MIRA INFORM REPORT
|
Report No. : |
343780 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEGHMANI FINECHEM LIMITED |
|
|
|
|
Registered
Office : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat |
|
Tel. No.: |
91-2642-256677/ 88/ 99 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.09.2007 |
|
|
|
|
Com. Reg. No.: |
04-051717 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 707.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100GJ2007PLC051717 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM2288N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of basic chemicals (Caustic soda) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is subsidiary of Meghmani Organics Limited, incorporated in
the year 2007, it is into manufacturing of basic chemicals. For the FY 2014, the company has achieved sales turnover of
Rs.2827.690 Million marked by satisfactory profitability margin of Rs.10.46%. The company possesses healthy financial risk profile marked by good
net worth base along with increase in its cash reserves and there is
favourable gap between trade payables and receivables. The rating continue to draw strength from the strong parentage of MFL
and experience of the promoters in the chemicals business. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
13.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A2 |
|
Rating Explanation |
String degree of safety and low credit risk. |
|
Date |
13.10.2014 |
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.
LOCATIONS
|
Registered Office/ Factory : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat, India |
|
Tel. No.: |
91-2642-256677/ 88/ 99 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
“Meghmani House”, Shree Nivas Society, Paldi, Ahmedabad – 38007,
Gujarat, India |
|
Tel. No.: |
91-79-26640668/ 69 |
|
Fax No.: |
91-792664-0670 |
|
|
|
|
Factory : |
GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch – 392130,
Gujarat, India |
|
Tel. No.: |
91-2641-256677/ 256688 |
|
Fax No.: |
91-2641-256666 |
DIRECTORS
As on 28.06.2014
|
Name : |
Mr. Jayantibhai Meghji Patel |
|
Designation : |
Director |
|
Address : |
“Kruti”, L-18/359, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.03.1952 |
|
Qualification: |
B. E. Chemical |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027224 |
|
|
|
|
Name : |
Mr. Ashish Natawarlal Soparkar |
|
Designation : |
Director |
|
Address : |
L-13/246, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.12.1952 |
|
Qualification: |
B. E. Chemical |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027480 |
|
|
|
|
Name : |
Mr. Natwarlal Meghji Patel |
|
Designation : |
Director |
|
Address : |
6 B ashok Vatika No.1 Opposite Ekta Farm, Bodkdev, Ahmedabad – 380058, Gujarat, India |
|
Date of Birth/Age : |
01.06.1953 |
|
|
M. Sc |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027540 |
|
|
|
|
Name : |
Mr. Ramesh Meghji Patel |
|
Designation : |
Director |
|
Address : |
54, Shrinath Society B/h Manekbaug, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.06.1956 |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027637 |
|
|
|
|
Name : |
Mr. Anand Ishwar Patel |
|
Designation : |
Director |
|
Address : |
54, Shrinath Society B/h Manekbaug, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
07.09.1962 |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027836 |
|
|
|
|
Name : |
Mr. Chinu Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Residency, B/h Prahladnagar Garden, S.G. Highway, Ahemdabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Mr. Arvindbhai Kanubhai Patel |
|
Designation : |
Additional Director |
|
Address : |
Patel Cergical Hospital, ST Road, Ankkleshwar, Bharuch – 393001, Gujarat, India |
|
Date of Birth/Age : |
30.11.1951 |
|
Date of Appointment : |
18.01.2014 |
|
DIN No. : |
06756000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Meghmani Finechem Limited |
|
40446820 |
|
Jayantibhai Meghjibhai Patel |
|
632414 |
|
Ashish Natawarlal Soparkar |
|
948563 |
|
Natwarlal Meghjibhai Patel |
|
977305 |
|
Rameshbhai Meghjibhai Patel |
|
632414 |
|
Anandbhai Ishwarbhai Patel |
|
980178 |
|
Maulik Jayantibhai Patel |
|
1897011 |
|
Deval Ashish Soparkar |
|
158190 |
|
Ankit Natwarlal Patel |
|
1609603 |
|
Karana Rameshbhai Patel |
|
505954 |
|
Darshan Anandbhai Patel |
|
94960 |
|
Taraben Jayantibhai Patel |
|
316150 |
|
Kruti Jayantibhai Patel |
|
316150 |
|
Nayana Ashish Soparkar |
|
316150 |
|
Ruchi Ashish Soparkar |
|
158075 |
|
Kaushal Ashish Soparkar |
|
1580747 |
|
Bhartiben Natwarlal Patel |
|
229927 |
|
Disha Natwarlal Patel |
|
344890 |
|
Kalpanaben Rameshbhai Patel |
|
442609 |
|
Vaishakhi Rameshbhai Patel |
|
316149 |
|
Nayana Anandbhai Patel |
|
94845 |
|
Chintan Anandbhai Patel |
|
94845 |
|
International Finance Corporation, |
|
17666050 |
|
Total |
|
70759999 |
Equity Share Break up (Percentage of Total Equity)
As on 28.06.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
24.97 |
|
Bodies corporate |
57.16 |
|
Directors or relatives of Directors |
17.87 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of basic chemicals (Caustic soda) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard
Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad
– 380006 Gujarat, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · State Bank of India (As Security Trustee Of International Finance Corporation), Mid Corporate Group, 3rd Floor, Amrut Jayanti Bhavan, Overseas Branch, Ahmedabad - 380014, Gujarat, India |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandwala and Khandwala Chartered Accountants |
|
Address : |
Hrishikesh', 2nd Floor, Vasantbaug Society, Opposite Water Tank, Gulbai Tekra, Ahmedabad – 380006, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP0241L |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Meghmani Organics Limited CIN No.: L24110GJ1995PLC024052 |
|
|
|
|
Fellow Subsidiary Company : |
Meghmani Energy Limited CIN No.: U40105GJ2006PLC048974 |
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on 28.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000 Million |
|
2,500,000 |
Preference Shares |
Rs.100/- each |
Rs. 250.000 Million |
|
|
Total |
|
Rs. 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,759,999 |
Equity Shares |
Rs.10/- each |
Rs. 707.600
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
707.600 |
707.600 |
615.500 |
|
(b) Reserves & Surplus |
1447.977 |
1152.338 |
709.578 |
|
(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) |
2155.577 |
1859.938 |
1325.078 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2515.051 |
3051.907 |
3639.750 |
|
(b) Deferred tax liabilities (Net) |
128.184 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.538 |
0.366 |
0.516 |
|
Total Non-current
Liabilities (3) |
2643.773 |
3052.273 |
3640.266 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
148.598 |
|
(b) Trade
payables |
225.295 |
159.911 |
172.184 |
|
(c) Other
current liabilities |
758.223 |
679.585 |
572.777 |
|
(d) Short-term
provisions |
38.307 |
54.236 |
0.802 |
|
Total Current
Liabilities (4) |
1021.825 |
893.732 |
894.361 |
|
|
|
|
|
|
TOTAL |
5821.175 |
5805.943 |
5859.705 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3257.861 |
3611.405 |
3932.490 |
|
(ii)
Intangible Assets |
7.814 |
41.553 |
75.386 |
|
(iii)
Capital work-in-progress |
1124.981 |
822.676 |
368.652 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets (net) |
0.000 |
18.582 |
197.192 |
|
(d) Long-term Loan and Advances |
339.557 |
118.021 |
172.511 |
|
(e) Other
Non-current assets |
65.692 |
72.367 |
59.102 |
|
Total Non-Current
Assets |
4795.915 |
4684.614 |
4805.343 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
240.431 |
190.125 |
|
(b)
Inventories |
230.070 |
129.059 |
145.222 |
|
(c) Trade
receivables |
479.541 |
356.379 |
285.228 |
|
(d) Cash
and cash equivalents |
259.016 |
32.996 |
139.113 |
|
(e)
Short-term loans and advances |
6.171 |
310.777 |
7.615 |
|
(f) Other
current assets |
50.462 |
51.687 |
287.059 |
|
Total
Current Assets |
1025.260 |
1121.329 |
1054.362 |
|
|
|
|
|
|
TOTAL |
5821.175 |
5805.943 |
5859.705 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2827.698 |
3051.877 |
2504.277 |
|
|
|
Other Income |
32.621 |
18.422 |
27.926 |
|
|
|
TOTAL (A) |
2860.319 |
3070.299 |
2532.203 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1328.257 |
1354.876 |
1297.016 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(12.433) |
(3.026) |
0.303 |
|
|
|
Employees benefits expense |
87.244 |
73.257 |
66.529 |
|
|
|
Other expenses |
245.750 |
307.390 |
207.941 |
|
|
|
TOTAL (B) |
1648.818 |
1732.497 |
1571.789 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1211.501 |
1337.802 |
960.414 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
275.209 |
327.097 |
429.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
936.292 |
1010.705 |
530.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
493.856 |
481.836 |
472.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
442.436 |
528.869 |
58.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
146.797 |
270.310 |
57.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
295.639 |
258.559 |
0.885 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.18 |
3.82 |
0.01 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
669.681 |
602.578 |
489.624 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
890.110 |
1442.418 |
887.486 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.46 |
8.47 |
0.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
42.84 |
43.84 |
38.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.42 |
10.65 |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.28 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.48 |
1.96 |
3.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.25 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
615.500 |
707.600 |
707.600 |
|
Reserves & Surplus |
709.578 |
1152.338 |
1447.977 |
|
Net
worth |
1325.078 |
1859.938 |
2155.577 |
|
|
|
|
|
|
long-term borrowings |
3639.750 |
3051.907 |
2515.051 |
|
Short term borrowings |
148.598 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
489.624 |
602.578 |
669.681 |
|
Total
borrowings |
4277.972 |
3654.485 |
3184.732 |
|
Debt/Equity
ratio |
3.228 |
1.965 |
1.477 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2504.277 |
3051.877 |
2827.698 |
|
|
|
21.867 |
(7.346) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2504.277 |
3051.877 |
2827.698 |
|
Profit |
0.885 |
258.559 |
295.639 |
|
|
0.04% |
8.47% |
10.46% |
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 |
No |
|
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 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435255 |
17/06/2013 |
340,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B78914983 |
|
2 |
10383700 |
18/10/2012 |
2,965,000,000.00 |
ICICI Bank Limited |
J M C House,, Opposite Parimal Garden, Ambawadi, Ahmedabad,
Gujarat - 380009, INDIA |
B60996139 |
|
3 |
10342649 |
16/02/2012 |
765,000,000.00 |
Standard Chartered Bank |
Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad, Gujarat
- 380006, INDIA |
B35205129 |
|
4 |
10335346 |
30/01/2012 |
2,200,000,000.00 |
ICICI Bank Limited |
J M C House,, Opposite Parimal Garden, Ambawadi, |
B32023814 |
|
5 |
10133814 |
11/12/2008 |
1,000,000,000.00 |
International Finance Corporation represented by State Bank of India |
Branch Office at IFC €™s South Asia Department, Gate No. 3, Niti Marg,
50-M, Shantipath, Chanakya, New Delhi, Delhi - 110021, INDIA |
A52912912 |
|
6 |
10133813 |
19/12/2012 * |
1,000,000,000.00 |
State Bank of India as Security Trustee of International Finance
Corporation |
Mid Corporate Group, 3rd Floor, Amrut Jayanti Bhavan, Overseas
Branch,, Ahmedabad, Gujarat - 380014 , INDIA |
B65188005 |
* Date of charge modification
FINANCIAL REVIEW
The sales turnover of the Company decreased by Rs. 224.180 Million (i.e. 7.35%) i.e. from Rs. 3051.880 Million in Fy 2013 to Rs. 2827.700 Million in Fy 2014. The decrease in revenue is mainly attributable to (1) lower capacity utilization resulting in to lower production and consequently lower sales (2) decrease in ECU realization (3) lower generation of power units (4) maintenance related issues and (5) maintenance elated issues.
PROFITABILITY
The year is the land mark year for the Company. The Company earned profit of Rs. 295.640 Million after wiping out carried forward losses of Rs. 261.860 Million resulting Rs. 33.780 Million profit for the year. The directors expect that if the price of Caustic Chlorine and the capacity utilization is maintained the Company will be in a position to earn more revenue in the next year of operation.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v Intangible Assets
· Copyrights, Patents and Other Operating Rights
PRESS RELEASE
MEGHMANI FINECHEM TO SET UP CAUSTIC POTASH PLANT IN DAHEJ
The company will built 60 metric tonnes per day caustic potash plant with an investment of Rs 65 crores
November 12, 2014
Meghmani Finechem Limited (MFL), a subsidiary of Meghmani Organics Limited (MOL), is planning to set upcaustic potash (commonly known as potassium hydroxide) plant of 60 metric tonnes (mt) per day at its existing manufacturing facility situated at Dahej, Bharuch (Gujarat) with an investment of Rs 65 crores. The plant is expected to commence commercial production by September, 2015.
“MFL has completed its capacity expansion to increase the manufacturing
capacity of caustic chlorine from 340 tonne per day (TDP) to 476 TPD
in January 2014 and raised captive power plant capacity from 40 MW to 60 MW in
July 2014. To leverage these strengthens, Meghmani Finechem has identified to
set up caustic potash plant of 60 mt per day,” said MFL in a press release.
MFL will use the latest fourth generation membrane cell technology from
Asahi Kasei Chemicals Corporation, Japan, for the construction of the new
caustic potash plant.
Meghmani Finechem will earn revenue of Rs 1300.000 Million and profit before
tax of Rs 170.000 Million, in full financial operation of financial year
2016-17.
The largest users of caustic potash are soap, detergent, fertiliser and
chemicals industries. It is also used in molten salt, dyes, pharmaceuticals and
photography sectors.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.