MIRA INFORM REPORT
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Report No. : |
349842 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUDARSHAN CHEMICAL INDUSTRIES LIMITED |
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Registered
Office : |
162, Wellesley Road, 411001 Pune – 411001, Maharashtra |
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Tel. No.: |
91-20-26058888 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.02.1951 |
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Com. Reg. No.: |
11-008409 |
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Capital Investment
/ Paid-up Capital : |
Rs. 138.455 Million |
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CIN No.: [Company Identification
No.] |
L24119PN1951PLC008409 |
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IEC No.: |
0388017520 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCS4223P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Organic and
Inorganic Pigments, Intermediates and Agro Chemicals. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position along with confirmable debt level in FY15. Further, the company has overall decent operational performance marked
by sound profit margin in the year under consideration. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: A (Suspended) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
January 14, 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based Limits: A1 (Suspended) |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 14, 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.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-20-26058888)
LOCATIONS
|
Registered Office : |
162, Wellesley Road, 411001 Pune – 411001, Maharashtra,
India |
|
Tel. No.: |
91-20-2622620/ 26058888/ 26058046/ 26226200 |
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Fax No.: |
91-20 - 26058222 |
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E-Mail : |
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Website : |
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Factory 1 : |
46, MIDC Estate, Dhatav, Roha, District Raigad – 402116, Maharashtra,
India |
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Factory 2 : |
Plot No.A-19/1+2, MIDC Estate, Mahad, District Raigad – 402301,
Maharashtra, India |
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Factory 3 : |
R and D Laboratory, Ambadvet, Amralevadi, Taluka Mulshi, District
Pune, Maharashtra, India |
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Branch Office : |
Located at :
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Kishore L. Rathi |
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Designation : |
Executive Chairman |
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Date of Birth/Age : |
76 Years |
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Qualification : |
B. Sc, B.Sc.(Tech) M.A. (Chem) (Columbia) |
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Experience : |
51 Years |
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Date of Appointment : |
01.01.1964 |
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|
|
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Name : |
Mr. Pradeep R. Rathi |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
62 Years |
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Qualification : |
M.S.(M.I.T.) M.B.A. (Columbia) |
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Experience : |
39 Years |
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Date of Appointment : |
01.04.1976 |
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|
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Name : |
Mr. Rajesh B. Rathi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.E. Mech. Egg. MIT, Pune B.S. Chem. Eng. Ohio University, USA M.B.A.,
Pittsburgh University, USA |
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Experience : |
23 Years |
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Date of Appointment : |
01.10.1992 |
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Name : |
Mr. Shrikrishna N. Inamdar |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Pralhad P. Chhabria |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Dara N. Damania |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Subramanian Padmanabhan |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Sanjay K. Asher |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Narayandas J. Rathi |
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Designation : |
Non-Executive Director |
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Name : |
Mrs. Rati F. Forbes |
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Designation : |
Non-Executive, Independent Director |
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Name : |
Mr. Naresh T. Raisinghani |
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Designation : |
Non-Executive, Non-Independent Director |
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Name : |
Mrs. Shubhalakshmi A. Panse |
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Designation : |
Non-Executive, Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. V. V. Thakur |
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Designation : |
DY. General Manager Finance (Acting CFO) |
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Name : |
Mr. P. S. Raghavan |
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Designation : |
Company Secretary |
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Board Committees |
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Audit Committee |
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Chairman |
Mr. S.N. Inamdar Mr. D.N. Damania Mr. S.K. Asher Mr. P.R. Rathi |
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Nomination and
Remuneration Committee |
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Chairman |
Mr. P.P. Chhabria Mr. S.N. Inamdar Mr. D.N. Damania Mr. S.K. Asher Mr. N.J. Rathi |
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Stakeholders'
Relationship Committee |
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Chairman |
Mr. P.P. Chhabria Mr. S.K. Asher Mr. P.R. Rathi Mr. N.J. Rathi |
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Corporate Social
Responsibility Committee |
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Chairman |
Mrs. R.F. Forbes Mr. P.R. Rathi Mr. R.B. Rathi |
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Risk Management
Committee Mr. D.N.Damania Chairman Mr. S. Padmanabhan Director Mr. P. R. Rathi Vice Chairman & MD Mr. R. B. Rathi Dy.Managing Director Mr. A. Vij Chief Operating Officer – Pigment Division Mr. N. V. Kamat Sr. General Manager – SHE Mr. V. V. Thakur Dy. General Manager – Finance |
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The Board of
Directors – Subsidiaries |
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Prescient Color
Limited Mr. K.L. Rathi Chairman Mr. R.K. Rathi Managing Director Mr. P.R. Rathi Director Mr. N.J. Rathi Director Mr. R.B. Rathi Director Mr. S. Padmanabhan Independent Director (w.e.f. 8th July, 2015) |
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RIECO Industries
Limited Mr. D.N. Damania Chairman (Independent Director) (w.e.f. 10th February, 2015) Mr. A.B. Rathi Managing Director Mr. K.L. Rathi Director Mr. P.R. Rathi Director Mr. R.B. Rathi Director Mr. N.J. Rathi Director Mr. V. R. Bhatia Director |
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Sudarshan Europe
B.V., The Netherlands Mr. R.B. Rathi Managing Director Mr. P.R. Rathi Director (Representing Sudarshan, India) Mr. Hans Jurgen Runde Director Mr. Vikas Chaturvedi Director (Representing E7 Trust B.V.) Mr. A.N. Rathi Director |
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Sudarshan North
America Inc., USA Mr. R.B. Rathi Managing Director Mr. P.R. Rathi Director (RepresentingSudarshanEuropeB.V., The Netherlands) Mr. A.N. Rathi Director |
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Sudarshan CSR
Foundation Mr. P.R. Rathi Chairman Mr. R.B. Rathi Director |
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MAJOR SHAREHOLDERS
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
34364160 |
49.64 |
|
|
2252100 |
3.25 |
|
|
36616260 |
52.89 |
|
|
||
|
Total
shareholding of Promoter and Promoter Group (A) |
36616260 |
52.89 |
|
(B) Public
Shareholding |
||
|
|
||
|
|
7250 |
0.01 |
|
|
41606 |
0.06 |
|
|
341130 |
0.49 |
|
|
2086856 |
3.01 |
|
|
2476842 |
3.58 |
|
|
||
|
|
1259841 |
1.82 |
|
|
||
|
|
12355646 |
17.85 |
|
|
8805652 |
12.72 |
|
|
7713009 |
11.14 |
|
|
139563 |
0.20 |
|
|
5580820 |
8.06 |
|
|
976082 |
1.41 |
|
|
153309 |
0.22 |
|
|
862365 |
1.25 |
|
|
870 |
0.00 |
|
|
30134148 |
43.53 |
|
Total Public
shareholding (B) |
32610990 |
47.11 |
|
Total (A)+(B) |
69227250 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
69227250 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Mrs K R Rathi |
3,62,790 |
0.52 |
|
2 |
Mr P R Rathi |
38,23,450 |
5.52 |
|
3 |
Mrs S P Rathi |
13,13,680 |
1.90 |
|
4 |
Mr. Rahul P Rathi |
47,54,540 |
6.87 |
|
5 |
Mr B J Rathi (HUF) |
1,89,750 |
0.27 |
|
6 |
Mrs K B Rathi |
1,00,900 |
0.15 |
|
7 |
Mr Ajoy B Rathi |
20,51,060 |
2.96 |
|
8 |
Mr Ajoy B Rathi (HUF) |
10,30,000 |
1.49 |
|
9 |
Mr.Ajoy B Rathi (As Trustee - Manan Rathi Trust) |
8,27,900 |
1.20 |
|
10 |
Mrs.Nisha A Rathi |
7,19,370 |
1.04 |
|
11 |
Mr.Rajesh B. Rathi |
32,84,140 |
4.74 |
|
12 |
Mr.Rajesh B. Rathi (HUF) |
1,33,000 |
0.19 |
|
13 |
Mr.Rajesh B. Rathi (As Trustee - Sow Rachna Rathi Family Trust) |
12,08,250 |
1.75 |
|
14 |
Mr.Rajesh B. Rathi (As Trustee - Shri Balkrishna Rathi Family Trust) |
8,45,200 |
1.22 |
|
15 |
Mrs Rachna R Rathi |
5,000 |
0.01 |
|
16 |
Balkrishna Rathi Finance Private Limited |
4,62,550 |
0.67 |
|
17 |
Mr N J Rathi |
24,17,650 |
3.49 |
|
18 |
Mr Anuj N Rathi |
38,27,620 |
5.53 |
|
19 |
Mr Anuj N Rathi (HUF) |
5,67,770 |
0.82 |
|
20 |
Mrs Archana A Rathi |
7,27,490 |
1.05 |
|
21 |
N J R Finance Private Limited |
10,90,630 |
1.58 |
|
22 |
Mr.Kishor Laxminarayan Rathi |
10,74,300 |
1.55 |
|
23 |
Mrs.Aruna K Rathi |
29,24,350 |
4.22 |
|
24 |
Mr. Rohit K Rathi |
21,75,950 |
3.14 |
|
25 |
Laxminarayan Finance Private Limited |
6,98,920 |
1.01 |
|
|
Total |
3,66,16,260 |
52.89 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Vijay Kishanlal Kedia |
2642479 |
3.82 |
|
|
2 |
Vasant R Rathi |
1295719 |
1.87 |
|
|
3 |
Anuradha V Rathi |
700770 |
1.01 |
|
|
4 |
Dic Corporation, Japan |
5579890 |
8.06 |
|
|
5 |
Vijaykumar R Rathi |
716694 |
1.04 |
|
|
6 |
Government Pension Fund Global Norges Bank (Central Bank Of Norway) |
2072630 |
2.99 |
|
|
|
Total |
13008182 |
18.79 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
DIC Corporation Japan |
5579890 |
8.06 |
|
|
|
Total |
5579890 |
8.06 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Organic and
Inorganic Pigments, Intermediates and Agro Chemicals. |
|
|
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|
Products : |
Not Divulged |
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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
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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|
Auditors : |
|
|
Name : |
B. K. Khare and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Memberships : |
-- |
|
|
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Collaborators : |
-- |
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Subsidiary
Companies : |
|
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|
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|
Entities in which Key
Management Personnel and / or their relatives exercise significant influence
(SIKMP) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69,227,750 |
Equity Shares |
Rs.2/- each |
Rs. 138.456
Million |
|
|
|
|
|
Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
No. of shares |
Amount (Rs. in Million) |
|
At the beginning of the year |
6922725 |
69.227 |
|
Equity Shares of Rs.10 each are sub-divided into Rs. 2
each |
34,613,625 |
69.227 |
|
Add : Bonus
shares allotted during the year in the ratio 1 : 1 |
34,613,625 |
69.227 |
|
Less: Shares bought
back during the year |
-- |
-- |
|
Outstanding at the end of the year |
6922725 |
138.455 |
Terms/ Rights
attached to equity shares:
The Company has only one class of equity shares having a par value of Rs. 2 per share (Previous Year : Rs.10 each). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting
During the Financial Year ended 31 March, 2015, the amount of per share proposed dividend recognised as distribution to the equity shareholders is Rs. 1.75 on equity share of Rs. 2 per share (Previous Year : Rs. 15 on equity share of Rs. 10 per share ).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates:
The Company does not have any holding or ultimate holding company
Details of
shareholders holding more than 5% shares in the company:
|
Particulars |
No. of shares |
% |
|
Pradeep R. Rathi |
3823450 |
5.52 |
|
Rahul P. Rathi |
4754540 |
6.87 |
|
Anuj N. Rathi |
3827620 |
5.53 |
|
DIC Corporation, Japan |
5579890 |
8.06 |
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 |
138.455 |
69.227 |
69.227 |
|
(b) Reserves & Surplus |
2664.137 |
2964.394 |
2741.705 |
|
(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) |
2802.592 |
3033.621 |
2810.932 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1555.978 |
1768.647 |
2103.899 |
|
(b) Deferred tax liabilities (Net) |
361.493 |
348.158 |
252.261 |
|
(c) Other long term
liabilities |
28.173 |
27.794 |
27.811 |
|
(d) long-term
provisions |
63.796 |
54.708 |
52.871 |
|
Total Non-current
Liabilities (3) |
2009.440 |
2199.307 |
2436.842 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1481.689 |
1469.852 |
1443.166 |
|
(b) Trade
payables |
1558.954 |
1074.913 |
1017.264 |
|
(c) Other
current liabilities |
932.141 |
1091.294 |
882.487 |
|
(d) Short-term
provisions |
221.189 |
172.437 |
145.069 |
|
Total Current
Liabilities (4) |
4193.973 |
3808.496 |
3487.986 |
|
|
|
|
|
|
TOTAL |
9006.005 |
9041.424 |
8735.760 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2925.753 |
3030.558 |
2959.990 |
|
(ii)
Intangible Assets |
165.993 |
126.762 |
120.944 |
|
(iii)
Capital work-in-progress |
74.941 |
62.872 |
225.878 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
492.862 |
292.762 |
251.840 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
223.506 |
202.567 |
210.069 |
|
(e) Other
Non-current assets |
0.000 |
2.500 |
3.000 |
|
Total Non-Current
Assets |
3883.055 |
3718.021 |
3771.721 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1726.254 |
2113.439 |
1858.572 |
|
(b)
Inventories |
2709.449 |
2645.503 |
1995.931 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
178.125 |
121.305 |
217.040 |
|
(e)
Short-term loans and advances |
438.412 |
353.172 |
644.335 |
|
(f) Other current
assets |
70.710 |
89.984 |
248.161 |
|
Total
Current Assets |
5122.950 |
5323.403 |
4964.039 |
|
|
|
|
|
|
TOTAL |
9006.005 |
9041.424 |
8735.760 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10883.938 |
10266.502 |
7852.539 |
|
|
Other Income |
230.297 |
47.284 |
115.504 |
|
|
TOTAL |
11114.235 |
10313.786 |
7968.043 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6391.076 |
5710.391 |
4520.131 |
|
|
Purchases of Stock-in-Trade |
320.869 |
313.383 |
298.575 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(48.100) |
51.848 |
(323.554) |
|
|
Employees benefits expense |
752.555 |
644.559 |
602.042 |
|
|
Other expenses |
2374.964 |
2315.849 |
2058.185 |
|
|
TOTAL |
9791.364 |
9036.030 |
7155.379 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1322.871 |
1277.756 |
812.664 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
328.135 |
375.966 |
311.790 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
994.736 |
901.790 |
500.874 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
397.526 |
353.515 |
250.373 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
597.210 |
548.275 |
250.501 |
|
|
|
|
|
|
|
Less |
TAX |
172.138 |
204.098 |
39.951 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
425.072 |
344.177 |
210.550 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
724.670 |
561.980 |
482.670 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transferred to General Reserve |
60.000 |
60.000 |
30.000 |
|
|
Proposed Equity Dividend |
121.150 |
103.840 |
86.534 |
|
|
Tax on Proposed Equity Dividend |
24.670 |
17.650 |
14.706 |
|
|
BALANCE CARRIED
TO THE B/S |
942.920 |
724.670 |
561.980 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
4612.490 |
4394.989 |
3014.850 |
|
|
TOTAL EARNINGS |
4612.490 |
4394.989 |
3014.850 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2902.786 |
2033.986 |
1316.967 |
|
|
Stores & Spares |
15.566 |
13.730 |
74.831 |
|
|
Capital Goods |
8.407 |
0.210 |
76.229 |
|
|
TOTAL IMPORTS |
2926.759 |
2047.926 |
1468.027 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.13 |
4.97 |
30.41 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1274.120 |
601.138 |
317.939 |
|
Net cash flow from (used in) operation |
1131.845 |
483.168 |
254.514 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 1st
Quarter |
30.09.2015 2nd
Quarter |
|
|
Unaudited
|
Unaudited
|
|
Net Sales |
2942.260 |
3232.790 |
|
Total Expenditure |
2528.110 |
2816.610 |
|
PBIDT (Excl OI) |
414.150 |
416.180 |
|
Other Income |
11.330 |
0.980 |
|
Operating Profit |
425.480 |
417.160 |
|
Interest |
62.040 |
62.050 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
363.440 |
355.110 |
|
Depreciation |
101.980 |
103.150 |
|
Profit Before Tax |
261.460 |
251.960 |
|
Tax |
79.350 |
68.540 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
182.110 |
183.420 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
182.110 |
183.420 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.91 |
3.35 |
2.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.15 |
12.45 |
10.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
6.31 |
3.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.18 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08 |
1.07 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.40 |
1.42 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 109.90/- |
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 |
69.227 |
69.227 |
138.455 |
|
Reserves & Surplus |
2741.705 |
2964.394 |
2664.137 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2810.932 |
3033.621 |
2802.592 |
|
|
|
|
|
|
long-term borrowings |
2103.899 |
1768.647 |
1555.978 |
|
Short term borrowings |
1443.166 |
1469.852 |
1481.689 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
3547.065 |
3238.499 |
3037.667 |
|
Debt/Equity
ratio |
1.262 |
1.068 |
1.084 |
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 |
7852.539 |
10266.502 |
10883.938 |
|
|
|
30.741 |
6.014 |
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 |
7852.539 |
10266.502 |
10883.938 |
|
Profit |
210.550 |
344.177 |
425.072 |
|
|
2.68% |
3.35% |
3.91% |
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 |
No |
|
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 |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate Deposits |
32.880 |
100.785 |
|
Fixed Deposits |
|
|
|
From Public |
4.190 |
0.000 |
|
From Shareholders |
70.130 |
5.080 |
|
Loans and
Advances from Others: |
|
|
|
Intercorporate Deposits |
13.510 |
11.560 |
|
Fixed Deposits |
|
|
|
From Public |
269.390 |
453.106 |
|
From Shareholders |
61.790 |
45.805 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Short-Term Loans |
950.993 |
492.500 |
|
Total |
1402.883 |
1108.836 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10556800 |
24/09/2015 * |
150,000,000.00 |
Export-Import Bank of India |
Centre One
Building, Floor 21, World Trade Centre |
C66060609 |
|
2 |
10494776 |
27/05/2014 * |
1,100,000,000.00 |
State Bank of India |
Office No. 709
& 710, Level 7, The Gate Precinct,, |
C04715397 |
|
3 |
10421285 |
01/10/2013 * |
300,000,000.00 |
State Bank of India Industrial Finance Branch |
Tara Chambers,2nd floor,Near
Mariaai Police Chowky |
B86859485 |
|
4 |
10412965 |
01/10/2013 * |
55,000,000.00 |
Export-Import Bank of India (Exim Bank) |
Centre One Building,
Floor 21, World Trade Centre |
B86887593 |
|
5 |
10254495 |
15/12/2010 |
360,000,000.00 |
Export-Import Bank of India (EXIM Bank) |
Centre One
Building, Floor 21, World Trade Centre |
B00828087 |
|
6 |
10254591 |
15/12/2010 |
350,000,000.00 |
Bank of Maharashtra |
Corporate Finance
Branch, Yashomangal,1183/A,F.C. |
B01306745 |
|
7 |
80017484 |
27/05/2014 * |
3,250,000,000.00 |
BANK OF MAHARASHTRA |
CORPORATE FINANCE
BRANCH, YASHOMANGAL", F.C.ROAD, |
C05589239 |
* Date of charge modification
THE YEAR IN
RETROSPECT:
(A) SALES:
Total Revenue from operations for the year ended 31 March, 2015 aggregated to Rs. 11113.000 million as against st Rs. 10314.000 million achieved during the previous year. Profit after tax for the year ended 31 March, 2015 was Rs.424 million as against Rs. 344.000 million earned during the previous year.
Pigment sales increased from Rs. 9125.000 million in the previous year to Rs. 9578.000 million in the year under review. Profits for the Pigment Division for the year amounted to Rs. 1167.000 million as compared to Rs. 1058.000 million of the previous year.
Agro Sales for the year ended 31 March, 2015 amounted to Rs. 1155.000 million as against Rs. 1100.000 million achieved during the previous year. Profits for the Agro Division for the year amounted to Rs. 77.000 million, which when compared, remained the same as in the previous year.
The results of the Company for the year viewed in the background of adverse macro economic conditions and negative business sentiments are nevertheless considered satisfactory
(B) EXPORTS:
The Company's overseas subsidiaries in Netherlands and North America set up with the objective of marketing and selling Pigments continue to record improved performance. Revenue from pigment exports for the year st ended 31 March, 2015 amounted to Rs. 4602.000 million as against Rs. 4380.000 million for the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The Global economic environment continued to be under stress in the background of recession in Europe, slow growth in the United States, and in most emerging-market economies. The effects of Euro zone crisis continues to affect key economies in Central and Eastern Europe. On the other hand turmoil in the Middle East is causing serious economic risks, constraining global growth.
The Indian Economy though reasonably insulated from Global downturn continues to battle, volatile foreign exchange situation, high current account deficit and tight credit conditions all of which have affected growth.
SEGMENT I – PIGMENTS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Pigment Industry worldwide is one of the dominant industries with a collective revenues of over USD 5 billion. The growth of the Pigment Industry has more or less moved in tandem with the growth of Global economy. Growth in per capita income leading to growth in per capita spending fuels demand for Pigments ranging from paints to plastics to polymer, ink to cosmetics and more, encompassing every sphere of life.
The Company is leader in the domestic Pigment manufacturing Industry with a 35% market share. The Company manufactures a wide range of Organic, Inorganic and Effect Pigments catering to domestic and export markets and mainly paint, inks, plastics, cosmetics, fashion accessories and automobiles as the user industries. The Company's Pigments are exported to most of the discerning markets in Europe, America and Asia. The manufacturing activity is carried out at Roha and Mahad factories with R&D facilities at Ambadvet (Sutarwadi), Dist. Pune.
There is an excess capacity for the manufacture of commodity pigments worldwide. This results in intense price competition in the commodity segments market. The China factor also continues to affect the Pigment industry.
PERFORMANCE
The Pigment Division increased its sales in the year 2014 - 15 to Rs. 9578.000 million from Rs. 9125.000 million in 2013-14. Sales from exports for the year under review amounted to Rs. 4602.000 million as against Rs. 4380.000 million achieved during the previous year.
OUTLOOK
The Company's globalization plans and its strong base in the Indian Market provides a great opportunity for growth. Also the Company's strategy of focusing among others on High Performance Pigments and specialized Azo Pigments provide a great future.
The Indian Pigment Industry has evolved from a basic Pigment producer to that of a knowledge intensive industry catering to requirement of colorants for all segments. The domestic demand for Pigments offers opportunity to the Company to improve its market share. Many new High Performance and Effect Pigments are also being launched for cosmetic and coating markets. The Company's strategy of setting up sales offices to cater to European and North American Customers is expected to give push to Pigment exports as the Company is better equipped to understand and comply with their preferences.
As a result of the slow down in Western markets, end consumers of Pigment Products are on the look out for alternative suppliers to meet their varied requirements. Sudarshan with a wide range of High Performance Pigments as also Effect Pigments is ideally placed to meet their requirements.
As a consequence of all these actions, the Company expects better results during the current year.
SEGMENT II – AGRO
CHEMICALS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
As India continues to grow its economy in a bigger way, agriculture sector must also keep pace in improving its infrastructure, efficiency and productivity in a sustainable manner and contribute to the food security of population of over a billion. Weather fluctuations continue to affect agriculture sector significantly. During 2014-15, the overall climatic conditions were not favourable to the agriculture sector. Sowing season did not progress well as per expectations. Overall, the cultivable land available was much less than the previous year 2013-14. Late rain at the end of season led to crop damage in various states. Unseasonal rains in February and March, 2015 also led to crop damage.
The Agro Chemicals Industry has also seen a change in the Product mix owing to change in the crop pattern as also due to change in the pattern of Pest formation. The average per hectare consumption of agrochemicals in India is comparatively lower than consumption in USA, Japan and other developed countries. This augurs well for the Agro Chemical Industry. Rapid growth in acreage of Bt Cotton hybrids resulting in improvement in yield of cotton crop is opening new opportunities for more consumption of pesticides for the control of sucking pests and plant growth nutrients.
India being a tropical country, the consumption pattern of pesticides is tilted towards insecticides, accounting for around 58-60% of the crop protection chemical market. It is followed by herbicides and fungicides at 20% and 18% respectively.
The Crop Protection Industry witnessed growing uncertainties owing to variations in the monsoon spread in some parts of the country, change in climatic conditions, fluctuation in end product prices due to variable raw material costs as also unavailability of key raw materials from China. The Industry also witnessed further slide in the demand for conventional products.
PERFORMANCE
During the year, the Agro Division achieved a turnover of Rs. 1,155.000 million as against Rs. 1,100.000 million made in the previous year. Notwithstanding the adverse business environment, the Agro Division has managed to earn reasonable profits for the year under review. The Company expects to improve performance by concentrating more on the sale of Technical and Bulk pesticides.
The Agro Chemical Industry is more than ever subjected to the vagaries of the monsoon and can impact sale of Agro Chemicals. The Company is mainly into the generic segment which faces cut throat competition from other unorganized and organized players in the Agro Chemical Industry. This may lead to stagnation in revenues and bottom line.
OUTLOOK
The company expects to improve the performance by laying more emphasis on Technical and Bulk as well as brand Business. Notwithstanding availability constraints of key raw materials and difficult market conditions, the current year should end on a positive note.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED 30TH SEPTEMBER, 2015.
(Rs. in Million)
|
Sr.
No. |
Particulars
|
Quarter Ended |
6
Months ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
PART I |
|
|
|
|
1 |
Income
from operations |
|
|
|
|
|
(a) Net
sales/income from operations (Net of excise duty) |
3214.540 |
2926.720 |
6141.260 |
|
|
(b) Other operating
income |
18.250 |
15.540 |
33.790 |
|
|
Total
income from operations (net) |
3232.790 |
2942.260 |
6175.050 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of
materials consumed |
1776.920 |
1741.950 |
3518.870 |
|
|
(b) Purchases of
stock-in-trade |
96.980 |
84.580 |
181.560 |
|
|
(c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
43.640 |
(90.030) |
(46.390) |
|
|
(d) Employee
benefits expense |
183.940 |
188.610 |
372.550 |
|
|
(e) Depreciation
and amortisation expense |
103.150 |
101.970 |
205.120 |
|
|
(f) Other expenses |
715.130 |
603.010 |
1318.140 |
|
|
Total
expenses |
2919.760 |
2630.090 |
5549.850 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items (1 -
2) |
313.030 |
312.170 |
625.200 |
|
4 |
Other income |
0.980 |
11.330 |
12.310 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3 + 4) |
314.010 |
323.500 |
637.510 |
|
6 |
Finance costs |
62.050 |
62.040 |
124.090 |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items (5 - 6) |
251.960 |
261.460 |
513.420 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
251.960 |
261.460 |
513.420 |
|
10 |
Tax expense |
68.540 |
79.350 |
147.890 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 - 10) |
183.420 |
182.110 |
365.530 |
|
12 |
Extraordinary items
(net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
183.420 |
182.110 |
365.530 |
|
14 |
Paid-up equity
share capital (Face Value Rs. 10/- per share) |
138.450 |
138.450 |
138.450 |
|
15 |
Reserve
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
-- |
|
16 i |
Earnings
per share (before extraordinary items) (of Rs.2/- each)
(not annualised): |
|
|
|
|
|
Basic and Diluted |
2.65 |
2.63 |
5.28 |
|
16 ii |
Earnings
per share (after extraordinary items) (of Rs.2/- each)
(not annualised): |
|
|
|
|
|
Basic and Diluted |
2.65 |
2.63 |
5.28 |
|
|
PART
II |
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
32610990 |
32610990 |
32610990 |
|
|
- Percentage of
shareholding |
47.11 |
47.11 |
47.11 |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of
shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of
shares (as a % of the total share
capital of the company) |
-- |
-- |
-- |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
36616260 |
36616260 |
36616260 |
|
|
- Percentage of
shares (as a % of the total shareholding
of the Promoter and Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of
shares (as a % of the total share
capital of the company) |
52.89 |
52.89 |
52.89 |
|
|
Particulars |
Quarter Ended 30th September 2015 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in Million)
|
Sr. No. |
Particulars |
Quarter Ended |
6 Months ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Pigments |
2878.960 |
2525.910 |
5404.870 |
|
|
b) Agro Chemicals |
294.930 |
389.040 |
683.970 |
|
|
c) Others |
58.900 |
27.310 |
86.210 |
|
|
Total : |
3232.790 |
2942.260 |
6175.050 |
|
|
Less : Inter segment revenue |
-- |
-- |
-- |
|
|
Net sales/income
from operations |
3232.790 |
2942.260 |
6175.050 |
|
2 |
Segment Results - Profit / (Loss)
before tax and finance cost from segment : |
|
|
|
|
|
a) Pigments |
399.440 |
397.650 |
797.090 |
|
|
b) Agro Chemicals |
9.910 |
15.080 |
24.990 |
|
|
c) Others |
(10.800) |
(11.800) |
(22.600) |
|
|
Total: |
398.550 |
400.930 |
799.480 |
|
|
Less : (i) Finance cost |
62.050 |
62.040 |
124.090 |
|
|
(ii) Other un-allocable expenditure (Net of un-allocable income) |
84.540 |
77.430 |
161.970 |
|
|
|
|
|
|
|
|
Profit before Tax : |
251.960 |
261.460 |
513.420 |
|
3 |
Capital Employed (Segment Assets - Segment Liabilities) : |
|
|
|
|
|
a) Pigments |
4905.680 |
4670.500 |
4905.680 |
|
|
b) Agro Chemicals |
183.760 |
245.390 |
183.760 |
|
|
c) Others |
263.500 |
184.270 |
263.500 |
|
|
d) Unallocated |
1548.390 |
1304.770 |
1548.390 |
|
|
Total Capital
Employed : |
6901.330 |
6404.930 |
6901.330 |
STANDALONE STATEMENT OF
ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY
AND LIABILITIES |
|
|
1 |
Shareholder’s
Funds |
|
|
|
a)
Share Capital |
138.450 |
|
|
b)
Reserves & Surplus |
3029.660 |
|
|
c)
Money received against share warrants |
0.000 |
|
|
Sub
Total- Shareholders funds |
3168.110 |
|
2 |
Share
application money pending allotment |
|
|
3 |
Minority
Interest |
|
|
4 |
Non-current
liabilities |
|
|
|
(a)
Long term borrowings |
1680.540 |
|
|
(b)
Deferred tax liabilities (net) |
354.380 |
|
|
(c)
Other long term liabilities |
28.430 |
|
|
(d)
Long term provisions |
69.630 |
|
|
Sub
Total- Non Current Liabilities |
2132.960 |
|
5 |
Current
liabilities |
|
|
|
(a)
Short term borrowings |
1316.410 |
|
|
(b)
Trade Payables |
2112.420 |
|
|
(c)
Other current liabilities |
1012.510 |
|
|
(d)
Short term provisions |
65.340 |
|
|
Sub
Total- Current Liabilities |
4506.680 |
|
|
TOTAL-EQUITY
AND LIABILITIES |
9807.770 |
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a)
Fixed assets |
3222.880 |
|
|
(b)
Non-current investments |
492.860 |
|
|
(c)
Long term loans and advances |
160.740 |
|
|
(d)
Other non-current assets |
0.000 |
|
|
Sub-Total-
Non current assets |
3876.480 |
|
2 |
Current
assets |
|
|
|
a)
Current Investments |
0.000 |
|
|
b)
Inventories |
2004.040 |
|
|
c)
Trade Receivables |
3166.660 |
|
|
d)
Cash and cash equivalents |
110.930 |
|
|
(e)
Short term loans and advances |
539.780 |
|
|
(f)
Other current assets |
109.880 |
|
|
Sub-Total-
current assets |
5931.290 |
|
|
TOTAL
ASSETS |
9807.770 |
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and
Machinery
- Vehicles
- Furniture and
Fixture
- Office
Equipments
- Computer
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. 66.14 |
|
UK Pound |
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.