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MIRA INFORM REPORT
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Report No. : |
503195 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GALAXY
SURFACTANTS LIMITED (w.e.f.13.03.1995) |
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Formerly Known
As : |
GALAXY SURFACTANTS PRIVATE LIMITED |
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Registered
Office : |
C-49/2, TTC
Industrial Area, Pawane, Navi Mumbai - 400703, Maharashtra |
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Tel. No.: |
91-22-27616666 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.05.1986 |
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Com. Reg. No.: |
11-039877 |
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Capital
Investment / Paid-up Capital : |
INR 354.500 Million |
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CIN No.: [Company Identification
No.] |
U39877MH1986PLC039877 |
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IEC No.: |
0388162040 |
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GST No.: |
27AAACG1539P1ZB |
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TIN No.: |
27340299976 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG1539P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. [The company recently got listed on stock
exchange on 8th February 2018.] |
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Line of Business
: |
Subject is engaged in Manufacturing and Marketing of Surfactants and Specialty Chemicals for the Personal and Home Care Industry. The Company Produces a range of Vital Cosmetic Ingredients including Active Ingredients, UV Protection and Functional Products. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Galaxy Surfactants Limited was incorporated on 20th May, 1986. It is engaged in manufacturing and marketing surfactants and specialty chemicals for the Personal and Home Care Industry. The company recently got listed on stock exchange on 8th February 2018. For the financial year 2017, the company has reported healthy operational activity marked by decent revenue profile along with satisfactory profit margin of 6.86%. Rating takes into consideration long operational track record, healthy financial profile, strong net worth, fair liquidity and comfortable debt level of the company. Rating also takes into account acceptable Earnings per Share (EPS) of INR 29.05 as against the Face Value of INR 10. However, rating strength is partially offset by working-capital-intensive operations and vulnerability of its operating margin to volatility in raw material prices. Business is active. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. NOTE: The Company is listed on BSE and NSE since 8th February 2018 and currently is trading however, as per Registrar of Companies the company is shown as “Unlisted” and is yet to be updated. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Bank Facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
27.07.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short-Term Bank Facilities = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
27.07.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 11.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
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Name : |
Mr. Taranath |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-27616666 |
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Date : |
10.04.2018 |
LOCATIONS
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Registered/ Corporate Office : |
C-49/2, TTC
Industrial Area, Pawane, Navi Mumbai - 400703, Maharashtra, India |
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Tel. No.: |
91-22-65134444/ 27616666 |
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Mobile No.: |
91-9867713628 [Mr. Avinash Mandanwar] |
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Fax No.: |
91-22-27615883/ 27615886 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
D-54, 5TH Floor, Himalaya House, K.G. Marg, Connaught Place, New Delhi-110001, India |
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Email : |
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Branch Office 2 : |
Mahabir Rice Mill, Gurukul Road, Jwalapur, Haridwar-249407, Uttarakhand, India |
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Email : |
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Branch Office 3 : |
204, DBS Business Centre, 31-A, Cathedral Garden Road, Nungambakkam, Chennai – 600034, Tamilnadu, India |
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Tel No.: |
91-44-40509200 |
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Email : |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Ravindranath Shekhara |
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Designation : |
Director |
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Address : |
Flat No. 3001, 30th Floor, Tower 3, Godrej Mahalaxmi, Mumbai-400011, Maharashtra, India |
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Date of Birth/Age : |
20.04.1947 |
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Qualification : |
B.SC., Masters in Operations & Research, I.C.W.A. |
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Date of Appointment : |
29.06.2007 |
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DIN No.: |
00011680 |
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Name : |
Mr. Subodh Satchitanand Nadkarni |
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Designation : |
Director |
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Address : |
D-32, Mangireesh, 520, L.J. Road, Mahim, Mumbai-400001, Maharashtra, India |
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Date of Birth/Age : |
02.04.1956 |
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Qualification : |
B.Com., F.I.C.A & C.S. |
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Date of Appointment : |
16.08.2002 |
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DIN No.: |
00145999 |
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Name : |
Mr. Uday Krishna Kamat |
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Designation : |
Additional Director |
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Address : |
Flat No. 133, Bldg. No. 1B, Godavari, Kalpataru Riverside, Opposite Panchamukhi Mandir, Panvel-410206, Maharashtra, India |
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Date of Appointment : |
01.04.2018 |
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DIN No.: |
00226886 |
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Name : |
Mr. Ramakrishnan Gopalkrishnan |
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Designation : |
Director |
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Address : |
Raaj Plot No. 51 Sector 28 Vashi Navi Mumbai-400703, Maharashtra, India |
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Date of Birth/Age : |
26.05.1954 |
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Qualification : |
M. COM., F.C.A., F.I.C.W.A., C.S. |
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Date of Appointment : |
01.11.2009 |
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PAN No.: |
AADPG0514G |
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DIN No.: |
00264760 |
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Name : |
Mr. Sudhir Dattaram Patil |
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Designation : |
Director |
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Address : |
Plot No. 4b Nandadeep Chs Limited, Cross Road No. 4 J.P. Nagar Goregaon [East] Mumbai-400063, Maharashtra, India |
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Date of Birth/Age : |
05.09.1954 |
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Qualification : |
B. Chem. Engg.(UDCT), |
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Date of Appointment : |
01.10.2006 |
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DIN No.: |
00264933 |
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Name : |
Mr. Shekhar Unnathan |
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Designation : |
Managing Director |
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Address : |
Saradha Nivas, Plot No. 53, Sector 28, Vashi, Navi Mumbai-400703, Maharashtra, India |
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Date of Birth/Age : |
18.02.1954 |
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Qualification : |
B. Chem. Engg.(UDCT), PGDBM, (IIM CAL) |
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Date of Appointment : |
20.05.1986 |
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DIN No.: |
00265017 |
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Name : |
Mr. Melarkode Ganesan Parameswaran |
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Designation : |
Director |
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Address : |
62, 6th Floor, Technocrat Chs., A Building, Off Veer Savarkari Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Date of Birth/Age : |
18.06.1955 |
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Qualification : |
B. Chem. Engg.(UDCT),PGDBM |
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Date of Appointment : |
24.09.2005 |
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DIN No.: |
00792123 |
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Name : |
Mr. Nirmal Madhukar Koshti |
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Designation : |
Director |
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Address : |
408, Hrushikesh- H, Apnaghar Four Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
08.10.1956 |
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Qualification : |
Ph. D. |
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Date of Appointment : |
01.10.2016 |
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DIN No.: |
07626499 |
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Name : |
Nandita Mohan Gurjar |
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Designation : |
Director |
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Address : |
Gurjar House, 5, 10th Main III Block, Jayanagar, Bangalore-560011, Karnataka, India |
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Date of Appointment : |
01.02.2015 |
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DIN No.: |
01318683 |
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Name : |
Mr. Krishnan K Natarajan |
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Designation : |
Director |
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Address : |
901, Sai Srishti, Sai Dham Lane, Opposite Nataraj Lawns Cg Gidwani Marg, Chembur, Mumbai-400074, Maharashtra, India |
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Date of Birth/Age : |
23.02.1956 |
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Qualification : |
ICWA Advanced Management Programme |
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Date of Appointment : |
01.10.2016 |
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PAN No.: |
ABAPN6667M |
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DIN No.: |
07626680 |
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Name : |
Mr. Vaijanath Sakharam Kulkarni |
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Designation : |
Director |
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Address : |
Flat No. A-1201, Riddhi Siddhi Residency, Plot No. 53-53a Near
D.A.V. School, Panvel, Raigarh, Navi Mumbai-410206, Maharashtra, India |
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Date of Birth/Age : |
04.08.1974 |
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Qualification : |
B. E. (Chemicals), Certificate in Global Advance Management |
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Date of Appointment : |
01.10.2016 |
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DIN No.: |
07626842 |
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Name : |
Mr. Kasargod Ganesh Kamath |
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Designation : |
Director |
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Address : |
Flat No.5, Building No.7, Keshavendra, Bhuvanendra CHS Limited, Plot No.317B, Babl Ipada, Dah, Mumbai-400068, Maharashtra, India |
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Date of Appointment : |
17.08.2017 |
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PAN No.: |
AADPK8335M |
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DIN No.: |
07767220 |
KEY EXECUTIVES
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Name : |
Mr. Niranjan Arun Ketkar |
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Designation : |
Company Secretary |
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Address : |
A/101 Om Vaibhav Park Tandon Road, Ramnagar, Dombivli-421201, Maharashtra, India |
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Date of Appointment : |
31.10.2017 |
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PAN No.: |
AHLPK6422E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 07.02.2018
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
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|
(A) Promoter &
Promoter Group |
2,51,44,344 |
70.92 |
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(B) Public |
1,03,10,408 |
29.08 |
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Grand Total |
3,54,54,752 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
undivided Family |
1,47,93,222 |
41.72 |
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Shekhar Unnathan |
42,26,740 |
11.92 |
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Sudhir Dattaram
Patil |
41,06,040 |
11.58 |
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Shashikant Rayappa
Shanbhag |
40,97,684 |
11.56 |
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Ramakrishnan
Gopalkrishnan |
23,62,758 |
6.66 |
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Any Other
(specify) |
1,03,51,122 |
29.20 |
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Jayashree
Ramakrishnan |
18,42,972 |
5.20 |
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Lakshmy Shekhar |
1,27,400 |
0.36 |
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Sridhar Unnathan |
47,900 |
0.14 |
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Anuradha Dayanand
Prabhu |
12,000 |
0.03 |
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Vandana Shashikant
Shanbhag |
10,000 |
0.03 |
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Gajanan Nilkant
Sinai Amonkar |
6,000 |
0.02 |
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Saraswathy |
3,000 |
0.01 |
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Vanita Hiren
Kerkar |
3,000 |
0.01 |
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Sumathi Gopal |
3,000 |
0.01 |
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|
Galaxy Emulsifiers
Pvt. Ltd. |
5,43,000 |
1.53 |
|
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Galaxy Chemicals
through its partner Mr. Unnathan Shekhar |
19,38,550 |
5.47 |
|
|
Galaxy Chemicals
through its partner Mr. Gopalkrishnan Ramakrishnan |
19,38,100 |
5.47 |
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Galaxy Chemicals through
its partner Mr. Shashikant Shanbhag |
19,38,100 |
5.47 |
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Galaxy Chemicals
thorugh its partner Mr. Sudhir Dattaram Patil |
19,38,100 |
5.47 |
|
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Sub Total A1 |
2,51,44,344 |
70.92 |
|
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A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2,51,44,344 |
70.92 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
10,18,991 |
2.87 |
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Alternate
Investment Funds |
2,78,251 |
0.78 |
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Foreign Portfolio
Investors |
9,75,629 |
2.75 |
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Financial
Institutions/ Banks |
2,27,490 |
0.64 |
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Insurance
Companies |
4,05,686 |
1.14 |
|
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Sub Total B1 |
29,06,047 |
8.20 |
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
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B3)
Non-Institutions |
0.00 |
||
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Individual share
capital up to INR 0.200 Million |
48,08,568 |
13.56 |
|
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Individual share
capital in excess of INR 0.200 Million |
10,42,205 |
2.94 |
|
|
NBFCs registered
with RBI |
2,59,789 |
0.73 |
|
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Any Other
(specify) |
12,93,799 |
3.65 |
|
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Bodies Corporate |
3,81,767 |
1.08 |
|
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NRI |
7,50,291 |
2.12 |
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Director or
Director's Relatives |
1,61,456 |
0.46 |
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Trusts |
285 |
0.00 |
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Sub Total B3 |
74,04,361 |
20.88 |
|
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B=B1+B2+B3 |
1,03,10,408 |
29.08 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Manufacturing and Marketing of Surfactants and Specialty Chemicals for the Personal and Home Care Industry. The Company Produces a range of Vital Cosmetic Ingredients including Active Ingredients, UV Protection and Functional Products. [Registered Activity] |
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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 : |
Not Divulged |
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Bankers : |
· IndusInd Bank Limited Bhikaji Cama Office, 223, Somdutt Chambers-II, Bhikaji Cama Place, New Delhi - 110066, India · The Shamrao Vithal Co-Operative Bank Limited SVC Tower, Nehru Road, Santacruz (East), Mumbai - 400055, Maharashtra, India · IDBI Bank Limited IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · The Saraswat Co-op Bank Limited · The North Kanara Co-op Bank Limited ·
Union Bank of India |
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Facilities : |
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Financial Institution: |
· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India |
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Auditors : |
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Name : |
P.D. Kunte and Company Chartered Accountants |
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Address : |
205, Turf Estate, Shakti Mill Lane, off Dr. E. Moses Road, Mumbai, Maharashtra, India |
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PAN No.: |
AAAFP3277G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Entities over which
key management personnel are able to exercise significant influence: |
· Galaxy Emulsifiers Private Limited · Galaxy Finsec Private Limited · Osmania Traders Private Limited · Galaxy Chemicals [Partnership Firm] · Galaxy Estates & Holdings [Partnership Firm] · Galaxy Investments [Partnership Firm] · Shubh Estates & Properties [Partnership Firm] · Galaxy Surfactants Limited – Employees’ Welfare Trust |
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Subsidiary
Companies: |
· Galaxy Chemicals (Egypt) S.A.E. · TRI-K Industries Inc. · Galaxy Chemicals Inc. · Galaxy Holdings (Mauritius) Limited ·
Rainbow Holdings GmbH |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35454752 |
Equity Shares |
INR 10/- each |
INR 354.500
Million |
|
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
354.500 |
354.500 |
354.500 |
|
(b) Reserves and Surplus |
5304.600 |
4402.700 |
3602.400 |
|
(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) |
5659.100 |
4757.200 |
3956.900 |
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1166.400 |
1559.700 |
799.600 |
|
(b) Deferred tax liabilities (Net) |
243.200 |
200.400 |
205.400 |
|
(c) Other long-term
liabilities |
2.300 |
2.300 |
7.600 |
|
(d) long-term
provisions |
87.300 |
78.800 |
80.700 |
|
Total Non-current
Liabilities (3) |
1499.200 |
1841.200 |
1093.300 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
939.700 |
657.400 |
1319.700 |
|
(b) Trade
payables |
2239.500 |
1535.900 |
1462.000 |
|
(c) Other
current liabilities |
621.300 |
704.500 |
711.800 |
|
(d) Short-term
provisions |
20.400 |
69.900 |
223.800 |
|
Total Current
Liabilities (4) |
3820.900 |
2967.700 |
3717.300 |
|
|
|
|
|
|
TOTAL |
10979.200 |
9566.100 |
8767.500 |
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2894.900 |
2350.000 |
2520.700 |
|
(ii)
Intangible Assets |
34.300 |
31.200 |
28.200 |
|
(iii) Tangible assets
capital work-in-progress |
96.600 |
456.100 |
54.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2176.500 |
2176.500 |
1197.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
360.300 |
242.900 |
208.300 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5562.600 |
5256.700 |
4009.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1974.400 |
1319.100 |
1456.300 |
|
(c) Trade
receivables |
2875.800 |
2254.700 |
2487.000 |
|
(d) Cash and
bank balances |
49.900 |
85.300 |
119.200 |
|
(e)
Short-term loans and advances |
318.500 |
428.700 |
636.300 |
|
(f) Other
current assets |
198.000 |
221.600 |
59.200 |
|
Total
Current Assets |
5416.600 |
4309.400 |
4758.000 |
|
|
|
|
|
|
TOTAL |
10979.200 |
9566.100 |
8767.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
15015.500 |
13431.600 |
14704.000 |
|
|
Other Income |
151.800 |
85.200 |
97.500 |
|
|
TOTAL |
15167.300 |
13516.800 |
14801.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11201.100 |
8897.200 |
10505.800 |
|
|
Purchases of
Stock-in-Trade |
161.200 |
148.200 |
129.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(417.100) |
132.100 |
45.400 |
|
|
Employee benefit expense |
740.700 |
701.200 |
638.900 |
|
|
CSR expenditure |
23.300 |
17.500 |
11.600 |
|
|
Other expenses |
1444.400 |
1516.500 |
1645.300 |
|
|
TOTAL |
13153.600 |
11412.700 |
12976.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2013.700 |
2104.100 |
1825.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
205.900 |
246.200 |
282.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1807.800 |
1857.900 |
1542.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
253.700 |
229.600 |
238.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1554.100 |
1628.300 |
1303.900 |
|
|
|
|
|
|
|
Less |
TAX |
524.200 |
572.000 |
447.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1029.900 |
1056.300 |
856.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
7851.500 |
7722.200 |
7997.500 |
|
|
TOTAL EARNINGS |
7851.500 |
7722.200 |
7997.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6617.900 |
4870.700 |
6704.100 |
|
|
Components and spare
parts |
1.200 |
3.700 |
0.700 |
|
|
Capital Goods |
109.000 |
145.700 |
127.800 |
|
|
TOTAL IMPORTS |
6728.100 |
5020.100 |
6832.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
29.05 |
29.79 |
24.17 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
393.200 |
470.700 |
518.200 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1480.600 |
2580.000 |
1010.800 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
960.200 |
1974.400 |
517.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
69.91 |
61.27 |
61.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.22 |
5.96 |
5.91 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
71.94 |
61.98 |
50.18 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.02 |
1.60 |
1.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.67 |
0.74 |
0.70 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.52 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.44 |
0.56 |
0.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.68 |
0.62 |
0.94 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.53 |
0.60 |
0.66 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.78 |
8.55 |
6.46 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.86 |
7.86 |
5.83 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.38 |
11.04 |
9.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.20 |
22.20 |
21.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.42 |
1.45 |
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.90 |
1.01 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.50 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.05 |
7.58 |
7.44 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.42 |
1.45 |
1.28 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR10.00/- |
|
|
|
|
Market Value |
INR 1402.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
354.500 |
354.500 |
354.500 |
|
Reserves & Surplus |
3602.400 |
4402.700 |
5304.600 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3956.900 |
4757.200 |
5659.100 |
|
|
|
|
|
|
long-term borrowings |
799.600 |
1559.700 |
1166.400 |
|
Short term borrowings |
1319.700 |
657.400 |
939.700 |
|
Current Maturities of Long
term debt |
518.200 |
470.700 |
393.200 |
|
Total
borrowings |
2637.500 |
2687.800 |
2499.300 |
|
Debt/Equity
ratio |
0.667 |
0.565 |
0.442 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
14704.000 |
13431.600 |
15015.500 |
|
|
|
(8.653) |
11.792 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
14704.000 |
13431.600 |
15015.500 |
|
Profit/ (Loss) |
856.900 |
1056.300 |
1029.900 |
|
|
5.83% |
7.86% |
6.86% |
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G50734078 |
10362400 |
SBICAP TRUSTEE COMPANY LIMITED |
04/06/2012 |
21/07/2017 |
- |
7754000000.0 |
202, MAKET TOWER,'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
2 |
B91808204 |
10366457 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
28/06/2012 |
- |
17/12/2013 |
300000000.0 |
SVC TOWER,NEHRU ROAD, SANTACRUZ (E),MUMBAIMH400055IN |
|
3 |
B87138327 |
10389917 |
STATE BANK OF INDIA |
07/11/2012 |
- |
15/10/2013 |
699800000.0 |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS,FREE PRESS JOURNAL MARG, NARIMAN POINTMUMBAIMH400021IN |
|
4 |
B87318291 |
10362451 |
SBICAP TRUSTEE COMPANY LIMITED |
04/06/2012 |
- |
15/10/2013 |
350000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
5 |
B87237400 |
10387382 |
INDUSIND BANK LIMITED |
25/09/2012 |
- |
14/10/2013 |
275000000.0 |
BHIKAJI CAMA OFFICE, 223, SOMDUTT CHAMBERS -II,BHIKAJI CAMA PLACE,NEW DELHIDL110066IN |
|
6 |
B87237053 |
10412057 |
INDUSIND BANK LIMITED |
22/02/2013 |
- |
14/10/2013 |
200000000.0 |
BHIKAJI CAMA OFFICE, 223, SOMDUTT CHAMBERS -II,BHIKAJI CAMA PLACE,NEW DELHIDL110066IN |
|
7 |
B58141508 |
10084319 |
IDBI BANK LIMITED |
23/10/2007 |
22/07/2010 |
14/09/2012 |
450000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
8 |
B58152299 |
10192348 |
IDBI BANK LIMITED |
11/12/2009 |
23/02/2011 |
14/09/2012 |
250000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
9 |
B57373268 |
10141427 |
DBS BANK LTD |
20/01/2009 |
22/07/2010 |
05/09/2012 |
100000000.0 |
3RD FLOOR, FORT HOUSE, 221 DR. D. N. ROADFORTMUMBAIMH400001IN |
|
10 |
B57629297 |
80051803 |
THE SARASWAT CO-OPERATIVE BANK LTD |
24/05/2002 |
26/02/2009 |
31/08/2012 |
10000000.0 |
DR. AD. B. BHANDARKAR MARG, OPERA HOUSE,GRANT ROAD,MUMBAIMH400007IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
15.900 |
21.900 |
|
|
|
|
|
Total |
15.900 |
21.900 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Counter guarantees given to banks |
109.700 |
104.100 |
|
Corporate guarantees given to bank in connection with borrowings by subsidiary company |
1325.300 |
1596.800 |
|
Letter of credit outstanding |
159.900 |
80.500 |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Excise duty& Service tax |
72.700 |
54.400 |
|
Income tax |
37.400 |
20.000 |
|
Sales tax |
13.300 |
12.400 |
|
Custom duty |
80.600 |
3.200 |
|
Cess on electricity |
0.000 |
9.500 |
|
Custom duty liability in case of non-fulfilment of export obligation |
1.300 |
0.500 |
|
Customer Claim : No provision has been made in respect of claim of Euro 0.08 Crores (equivalent to INR 55.400 Million) made by one of the overseas customers on account of quality issues in respect of third party trading material supplied by the Company. The Company has made a provision of INR 9.200 Million (USD 0.01 Crores) in respect of the amount due from the said customer in respect of subsequent supplies to the said overseas customer |
55.400 |
0.000 |
CORPORATE
INFORMATION
Subject is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and marketing surfactants and specialty chemicals for the Personal and Home Care Industry. The Company produces a range of vital cosmetic ingredients including active ingredients, UV protection and functional products. The Company’s products cater to some of the largest global brands in the FMCG sector and find applications in skin care, hair care, oral care, body wash, sun care, household cleaners and fabric care segments.
BUSINESS PERFORMANCE:
During the year the global
economy was characterized by low growth and geopolitical uncertainties. There
was an upturn in commodity prices after a year of deflation. In India rural
demand remained sluggish in the early part of the year on account of two
consecutive years of weak monsoons. Though later part of the year showed some
upturn there was temporary disruption due to demonetization. Overall this year
saw moderate growth of the HPC Industry.
Despite this challenging
business environment, the Company delivered a resilient performance in 2016-17.
Each of our wholly owned operating subsidiaries had an important role to play
in delivering strong consolidated results.
Some notes on their business performance are:
(i) Galaxy Chemicals (Egypt)
SAE their international subsidiary registered its first profitable year since
the commencement of business at Egypt. It was achieved by creatively reworking
on its product portfolio, competitive procurement and meeting the exacting
needs of the customers in and around the AMET region
(ii) Tri-K Industries Inc.,
their other operating subsidiary in the advanced markets of USA also produced
good results, wherein it had brought out a new range of proteins that it
supplied to global brands in the HPC industry to launch new products with newer
applications.
(iii) Moderate industry
growth, strengthening rupee, and one time monetary event of demonetization had
a marginal impact on the standalone performance in India.
(iv) During the year the
Company successfully commissioned its Mild Surfactants plant at Jhagadia,
Gujarat. The projects was completed in time and within its budgeted estimates.
(v) These collective
efforts have enabled your Company to post a consolidated volume growth of 12%
for the year contributing to a growth of consolidated EBITDA of 17.6% and a
growth of 43.8% in consolidated PAT.
(vi) The year saw
significant volatility in fatty alcohols & fatty Acids our basic feedstock
and foreign exchange. Well set risk management practices in the Company enabled
it to navigate the market conditions appropriately and deliver good performance
(vii) Reaching out to new
markets, launching new products like new age proteins, safer preservatives
etc., together with a well-trained sales force supported the participation in
the premiumization trend, acquire niche customer and improve the revenue
matrix.
During the year, they
continued to deliver growth that is consistent, competitive, profitable and
responsible. This long-term success is underpinned in managing risk,
innovation, and driving down costs to improve returns while building trust
among customers across regions and segments.
STANDALONE
FINANCIAL STATEMENTS
They have audited the accompanying standalone financial statements of GALAXY SURFACTANTS LIMITED(“the Company”), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Income from operations |
|
|
|
Revenue from operations |
4054.300 |
12609.900 |
|
Other Income |
2.900 |
119.200 |
|
Total Income |
4057.200 |
12729.100 |
|
|
|
|
|
Expenses |
|
|
|
Cost of Materials Consumed |
2965.700 |
8786.500 |
|
Purchases of Stock-in-Trade |
38.800 |
90.500 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(53.100) |
150.500 |
|
Excise Duty |
|
286.000 |
|
Employee
benefits expense |
177.700 |
563.000 |
|
Finance
Costs |
51.400 |
165.700 |
|
Depreciation
and amortisation expense |
69.200 |
205.200 |
|
Other
expenditure |
407.200 |
1205.800 |
|
Total Expenses |
3656.900 |
11453.200 |
|
|
|
|
|
Profit before exceptional Items |
400.300 |
1275.900 |
|
Exceptional
Items |
0.000 |
0.000 |
|
Profit before tax |
400.300 |
1275.900 |
|
Tax
expense |
138.900 |
424.200 |
|
Net profit/ loss for the year |
261.400 |
851.700 |
|
Other comprehensive income |
|
|
|
Item that will not be reclassified to profit or loss |
0.100 |
(23.700) |
|
Tax relating to items that will not be reclassified subsequently to profit or loss |
0.000 |
8.200 |
|
Item that will be reclassified to profit or loss |
0.000 |
0.000 |
|
Tax relating to items that will be reclassified subsequently to profit or loss |
0.000 |
0.000 |
|
Other comprehensive income for the period |
0.100 |
(15.500) |
|
Total comprehensive income |
261.500 |
836.200 |
|
Earnings Per Share (EPS) |
|
|
|
a) Basic |
7.37 |
24.03 |
|
b) Diluted |
7.37 |
24.03 |
NOTES:
1. Revenue from operations includes excise duty of INR 286.000 million for the period Apr - Jun 2017
2. The standalone financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on March, 2018. A Limited Review under Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India has been earned out by Statutory Auditors.
3. The standalone financial results have been prepared in accordance with the Indian Accounting Standards (IND-AS) as notified under section 133 of the Companies Act. 2013 ('Act') read Virith Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 as amended from time to time.
4. The Company has completed Initial Public offerings (IPO) of 6,331,674 of INR 10 each at an offer price of INR 1480 per Equity Shares aggregating to INR 9370.800 million, through offer for sale. The Equity shares of the Company were listed on 8th February, 2018 on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). Accordingly the requirments of Regulation 33 of Securities and exchange board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time are applicable from Quarter ending March 31, 2018.
5. The company is in the business of manufacturing of surfactants and other speciality ingredients for the personal care and home care industries. There are no separate reportable segments as per IND AS 108 - Operating Segments.
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Vehicles
· Motor vehicles
· Furniture and fixtures
· Office equipment
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
|
INR |
|
US Dollar |
1 |
INR 64.94 |
|
UK Pound |
1 |
INR 91.75 |
|
Euro |
1 |
INR 79.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.