MIRA INFORM REPORT
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Report No. : |
345182 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA PETROCHEM LIMITED |
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Registered
Office : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393002, Gujarat |
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Tel. No.: |
91-2646-221068 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
04-005062 |
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Capital
Investment / Paid-up Capital : |
Rs.80.657 Million |
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CIN No.: [Company Identification
No.] |
L23209GJ1982PLC005062 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP21217A |
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PAN No.: [Permanent Account No.] |
AACCP4358D |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the manufacture of specialty petroleum products for diverse user industries like printing, textiles, rubber, pharmaceuticals, cosmetics, power and other industrial oil. |
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No. of Employees
: |
250 (Approximately) |
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 6800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 9th March, 1982 by the Rayani
Family, is engaged in the business of manufacturing specialty petroleum
products. It has fine track record. The company possesses a decent profile marked by adequate networth
base along with fair liquidity and profitability. The rating also takes into consideration experienced management with
over three decades of presence in petrochemicals business and diverse product
portfolio with wide customer base. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal 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 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities= A |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
10.08.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities= A1 |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
10.08.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sai Patel |
|
Designation : |
Account Department |
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Contact No.: |
91-2646-221068 |
|
Date : |
13.10.2015 |
LOCATIONS
|
Registered Office/ Plant 1 : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393 002,
Gujarat, India |
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Tel. No.: |
91-2646-221068/ 250281 |
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Fax No.: |
91-2646-250281/ 225907 |
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E-Mail : |
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Website : |
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Corporate Office : |
401, Aza House, 24, Turner Road, Next to Andhra Bank, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
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Tel. No.: |
91-22-42177777 |
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Fax No.: |
91-22-42177788 |
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E-Mail : |
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Plant 2 : |
Survey
No.78/2, Daman Industrial Estate, Unit III, Poly Cab Road, Village Kadaiya,
District Daman – 396 210, Daman (UT), India |
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Tel. No.: |
91-260-3091311 |
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E-Mail : |
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Plant 3 : |
Plot
No. H-12, M.I.D.C., Taloja, Navi Mumbai – 410 208, Maharashtra, India |
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Tel. No.: |
91-22-27411456 |
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E-Mail : |
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Plant 4 : |
Plot
No.23 and 24, SEZ, Dahej, Bharuch District – 392 110, Gujarat, India |
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Tel. No.: |
91-2641-320980 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Amirali E. Rayani |
|
Designation : |
Chairman |
|
Address : |
Rayani House, 30, Mount Mary Road, Bandra (West), Mumbai - 400050,
Maharashtra, India |
|
Date of Birth/ Age : |
26.02.1944 |
|
Qualification : |
SSC |
|
Expertise in specific functional area : |
Mr. Amirali E. Rayani is
the main promoter of the Company and has been actively associated with the
Company since its inception and has played a key role in bringing the Company
to its present heights. He has an experience of over 40 years in Petroleum
industry. He oversees the entire operations. |
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Date of Appointment : |
09.03.1982 |
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DIN No.: |
00002616 |
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Name : |
Mr. Amin A. Rayani |
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Designation : |
Managing Director and Chief Executive Officer |
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Address : |
601, Rayani House, 30, Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
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Date of Birth/ Age : |
17.05.1972 |
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Qualification : |
Bachelor’s
degree in commerce |
|
Expertise in specific functional area : |
Mr. Amin A. Rayani holds
a bachelor’s degree in Commerce and is associated with the Company for over
15years. He is currently Managing Director & CEO of the Company. He has
vast experience and expertise in finance, production and marketing and thus oversees
the same with respect of the Company. |
|
Date of Appointment : |
01.12.2000 |
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DIN No.: |
00002652 |
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Name : |
Mr. Samir A. Rayani |
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Designation : |
Whole-Time Director |
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Address : |
5th Floor, Rayani House, 30 Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/ Age : |
19.12.1975 |
|
Qualification : |
Bachelor’s
degree in engineering (chemical) |
|
Expertise in specific functional area : |
Mr. Samir Rayani holds a bachelor’s
degree in engineering (Chemical) from Mumbai University. He has been
associated as a Whole-time Director overseeing the administrative aspects of
the Company. He has a wide knowledge of production and marketing of Petroleum
Products. |
|
Date of Appointment : |
01.12.2000 |
|
DIN No.: |
00002674 |
|
|
|
|
Name : |
Mr. Dilip S. Phatarphekar |
|
Designation : |
Independent Director |
|
Address: |
B/502, Surya
Apartments, 53, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth : |
24.01.1938 |
|
Qualification : |
Bachelor’s
degree in Arts, LL.B. |
|
Expertise in specific functional area : |
Mr. Dilip S. Phatarphekar
is a practing Advocate and Arbitrator and has experience of over 40 years. He
has worked as a Head of Legal Department of Companies such as Pfizer Limited
and Essar group of Companies. |
|
Date of Appointment : |
30.12.2005 |
|
Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
|
DIN No.: |
00002600 |
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|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Independent Director |
|
Address: |
2/302 Shakti
Kunj, B-9/3, Sector- 62, Noida - 201307, Uttar Pradesh, India |
|
Date of Birth : |
01.03.1944 |
|
Qualification : |
Bachelor’s
degree in science |
|
Expertise in specific functional area : |
Mr. Madan Mohan Jain
holds a bachelor’s degree in science. He was earlier associated with ONGC as
a Chief Geologist. He has an experience of over 35 years in field geological
operations and petroleum exploration. |
|
Date of Appointment : |
30.12.2005 |
|
Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
|
DIN No.: |
00003580 |
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|
|
|
Name : |
Mr. Mukesh T. Mehta |
|
Designation : |
Independent Director |
|
Address : |
202/B, Olivia Apartments, G.P. Chaudhary Marg,, Off Juhu Church Road,
Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/ Age : |
20.07.1958 |
|
Qualification : |
Bachelor’s
degree in commerce |
|
Expertise in specific functional area : |
Mr. Mukesh Mehta holds a
Bachelor’s degree in Commerce from Mumbai University. He has vast experience
of 25 years in the field of exports. He is an expert in business planning and
for export strategy and guides the Company in this regard |
|
Date of Appointment : |
22.03.2003 |
|
DIN No.: |
00002702 |
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|
Name : |
Ms. Nargis Mirza Kabani |
|
Designation : |
Additional Director (independent) |
|
Address : |
34,AL-Ayaz Apartments, 5dr Peter Dias Road, Bandra, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
07047788 |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri Sharma |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
401, Aza House,24 Turner Road, Next To Andhra Bank, Bandra (West), Mumbai
- 400050, Maharashtra, India |
|
Date of Appointment : |
08.12.2010 |
|
PAN No.: |
CCMPS8281H |
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|
|
|
Name : |
Mr. Sai Patel |
|
Designation : |
Account Department |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3071500 |
7.62 |
|
|
1441730 |
3.57 |
|
|
15175435 |
37.63 |
|
|
15175435 |
37.63 |
|
|
19688665 |
48.82 |
|
|
|
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|
Total shareholding of Promoter and Promoter Group (A) |
19688665 |
48.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
69000 |
0.17 |
|
|
1500 |
0.00 |
|
|
636542 |
1.58 |
|
|
707042 |
1.75 |
|
|
|
|
|
|
436068 |
1.08 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 million |
4068759 |
10.09 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 million |
2665364 |
6.61 |
|
|
476442 |
1.18 |
|
|
450475 |
1.12 |
|
|
25967 |
0.06 |
|
|
7646633 |
18.96 |
|
Total Public shareholding (B) |
8353675 |
20.71 |
|
Total (A)+(B) |
28042340 |
69.53 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
12286725 |
30.47 |
|
|
12286725 |
30.47 |
|
Total (A)+(B)+(C) |
40329065 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of specialty petroleum products for diverse user industries like printing, textiles, rubber, pharmaceuticals, cosmetics, power and other industrial oil. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Petroleum Products |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance Payment and Cheque |
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Purchasing : |
L/C, Advance Payment and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: Terms of Securities and repayment Cash credit from banks is secured against the hypothecation of Stocks, Book debts and Plant and Machineries (both present and future), Pledge of Fixed Deposit Receipts, Further secured by Equitable Mortgage of Company’s present Immoveable Property situated at Ankleshwar, Daman, Marol industrial estate, property of group companies situated at Navi Mumbai, property belonging to the Directors and corporate guarantee given by Anirudh Distributors Private Limited. The cash credit is repayable on demand and carried an interest rate of 12% to 16% p.a. |
|
Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Membership : |
Not Divulged |
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|
|
Subsidiary : |
Panol Industries RMC FZE, UAE |
|
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|
|
Enterprises owned
or significantly influenced by key management personnel or their relatives : |
Anirudh Distributors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127750000 |
Equity Shares |
Rs.2/- each |
Rs.255.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40329065 |
Equity Shares |
Rs.2/- each |
Rs.80.657 Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Name of
Shareholder |
Number
of Shares |
Rs. In Million |
|
Equity shares |
|
|
|
At the beginning of the year |
8065813 |
80.658 |
|
Share split during the year |
32263252 |
-- |
|
Buy-back of shares during the year |
-- |
-- |
|
Outstanding at the end of the year |
40329065 |
80.658 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of Rs.2 per share (2014: Rs.10 per share). Each holder of equity shares is entitled to one vote per share, however the holders of global depository receipts (GDR’s) do not have any voting rights in respect of shares represented by the GDR’s till the shares are held by the custodian bank. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The amount of per share dividend recognized as distributions to equity shareholders is Rs.2 (face value Rs.2) [31 March 2014: Rs.6 (face value Rs.10)]
In the event of liquidation of the company, the holders of equity shares will be entitled to receive assets in proportion to the number of equity shares held by the shareholders.
For the period of
five years immediately preceding the reporting date:
|
Particulars |
Number
of Shares |
|
Aggregate number of : |
|
|
Equity shares allotted in pursuant to the scheme of amalgamation of Monaco Petroleum Private Limited [Face value Rs.2] |
1608750 |
|
Equity shares allotted in pursuant to the scheme of amalgamation of Mobil Petrochem Private Limited [Face value Rs.2] |
5391200 |
|
Equity shares bought back by the Company [Face value Rs.10] |
553522 |
Details of
shareholders holding more than 5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares of Rs.2 each fully paid up |
|
|
|
Ms. Shelina Arifali Rayani |
2788275 |
6.91% |
|
Shares held by Custodian as against which global depository receipts have been issued (Citi Bank N.A.) |
12286725 |
30.47% |
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 |
80.657 |
80.657 |
86.075 |
|
(b) Reserves & Surplus |
2296.305 |
2259.080 |
2233.867 |
|
(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) |
2376.962 |
2339.737 |
2319.942 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
29.789 |
25.146 |
22.084 |
|
(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) |
29.789 |
25.146 |
22.084 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
244.508 |
167.804 |
218.989 |
|
(b) Trade
payables |
1802.391 |
1734.821 |
1607.664 |
|
(c) Other current
liabilities |
49.588 |
45.589 |
10.612 |
|
(d) Short-term
provisions |
100.859 |
80.337 |
40.910 |
|
Total Current
Liabilities (4) |
2197.346 |
2028.551 |
1878.175 |
|
|
|
|
|
|
TOTAL |
4604.097 |
4393.434 |
4220.201 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
763.918 |
766.189 |
729.700 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
518.897 |
518.897 |
270.710 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.247 |
3.173 |
3.048 |
|
(e) Other Non-current
assets |
0.009 |
1.934 |
11.009 |
|
Total Non-Current
Assets |
1285.071 |
1290.193 |
1014.467 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1529.901 |
1309.875 |
1278.646 |
|
(c) Trade
receivables |
1486.541 |
1330.922 |
1190.266 |
|
(d) Cash
and cash equivalents |
115.753 |
241.356 |
543.461 |
|
(e)
Short-term loans and advances |
184.671 |
218.447 |
190.456 |
|
(f) Other
current assets |
2.160 |
2.641 |
2.905 |
|
Total Current
Assets |
3319.026 |
3103.241 |
3205.734 |
|
|
|
|
|
|
TOTAL |
4604.097 |
4393.434 |
4220.201 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
7298.194 |
5913.706 |
6347.496 |
|
|
|
|
Other Income |
11.319 |
12.122 |
33.593 |
|
|
|
|
TOTAL (A) |
7309.513 |
5925.828 |
6381.089 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
6455.909 |
5178.629 |
5567.476 |
|
|
|
|
Purchase of Stock-in-trade |
115.961 |
131.436 |
207.264 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
38.992 |
(49.532) |
8.745 |
|
|
|
|
Employee Benefits Expenses |
40.159 |
35.967 |
31.867 |
|
|
|
|
Other Expenses |
383.680 |
342.984 |
329.404 |
|
|
|
|
TOTAL (B) |
7034.701 |
5639.484 |
6144.756 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
274.812 |
286.344 |
236.333 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
70.237 |
56.902 |
84.632 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
204.575 |
229.442 |
151.701 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
28.499 |
24.956 |
22.311 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
176.076 |
204.486 |
129.390 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
38.489 |
50.448 |
10.579 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
137.587 |
154.038 |
118.811 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
|
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Dividend of previous year written back of shares bought back |
0.000 |
(0.734) |
0.000 |
|
|
|
|
Proposed final equity dividend |
80.658 |
48.395 |
34.430 |
|
|
|
|
Tax on proposed final equity dividend |
16.878 |
8.225 |
5.585 |
|
|
|
|
Transfer to capital redemption reserve on buy back of shares |
0.000 |
5.418 |
0.118 |
|
|
|
|
Transfer to general reserve |
13.759 |
15.404 |
11.881 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1238.304 |
1212.012 |
1134.682 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Exports at F.O.B Value |
2810.344 |
2022.382 |
2142.466 |
|
|
|
TOTAL EARNINGS |
2810.344 |
2022.382 |
2142.466 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw materials (Includes Goods in transit) |
5070.563 |
3572.971 |
4168.631 |
|
|
|
|
Traded goods |
135.871 |
135.871 |
159.098 |
|
|
|
TOTAL IMPORTS |
5206.434 |
3708.842 |
4327.729 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
3.41 |
3.66 |
13.78 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from/(used in) operations |
(16.369) |
251.387 |
(600.265) |
|
Net cash flow from/(used in) operating activity |
(54.851) |
224.964 |
(627.141) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
1.89 |
2.60 |
1.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.77 |
4.84 |
3.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
4.31 |
5.28 |
3.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10 |
0.07 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.53 |
1.71 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.62.45/- |
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 |
86.075 |
80.657 |
80.657 |
|
Reserves & Surplus |
2233.867 |
2259.080 |
2296.305 |
|
Net
worth |
2319.942 |
2339.737 |
2376.962 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
218.989 |
167.804 |
244.508 |
|
Total
borrowings |
218.989 |
167.804 |
244.508 |
|
Debt/Equity
ratio |
0.094 |
0.072 |
0.103 |
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 |
6347.496 |
5913.706 |
7298.194 |
|
|
|
(6.834) |
23.412 |
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
|
6347.496 |
5913.706 |
7298.194 |
|
Profit |
118.811 |
154.038 |
137.587 |
|
|
1.87% |
2.60% |
1.89% |
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 |
OPERATIONAL
PERFORMANCE
·
Revenue from operations on a standalone basis
increases by 23% to Rs.7298.194 million.
·
Earnings before Interest, Depreciation, Tax and
Amortization on a standalone basis decreased by 4% to Rs.274.812 million.
·
Net Profit on a standalone basis decreased by 11%
to Rs.137.587 million.
·
The consolidated revenue from operations of the
Company for the year ended March 31, 2015 was Rs.8053.079 million and increase
of 27% on a Year on Year basis.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The management of
subject presents the analysis of the Company for the year ended on March 31,
2015 and its outlook for the future. This outlook is based on assessment of the
current business environment. It may vary due to future economic and other
developments both in India and abroad.
This management
discussion and analysis of subject for the year ended on March 31, 2015
contains financial highlights but does not contain the complete financial
statements of the Company. It should be read in conjunction with the Company’s
audited financial statements for the year ended on March 31, 2015.
ECONOMIC REVIEW
The Indian economy
during the year witnessed mixed business conditions. As compared with GDP
growth levels of the previous year, the year witnessed some improvement in the
growth parameters. Prospects for the coming year are expected to improve
further.
During the year,
there was a significant drop in the crude oil prices. From high levels of USD
110 per barrel (bbl) in the first half, it came down sharply to USD 45 – 50 per
barrel in the second half. With this steep fall in crude prices in the second
half of the year and significant softening in commodity prices, overall
inflation was largely brought under control. India being dependent on large
imports of crude oil, experienced a favourable impact in case of both, economic
growth as well as inflation management.
India’s economy is
poised to return to its high-growth path, consequent to lower fiscal and
current account deficits, falling inflation, benign commodity prices, and structural
reforms to boost investments.
INDUSTRY OVERVIEW
FY 2014-15
provided the petroleum industry with both challenges and opportunities. Strong
growth in oil output from non- OPEC (Organisation of the Petroleum Exporting
Countries) producers, coupled with weak demand in some key consumption
economies led to an oversupplied oil market, precipitating a sharp decline in
oil prices, during the year.
This gap between
supply growth of 2.0 million barrels per day (MMBPD) and demand of less than 1
MMBPD had put pressure on OPEC to cut production. Oil prices had traded in a
range of $100 – $115/bbl from 2010 until around mid-June of 2014.But then
started to drift down and then by September moved sharply lower. This was
triggered by Saudi Arabia clearly signaling its unwillingness to absorb the
excess supply, so prices had to fall to make storage economics work in the near
term and in the medium term trigger the actions to balance supply and demand.
The steep fall in
oil prices has had a significant macroeconomic impact on oil producers and
consumers. It benefited oil importers with higher disposable income for
consumers and lower costs in the production of final goods. For many importers,
the boost from lower oil prices, while sizable, is somewhat muted by the recent
currency depreciation against the US dollar.
This implies a
smaller oil price decline in domestic currency. On the other hand, oil
exporters’ real incomes and profits have generally decreased. But overall the
sharp decline in oil prices boosted consumption leading to a strong growth in
the second half of 2014. In 2014, average oil demand grew by 0.7 MMBPD of crude
to 92.5 MMBPD.
BUSINESS OVERVIEW
Established in
1982, Subject, today is one of the leading manufacturers and exporters for
various kinds of Petroleum specialties. Company’s diverse range of products
includes Mineral Oils, Liquid Paraffins, Transformer Oils, Petroleum Jellies,
Ink Oils, and other Petroleum Specialty Products.
FUTURE OUTLOOK
The aggregate
demand of all the key segments in the petrochemical industry is likely to
regain a sharp positive trajectory, with key players aiming to ramp up scale.
The Company is
planning to expand its operations to withstand against the negative market
forces. The Company is hopeful to override the adverse effects of the price
fluctuations in the petroleum industry by resorting to bulk purchases and cost
control measures.
It is management’s
view that the Company will continue to strengthen its financial position with
stable production volumes and positive improvements in Commodity prices.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
Rs. In Million
|
Particulars |
Quarter ended30.06.2015 |
|
|
Unaudited |
|
|
|
|
Net Sales/ Income from Operations |
1675.687 |
|
Other Operating Income |
0.000 |
|
Total income
from operation |
1675.687 |
|
Expenditure |
|
|
a) Cost of Materials Consumed |
1408.754 |
|
b) Purchase of Stock in trade |
60.917 |
|
c) Change in inventories of finished goods, work in progress & stock in trade |
(26.934) |
|
d) Employee benefits expense |
9.858 |
|
e) Depreciation and amortization expense |
7.260 |
|
f) Exchange Gain/ Loss |
18.154 |
|
g) Other expenses |
92.997 |
|
Total |
1571.006 |
|
Profit from operations
before Other Income, Interest and Exceptional Items (1-2) |
104.681 |
|
Other Income |
1.902 |
|
Profit before Interest and Exceptional Items (3+4) |
106.583 |
|
Interest |
18.127 |
|
Profit after Interest but before Exceptional Items (5-6) |
88.456 |
|
Exceptional Items |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
88.456 |
|
Tax expense |
30.757 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
57.699 |
|
Extraordinary Items (Net of tax expense) |
0.000 |
|
Net Profit (+)/ Loss (-) for the period |
57.699 |
|
Paid-up equity share capital (Face value of Rs.2/- each) |
80.658 |
|
Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year |
|
|
Earnings per
share |
|
|
Before Extraordinary items (not annualized) |
|
|
- Basic (Rs.) |
1.43 |
|
- Diluted (Rs.) |
1.43 |
|
Face Value |
2.00 |
|
|
|
|
Public Shareholding |
|
|
- No. of shares |
8353675 |
|
- Percentage of shareholding |
20.71 |
|
Promoters and promoter group shareholding |
|
|
Pledged/ Encumbered |
|
|
- No. of shares |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
Non-encumbered |
|
|
- No. of shares |
19688665 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
48.82 |
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
7 |
|
Disposed during the quarter |
7 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1.
The above results have been reviewed by
the Audit Committee and approved by the Board of Directors at their respective
meetings held on 30 July 2015.
2.
The Company operates only in one
segment i.e. petroleum products.
3.
Pursuant to resolution passed at the
Annual General Meeting of the Company held on 4 September 2014, the Company
sub-divided its shares of face value of Rs. 10 each into five shares of Rs. 2
each. Thus, the ratio between GDR's and the underlying equity shares has been
revised from one GDR representing five underlying equity shares to one GDR
representing twenty five underlying equity shares of the Company. Consequently,
the earning per share has been restated for the corresponding quarter of
previous year based on the number of equity shares post-split, in accordance
with Accounting Standard {AS-20} on "Earnings Per Share".
4.
Previous year/period figures have been
regrouped and rearranged 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 |
10315056 |
06/12/2014 * |
905,000,000.00 |
Indian Bank |
Mandvi
Branch, 1st Floor, Kanmoor House, 281/287, |
C50016435 |
|
2 |
10315058 |
17/10/2011 |
3,740,000,000.00 |
Indian Bank & 8 Others |
Mandvi
Branch, 1st Floor, Kanmoor House, 281/287, |
B24289894 |
|
3 |
10310395 |
07/04/2012 * |
400,000,000.00 |
DBS Bank Limited |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra - 400001, India |
B38363321 |
|
4 |
10277662 |
04/03/2014 * |
650,000,000.00 |
IDBI Bank Limited |
IDBI
Tower, World Trade Complex,, Cuffe Parade,, |
C36654515 |
|
5 |
10215379 |
26/02/2015 * |
600,000,000.00 |
Citi Bank N.A. |
First International Financial Centre (Fifc), Plot No. C-54 & 55, G- Block, BKC, Bandra (East), Mumbai, Maharashtra - 400051, India |
C45120466 |
|
6 |
10177511 |
30/05/2015 * |
400,000,000.00 |
Yes Bank Limited |
9th
Floor, Nehru Centre, Discovery Of India,, Dr. |
C57142465 |
|
7 |
10091560 |
27/12/2007 |
262,500,000.00 |
Development Credit Bank Limited |
301,Trade Plaza,414,Veer Savarkar Marg, Prabhadevi, Br.8, Raja Bahadur Mansion,Ambalal Doshi Marg, Fort, Mumbai, Maharashtra - 400001, India |
A29237120 |
|
8 |
10031489 |
12/12/2007 * |
200,000,000.00 |
HDFC Bank Limited |
Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A32330011 |
|
9 |
10012479 |
29/08/2011 * |
520,000,000.00 |
Standard Chartered Bank |
Abhijeet Ii Ground Floor, Near Mithakali Six Road S, Ahmedabad, Gujarat - 380006, India |
B20948915 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
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.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
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 |
|
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.