MIRA INFORM REPORT
|
Report No. : |
345855 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALKALI
METALS LIMITED |
|
|
|
|
Registered
Office : |
Plot B-5, Block III, Industrial Development Area, Uppal, Hyderabad –
500039, Telangana |
|
Tel. No.: |
91-40-23445961 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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|
Date of
Incorporation : |
17.04.1968 |
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Com. Reg. No.: |
36-001196 |
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Capital
Investment / Paid-up Capital : |
Rs.101.825 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109TG1968PLC001196 |
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|
|
|
IEC No.: |
0989004881 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
HYDA03461D |
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PAN No.: [Permanent Account No.] |
AABCA7302B |
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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 predominantly engaged in the manufacture and sale of
chemicals. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1968 engaged in manufacturing
chemicals. It specializes in sodium derivatives, pyridine derivatives and
verity of fine chemicals. With respect to the operational performance of 2015, company has shown
marginal growth of 4.01% in its revenue profile and it has achieved profit
during the year under a review. Ratings continue to take comfort from its established track record of
business operations marked by diversified product portfolio along with above average
financial base and moderate debt coverage indicates. Trade relations are reported as fair. Payment terms are reported to be
slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits =
BB- |
|
Rating Explanation |
Inadequate credit
quality and high credit risk. |
|
Date |
January, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Unallocated Limits
= A4 |
|
Rating Explanation |
Minimal degree of
safety and very high credit risk. |
|
Date |
January, 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 DENIED
Management non-cooperative (91-40-27201179 / 27202298)
LOCATIONS
|
Registered Office : |
Plot B-5, Block III, Industrial Development Area, Uppal, Hyderabad –
500039, Telangana, India |
|
Tel. No.: |
91-40-23445961 / 27201179 /
27202298 |
|
Fax No.: |
91-40-27201454/ 27562634 |
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E-Mail : |
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Website: |
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Factory 1 : |
Survey No. 299 to 302 Dommara Pochampally Village, Qutubullapur
Mandal, R.R. District, Hyderabad -500040, Telangana, India |
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|
|
|
Factory 2 : |
Plot No. 36, 37 and 38, Thanam Village, JN Pharma City, Parawada
Mandal, Visakhapatnam – 531021, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Dr. J.S. Yadav |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ch. S. Prasad |
|
Designation : |
Director |
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|
Name : |
Mr. P.C. Patnaik |
|
Designation : |
Director |
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Name : |
Mr. G. Jayaraman |
|
Designation : |
Director |
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Name : |
Mr. Y.S.R. Venkata Rao |
|
Designation : |
Director |
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Name : |
Mrs. Poorna Y. Lalithya |
|
Designation : |
Director |
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Name : |
Ms. Y.V. Prashanth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tibrewal |
|
Designation : |
Company Secretary (Till 8th
April 2015) |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
6904715 |
67.81 |
|
|
633 |
0.01 |
|
|
195494 |
1.92 |
|
|
195494 |
1.92 |
|
|
7100842 |
69.74 |
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|
|
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|
Total shareholding
of Promoter and Promoter Group (A) |
7100842 |
69.74 |
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|
(B) Public
Shareholding |
||
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|
|
|
|
|
|
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|
352625 |
3.46 |
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|
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|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
2272733 |
22.32 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
269089 |
2.64 |
|
|
187217 |
1.84 |
|
|
10018 |
0.10 |
|
|
108757 |
1.07 |
|
|
68442 |
0.67 |
|
|
3081664 |
30.26 |
|
Total Public
shareholding (B) |
3081664 |
30.26 |
|
Total (A)+(B) |
10182506 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10182506 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is predominantly engaged in the manufacture and sale of
chemicals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
C K S Associates Chartered Accountants |
|
Address : |
Nagarjuna 87, Road 3, Gaganmahal Colony, Hyderabad –
500029, Telangana, India |
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Tel. No. : |
91-40-27621107/08/27661001 |
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Fax No. : |
91-40-27604763 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Promoter Group Companies
: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10182506 |
Equity Shares |
Rs.10/- each |
Rs.101.825
Million |
All the equity shares carry equal rights and obligations including for dividend and with respect to voting rights.
Names of shareholders holding more than 5% of the Share capital and their shareholding.
|
Name of shareholder |
No. of Shares |
% of Holding |
|
Y.S.R. Venkata Rao |
6128815 |
67.81 |
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 |
101.825 |
101.825 |
101.825 |
|
(b) Reserves &
Surplus |
391.879 |
405.459 |
425.079 |
|
(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) |
493.704 |
507.284 |
526.904 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
98.510 |
163.583 |
130.979 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
12.101 |
|
(c) Other long term
liabilities |
13.615 |
9.894 |
0.000 |
|
(d) long-term provisions |
0.624 |
0.966 |
1.129 |
|
Total Non-current
Liabilities (3) |
112.749 |
174.444 |
144.209 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
185.801 |
179.723 |
188.759 |
|
(b) Trade payables |
104.499 |
127.848 |
122.910 |
|
(c) Other current
liabilities |
48.569 |
24.029 |
14.902 |
|
(d) Short-term provisions |
0.526 |
0.156 |
12.713 |
|
Total Current Liabilities
(4) |
339.395 |
331.755 |
339.284 |
|
|
|
|
|
|
TOTAL |
945.848 |
1013.483 |
1010.397 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
564.708 |
603.856 |
570.036 |
|
(ii) Intangible Assets |
5.292 |
6.702 |
0.000 |
|
(iii) Capital
work-in-progress |
3.649 |
0.000 |
29.068 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
5.800 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.004 |
25.198 |
26.195 |
|
(e) Other Non-current
assets |
0.060 |
19.153 |
0.052 |
|
Total Non-Current Assets |
599.713 |
654.909 |
631.151 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
164.453 |
132.948 |
145.063 |
|
(c) Trade receivables |
85.605 |
135.153 |
137.232 |
|
(d) Cash and cash
equivalents |
31.132 |
15.887 |
12.177 |
|
(e) Short-term loans and
advances |
57.646 |
68.631 |
72.501 |
|
(f) Other current assets |
7.299 |
5.955 |
12.273 |
|
Total Current Assets |
346.135 |
358.574 |
379.246 |
|
|
|
|
|
|
TOTAL |
945.848 |
1013.483 |
1010.397 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
684.394 |
660.457 |
619.209 |
|
|
Other Income |
7.154 |
4.380 |
7.935 |
|
|
TOTAL |
691.548 |
664.837 |
627.144 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
330.495 |
344.542 |
305.732 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
10.310 |
3.587 |
(18.858) |
|
|
Employees benefits
expense |
65.912 |
56.803 |
68.021 |
|
|
Exceptional Items |
7.330 |
(0.128) |
0.000 |
|
|
Extraordinary Items |
3.408 |
0.000 |
0.000 |
|
|
Other expenses |
183.318 |
221.661 |
202.374 |
|
|
TOTAL |
600.773 |
626.465 |
557.269 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
90.775 |
38.372 |
69.875 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
45.003 |
34.881 |
31.155 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
45.772 |
3.491 |
38.720 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
42.731 |
35.180 |
34.809 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3.041 |
(31.689) |
3.911 |
|
|
|
|
|
|
|
Less |
TAX |
0.202 |
(12.068) |
(43.640) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2.839 |
(19.621) |
47.551 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
68.628 |
88.249 |
52.532 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend
on equity shares |
0.000 |
0.000 |
10.182 |
|
|
Tax
on Dividend |
0.000 |
0.000 |
1.652 |
|
|
Adjusted for Depreciation
as per new regulations |
17.418 |
0.000 |
0.000 |
|
|
Total |
17.418 |
0.000 |
11.834 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
54.049 |
68.628 |
88.249 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
347.797 |
278.351 |
298.799 |
|
|
TOTAL EARNINGS |
347.797 |
278.351 |
298.799 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
168.953 |
184.320 |
187.828 |
|
|
TOTAL IMPORTS |
168.953 |
184.320 |
187.828 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
Basic
/ Diluted (Excluding extra ordinary items) |
0.61 |
(1.93) |
4.67 |
|
|
Basic
/ Diluted (Including extra ordinary items) |
0.28 |
(1.93) |
4.67 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
43.200 |
15.400 |
8.000 |
|
Cash generated from operations |
136.589 |
43.661 |
97.801 |
|
Net cash from Operating activities |
91.586 |
11.768 |
66.308 |
QUARTERLY RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
|
1st Quarter |
|
|
Net Sales |
141.980 |
|
Total Expenditure |
124.890 |
|
PBIDT (Excel OL) |
17.090 |
|
Other Income |
1.330 |
|
Operating Profit |
18.420 |
|
Interest |
9.880 |
|
Exceptional Items |
0.000 |
|
Profit Before Depreciation and Tax |
8.540 |
|
Depreciation |
9.410 |
|
Profit Before Tax |
(0.870) |
|
Tax |
0.000 |
|
Provisions And Contingencies |
0.000 |
|
Profit After Tax |
(0.870) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(0.870) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.41 |
(2.97) |
7.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
13.26 |
5.81 |
11.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32 |
(3.13) |
0.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.06) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.66 |
0.71 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.08 |
1.12 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.40.80/- |
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 |
101.825 |
101.825 |
101.825 |
|
Reserves & Surplus |
425.079 |
405.459 |
391.879 |
|
Net worth |
526.904 |
507.284 |
493.704 |
|
|
|
|
|
|
long-term borrowings |
130.979 |
163.584 |
98.510 |
|
Short term borrowings |
188.759 |
179.722 |
185.801 |
|
Current Maturities of
Long Term Debt |
8.000 |
15.400 |
43.200 |
|
Total borrowings |
327.738 |
358.706 |
327.511 |
|
Debt/Equity ratio |
0.622 |
0.707 |
0.663 |
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 |
619.209 |
660.457 |
684.394 |
|
|
|
6.661 |
3.624 |
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 |
619.209 |
660.457 |
684.394 |
|
Profit |
47.551 |
(19.621) |
2.839 |
|
|
7.68% |
(2.97%) |
0.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
ITTA 286/2011 |
ITTASR 2331 /
2007 |
Case
Is : Pending |
|
Petitioner |
Respondent |
|
|
THE COMMISSIONER OF INCOME TAX 1, HYDERABAD VS. |
ALKALI METALS LIMITED, HYDERABAD |
|
|
PET. ADV. : PRASAD (SC FOR
INCOME TAX) |
RESP. ADV.: RAGHU RAM |
|
|
SUBJECT: U/SEC.234(B)
INTEREST OF DEFAULTS IN PAYMENT OF ADVANCE TAX |
DISTRICT : HYDERABAD |
|
|
FILING DATE : 23.10.2007 |
POSTING STAGE : FOR ADMISSION |
|
|
REG. DATE : 27.07.2011 |
LISTING DATE: 03.08.2011 |
STATUS : ADMIT |
|
HON’BLE
JUDGE(S): |
GODA RAGHURAM |
ASHUTOSH MOHUNTA |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loans and
advances from related parties |
|
|
|
Inter Corporate Deposits |
26.500 |
40.066 |
|
Loan from Directors |
31.000 |
39.900 |
|
Deferred Payment
Liabilities |
|
|
|
Sales tax deferment |
26.979 |
26.979 |
|
Total |
84.479 |
106.945 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80003863 |
03/02/2015 * |
355,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, MID CORPORATE GROUP, BANK STREET, KOTI, HYDERABAD - 500095, TELANGANA, INDIA |
C45205986 |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. In Million)
|
Particulars |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
Income Tax |
3.905 |
3.905 |
|
Sewerage cess claimed by HMWS&SB |
2.188 |
1.134 |
|
Total |
6.093 |
5.039 |
HISTORY
Subject which was established in 1968, at Hyderabad, Telangana, India, as a closely held company, became a Public Listed company on 6th. November, 2008 being listed on BSE & NSE. Originally set up for manufacturing of Sodium Metal, the company subsequently diversified into manufacturing of Sodium derivatives, Pyridine derivatives, Fine Chemicals etc. The company is recognised as an “Export House” by DGFT and also recognised by Dept. of Science and Technology, New Delhi as an approved “In house R & D Facility”. The company has three manufacturing units, at Uppal, Dommara Pochampally and JNPC Visakhapatnam.
BRIEF DESCRIPTION OF
THE COMPANY’S PERFORMANCE DURING THE YEAR/STATE OF COMPANY’S AFFAIRS
During the year company achieved a turnover of Rs.691.500 million including other income as compared to Rs.664.800 million of the previous year. The profit before tax is Rs.3.040 million as compared to Loss of Rs.31.689 million
Company had taken appropriate measures to control the cost and was able to sell the value added products to achieve the profit during the year.
The Directors are confident that the measures taken by them will have the good results in the coming years and to achieve higher Turnover and margins.
FUTURE OUTLOOK
The company since becoming a Bulk Drug Producer has concentrated in development of value added intermediates to increase its top/bottom line.
The efforts are bearing results in this year with marginal increase in turnover, good increase in profitability and large increase in net foreign exchange earnings.
This trend is expected to continue in future.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry outlook and
Opportunities
During the year 2014-15, the Company achieved a turnover of Rs.690.000 Million compared to the turnover of Rs.665.000 Million during 2013-14 i.e. around 3.76% increase in sales compared to the previous year. Net Profit during the year 2014-15 is Rs.9.800 Million compared to Net Loss of Rs.19.620 Million achieved during 2013-14. The improvement in current year’s performance can be attributed to the cost saving measures implemented by the company during the year.
OUTLOOK
The global demand for specialty chemicals is expected to grow at a CAGR of 5.42% from 2015 to 2020. The Asia-Pacific region remains the largest market for specialty chemicals, in terms of value followed by North America. The Asia-Pacific market is projected to register good growth on account of the growing end-user industries such as construction, automotive, plastic, and electronics.
The specialty chemicals market has emerged as one of the most crucial chemicals segment across the globe.
Further, the country’s pharmaceutical industry accounts for about 1.4 per cent of the global pharmaceutical industry in value terms and 10 per cent in volume terms. The Government of India has announced a host of measures to create a facilitating environment for the Indian pharmaceutical industry. The policies of the Government of India are aimed at building more hospitals, boosting local access to healthcare, improving the quality of pharmaceuticals and improving the quality of medical training. The Government of India is committed to setting up robust healthcare and delivery mechanisms.
India’s pharma sales are expected to reach US$ 27 billion by 2016. India is well placed to become one of the major drivers in providing healthcare to all while controlling the ever-increasing healthcare spend of both developed and developing nations.
UNAUDITED FINANCIAL RESULTS FOR QUARTER AND NINE MONTHS ENDED
30.06.2015
(Rs. In Million)
|
Particulars |
Quarter Ended 3 months ended 30.06.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
141.980 |
|
Total
income from Operations(net) |
141.980 |
|
Expenditure |
|
|
Cost of material consumed |
83.913 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(9.249) |
|
Employees benefit expenses |
15.483 |
|
Depreciation and amortization expenses |
93.400 |
|
Power and Fuel |
16.936 |
|
Repairs and Maintenance |
1.359 |
|
Manufacturing Expenses |
5.967 |
|
R&D Expenditure |
1.213 |
|
Administrative Expenses |
1.495 |
|
Marketing Expenses |
5.461 |
|
Other expenditure |
2.312 |
|
Total expenses |
134.300 |
|
Profit
from operations before other income and financial costs |
7.680 |
|
Other income |
1.330 |
|
Profit from
ordinary activities before finance costs |
9.010 |
|
Finance costs |
9.876 |
|
Profit from ordinary activities after finance costs but before Exceptional Items |
(0.866) |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
(0.866) |
|
Tax expenses |
0.000 |
|
Net Profit / (Loss)
from ordinary activities after tax |
(0.866) |
|
Extraordinary Items |
0.000 |
|
Net Profit / (Loss)
for the period |
(0.866) |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
101.825 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
383.542 |
|
Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic and diluted |
(0.09) |
|
Earnings per share (after
extraordinary items) |
|
|
Basic and diluted |
(0.09) |
|
A.
Particulars of shareholding |
|
|
1. Public
Shareholding |
|
|
- Number of shares |
3081664 |
|
- Percentage of shareholding |
30.26% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
2130000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
30% |
|
Percentage of shares (as a % of total share capital of the
company) |
20.92% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
4970842 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
70% |
|
Percentage of shares (as a % of total share capital of the
company) |
48.82% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
NIL |
Notes:
- The above
unaudited financial results as reviewed by the Audit Committee have been approved
by the Board of Directors at their meeting held on 10th August
2015.
- Previous year
and previous quarter figures have been regrouped or re-classified wherever
necessary.
- EPSs for the
quarter and year to date was calculated as per AS 20.
- SEGMENT REPORTING
As the company is
predominantly engaged in the manufacture and sale of chemicals where the risks
and returns associated with the products are uniform, the company has
identified Geographical Segments based on location of customers as reportable segments
in accordance with AS-17 issued by ICAI.
(Rs. In Million)
|
Geographic Location |
3 Months ended |
|
30.06.2015 |
|
|
Revenue |
|
|
Domestic |
72.218 |
|
External |
69.762 |
|
Total |
141.980 |
|
|
|
|
Trade Receivables |
|
|
Domestic |
57.071 |
|
External |
40.911 |
|
Total |
97.982 |
|
Other Disclosures : |
|
|
Carrying amount of Segment assets |
|
|
India |
880.450 |
|
Additional to Fixed Assets |
|
|
India |
--- |
The company has no
assets outside India other than the Trade Receivables.
FIXED ASSETS
- Land
- Building
- Plant and machinery
- Pollution Control Equipment
- Vehicles
- Furniture and Fixture
- Lab Equipment
- Office Equipment
- Computers
- Safety Equipment
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.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.