MIRA INFORM REPORT
|
Report No. : |
349663 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAMPHOR AND ALLIED PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340,
Gujarat |
|
Tel. No.: |
91-265-2840251 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
07.04.1972 |
|
|
|
|
Com. Reg. No.: |
04-011626 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.337 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17299GJ1972PLC011626 |
|
|
|
|
IEC No.: |
0388033771 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC9211E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing and selling of camphor,
terpineols, resins, aromatic and other terpene chemicals, fragrance chemicals
and fragrance chemical intermediaries. |
|
|
|
|
No. of Employees
: |
442 (Approximately) |
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 3826000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Not Available |
|
|
|
|
Comments : |
Subject is a well-established company incorporated in the year 1972
having satisfactory track. The company possesses an acceptable financial profile marked by adequate
networth base along with comfortable liquidity position and decent margin of
the company. Management has witnessed an improvement in its performance marked by
increase in sales volume during 2015. The ratings also take into consideration the raw material price
fluctuation risk which may further affect the profitability during the year
under review. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of being one of the largest domestic manufacturers of
chemicals the subject 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 |
ICRA |
|
Rating |
Long Term rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
02.06.2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
02.06.2014 |
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 BY
|
Name : |
Mr. Sweety |
|
Designation : |
Office executive |
|
Contact No.: |
91-265-2840251 |
|
Date : |
14.11.2015 |
LOCATIONS
|
Registered Office/ Branch Office 1/ Factory 1 : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara –
391340, Gujarat, India |
|
Tel. No.: |
91-265-2840251 |
|
Fax No.: |
91-265-2840224 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Corporate Office : |
Jehangir Building,
133 M.G. Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-43214000 |
|
Fax No.: |
91-22-43214099 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2/ Factory 2 : |
Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India |
|
Tel. No.: |
91-581-2561115/ 2561128 |
|
Fax No.: |
91-581-2561112 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mrs. Chandrika A. Bodani (appointed as director w.e.f. 20th January, 2015) |
|
Designation : |
Executive Chairperson |
|
Address : |
51 El-CID Ridge Road, Malabar Hill Gamdevi, Mumbai-400006, Maharashtra, India |
|
Date of Appointment
: |
20.01.2015 |
|
DIN No.: |
00618298 |
|
|
|
|
Name : |
Mr. Dharmil A. Bodani |
|
Designation : |
Managing Director |
|
Address : |
51 El-CID Ridge Road, Malabar Hill Gamdevi, Mumbai-400006, Maharashtra, India |
|
Date of Appointment
: |
22.08.2008 |
|
DIN No.: |
00618333 |
|
|
|
|
Name : |
Mr. Shyamal A. Bodani |
|
Designation : |
Executive Directo |
|
Address : |
51 El-CID Ridge Road, Malabar Hill Gamdevi, Mumbai-400006, Maharashtra, India |
|
Date of Appointment
: |
22.08.2008 |
|
DIN No.: |
00617950 |
|
|
|
|
Name : |
Mr. D. S. Raghava |
|
Designation : |
Executive Director |
|
Address : |
30, Narayan Garden,, New Vuda Road, Gotri, Baroda-390023, Gujarat, India |
|
Date of Appointment
: |
30.04.2009 |
|
DIN No.: |
02615737 |
|
|
|
|
Name : |
Mr. Harshvardhan Piramal |
|
Designation : |
Non-Executive Director |
|
Address : |
61 Piramal House, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India |
|
Date of Appointment
: |
22.08.2008 |
|
DIN No.: |
00044972 |
|
|
|
|
Name : |
Mr. Ranjit A. Puranik |
|
Designation : |
Non-Executive Director |
|
Address : |
403/B, Simla House CHS Limited, 51 B, Laxmibai Jagmohan Das Marg, Nepean Sea Road, Mumbai-400036, Maharashtra, India |
|
Date of Appointment
: |
30.09.2008 |
|
DIN No.: |
00199353 |
|
|
|
|
Name : |
Mr. Prakash Vasantlal Mehta |
|
Designation : |
Non-Executive Director |
|
Address : |
123A, Maker Tower, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Appointment
: |
05.08.2011 |
|
DIN No.: |
00001366 |
|
|
|
|
Name : |
Madam. Amrudha Nair |
|
Designation : |
Non-Executive Director |
|
Address : |
Leela Baug, Andheri-Kurla Road, Sahar, Mumbai-400059, United States of America |
|
Date of Appointment
: |
03.10.2013 |
|
DIN No.: |
06716791 |
KEY EXECUTIVES
|
Name : |
Mr. Sweta Pandey |
|
Designation : |
Company Secretary (from 01.12.2014) |
|
Address : |
E-4/1, Sector-20E, Flat No. 201, Anu Govind Sadan, Airoli, Mumbai-400708, Maharashtra, India |
|
Date of Appointment
: |
01.12.2014 |
|
PAN No.: |
BLHPP9341L |
|
|
|
|
Name : |
Mr. Girish Khandelwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
1103 Bhoomi Ratna, Plot 74, Sector 21, Kharghar, Mumbai-410210, Maharashtra, India |
|
Date of Appointment
: |
01.04.2014 |
|
PAN No.: |
AQQPK9880N |
|
|
|
|
Name : |
Mr. Alpesh Karodia |
|
Designation : |
Accounts Officer |
|
|
|
|
Name : |
Mr. Sweety |
|
Designation : |
Office Executive |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2960280 |
57.66 |
|
|
2960280 |
57.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2960280 |
57.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2150 |
0.04 |
|
|
1159 |
0.02 |
|
|
4000 |
0.08 |
|
|
7309 |
0.14 |
|
|
|
|
|
|
142421 |
2.77 |
|
|
|
|
|
|
1762233 |
34.33 |
|
|
227206 |
4.43 |
|
|
34225 |
0.67 |
|
|
33127 |
0.65 |
|
|
1098 |
0.02 |
|
|
2166085 |
42.19 |
|
Total Public shareholding (B) |
2173394 |
42.34 |
|
Total (A)+(B) |
5133674 |
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) |
5133674 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling of
camphor, terpineols, resins, aromatic and other terpene chemicals, fragrance chemicals
and fragrance chemical intermediaries. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Customers : |
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Suppliers : |
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No. of Employees : |
442 (Approximately) |
||||||||||||||||||||||||
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|
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|
Bankers : |
· The Hongkong Shanghai Banking Corporation Limited · Standard Chartered Bank · Ratnakar Bank Limited · Kotak Mahindra Bank(ING VYASYA BANK LIMITED), 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India ·
HDFC BANK LIMITED, Peninsua Business Park, 4th
Floor, Tower B, Lower |
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers 40, A, Doshi Marg (Hanuman Street), Mumbai-400001, Maharashtra, India |
|
Tel No.: |
91-22-22691414/22691515/40021140/40021414 |
|
Fax No.: |
91-22-22619983 |
|
Email : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding
Company : |
|
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5133674 |
Equity Shares |
Rs.10/- each |
Rs.51.337 Million |
|
|
|
|
|
a)
Details
of members holding equity shares more than 5%
|
Equity Shares |
Number
of Shares |
% holding |
|
Oriental Aromatics Limited (Holding Company) |
2960280 |
57.66 |
b)
Terms & Rights attached to equity
shares
1)
The Company has only one class of equity
shares having a par value of Rs.10 each. Each holder of equity shares is
entitled to one vote per share. The Company declares and pay dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to approval
of the Shareholders in the ensuing Annual General Meeting.
2)
In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amount, in proportion to the
shareholding. However, no such preferential amount exist currently.
c)
Reconciliation of numbers of equity
shares
|
Name of
Shareholder |
Number
of Shares |
|
Shares
outstanding at the beginning of the year |
5133674 |
|
Shares
Issued during the year |
-- |
|
Shares
bought back during the year |
-- |
|
Shares outstanding at the end of the year |
5133674 |
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 |
51.337 |
51.337 |
51.337 |
|
(b) Reserves & Surplus |
1287.842 |
1110.029 |
920.961 |
|
(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) |
1339.179 |
1161.366 |
972.298 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
104.383 |
340.793 |
526.157 |
|
(b) Deferred tax liabilities (Net) |
150.774 |
135.785 |
88.263 |
|
(c) Other long term
liabilities |
0.181 |
0.186 |
0.064 |
|
(d) long-term
provisions |
9.849 |
25.442 |
44.111 |
|
Total Non-current
Liabilities (3) |
265.187 |
502.206 |
658.595 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
839.957 |
607.646 |
539.520 |
|
(b) Trade
payables |
366.966 |
367.237 |
122.795 |
|
(c) Other
current liabilities |
301.529 |
309.489 |
324.255 |
|
(d) Short-term
provisions |
25.919 |
31.705 |
18.644 |
|
Total Current
Liabilities (4) |
1534.371 |
1316.077 |
1005.214 |
|
|
|
|
|
|
TOTAL |
3138.737 |
2979.649 |
2636.107 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1251.556 |
1311.204 |
1249.931 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.574 |
0.151 |
21.941 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
1.280 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.789 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.455 |
22.269 |
20.106 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1275.585 |
1333.624 |
1294.047 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
831.804 |
791.900 |
746.500 |
|
(c) Trade
receivables |
785.959 |
636.008 |
378.984 |
|
(d) Cash and
cash equivalents |
30.056 |
33.201 |
16.066 |
|
(e)
Short-term loans and advances |
214.535 |
184.404 |
199.540 |
|
(f) Other
current assets |
0.798 |
0.512 |
0.970 |
|
Total
Current Assets |
1863.152 |
1646.025 |
1342.060 |
|
|
|
|
|
|
TOTAL |
3138.737 |
2979.649 |
2636.107 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3550.574 |
3093.295 |
2168.151 |
|
|
|
Other Income |
8.699 |
14.107 |
3.761 |
|
|
|
TOTAL (A) |
3559.273 |
3107.402 |
2171.912 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2429.545 |
2116.011 |
1484.874 |
|
|
|
Manufacturing and operating costs |
453.092 |
391.586 |
275.185 |
|
|
|
Changes in inventories of finished goods and Work-in-Progress |
(31.822) |
(124.966) |
(124.257) |
|
|
|
Employee benefits expense |
143.482 |
126.785 |
103.550 |
|
|
|
Other expenses |
133.296 |
114.621 |
101.046 |
|
|
|
Exceptional items |
(15.593) |
(1.100) |
60.246 |
|
|
|
TOTAL (B) |
3112.000 |
2622.937 |
1780.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
447.273 |
484.465 |
391.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
90.086 |
95.037 |
12.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
357.187 |
389.428 |
379.011 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
87.787 |
76.846 |
31.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
269.400 |
312.582 |
347.595 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.836 |
111.501 |
108.214 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
192.564 |
201.081 |
239.381 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
629.665 |
455.697 |
216.316 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
15.100 |
0.000 |
|
|
|
Proposed Dividend |
7.701 |
10.268 |
0.000 |
|
|
|
Tax on Proposed
Dividend |
1.568 |
1.745 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
812.960 |
629.665 |
455.697 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. Basis |
1324.958 |
992.136 |
462.616 |
|
|
TOTAL EARNINGS |
1324.958 |
992.136 |
462.616 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1583.062 |
1160.710 |
1187.971 |
|
|
TOTAL IMPORTS |
1583.062 |
1160.710 |
1187.971 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
|
|
Before exceptional
items (Basic and Diluted) |
34.47 |
38.95 |
34.89 |
|
|
|
After exceptional
items (Basic and Diluted) |
37.51 |
39.17 |
46.63 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
250.520 |
240.560 |
217.720 |
|
Cash generated from Operating Activities |
273.820 |
379.407 |
(62.603) |
|
Net Cash from Operating Activities |
172.535 |
312.899 |
(139.292) |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 |
30.09.2015 |
|
(Unaudited) |
|
(1st
Quarter) |
(2nd
Quarter) |
|
Net Sales |
|
859.360 |
897.710 |
|
Total Expenditure |
|
748.510 |
781.750 |
|
PBIDT (Excl OI) |
|
110.850 |
115.960 |
|
Other Income |
|
0.230 |
0.230 |
|
Operating Profit |
|
111.080 |
116.190 |
|
Interest |
|
16.930 |
16.600 |
|
Exceptional Items |
|
2.810 |
2.270 |
|
PBDT |
|
96.950 |
101.860 |
|
Depreciation |
|
20.300 |
19.990 |
|
Profit Before Tax |
|
76.650 |
81.870 |
|
Tax |
|
25.420 |
25.170 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
51.230 |
56.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
51.230 |
56.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.42 |
6.50 |
11.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.60 |
15.66 |
18.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.59 |
10.49 |
13.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.27 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89 |
1.02 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.25 |
1.34 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.415.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
51.337 |
51.337 |
51.337 |
|
Reserves & Surplus |
920.961 |
1110.029 |
1287.842 |
|
Net
worth |
972.298 |
1161.366 |
1339.179 |
|
|
|
|
|
|
long-term borrowings |
526.157 |
340.793 |
104.383 |
|
Short term borrowings |
539.520 |
607.646 |
839.957 |
|
Current maturities of
long-term debts |
217.720 |
240.560 |
250.520 |
|
Total
borrowings |
1283.397 |
1188.999 |
1194.860 |
|
Debt/Equity
ratio |
1.320 |
1.024 |
0.892 |
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 |
2168.151 |
3093.295 |
3550.574 |
|
|
|
42.670 |
14.783 |
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 |
2168.151 |
3093.295 |
3550.574 |
|
Profit/ (Loss) |
239.381 |
201.081 |
192.564 |
|
|
11.04% |
6.50% |
5.42% |
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 |
No |
|
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
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 |
REVIEW OF OPERATIONS/STATE OF COMPANY’S
AFFAIR:-
The Company’s sales revenue has increased substantially during the year, the Company has achieved turnover of Rs. 3550.574 Million which is increased by 14.78% as compared to last year turnover of Rs. 3093.295 Million.
The Company earned a Profit after tax of Rs. 192.564 Million during the year which is decreased by 4.24% as compared to last years’ Profit after tax of Rs. 201.083 Million.
The
Company has performed well during the year by efficiently managing the
resources, which result into improved performance and better sales. However
there was reduction in profitability due to steep hike in price of main
imported raw materials other inputs like power, natural gas, coal etc.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OVERVIEW AND INDUSTRY STRUCTURE:
The Company has plants at Clutterbuckganj, Bareilly, U.P. and at Nandesari, Vadodara in Gujarat and is engaged in the manufacturing and selling of camphor, terpineols, resins, aromatic and other terpene chemicals, fragrance chemicals and fragrance chemical intermediaries.
The
Company’s vast product range includes Synthetic Camphor, Terpineols, Pine Oils,
Resins, Astromusk, perfumery chemicals, specialty chemicals and several other
chemicals finding applications in vast array of industries ranging from
Flavours and Fragrances, Pharmaceuticals, Soaps and Cosmetics, Rubber and Tyre,
Paints and Varnishes and many more.
SEGMENT-WISE
OR PRODUCT-WISE PERFORMANCE:
ECONOMY AND BUSINESS OUTLOOK:
As per the latest GDP growth estimates, Indian economy grew by 7.4% in FY 2015 compared to 6.9% in FY 2014, mostly driven by improved economic fundamentals. Even inflation showed signs of moderation, a welcome sign wholesale price and consumer price inflation declined to 4.2 % and 7.4 % respectively, compared with last year’s 6.3% and 10.1%.Reduced inflation, falling crude oil prices, stable Rupee, improved purchasing power and consumer spending, higher capital inflows supported by the government policy reforms have already put India on an accelerating growth track and improved the business outlook.
The Government envisages GDP growth to accelerate to 8% in FY 2016 driven by strengthening macroeconomic fundamentals and implementation of policy reforms recently announced.
In the latter half of the financial year the economy and the markets have been affected by the global developments including the fiscal crisis faced by Greece, the less than expected performance of the Chinese economy, the volatility in commodity markets especially in metals and minerals.
However,
efforts are made to increase productivity, reduce costs by controlling wastages
with most efficient use of plant and machinery. The Company is striving hard to
reduce/ control costs at all stages to improve the profitability.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
From a Bank (Interest Rate 11% p.a.) |
100.000 |
0.000 |
|
Inter Corporate Deposits from a related party |
0.000 |
82.500 |
|
|
|
|
|
Total |
100.000 |
82.500 |
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10590007 |
13/07/2015 |
200,000,000.00 |
HDFC BANK LIMITED |
Peninsua Business Park, 4th Floor, Tower B, Lower Parel, Mumbai,
Maharashtra - 400013, INDIA |
C63682652 |
|
2 |
10502733 |
27/07/2015 * |
150,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai,
Maharashtra - 400051, INDIA |
C62282025 |
|
3 |
10436301 |
09/07/2013 |
150,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA |
B79382289 |
|
4 |
10308522 |
27/09/2011 |
1,325,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B21701479 |
|
5 |
10300538 |
03/08/2011 |
775,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B18180448 |
|
6 |
10278153 |
26/03/2011 |
450,000,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground floor,, Near Mithakali Six roads, Ahmedabad,
Gujarat - 380006, INDIA |
B09594342 |
|
7 |
10275689 |
10/09/2014 * |
350,000,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad, Gujarat
- 380006, INDIA |
C33341959 |
|
8 |
90110935 |
24/08/2015 * |
510,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
Indiabulls-Finance Centre, 25th Floor, Tower C, 612/613 Elphinstone
Mill Compound, Lower Parel, Mumbai, Maharashtra - 400013, INDIA |
C66622150 |
|
9 |
90110930 |
23/04/2005 |
70,000,000.00 |
THE HONGKONG AND SANGHAI BANKING CORPORTION LIMITED |
52/60; MAHATMA GANDHI ROAD, MUMBAI, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED HALF YEAR ENDED
30.09.2015
(Rs. In Million)
|
Particular
|
Quarter ended |
Half Year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Unaudited) |
||
|
1. Income
from Operations : |
|
|
|
|
(a) Net Sales/Income from Operation(Net of Excise Duty) |
897.282 |
853.701 |
1750.983 |
|
(b) Other Operating Income |
0.433 |
5.654 |
6.087 |
|
Total
Income From Operation(Net) |
897.715 |
853.955 |
1757.070 |
|
2. Expenses
: |
|
|
|
|
a. Cost of raw materials Consumed |
524.689 |
553.657 |
1078.346 |
|
b. Change in Inventories of Finished goods/Work in Progress |
52.550 |
9.984 |
62.534 |
|
c. Power and Fuel |
79.828 |
75.923 |
155.751 |
|
d. Employee benefits expense |
37.650 |
36.181 |
73.831 |
|
e. Depreciation and Amortization expenses |
19.989 |
20.297 |
40.286 |
|
f. Other Expenses |
87.024 |
72.770 |
159.794 |
|
Total
Expenses |
801.730 |
768.812 |
1570.542 |
|
3.
Profit from Operations before Other Income, Finance cost and
Exceptional items (1-2) |
95.985 |
90.543 |
186.528 |
|
4. Other Income |
0.225 |
0.229 |
0.454 |
|
5.
Profit/(Loss) before Finance costs and Exceptional
Items (3+4) |
96.210 |
90.772 |
186.982 |
|
6. Finance Cost |
16.604 |
16.929 |
33.533 |
|
7.
Profit after Finance Cost but before Exceptional Items (5-6) |
79.606 |
73.843 |
153.449 |
|
8. Exceptional Items (Refer Note 3) |
2.267 |
2.806 |
5.073 |
|
9.
Profit before tax (7+8) |
81.873 |
76.649 |
158.522 |
|
10.Tax Expense |
25.170 |
25.424 |
50.594 |
|
11.Profit/(Loss)
after tax(9-10) |
56.703 |
51.225 |
107.928 |
|
12.Paid-up Equity Share capital |
51.337 |
51.337 |
51.337 |
|
Face value of share of Rs. 10 |
|
|
|
|
13.Reserves excluding revaluation reserve as per balance sheet of previous year. |
-- |
-- |
-- |
|
14.Earnings per share (Basic and Diluted) : (Not Annualized) |
|
|
|
|
before Exceptional Item |
10.60 |
9.43 |
20.04 |
|
after Exceptional Item |
11.05 |
9.98 |
21.02 |
(Rs. In Million)
|
A |
Particulars
of Shareholding |
Quarter ended |
Half Year ended |
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
(Unaudited) |
||
|
1 |
Public
Shareholding |
|
|
|
|
|
Number of shares |
21,73,394 |
21,73,394 |
21,73,394 |
|
|
Percentage of share holding |
42.34% |
42.34% |
42.34% |
|
2 |
Promoters
and Promoter group shareholding : |
|||
|
|
a) Pledged / Encumbered |
--- |
--- |
--- |
|
|
Number of Shares |
--- |
--- |
--- |
|
|
Percentage of Shares(As a % of Total Shareholding of Promoter and promoters Group) |
--- |
--- |
--- |
|
|
Percentage of Shares(As a % of Total Share Capital of the Co.) |
--- |
--- |
--- |
|
|
b) Non Encumbered |
|||
|
|
Number of Shares |
29,60,280 |
29,60,280 |
29,60,280 |
|
|
Percentage of Shares(As a % of Total Shareholding of Promoter and Promoters Group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of Shares (As a % of Total Share Capital of the Co.) |
57.66% |
57.66% |
57.66% |
|
B |
Information
on Investors’ Complaints for the quarter ended |
30.09.2015 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter, since resolved |
0 |
STATEMENT OF ASSETS AND LIABILITES
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
51.337 |
|
(b) Reserves & Surplus |
1395.770 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1447.107 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
172.274 |
|
(c) Other long term
liabilities |
0.132 |
|
(d) long-term provisions |
4.776 |
|
Total
Non-current Liabilities (3) |
177.182 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
844.662 |
|
(b) Trade payables |
229.109 |
|
(c) Other current liabilities |
301.779 |
|
(d) Short-term provisions |
16.653 |
|
Total
Current Liabilities (4) |
1392.203 |
|
|
|
|
TOTAL |
3016.492 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1234.769 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
65.756 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
1300.525 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
820.124 |
|
(c) Trade receivables |
649.946 |
|
(d) Cash and cash equivalents |
38.722 |
|
(e) Short-term loans and
advances |
205.086 |
|
(f) Other current assets |
2.089 |
|
Total
Current Assets |
1715.967 |
|
|
|
|
TOTAL |
3016.492 |
Notes :
1. The above financial results have been taken on record by the Audit Committee and subsequently approved by the Board of Directors in its meeting held on 7th November 2015 The statutory auditors of the company have carried Out limited review of the above financial results
2. The Company is exclusively engaged in the business of manufacture of Fine Chemicals which is considered to constitute only one business segment and all its assets located in India.
3. The Figures of the previous periods have been regrouped and reclassified wherever necessary to make them comparable with the figures for the current periods.
FIXED ASSETS:
· Land
· Assets under lease-Land
· Buildings-Non-Residential
· Buildings – Residential
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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 records 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 : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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.