MIRA INFORM REPORT

 

 

Report No. :

344960

Report Date :

14.10.2015

 

IDENTIFICATION DETAILS

 

Name :

BODAL CHEMICALS LIMITED

 

 

Registered Office :

Plot No. 123 and 124, Phase-I, G.I.D.C. Estates, Vatva, Ahmedabad – 382445, Gujarat

Tel. No.:

91-79-25831684 / 25834223 / 25835437 / 25836051

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

24.09.1986

 

 

Com. Reg. No.:

04-009003

 

 

Capital Investment / Paid-up Capital :

Rs. 468.215 Million

 

 

CIN No.:

[Company Identification No.]

L24110GJ1986PLC009003

 

 

IEC No.:

0888008406

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMD00602A

 

 

PAN No.:

[Permanent Account No.]

AAACD5352M

 

 

Legal Form :

A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Dyes and Dyes Intermediates.

 

 

No. of Employees :

1000 (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 5300000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. It is part of Simpolo Group.

 

The ratings takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable gearing in FY14.

 

The company has reported significant growth in its revenue base along with decent profit margin in the year under consideration.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of sound healthy financial condition, 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

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

August 14, 2014

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

August 14, 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 PARTED BY

 

Name :

Mr. Kuldeep Rajput

Designation :

Export-Import Manager

Contact No.:

91-79-25831684

Date :

12.10.2015

 

Name :

Mr. Vipul Patel

Designation :

Export manager

Contact No.:

91-79-25831684

Date :

12.10.2015

 

 

LOCATIONS

 

Registered Office :

Plot No. 123 and 124, Phase-I, G.I.D.C. Estates, Vatva, Ahmedabad – 382445, Gujarat, India

Tel. No.:

91-79-25831684 / 25834223 / 25835437 / 25836051

Mobile No.:

91-9925034567 (Mr. Ankit Patel)

Fax No.:

91-79-25835245 / 25836052

E-Mail :

bodal@icenet.net

mayor@bodal.com

secretarial@bodal.com

Dyestuff Division: bodal@bodal.com, bcpl@bodal.com

Dye Intermediates Division: rameshpatel@bodal.com

Other Chemicals Division: ankitpatel@bodal.com

Website :

http://www.bodal.com

Area :

2851 sq. ft.

Location :

Leased

Locality :

Industrial

 

 

Factory 1 :

Plot No. 110, Phase-II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India

 

 

Factory 2 :

Plot No. 123 and 124 and C-1-B/111-114, Phase-I, G.I.D.C. Estate, Vatva, Ahmedabad – 382 445, Gujarat, India

 

 

Factory 3 :

Plot No. 2102, Phase-III, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India

 

 

Factory 4:

Plot No. 252, 253 and C-1/254, Phase-II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India

 

 

Factory 5 :

Plot No. 6002/2B, G.I.D.C., Ankleshwar, District Bharuch, Gujarat, India

 

 

Factory 6 :

Plot No. 606-607, G.I.D.C., Panoli, Near Ankleshwar, District Bharuch, Gujarat, India

 

 

Factory 7 :

Block No. 804, Village-Dudhwada, Taluka Padra, District Vadodara, Gujarat, India

 

 

Factory 8 :

Block No. 106-108, Ekalbara Village, Taluka Padra, District Vadodara, Gujarat, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Suresh J. Patel

Designation :

Chairman and Managing Director

Address :

32,Basant Bahar, Nr. Stearling Club, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

15.04.1956

Qualification :

Bachelor in Science (B.Sc.)

Experience :

He has very wide and rich experience in the chemical industry specifically in manufacturing of Dyes and Dyes Intermediates.

Date of Appointment :

13.05.2015

DIN No.:

0007400

 

Name :

Bhavin S. Patel

Designation :

Executive Director

Address :

32, Basant Bahar, Nr. Sterling Club,, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

05.01.1981

Qualification :

Bachelor in Science (B.Sc.)

Experience :

He has rich experience in the chemical industry specifically in marketing of Dyes and Dyes Intermediates.

Date of Appointment :

13.05.2015

DIN No.:

00030464

 

Name :

Ankit S. Patel

Designation :

Executive Director

Address :

32,Basant Bahar,, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Appointment :

01.04.2014

DIN No.:

02173231

 

Name :

Surendra N. Shah

Designation :

Independent Director

Address :

23, Amramanjari Bung.,, Vi, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Appointment :

13.05.2006

DIN No.:

00160401

 

Name :

Bipin R. Patel

Designation :

Independent Director

Address :

44, Mithila Society,, Opp.Shreyas Foundation, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Appointment :

29.09.2007

DIN No.:

01186974

 

Name :

Sunil K. Mehta

Designation :

Independent Director

Address :

7,Basant Bahar Bunglow,, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Appointment :

29.09.2007

DIN No.:

01736527

 

Name :

Kajal R. Soni

Designation :

Independent Director

Address :

Shayona Bunglows 29, Part 1, Shayona City R.C.Tech Road, Ghatlodiaa,, Ahmedabad - 380061, Gujarat, India

Date of Birth/Age :

23.08.1984

Qualification :

C.A.(Chartered Accountant)

Experience :

She is Chartered Accountant. She has good and wide experience in Chartered Accountant profession. She has sound knowledge of Accounting, Finance and Taxation matters.

Date of Appointment :

24.09.2015

DIN No.:

06926972

 

 

KEY EXECUTIVES

 

Name :

Mayur B. Padhya

Designation :

Chief Financial Officer

Address :

67, Surmya Bunglow,, Off Science City Road, Sola, Ahmedabad – 380060, Gujarat, India

PAN No.:

ADGPP9472L

 

 

Name :

Ashutosh B. Bhatt

Designation :

Company Secretary

 

 

AUDIT COMMITTEE:

 

 

Name :

Mr. Surendra N. shah

Designation :

Chairman

 

 

Name :

Mr. Bipin R. Patel

Designation :

Member

 

 

Name :

Mr. Bhavin S. Patel

Designation :

Member

 

 

NOMINATION AND REMUNERATION COMMITTEE:

 

 

Name :

Mr. Surendra N. Shah

Designation :

Chairman

 

 

Name :

Mr. Bipin R. Patel

Designation :

Member

 

 

Name :

Mr. Sunil K. Mehta

Designation :

Mr. Sunil K. Mehta Member

 

 

SHAREHOLDERS’ GRIEVANCES COMMITTEE:

 

 

Name :

Mr. Surendra N. Shah

Designation :

Chairman

 

 

Name :

Mr. Bipin R. Patel

Designation :

Member

 

 

Name :

Mr. Bhavin S. Patel

Designation :

Member

 

 

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:

 

 

Name :

Mr. Suresh J. Patel

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Ankit S. Patel

Designation :

Executive Director

 

 

Name :

Mr. Surendra N. shah

Designation :

Independent Director

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B+C)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

65293760

59.84

http://www.bseindia.com/include/images/clear.gifSub Total

65293760

59.84

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

10721700

9.83

http://www.bseindia.com/include/images/clear.gifSub Total

10721700

9.83

Total shareholding of Promoter and Promoter Group (A)

76015460

69.67

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

217406

0.20

http://www.bseindia.com/include/images/clear.gifInsurance Companies

4000

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

221406

0.20

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

9307771

8.53

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

16776754

15.38

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

5648727

5.18

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1137252

1.04

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

517105

0.47

http://www.bseindia.com/include/images/clear.gifClearing Members

42108

0.04

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

578039

0.53

http://www.bseindia.com/include/images/clear.gifSub Total

32870504

30.13

Total Public shareholding (B)

33091910

30.33

Total (A)+(B)

109107370

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

109107370

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter, Importer and Supplier of Dyes and Dyes Intermediates.

 

 

Products :

Item Code No.

Product Description

20119

H Acid

20119

Vinly Sulphone Ester

20114

Acid Black 210

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Products :

Dyes and Dye Intermediates

Countries :
  • China
  • Korea
  • Switzerland

 

 

Imports :

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash, Cheque and Credit

 

 

Purchasing :

Cash, Cheque and Credit

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

End Users

 

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

1000 (Approximately)

 

 

Bankers :

Banker Name :

Union Bank of India

Branch :

Industrial Finance Branch, Near Income Tax Four Road, Ahmedabad – 380 014, Gujarat, India

Person Name (With Designation) :

Not Available

Contact Number :

Not Available

Name of Account Holder :

Not Available

Account Number :

Not Available

Account Since (Date/Year of Account Opening) :

Not Available

Average Balance Maintained :

Not Available

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Available

Account Operation :

Not Available

Remark :

Not Available

 

  • Bank of India, India

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loan from Banks

855.376

2150.606

 

 

 

Short-term borrowings

 

 

Repayable on Demand

 

 

Working Capital Loans from Banks

1224.914

1273.708

Total

2080.290

3424.314

 

NOTE:

 

LONG-TERM BORROWINGS:

 

  1. Nature of Security and terms of repayment for Long Term secured borrowings

 

  1. Term loan from banks balance outstanding amounting to Rs. 120.000 Million (P.Y.:Rs. 145.500 Million) is secured by 1st charge on immovable properties of the company situated at Plot No. 252,253,254 GIDC, Vatva and Plot No. 804 of Padra Unit and Hypothecation of entire P and M and other equipment acquired through the term loan and repayable in 40 quarterly installments starting from April 2012. Last installment is due in March, 2022. Rate of interest 12.75%. (P.Y.16.50%) p.a. at year end.

 

  1. Term loan from banks balance outstanding amounting to Rs. 370.400 Million (P.Y.:Rs. 449.110 Million) is secured by 1st charge on immovable properties of the company situated at Plot No. 804 and Block No. 800, 803/1, 797, 796, 795, 532, 555, 556, 560, 561/1 and 525, Village Dudhavada, Taluka Padra, Vadodara and Hypothecation of entire P and M and other equipment acquired through the term loan and repayable in 40 quarterly installments starting from April, 2012. Last installment is due in March, 2022. Rate of interest 12.75 % (P.Y. 15.50%) p.a. at year end.

 

  1. Term loan from banks balance outstanding amounting to Rs. 230.000 Million (P.Y.:Rs. 424.375 Million) is secured by 1st charge on immovable properties of the company situated at Plot No. 804 & Block No. 800, 803/1, 797, 796, 795, 532, 555, 556, 560, 561/1 and 525, Village Dudhavada, Taluka Padra, Vadodara and Hypothecation of entire P and M and other equipment acquired through the term loan and repayable in 40 quarterly installments starting from April, 2012. Last installment is due in March, 2022. Rate of interest 15.25%. (P.Y. 15.00 %) p.a. at year end.

 

  1. Working Capital Term loan from banks balance outstanding amounting to Rs. NIL (P.Y.:Rs. 37.442 Million) is secured by 1st pari pasu charge on entire current assets of the company. Loan is fully paid in August 2014. Rate of interest 15.75% (P.Y. 15.75%) p.a.

 

  1. Working Capital Term loan from banks balance outstanding amounting to Rs. 134.950 Million (P.Y.:Rs. 203.700 Million) is secured by 1st pari pasu charge on entire current assets of the company and repayable in 120 monthly installments starting from April, 2012. Last installment is due in March, 2022. Rate of interest 12.75% (P.Y. 16.00%) p.a. at year end.

 

  1. Working Capital Term loan from banks balance outstanding amounting to Rs.NIL (P.Y.:Rs. 348.800 Million) is secured by 1st pari pasu charge on entire current assets of the company. loan is fully paid in July 2014. Rate of interest 10.25% (P.Y.: 10.25% ) p.a.

 

  1. Working Capital Term loan from banks balance outstanding amounting to Rs. NIL (P.Y.:Rs. 573.561 Million) is secured by 1st pari pasu charge on entire current assets of the company. Loan is fully paid in July 2014. Rate of interest 10.25% (P.Y.: 10.25%) p.a.

 

  1. Funded Interest Term loan from banks balance outstanding amounting to Rs. NIL (P.Y.:Rs. 100.047 Million) is secured by 1st pari pasu charge on entire current assets of the company. Loan is fully paid in June 2014. Rate of interest 10.25% (P.Y.: 10.25% ) p.a.

 

  1. Funded Interest Term loan from banks balance outstanding amounting to Rs. NIL (P.Y.:Rs. 147.690 Million) is secured by 1st pari pasu charge on entire current assets of the company. Loan is fully paid in June 2014. Rate of interest 10.25% (P.Y.: 10.25%) p.a.

 

  1. Vehicle loan, balance outstanding amounting to Rs. 0.805 Million (P.Y.:Rs. 2.753 Million) is secured by Hire Purchase agreement for Vehicles and repayable in monthly installments. Interest rate from 9% to 10%.

 

  1. Term Loans are collaterally further secured by equitable mortgage on Immovable property and Hypothecation of P and M of the company. It is further secured by personal guarantees of the Chairman and Managing Director and Executive directors. It is further secured by pledge of equity shares of the company held by the promoters and promoter group (excluding 3 NRIs and 2 resident indians from promoter groups).
  2. Installments falling due in respect of all the above Loans upto 31/03/2016 has been grouped under “Current maturities of long-term debt”.

 

SHORT TERM BORROWINGS:

 

Working Capital Loans from Banks are secured by Hypothecation Of Inventories, Book Debts and bills drawn under letter of credit and collaterally secured by equitable mortgage on Immovable property and Hypothecation of P and M of the company and personal guarantees of the Chairman and Managing Director and Executive directors. It is further secured by pledge of equity shares of the company held by the promoters and promoter group(excluding 3 NRIs and 2 resident Indians from promoter groups).

 

Auditors :

 

Name :

Mayank Shah and Associates

Chartered Accountants

Address :

706-708-A, Mahakant, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Tel. No.:

91-79-26575642/ 9106

Email :

mayanksha_ca@yahoo.co.in

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Associates :

Sun Agrigenetics Private Limited

(Associate Concern Till 24.02.2015 and Fellow Subsidiary Company (FS) till 07.03.2014)

 

Wholly owned subsidiary:

Name of the Company

Address

CIN/GLN

Bodal Agrotech Limited

Plot No.: 123-124, Phase-I, G.I.D.C., Vatva, Ahmedabad-382245

U01403GJ2010PLC062043

Enterprise under significant influence of key management personnel (Enterprise):
  • Shanti Inorgo Chem (Gujarat) Private Limited
  • Siskaa Chemicals Limited (Associate concern till 01.04.2013)
  • Rudraksh Caterers Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12,00,00,000

Equity Shares

Rs. 2/- each

Rs. 240.000 Million

2,50,00,000

Preference Shares

Rs. 10/- each

Rs. 250.000 Million

 

Total

 

Rs. 490.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,91,07,370

Equity Shares

Rs. 2/- each

Rs. 218.215 Million

2,50,00,000

Preference Shares

Rs. 10/- each

Rs. 250.000 Million

 

Total

 

Rs. 468.215 Million

 

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Shares outstanding at the beginning of the year

109,107,370

Shares issued during the year

Nil

Shares outstanding at the end of the year

109,107,370

 

Preference Shares

 

Shares outstanding at the beginning of the year

25,000,000

Shares issued during the year

Nil

Shares outstanding at the end of the year

25,000,000

 

 

Rights, preferences and restrictions attached to shares

 

Equity shares

The Company has only one class of equity shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.

 

Preference shares

The Company has only one class of non-convertible, non-cumulative redeemable preference shares having a par value of Rs. 10/- per share. Each shareholder shall have a right to attend general meeting of the company and vote on resolutions directly affecting their interest. In the event of liquidation, the preference shareholders shall be entitled to a preferential right of return of the amount paid up on the shares, but shall not have any further right or claim over the surplus asset of the company. The holder of these shares shall be entitled to receive dividend at fixed rate i.e. @ 9% on paid up value of shares subject to declaration of dividend by the company but do not have right to participate in surplus profit.

 

 

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

 

Name of Shareholder

Number of Shares

% holding

Equity Shares :

 

 

Shri Suresh J. Patel

3,33,45,151

30.57

Shri Bhavin S. Patel

78,10,050

7.16

Shri Ramesh P. Patel

66,35,299

6.08

 

 

 

Preference shares :

 

 

Mayur Dyechem Intermediates Limited

95,00,000

38.00

Shri Shaunak S. Parikh

30,00,000

12.00

H & H Exports (Gujarat) Private Limited

20,00,000

8.00

Shri Ashok G. Bansal

20,00,000

8.00

Shri Karna A. Surti

15,00,000

6.00

 

 

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

468.215

468.215

373.215

(b) Reserves & Surplus

1390.051

470.993

164.460

(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)

1858.266

939.208

537.675

 

 

 

 

(3) Deferred Grant

0.000

0.740

2.237

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

862.074

2,158.488

2457.480

(b) Deferred tax liabilities (Net)

129.725

6.484

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

991.799

2,164.972

2457.480

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

1224.914

1,273.708

901.905

(b) Trade payables

1124.903

1,121.610

681.300

(c) Other current liabilities

186.612

470.537

134.400

(d) Short-term provisions

5.539

2.497

1.770

Total Current Liabilities (4)

2541.968

2,868.352

1719.375

 

 

 

 

TOTAL

5,392.033

5,973.272

4716.767

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1886.334

1,674.325

2639.968

(ii) Intangible Assets

11.109

8.436

8.344

(iii) Capital work-in-progress

32.433

84.494

1.765

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

33.275

18.786

19.095

(c) Deferred tax assets (net)

0.000

0.000

12.116

(d)  Long-term Loan and Advances

196.905

210.054

61.837

(e) Other Non-current assets

4.612

7.467

79.204

Total Non-Current Assets

2164.668

2,003.562

2822.329

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

779.565

1,221.293

616.901

(c) Trade receivables

1971.950

2,263.063

883.589

(d) Cash and cash equivalents

29.894

34.158

37.745

(e) Short-term loans and advances

413.874

361.131

354.701

(f) Other current assets

32.082

90.065

1.502

Total Current Assets

3227.365

3,969.710

1894.438

 

 

 

 

TOTAL

5392.033

5,973.272

4716.767

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

10453.122

9594.970

5238.341

 

Other Income

47.179

37.071

38.914

 

TOTAL

10500.301

9632.041

5277.255

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6078.909

6215.746

3372.668

 

Purchases of Stock-in-Trade

299.820

237.83

165.021

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

200.426

(279.369)

159.847

 

Employees benefits expense

589.947

380.301

316.958

 

Other expenses

1441.363

1150.414

1015.198

 

Exceptional Items

0.000

737.358

0.000

 

TOTAL

8610.465

8442.280

5029.692

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1889.836

1189.761

247.563

 

 

 

 

 

Less

FINANCIAL EXPENSES

272.753

466.382

391.896

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1617.083

723.379

(144.333)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

222.479

252.543

164.282

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1394.604

470.836

(308.615)

 

 

 

 

 

Less

TAX

474.439

164.303

(97.388)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

920.165

306.533

(211.227)

 

 

 

 

 

 

BALANCE CARRIED TO THE BALANCE SHEET

920.165

306.533

(211.227)

 

 

 

 

 

 

TOTAL EARNINGS IN FOREIGN CURRENCY

4039.051

3265.764

1921.616

 

 

 

 

 

 

TOTAL IMPORTS

492.746

645.454

181.340

 

 

 

 

 

 

EARNINGS / (LOSS) PER SHARE (RS.)

8.43 

2.81

(1.94)

 

Particulars

 

 

 

31.03.2015

Sales Turnover

 

 

10450.000

 

The above information has been parted by Mr. Kuldeep Rajput.

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

0.779

284.370

71.188

Cash generated from operations

2377.380

643.553

139.778

Cash generated from (Used) operations

NA

NA

NA

Cash generated from Operating Activities

1977.996

488.213

139.133

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

PAT / Sales

(%)

8.80

3.19

(4.03)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

18.08

12.40

4.73

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

26.18

8.02

(6.59)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.75

0.50

(0.57)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.12

3.65

6.25

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.27

1.38

1.10

 

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

Market Value

Rs. 34.00/-

 

 

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

373.215

468.215

468.215

Reserves & Surplus

164.460

470.993

1390.051

Net worth

537.675

939.208

1858.266

 

 

 

 

long-term borrowings

2457.480

2158.488

862.074

Short term borrowings

901.905

1273.708

1224.914

Current Maturities of Long term debt

71.188

284.370

0.779

Total borrowings

3430.573

3716.566

2087.767

Debt/Equity ratio

6.380

3.957

1.124

 

 

 

 

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

5238.341

9594.970

10453.122

 

 

83.168

8.944

 

 

 

 

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

5238.341

9594.970

10453.122

Profit

(211.227)

306.533

920.165

 

(4.03%)

3.19%

8.80%

 

 

 

 

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)

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

GENERAL INFORMATION:

 

Nature of industry:

The Company is well-known in the field of manufacturing Dyestuffs, Dyes Intermediates and other Chemicals falling under the broad category of Chemicals. Dyestuff is further used in Textile, Leather and Paper Industry. The Company has total 8 separate units having manufacturing facilities located in Gujarat.

 

 

PERFORMANCE OF THE COMPANY:

 

The Financial year 2014-2015 is second successive great year in the history of the company and where it has posted good net profit. The company has achieved another historical milestone by reaching Total Income from the operations of Rs. 10453.100 Million. This is the highest ever Total Income from Operations of the company for any single financial year. The achievement indicates itself that the company is committed towards the expansion of market share in domestic market as well as in overseas market. The major highlights of financial performance of the company for the financial year 2014- 15, are as follows:

 

  1. Total Income from operations increased from Rs. 9594.900 Million to Rs. 10453.100 Million - Increase by 8.94%.
  2. Cash profit for the year stood at Rs. 1266.500 Million and EBIDTA stood at Rs. 1889.800 Million.
  3. Profit before tax increased from Rs. 470.800 Million to Rs. 1394.600 Million -increase by 192.14%.
  4. Net profit stood at Rs. 920.200 Million compared to net profit of Rs. 306.500 Million of previous year-Increase by 200.23%.

 

The Company has performed very well during the financial year 2014-15, with productivity gains, growth in volumes and sustained margins notwithstanding rise in the input costs. The first half of the financial year 2014-15 has shown healthy signs and was very good for the company but the second half of the year was somehow challenging. This is Bodal’s ability that has continued to be successful in business despite of several economic constrains, globally as well as domestic. The company has neutralized cost increase and improves margins together with purchasing efficiencies, improvement in manufacturing yield/ usages and overall expenditure control helped in increasing profitability. This performance has helped the company to establish a new milestone at the end of year.

 

Current Year-2015-16

 

During the current financial year 2015-16, the management is aiming another good successive year and is convinced that the company will deliver another fabulous financial year as the year started equally promisingly. The company has declared its result for the first quarter of current financial year i.e. 2015-16 on 12-08-2015. The quarter on quarter growth for June quarter of current year compared to march quarter of previous year, are as under and it shows that the growth has continued.

 

  1. Total Revenue from the operations increased from Rs. 2348.400 Million to Rs. 2461.300 Million – increase by 4.81%
  2. EBIDTA jumps from Rs. 299.100 Million to Rs. 407.100 Million – increase by 36.11%
  3. Net profit increased from Rs. 91.800 Million to Rs. 201.600 Million – increase by 119.61%
  4. EPS for the quarter is Rs. 1.85.

 

 

COMMENCEMENT OF MULTI EFFECT EVAPORATOR (MEE) PLANT

 

Multi Effect Evaporator (MEE) has been successfully commenced at investment of about Rs. 300.000 Million at our Unit VII, Dudhwada, Taluka Padara, and Dist. Vadodara during the financial year 2014-15. The Company has manufacturing dyes and dye intermediates facility at the same location. Normally at the end of manufacturing process there remains effluent water and the same cannot be disposing off without giving proper treatment. For the said purpose company has installed the said MEE plant which is modern and advanced technology plant. It not only treats the effluent water but also there is recovery of salt, which can either be used for captive consumption or sold in the market. So by using this technology company can save related treatment cost to some extent.

 

Bodal Chem (BCL)

 

Bodal Chemicals Limited is one of the leading manufacturer and exporter in the Dyes and Dye Intermediates industry. Its core business is manufacturing of Dyestuffs, Dyes Intermediates and other Chemicals falling under the broad category of Chemicals. It has a unique and integrated product line covering forward and backward integration to dye intermediates. Company’s final product i.e. Destuff is further used in Textile, Leather and Paper Industry. The Company has total 8 separate units having manufacturing facilities located in Gujarat. Due backward Integration from dyestuff division, they use about 60% of their own raw materials when they produce Dyestuff and they use about 60% of their own raw materials when they produce dye Intermediates. This is their Strength. Out of the total sales about 40% is export and balance is domestic. The company is listed on Bombay Stock Exchange Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE).

 

The broader area of operation of your company is as under:

 

Dyes

The Company is a leading manufacturer of Reactive, Acid and Direct Dyes. Bodal has manufacturing capacity of more than 150 different products of Dyes to cater to Textile, Leather and Paper Industry.

 

Dye Intermediates

Bodal the largest manufacturer of Dye Intermediates in India and amongst the leading manufacturers of Dye Intermediates globally. The Company manufactures more than 25 Dyes Intermediates. These Dye Intermediates are directly sold as well as consumed captively for manufacturing different kinds of Dyes.

 

Other/Basic Chemicals

Bodal is also a manufacturer of other Chemicals like Sulphuric Acid, CSA, Oleums, Beta Napthol, Acetanilide etc. These Chemicals are used as key raw materials for production of Dye Intermediates, which is highly beneficial in terms of improving profitability of the company.

 

Bodal Agro (BAL)

The company has incorporated BAL as wholly owned subsidiary company in the year 2010 and had done some agriculture related business for about 2 years. But after reviewing losses and comparatively small turnover, the company had, discontinued that activities of Bodal Agrotech limited. Further it had applied for environment clearance from Ministry of Environment and forest, New Delhi for several products. They have already received the said clearance. Out of the several products company has finalized to start project for the product named LABSA which is further used in detergent industry. One of the raw material for producing the product is Sulphuric Adic and for the same ample production is there in Bodal Chemicals Ltd. It may take about 10 months to start commercial production and at optimum capacity it will do about Rs. 1000.000 Million. Turnover at investments cost of upto Rs. 15.000 Million.

 

Sun Agrigenetics (SAPL)

 

Bodal Agrotech Ltimited had sold some of its holding from Sun Agrigenetics Private Limited. and due to this transfer of holding; Sun Agrigenetics Private LImited is no more subsidiary or associates company of Bodal Agrotech Limited and fellow subsidiary of Bodal Chemicals Ltd as on 31-03-2015.

 

 

Trion Chemicals (TCPL)

 

The Company has always considered diversification strategy for the future growth of the company. The Company has identified the business space for exploiting the opportunities for diversification by making investments in other chemical Company, namely TRION CHEMICALS PRIVATE LIMITED. To exploit said business, the Company is making investment of about Rs. 150.000 Million for taking stake in Trion Chemicals Private Limited (TCPL) and will become the single majority stake holder. TCPL was incorporated in the year 2013 and ready with various required approvals for a project falling under the head of specialty chemicals having good export potential and better profit margin then the existing product line of Bodal Chemicals Ltd. Project construction work has just started and expected to start commercial production by July 2016. At the optimum capacity utilization level it will be able to generate turnover of about Rs. 2400.000 Million. It will add wealth to the business of the company as well as wealth of the shareholders of the company. It will be kind of first project in India. Bodal has not any other joint venture or associate company.

 

 

INDUSTRY OVERVIEW-DYES AND DYE INTERMEDIATES:

 

The Dyestuff industry in India is playing an important role for the development of economy of the country. Today, in India a self-sufficient dyestuff industry with a majority of its inputs manufactured locally to outfit to the needs of domestic textile industry by providing more than 90% requirement of the domestic textile industry for the raw materials. The Indian Dyestuff industry based on chemical and comprises mainly three sub divisions as key constituents, namely, dyestuffs, pigments and intermediates along with other ranges of dyes such as disperse, reactive, vat and leather dyes. Both dyestuffs and pigments are critical inputs to several industries such as Textile, Paper and Packaging, Leather, Food, Polymer, Coating, printing ink etc. Dyes are soluble and essentially used in textile industry. Pigments, on other hand, are insoluble and are important imputes to the products such as paints.

 

The Indian dyestuff industry is made of about 900 unites in the small scale sector and about 50 large organized units, who produce 1,50,000 tones of dyestuff. Gujarat and Maharashtra account for 90% dyestuff production in India due to dominance of textile industry and easy availability of raw material in this region. The main drivers for consolidation are the stringent environmental norms and increasing cost of operations for small-scale players. The important Dyes are acid and direct dyes; disperse dyes, reactive dyes, sulphur dyes, vat dyes, organic pigments, naphthols and optical brighteners.

 

The main drivers for Dyes are Reactive Blacks, Acid Blacks, Reactive Blues, Reactive yellows and Reactive reds. The main drivers for Dye Intermediates are Vinyl Sulphone, H Acid, F C Acid, 6 Nitro, DASA, Gamma Acid etc. There is huge potential of domestic demand due to low consumption of dyestuff, which leads to strong potential for Indian Dyestuff industry. The Indian Dyestuff industry is a potential powerhouse benefiting from comparative low labour cost, talented technical manpower, capabilities for research and development etc. However, Safety, Health and Environment protection issues have become the major issues for Indian Dyestuff Industry. The Indian dyestuff industry has also created very good impression in the Global Market by exporting the dyestuff products. The Indian Dyestuff industry is showing, with time, an upward trend in the export of dyes in last several years. India Dyestuff industry is exporting most of its production to the developed countries.

 

 

FINANCIAL PERFORMANCE AND OUTLOOK:

 

The Financial year 2014-2015 is another good year for the Dyes and Dye Intermediates industries. The Demand in the overseas marker as well as in the domestic market is higher than the supply of the product and due to this gap of Demand and supply, the margin of the profit has been increased. Further, Company’s considerable area of its business is overseas market and to control over the fluctuation of the Foreign exchange, the company has practice of booking the foreign exchange immediately on booking of order and not keeping the foreign exchange open applicable to both area i.e. Export and Import.

 

Bodal Chem has achieved outstanding and fabulous Total Income from operation of Rs. 10453.100 Million for the financial year 2014-15 compared to Rs. 9594.900 Million for the financial year 2013-14. EBIDTA stood at Rs. 1889.800 Million for the year 2014-15. Financial charges (Interest) of Rs. 272.800 Million for the year 2014-15 compared to Rs. 466.400 Million for the previous year. Depreciation and Amortization Rs. 222.500 Million for the 2014-15 compared to Rs. 252.500 Million for the previous year.

 

Bodal Chem has achieved Cash profit of Rs. 1266.500 Million for the financial year 2014-15 and Net profit of Rs. 920.200 Million for the year 2014-15 compared to Net profit of Rs. 306.500 Million in 2013-14. The Cash EPS is Rs. 11.60 and EPS is Rs. 8.43 for the financial year 2014-15 compared to EPS of Rs. 2.81 for previous year. During the current financial year 2015-16, the management is aiming another good successive year and is convinced that the company will deliver another fabulous financial year as the year started equally promisingly.

 

 

UNSECURED LOAN:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Long-term Borrowings

 

 

Loan From Directors

0.000

0.050

Public Deposits

0.000

2.145

Trade Deposits

6.698

5.687

Total

6.698

7.882

 

 

CONTINGENT LIABILITIES:

 (Rs. in millions)

PARTICULARS

31.03.2015

Contingent Liabilities

 

Disputed matters in appeals/contested in respect of:

 

Income Tax

26.831

Excise

19.345

Service Tax

0.386

Customs Department

Future cash outflows in respect of the above are determinable only on receipt of Judgments /decisions pending with various forums/ authorities. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the additional demand raised is likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

1.171

Letter of Credit

66.919

Bank Guarantee

47.178

 

 

Commitments

 

Estimated amount of Contracts remaining to be executed on capital account and not provided for, net of advances

8.285

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

 

 (Rs. In Million)

Particulars

Quarter Year Ended

 

30.06.2015

 

UNAUDITED

1. Income from operations

 

a) Net sales/ Income from operation (net of excise duty)

2422.067

b) Other operating income

39.198

Total income from Operations(net)

2461.265

2.Expenditure

 

a) Cost of material consumed

1532.276

b) Purchases of stock in trade

6.965

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

1.698

d) Employees benefit expenses

145.088

e) Manufacturing Expenses

256.636

f) Depreciation and amortization expenses

61.160

g) Power and Fuel

0.000

h) Other expenditure

118.259

Total expenses

2122.082

3. Profit from operations before other income and financial costs

339.183

4. Other income

6.692

5. Profit from ordinary activities before finance costs

345.875

6. Finance costs

40.619

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

305.256

8. Exchange Currency Fluctuation Loss/ (Gain)

0.000

9. Profit from ordinary activities before tax Expense:

305.256

10.Tax expenses

 

-- Current Tax

96.809

-- MAT (Credit) / Reversal

0.000

-- Deferred Tax

6.836

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

201.611

12.Extraordinary Items (net of tax expense)

0.000

13.Net Profit / (Loss) for the period (11 -12)

201.611

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

218.215

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

0.000

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

(a) Basic and diluted

1.85

 

 

A. Particulars of shareholding

 

1. Public Shareholding

 

- Number of shares

33091910

- Percentage of shareholding

30.33

2. Promoters and Promoters group Shareholding-

--

a) Pledged /Encumbered

 

Number of shares

56909370

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

74.57

Percentage of shares (as a % of total share capital of the company)

52.16

 

 

b) Non  Encumbered

 

Number of shares

19106090

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

25.13

Percentage of shares (as a % of total share capital of the company)

17.51

 

 

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

 

Notes:

  1. The above result has been reviewed and considered by Audit Committee and subsequently approved by the Board of Directors at the meeting held on 12th august, 2015.
  2. Limited Review has been carried out by the statutory auditor of the company as per clause 41 of the listing agreement.
  3. The Board of directors has declared interim dividend @Rs. 0.20 per equity share (i.e. 10%) on the face value of Rs. 2/- per share, for the financial year 2015-16.
  4. From 1st April, 2014 new companies act, 2013 has came into the Force and as per the schedule II of the companies Act, 2013: company has revised the useful life of company’s fixed assets for providing depreciation in it. Accordingly, carrying amount as on 1st April, 2014 has been depreciated over the remaining revised useful life of the fixed assets. Due to this change the depreciation for the quarter ended 31st March, 2015 is lower and profit before tax is higher to the extent of Rs. 14.617 Million and depreciation for the financial year ended 31st March, 2015 is lower and profit before tax is higher to the extent of Rs. 9.901 Million. In case of assets whose useful lives ended, the carrying value as at 1st April, 2014 amounting to Rs. 1.107 Million (net of differed Tax Rs. 0.570 Million) have been adjusted against the opening reserves as on 1st April, 2014 pursuant to the provisions of Schedule II to the Companies Act, 2013.
  5. The figures for the quarter ended on 31st March, 2015 are the balancing figures between audited figures in respect of the financial year and published year to date figures upto the third quarter of the respective financial year.
  6. Bodal Chemicals Limited has only one segment of activity named (Chemicals) i.e. Dyes, Dye Intermediates and Basic Chemicals.
  7. To facilitate comparison, re-grouping has been made, wherever necessary.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10300557

08/07/2011

400,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI - 400013, MAHARASHTRA, INDIA

B18184721

2

10260819

24/12/2010

1,800,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI, MAHARASHTRA - 400013, INDIA

B03537982

3

10260313

20/12/2010

431,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI - 400013, MAHARASHTRA, INDIA

B03175254

4

10250911

31/10/2010

489,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI - 400013, MAHARASHTRA, INDIA

A99329831

5

10020355

08/02/2013 *

4,145,800,000.00

Union Bank of India

INDUSTRIAL FINANCE BRANCH, C.U.SHAH CHAMBERS, AHMEDABAD - 380009, GUJARAT, INDIA

B68842830

6

10011724

29/12/2012 *

4,145,800,000.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, C.U.SHAH CHAMBERS, AHMEDABAD - 380009, GUJARAT, INDIA

B68828136

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

TANGIBLE ASSETS :

  • Land
  • Building
  • Plant and Machinery
  • Computer
  • Vehicles
  • Furniture and Fixture

 

INTANGIBLE ASSETS:

 

  • Good will
  • Computer Software
  • Licenses
  • Website

 

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. 65.02

UK Pound

1

Rs. 99.89

Euro

1

Rs. 73.92

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SYL

 

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

5

--PROFITABILITY

1~10

6

--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

YES

--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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.