 |
520.300 |
|
Profit |
(8.552) |
(22.288) |
(11.400) |
|
|
(4.94)% |
(6.02)% |
(2.19)% |
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 two years six
months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years six
months |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONAL
PERFORMANCE: [As On : 31.03.2014]
During the year 2013-14, the total sales of the Company are increased from Rs.172.623 Million (6 months) to Rs. 367.665 Million (12 Months).
Export Sales has increased from Rs.17.078 Million (6 Months) to Rs. 63.661 Million (12 Months) for 2013-2014. Exports during forthcoming year are expected to grow further because of good market trend and efforts made by the Company for increasing its share in the international market.
The total World market for dyes and textile chemicals is estimated at US$ 12 billion and is growing at about 2%. Indian market is estimated to grow at US $ 800 million and is estimated to grow at 3%. India is the second largest manufacturers of dyes and chemicals followed by China. So there is ample scope for them to increase our export and local business in near future.
Further pursuant to Clause 49 of Listing Agreement, detailed performance of the Company is given in Management Discussion Analysis which forms part of the Director’s Report.
MERGER /
AMALGAMATION: [As On : 31.03.2014]
Based on the Valuation Report presented by SSPA and Company Chartered Accountant, the fairness opinion provided by Fortress Capital Management Services Private Limited and recommendation made by the Audit Committee of the Company, the Board of Director have considered and approved the Scheme of Amalgamation and Arrangement between Khatau Capacitors Private Limited and Indokem Exports Limited and Indokem Limited and their respective Shareholders.
SEGMENT–WISE /
PRODUCT-WISE PERFORMANCE AND OUTLOOK: [As On: 31.03.2014]
They have seen positive performance in their Vat Dyes division and expecting growth of around 30 to 40% over last year. This positive performance is due to good market opportunities in South India and got good corporate customers in their list. They are also seeing positive performance in their Sizing Chemicals with introduction of new products namely:- One shot Sizing Chemical, PVA free replacement, Eco friendly products which has helped industry in reducing their BOD/COD levels (Pollution control). They have also introduced new and better textile auxiliaries which will help to achieve a better performance in this area as well.
CORPORATE INFORMATION
[As On: 31.03.2014]
The Company deals in dyes, sizing chemicals and auxiliaries used in Textile industry. It has Head Office at Mahim, Mumbai and branch offices at Ahmedabad, Delhi and Coimbatore. It has manufacturing and warehouse facility at Dahisar Mori near Mumbai and warehouses at Ahmedabad and Coimbatore locations and manufacturing facilities at Ambernath.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances
from related parties |
|
|
|
Loan from Promoter |
NA |
60.168 |
|
Loan from Directors |
NA |
22.535 |
|
Total |
NA |
82.703 |
|
Unsecured Loan [31.03.2014] LONG-TERM
BORROWINGS Loans from related parties are generally of Long Term nature. However no repayment schedule is specified |
||
INDEX OF CHARGES: No
Charges Exist for Company
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Disputed Income Tax demand on appeal |
NA |
44.677 |
|
Sales Tax demand amounting |
NA |
3.049 |
|
Interest demand on Service Tax |
NA |
0.278 |
|
Claims against the Company not acknowledged as debts |
NA |
8.425 |
|
Guarantees given by
the Company |
|
|
|
(i) The Company has given counter guarantee against the facilities availed by M/s Khatau Leasing and Finance Company Private Limited and M/s Khatau Holdings and Trading Private Limited towards working capital facilities from bank. |
NA |
0.000 |
|
(ii)Guarantee given to Gujarat Pollution Control Board |
NA |
0.025 |
|
Custom Duty, if any payable in the event of non-fullfilment of export obligations in respect of Advance License availed amounting |
NA |
3.427 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30TH
SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half year ended |
||||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
163.200 |
129.600 |
292.800 |
|
|
|
b. Other Operating Income |
0.400 |
1.200 |
1.600 |
|
|
|
Total Income from
Operations (Net) |
163.600 |
130.800 |
294.400 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
121.700 |
96.600 |
218.300 |
|
|
|
b. Employees Benefit Expenses |
12.400 |
11.600 |
24.000 |
|
|
|
c. Depreciation and Amortisation Expenses |
1.600 |
0.900 |
2.500 |
|
|
|
d. Other expenses |
18.500 |
15.600 |
34.100 |
|
|
|
Total Expenses |
154.200 |
124.600 |
278.900 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
9.400 |
6.200 |
15.500 |
|
|
4 |
Other Income |
1.500 |
0.500 |
2.100 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
10.900 |
6.700 |
17.600 |
|
|
6 |
Finance Costs |
15.500 |
9.500 |
25.000 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(4.600) |
(2.800) |
(7.400) |
|
|
8 |
Exceptional items |
6.700 |
0.000 |
6.700 |
|
|
9 |
Profit from
ordinary activities before tax |
2.100 |
(2.800) |
(0.700) |
|
|
10 |
Tax Expense |
0.000 |
0.000 |
0.000 |
|
|
11 |
Net Profit from
ordinary activity after tax |
2.100 |
(2.800) |
(0.700) |
|
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit After
Tax |
2.100 |
(2.800) |
(0.700) |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
243.300 |
245.000 |
243.300 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
0.09 |
(0.11) |
(0.03) |
|
|
|
Diluted EPS |
0.09 |
(0.11) |
(0.03) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
7073051 |
7090891 |
7073051 |
|
|
|
- Percentage of shareholding |
28.87% |
28.95% |
28.87% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
3589030 |
2727614 |
3589030 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
20.60% |
15.67% |
20.60% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
14.65% |
11.13% |
14.65% |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
13835107 |
14678683 |
13835107 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
79.40% |
84.33% |
79.40% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
56.48% |
59.92% |
56.48% |
|
|
|
Particulars |
Quarter ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITES AS ON 30.09.2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
243.256 |
|
(b) Reserves & Surplus |
(111.787) |
|
(c) Money received against
share warrants |
0.000 |
|
(d) Share Capital Suspense |
20.170 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
152.179 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
64.086 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
229.687 |
|
(d) long-term provisions |
8.305 |
|
Total
Non-current Liabilities (3) |
302.078 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
113.996 |
|
(c) Other current liabilities |
34.061 |
|
(d) Short-term provisions |
2.668 |
|
Total
Current Liabilities (4) |
150.725 |
|
|
|
|
TOTAL |
604.982 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
203.674 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
6.057 |
|
(c) Deferred tax assets (net) |
0.572 |
|
(d) Long-term Loan and Advances |
68.759 |
|
(e) Other Non-current assets |
3.190 |
|
Total
Non-Current Assets |
282.252 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
103.816 |
|
(c) Trade receivables |
157.547 |
|
(d) Cash and cash equivalents |
16.180 |
|
(e) Short-term loans and
advances |
45.098 |
|
(f) Other current assets |
0.089 |
|
Total
Current Assets |
322.730 |
|
|
|
|
TOTAL |
604.982 |
FIXED ASSETS
- Land
- Freehold
- Leasehold
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Electrical Installation
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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
unfavorable 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.