MIRA INFORM REPORT
|
Report No. : |
351102 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RESONANCE SPECIALTIES LIMITED |
|
|
|
|
Registered
Office : |
301, Evershine Mall, Chincholi
Bunder Junction, Malad (West), Mumbai 400064, Maharashtra |
|
Tel. No.: |
91-22-42172222/
40038920 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
01.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-051993 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 115.440 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209MH1989PLC051993 |
|
|
|
|
IEC No.: |
0391136062 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9590Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Pyridine, Picoline, Cynopyride and
derivatives of the same. |
|
|
|
|
No. of Employees
: |
46 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 614000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Resonance Specialties Limited was incorporated in
the year 1989. Its main activity is manufacturing of Pyridine, Picoline,
Cynopyride and derivatives of the same. It plant is located at Tarapur in
MIDC Industrial Estate, Maharashtra. The rating takes consideration on company’s
healthy operational activities over the year and maintaining decent
profitability margin from its operations. During FY- the profitability margin
stood at 3.28% backed by debt to equity at 0.14%. The rating further takes into account company
satisfactory financial profile as well as long established track record of
company operations and vas experienced promoters. This rating strength is partially offset by
company working capital requirement, volatility in raw material prices and
foreign exchange risk. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business
dealings with 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
NOT AVAILABLE
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 DECLINED BY
|
Name : |
Ms. Dwarika Agarwal |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-40038920 |
|
Date : |
24.11.2015 |
LOCATIONS
|
Registered/ Head Office : |
301,Evershine Mall,
Chincholi Bunder Junction, Malad (West), Mumbai 400064, Maharashtra, India |
|
Tel. No.: |
91-22-42172222/
40038920 |
|
Fax No.: |
91-22-42172233 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
: |
T-140
MIDC Industrial Estate, Tarapur, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rajnikant Worah |
|
Designation : |
Chairman
- Independent Director |
|
|
|
|
Name : |
Dr. A.B. Gupta |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
04.11.1943 |
|
Qualification : |
Ph.D in Organic Chemistry
and Post Doctorate experience from John Haffkins university and Brookhaven
National Laboratory, USA |
|
Expertise in specific
functional areas : |
·
Manufacturing of various Chemical products
which has the application in the industrial segments like pharmaceutical,
Agrochemicals etc ·
Exporting of worldwide · General Management |
|
Date of Appointment : |
01.06.1989 |
|
|
|
|
Name : |
Mr. B.P. Agrawal |
|
Designation : |
Non-Executive
Director |
|
Date of Birth/Age : |
23.01.1944 |
|
Qualification : |
He
is Mechanical Engineer from
Bhagalpur University |
|
Expertise
in specific functional areas : |
He has vast experience of
49 years. He was associated with
Department of Atomic Energy for long term thereafter he worked with well
known Fertilizers and Petrochemical plant in Iran. He has strong hold on the
functioning of chemical plant. |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
02724594 |
|
|
|
|
Name : |
Mr. L.R. Daga |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Kamlesh Yadav |
|
Designation : |
Whole-time
Director |
|
|
|
|
Name : |
Dr. Gurpur Ganesh Pai |
|
Designation : |
Independent
Director |
|
Date of Birth/Age : |
21.08.1952 |
|
Qualification : |
B.Sc,
M.Sc, PhD, Post doctoral fellowship |
|
Expertise
in specific functional areas : |
Having more than 30 years
of experience in developing manufacturing processes from lab to production
scale. Having expertise and
carrying our biocatalytic synthesis using enzymes, handling air sensitive
compounds and hazardous reagents such as triphosgene, sodium cyamide,
chlorine etc. Worked with Multi
National companies as a Custom Synthesis service provider and have achieved a
milestone by generating more than 500 Crores of business in his previous
organization in a span of 6 years. |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
07071547 |
|
|
|
|
Name : |
Ms. Urvi Gupta |
|
Designation : |
Non-Executive
Director |
|
Date of Birth/Age : |
20.02.1984 |
|
Qualification : |
P G Diploma in
Advertising and Marketing , Bachelor of Arts (Economics) and Diploma in Event
Management. |
|
Expertise
in specific functional areas : |
Advertising
and Marketing |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
02378375 |
KEY EXECUTIVES
|
Name : |
Ms. Dwarika Agarwal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
7405900 |
64.15 |
|
|
65002 |
0.56 |
|
|
65002 |
0.56 |
|
|
7470902 |
64.72 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
7470902 |
64.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3300 |
0.03 |
|
|
5000 |
0.04 |
|
|
8300 |
0.07 |
|
|
|
|
|
|
350853 |
3.04 |
|
|
|
|
|
|
2408960 |
20.87 |
|
|
1296260 |
11.23 |
|
|
8725 |
0.08 |
|
|
7925 |
0.07 |
|
|
800 |
0.01 |
|
|
4064798 |
35.21 |
|
Total Public shareholding (B) |
4073098 |
35.28 |
|
Total (A)+(B) |
11544000 |
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) |
11544000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pyridine, Picoline, Cynopyride and
derivatives of the same. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
46 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.R.
Bhabhra and Company Chartered Accountants |
|
Address : |
303, Sagar Shopping
Center, Andheri (West), Mumbai- 400058,
Maharashtra, India |
|
Tel. No.: |
91-22-26781737 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates Companies : |
·
Vista organics Private Limited ·
Avignon Exim Private Limited ·
Vista Finance and Leasing Private Limited ·
Avignon Chemicals Private Limited ·
Ushma Investments Private Limited · Ushma Technologies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,15,44,000 |
Equity Shares |
Rs. 10/- each |
Rs. 115.440 Million |
|
|
|
|
|
a) Reconciliation of equity shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
11544000 |
115.440 |
|
Issued during the period |
- |
- |
|
Outstanding at the end of the period |
11544000 |
115.440 |
b) Terms/ rights attached
to equity shares
1. The Company has only one
class of shares referred to as equity shares having a par valueof`10/-.Each holder
of equity shares is entitled to one vote per share.
c) Details of shareholders
holding more that 5% shares of the company
|
Equity share of Rs.10/-each fully paid |
No. of Shares |
% of
Holding |
|
Vista Finance and Leasing Private Limited |
3964100 |
34.34 |
|
Usma Investment Private Limited |
3295200 |
28.54 |
d) As per the of the
company, including its register of the shareholders/ members and other
declarations received from the shareholders regarding beneficial interest, the above
shareholding represent both legal and beneficial ownerships of shares.
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 |
115.440 |
115.440 |
115.440 |
|
(b) Reserves & Surplus |
99.480 |
94.548 |
94.214 |
|
(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) |
214.920 |
209.988 |
209.654 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.086 |
0.336 |
0.338 |
|
(b) Deferred tax liabilities (Net) |
12.513 |
13.810 |
15.356 |
|
(c)
Other long term liabilities |
0.000 |
16.689 |
16.689 |
|
(d)
long-term provisions |
1.058 |
0.844 |
0.666 |
|
Total
Non-current Liabilities (3) |
13.657 |
31.679 |
33.049 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
31.098 |
33.507 |
33.625 |
|
(b)
Trade payables |
65.608 |
50.307 |
45.865 |
|
(c)
Other current liabilities |
7.666 |
4.430 |
5.491 |
|
(d)
Short-term provisions |
12.528 |
11.384 |
3.774 |
|
Total
Current Liabilities (4) |
116.900 |
99.628 |
88.755 |
|
|
|
|
|
|
TOTAL |
345.477 |
341.295 |
331.458 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
135.133 |
143.556 |
155.982 |
|
(ii)
Intangible Assets |
7.442 |
8.636 |
9.627 |
|
(iii)
Capital work-in-progress |
0.324 |
0.324 |
0.324 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.865 |
3.985 |
3.860 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
146.764 |
156.501 |
169.793 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
75.455 |
59.664 |
69.714 |
|
(c)
Trade receivables |
102.773 |
95.080 |
76.565 |
|
(d)
Cash and cash equivalents |
8.540 |
15.469 |
4.682 |
|
(e)
Short-term loans and advances |
3.527 |
0.834 |
0.434 |
|
(f)
Other current assets |
8.418 |
13.747 |
10.270 |
|
Total
Current Assets |
198.713 |
184.794 |
161.665 |
|
|
|
|
|
|
TOTAL |
345.477 |
341.295 |
331.458 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
380.062 |
452.991 |
395.788 |
|
|
|
Other Income |
8.853 |
(2.297) |
3.771 |
|
|
|
TOTAL |
388.915 |
450.694 |
399.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
137.479 |
120.626 |
94.425 |
|
|
|
Purchases of Traded Goods |
86.567 |
137.423 |
149.083 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(17.913) |
9.284 |
-2.401 |
|
|
|
Employees benefits expense |
25.952 |
27.891 |
24.083 |
|
|
|
Other expenses |
135.477 |
126.643 |
109.002 |
|
|
|
TOTAL |
367.562 |
421.867 |
374.192 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
21.353 |
28.827 |
25.367 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.793 |
5.931 |
7.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
15.560 |
22.896 |
17.814 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.550 |
11.026 |
11.536 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
9.789 |
(1.523) |
(0.035) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13.799 |
10.347 |
6.243 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.041 |
0.088 |
1.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.758 |
10.259 |
4.562 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
193.709 |
169.745 |
150.330 |
|
|
TOTAL EARNINGS |
193.709 |
169.745 |
150.330 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF
Value of Imports of materials |
84.277 |
107.164 |
90.925 |
|
|
|
Travelling
Expenses |
0.227 |
0.176 |
0.616 |
|
|
TOTAL IMPORTS |
84.504 |
107.340 |
91.541 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.11 |
0.89 |
-- |
|
|
|
Diluted |
0.51 |
0.31 |
-- |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
0.000 |
0.000 |
0.576 |
|
|
|
|
|
|
Cash Generated from Operations |
12.943 |
18.412 |
9.423 |
|
|
|
|
|
|
Net cash flows from Operating Activities |
11.107 |
17.620 |
7.921 |
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2015 |
30.06.2015 |
|
|
Unaudited |
Unaudited |
|
Net Sales |
110.990 |
76.160 |
|
Total Expenditure |
104.240 |
74.100 |
|
PBIDT (Excl OI) |
6.750 |
2.060 |
|
Other Income |
0.000 |
0.000 |
|
Operating Profit |
6.750 |
2.060 |
|
Interest |
1.350 |
1.150 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
5.400 |
0.910 |
|
Depreciation |
2.670 |
2.710 |
|
Profit Before Tax |
2.730 |
(1.800) |
|
Tax |
(0.140) |
(0.740) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
2.870 |
(1.060) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
2.870 |
(1.060) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.36 |
2.26 |
1.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.62 |
6.36 |
6.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.00 |
3.03 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.85 |
1.82 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs. 23.20/- |
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 |
115.440 |
115.440 |
115.440 |
|
Reserves & Surplus |
94.214 |
94.548 |
99.480 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
209.654 |
209.988 |
214.920 |
|
|
|
|
|
|
Long-term borrowings |
0.338 |
0.336 |
0.086 |
|
Short term borrowings |
33.625 |
33.507 |
31.098 |
|
Current Maturities of
Long-Term Borrowings |
0.576 |
0.000 |
0.000 |
|
Total
borrowings |
34.539 |
33.843 |
31.184 |
|
Debt/Equity
ratio |
0.165 |
0.161 |
0.145 |
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 |
395.788 |
452.991 |
380.062 |
|
|
|
14.453 |
(16.099) |
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 |
395.788 |
452.991 |
380.062 |
|
Profit |
4.562 |
10.259 |
12.758 |
|
|
1.15% |
2.26% |
3.36% |
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 |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10199328 |
11/01/2010 |
70,000,000.00 |
BANK OF BARODA |
VILE PARLE (EAST) BRANCH, NITIN NIWAS, 47,
M.G. |
A78287869 |
|
2 |
90215410 |
08/10/1994 * |
30,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE,
MUMBAI- 400001, |
- |
|
3 |
90215325 |
08/10/1994 * |
16,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE,
MUMBAI, |
- |
* Date of charge modification
REVIEW OF OPERATIONS
The Company had reported turnover
of Rs.380.062 Million for the year ended March 31, 2015 as against Rs. 452.990
Million in the previous year, showing decrease of over 16.10%. The Company has
generated net profit of Rs.12.758 Million as against net profit of Rs.10.259
Million in the previous year.
FUTURE PROSPECTS
Due to heavy competition
and adverse forex prices, the Company is exploring alternate raw material to
manufacture its basic products to sustain the pro!tability. In case of some of
the value added products of the Company, catalyst are being developed to
manufacture the products at lower cost. There are few competitors in the world
but the demand for some of their products is limited. The Company is making all
the efforts to develop new applications of its products and is con!dent of
substantially expanding the market in near future. Nutraceuticals market is
growing and more particularly in India and other third world countries.
Further, new products with better margins are also being developed using novel
technology.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
INTRODUCTION
The Company is one of the
few manufacturers of Pyridine and its derivatives in the world. The pyridines
have wide range of applications in the industrial segments like
Pharmaceuticals, Agrochemicals, Dyes, and Textiles etc. There are only few
companies in the world that manufacture Pyridine and its derivatives.
INDUSTRY STRUCTURE AND
DEVELOPMENT
The Company’s main product
3,5,- Lutidine which is a raw material for Omeprazole, a major anti ulcer drug.
The other product i.e. Pyridine is the raw material for the manufacture of
Agrochemicals like paraquat etc. besides being used as a solvent in the
manufacture of some of Active Pharmaceutical ingredients like Nor=oxacin and
Sulphamathaxazole. It is also used as a solvent in the dye-stu" and as a
denaturant in the alcohol industry.
The other products are:
Beta-picoline and
3-cyanopyridine are used in the manufacture of Niacin and Niacinamide which
have wide applications in vitamin preparations and are also used extensively as
food supplement and animal feed additives.
Gamma Picoline is used in
the manufacture of Isoniazid, an Anti TB drug. Alpha Picoline is used in the
manufacture of wide variety of agro chemicals and 2 vinyl pyridine !nds
extensive application in the tyre industry.
COMPANY OVERVIEWS
The manufacturing plant of
the Company is located at MIDC Tarapur (Boisar) in close vicinity of city of
Mumbai. The plant is being continuously upgraded and also plant capacity
utilization is being improved to e#ciently manufacture value added products i.e
Lutidines, Collidines, Cyanopyridines, Nutraceuticals etc.
The Company in the current
year has substantially improved the business of value added Cyanopyridines,
Lutidines, Collidines which have signi!cantly contributed to the pro!tability
of the Company and created a distinct market position worldwide. Further the
Company has substantially improved its exports of Nutraceuticals.
EXPORT
Export including deemed export
are at Rs. 224.840 Million which as compared to the previous years of Rs.
199.383 Million. The Company has exported its product to USA, Europe, China,
Australia etc. The Company has major emphasis to supply quality products and
dependable supply.
OUTLOOK
Given the various
development measures adopted by the Company, it is now optimistic about its
growth prospects for the current financial year.
GENERAL INFORMATION
Subject is incorporated
under the companies Act 1956, and is listed with Bombay stock exchange, the
main activity of company is manufacturing of Pyridine, Picoline, Cynopyridine
and derivatives of the same. Bulks drugs and nutritional products are toll
converted. In view of multi products manufacturing and fractional distillation
in batches, overall average production cycle is around 2 to 4 months from the
procurement till the disposal.
STATEMENT OF STANDALONE AUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED
30TH SEPTEMBER 2015
(Rs. in Million)
|
Particular |
For the Quarter
Ended |
For the Half
Year Ended |
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Income from Operations (Net of excise duty) |
110.647 |
75.746 |
186.393 |
|
Other Operating Income |
0.336 |
0.408 |
0.744 |
|
Total Income from
operations (net) |
110.982 |
76.154 |
187.136 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Material Consumed |
57.743 |
10.271 |
68.044 |
|
(b) Purchase of stock in trade |
7.374 |
15.687 |
23.061 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(9.657) |
13.144 |
3.487 |
|
(d) Employee benefit expenses |
6.804 |
6.575 |
13.379 |
|
(e) Depreciation and amortization expenses |
2.670 |
2.713 |
5.383 |
|
(f) Power and Fuel |
10.909 |
9.517 |
20.426 |
|
(g) Other Expenses |
31.033 |
18.899 |
49.932 |
|
Total Expenses |
106.907 |
76.806 |
183.713 |
|
Profit/
(Loss) from operations before other income and financial costs and
Exceptional Items (1-2) |
4.074 |
(0.652) |
3.423 |
|
Finance costs |
(1.347) |
(1.152) |
(2.499) |
|
Profit/(Loss) from ordinary activities after Finance
costs and before Exceptional Items (3+4) |
2.728 |
(1.804) |
0.925 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit from ordinary activities before tax (5+6) |
2.728 |
(1.804) |
0.925 |
|
Tax (Expenses)/ Asset |
0.140 |
0.740 |
0.880 |
|
Net
Profit/ (Loss) from ordinary activities after Tax (7+8) |
2.867 |
(1.064) |
1.804 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
115.440 |
115.440 |
115.440 |
|
Reserves excluding revaluation reserves |
|
|
|
|
Earning per share, (basic and diluted) (Rs) (annualized) |
0.25 |
(0.09) |
0.16 |
|
Public Shareholding |
|
|
|
|
a) Number of shares |
4073198 |
4073198 |
4073198 |
|
b) Percentage of shareholding |
35.28 |
35.28 |
35.28 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
7470802 |
7470802 |
7470802 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
64.72 |
64.72 |
64.72 |
NOTES:
1. The above Unaudited
Results, as reviewed by the Audit Committee, have been approved by the Board of
Directors at their meeting held on 14th November, 2015.
2. The Company has
one business segment namely ‘Chemical Manufacturing’. Therefore,
3. As informed by
M/s Adroit Corporate Services Private Limited, Registrar and Share Transfer
Agents of the Company, there were no investors complaints pending since last
quarter. The company has not received any new complaints during the quarter.
4. The figures have
been grouped/ regrouped wherever necessary.
BALANCE SHEET AS AT 30TH
SEPTEMBER, 2015
(Rs. in Millions)
|
Standalone
Statement of Assets and Liabilities Particulars |
30.09.2015 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
115.440 |
|
|
b] Reserves and Surplus |
101.319 |
|
|
Sub-total –
Shareholders’ funds |
216.759 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
0.000 |
|
|
b] Deferred Tax Liabilities |
11.803 |
|
|
c] Other current liabilities |
0.000 |
|
|
d] Long term provisions |
2.525 |
|
|
Sub-total -
Non-current Liabilities |
14.328 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
30.632 |
|
|
b] Trade Payables |
67.523 |
|
|
c] Other Current Liabilities |
16.501 |
|
|
d] Short Term Provision |
2.068 |
|
|
Sub-total - Current Liabilities |
116.724 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
347.811 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
141.801 |
|
|
b]
long Term loans and Advances |
7.769 |
|
|
Sub-total – Non- current assets |
149.570 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
72.125
|
|
|
Trade Receivables |
106.265
|
|
|
Cash & Bank Balances |
5.927
|
|
|
Short Term loans and advances |
0.231
|
|
|
Other Current Assets |
13.693
|
|
Sub-total – Current Assets |
198.241
|
|
|
|
|
|
|
TOTAL - ASSETS |
347.811 |
|
CONTINGENT
LIABILITIES: (As on 31.03.2015)
a) Estimated amount of
contracts remaining to be executed on capital account and not provided for Rs.
NIL-net of
advance (Previous year Rs.
NIL).
b) Bank Guarantees issued and outstanding
on Balance Sheet date: Rs. 4.250 Million (Previous year Rs. 5.350 Million)
c) Letters of credit
outstanding Rs 34.884 Million (Previous year: Rs 33.973 Million)
d) Sale tax demand against
which the company file the appeals for the years 2005-06 to 2009-10 of Rs.
202.811 Million (Previous Year Rs: 202.811 Million).
e) Demand from service tax
authority contested in appeal Rs. 2.711 Million (Previous year Rs: 2.711
Million).
f) Claim against the company
by a customer but not admitted, pending in High Court Rs. 3.363 Million
(Previous year Rs: 3.363 Million).
FIXED ASSETS:
Tangible Assets
·
Lease
Hold Land
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Vehicles
·
Office
Equipment
·
Electric
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 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. 66.38 |
|
|
1 |
Rs. 100.45 |
|
Euro |
1 |
Rs. 70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
47 |
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.