|
|
|
MIRA
INFORM REPORT
|
Report No. : |
491747 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HEUBACH COLOUR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 9002-9010, Phase VI, G.I.D.C., Industrial Estate, Ankleshwar-393002,
Gujarat |
|
Tel. No.: |
91-2646-251623/ 252160 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
28.09.1993 |
|
|
|
|
Com. Reg. No.: |
04-033372 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 412.376 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110GJ1993PTC033372 |
|
|
|
|
IEC No.: |
3793000117 |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2578P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of full gamut of organic pigments in the classical and specialty areas across the entire colour spectrum of Green, Blue, Red and Yellow. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 9288600 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a subsidiary of “HP Colour GmbH” based in Austria and it was incorporated
in the year 1993. It
manufactures organic pigments such as CPC green, CPC blue, yellow, red and
aluminium hydroxide. As per
financials of March 2017, the company has registered a growth of 15.13% in
its revenue as compared to its previous year’s revenue and has reported good
profit margin of 10.91% under review. Rating
takes into consideration the company’s established track record of business
operations marked by healthy net worth base along with low solvency
indicators and good liquidity position. Rating
also takes into account the strong financial and managerial support received
from its holding entity and well experienced management team. Further,
the company has reported a good Earnings Per Share of INR 665.35 against its
face value of INR 100. Payments
seems to be regular. In view
of aforesaid, the company can be considered good 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 13.02.2018.
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.
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 9002-9010, Phase VI, G.I.D.C., Industrial Estate, Ankleshwar-393002,
Gujarat, India |
|
Tel. No.: |
91-2646-251623/ 252160 |
|
Fax No.: |
91-2646-250343 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
Neelkanth Business Park, A-Wing, Office No-302, Khalia Village, Vidyavihar (West), Mumbai – 400 086, Maharashtra, India |
|
Tel. No.: |
91-22-65685999 |
|
|
|
|
Marketing Office : |
2nd Floor Landmark Building, Race Course Circle, Gotri
Road, |
|
Tel. No.: |
91-265-2343310/ 2314860/ 2354824 |
|
Fax No.: |
91-265-23514860 |
|
E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Mahesh Sahu |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
A/302, Parijat Residency, Behind Fab India, Bodakdev, Ahmedabad –
380054, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.01.1954 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
IAS (Retd.) |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
10.06.2014 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADKPS6835Q |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00034051 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ashok Chitre |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
1319, Near Gil Colony, G.I.D.C., Ankleshwar, Bharuch – 393002,
Gujarat, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.01.1945 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
M.Sc |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.07.2000 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABSPC2952L |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00110105 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Milin Kaimas Mehta |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
204, Meghdhanush Apartment, Race Course Circle, Vadodara – 390007,
Gujarat, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.09.1964 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
C.A. |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.10.2014 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAUPM0034G |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01297508 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ravi Brijmohan Kapoor |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
91b, Lotus Court Wing,, Race Course Circle, Vadodara-390007, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.02.1961 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com, Dip. In Journalism |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.05.1994 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAFPK0850K |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01761752 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Dinesh Kumar Rana |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
7 Navjeevan Bunglows, Near Gattu School, GIDC, Ankleshwar,
Bharuch- 393002, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.07.1963 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
Chemical Engineer |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2016 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABQPR4847K |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06643515 |
||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mrs. Kirti Ramachandra Pawar |
|
Designation : |
Company Secretary |
|
Address : |
5, Dindayal Society, Munjmahuda, Old Padra Road, Vadodara-390020,
Gujarat, India |
|
Date of Birth/Age : |
19.07.1985 |
|
Date of Appointment : |
17.01.2011 |
|
PAN No.: |
APJPP6699A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
HP Colour GmbH |
|
880335 |
|
Ravi Kapoor |
|
167 |
|
|
|
|
|
Total |
|
880502 |
|
Names of Preference Shareholder |
|
No. of Shares |
|
HP Colour GmbH |
|
3243260 |
|
|
|
|
|
Total |
|
3243260 |
AS ON: 27.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
0.02 |
|
Promoters – Body Corporate |
99.98 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of full gamut of organic pigments in the classical and specialty areas across the entire colour spectrum of Green, Blue, Red and Yellow. (Registered Activity) |
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|
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Products/ Services : |
|
||||||||||
|
|
|
||||||||||
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Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
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Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
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Imports : |
Not Available |
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|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Not Available |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· ICICI Bank Limited Mezannine Floor, Landmark Building, Race Course Circle, Vadodara - 390007, Gujarat, India · IDBI Bank Limited IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Axis Bank Limited Vardhman Complex, Opp, G. E. B. Office,, Race Course (North),, Vadodara - 390007, Gujarat, India · ABN Amro Bank N.V. Alkapuri, R. C. Dutt Road, Vadodara - 390007, Gujarat, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
· IDBI Trusteeship Services Limited Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, Next to Mayor' s Bungalow, Shivaji Park, Dadar, Mumbai - 400028, Maharashtra, India |
|
PAN No.: |
AAAFP8828M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
HP Colour GMBH, Austria (Earlier known as HP Colour Cyprus Limited, Cyprus) |
|
|
|
|
Ultimate Holding Company : |
SP Colour GMBH (Earlier known as SP Colour Holding Limited., Cyprus), Austria |
|
|
|
|
Joint Venture : |
Heubach Toyo Colour Private Limited, India [U24233GJ2013PTC075468] |
|
|
|
|
Associate Companies
: |
· Heubach GmbH · Heucotech Limited |
|
|
|
|
Subsidiary
Companies : |
· Heubach Japan Kabushikikaiysya · Heubach Research Centre s.r.o. |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
INR 100/- each |
INR 125.000 Million |
|
3250000 |
Preference Share |
INR 100/- each |
INR 325.000 Million |
|
|
Total |
|
INR 450.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
880502 |
Equity Shares |
INR 100/- each |
INR 88.050
Million |
|
3243260 |
Preference Share |
INR 100/- each |
INR 324.326
Million |
|
|
Total |
|
INR 412.376 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
412.376 |
412.376 |
412.376 |
|
(b) Reserves and Surplus |
2838.638 |
2085.488 |
1791.628 |
|
(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) |
3251.014 |
2497.864 |
2204.004 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
620.976 |
667.798 |
786.934 |
|
(b) Deferred tax liabilities (Net) |
228.572 |
139.919 |
93.263 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
20.304 |
23.010 |
51.855 |
|
Total Non-current
Liabilities (3) |
869.852 |
830.727 |
932.052 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
407.703 |
1150.455 |
1308.663 |
|
(b) Trade
payables |
656.800 |
427.368 |
450.401 |
|
(c) Other
current liabilities |
238.453 |
319.214 |
373.124 |
|
(d) Short-term
provisions |
58.853 |
155.626 |
26.808 |
|
Total Current
Liabilities (4) |
1361.809 |
2052.663 |
2158.996 |
|
|
|
|
|
|
TOTAL |
5482.675 |
5381.254 |
5295.052 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2061.312 |
2047.315 |
1755.553 |
|
(ii)
Intangible Assets |
1.797 |
19.365 |
38.208 |
|
(iii) Tangible assets
capital work-in-progress |
17.286 |
21.426 |
283.084 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
212.074 |
212.074 |
212.074 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
357.458 |
387.270 |
423.249 |
|
(e) Other
Non-current assets |
35.005 |
0.255 |
60.261 |
|
Total Non-Current
Assets |
2684.932 |
2687.705 |
2772.429 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1224.676 |
1381.997 |
1564.599 |
|
(c) Trade
receivables |
1071.613 |
958.978 |
790.788 |
|
(d) Cash and
bank balances |
65.858 |
83.391 |
0.268 |
|
(e)
Short-term loans and advances |
223.454 |
189.850 |
164.278 |
|
(f) Other
current assets |
212.142 |
79.333 |
2.690 |
|
Total
Current Assets |
2797.743 |
2693.549 |
2522.623 |
|
|
|
|
|
|
TOTAL |
5482.675 |
5381.254 |
5295.052 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
5491.549 |
4770.062 |
4481.449 |
|
|
Other Income |
51.441 |
119.336 |
132.522 |
|
|
TOTAL |
5542.990 |
4889.398 |
4613.971 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2523.701 |
2341.300 |
2481.342 |
|
|
Purchases of
Stock-in-Trade |
36.386 |
17.051 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
200.566 |
132.973 |
(94.129) |
|
|
Employee benefit expense |
311.939 |
347.242 |
317.508 |
|
|
CSR expenditure |
2.331 |
1.000 |
0.000 |
|
|
Other expenses |
1279.348 |
1206.241 |
1290.360 |
|
|
Prior period items |
(13.059) |
0.000 |
0.000 |
|
|
TOTAL |
4341.212 |
4045.807 |
3995.081 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1201.778 |
843.591 |
618.890 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
59.302 |
136.831 |
101.281 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1142.476 |
706.760 |
517.609 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
267.424 |
256.667 |
235.564 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
875.052 |
450.093 |
282.045 |
|
|
|
|
|
|
|
Less |
TAX |
276.153 |
166.756 |
90.639 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
598.899 |
283.337 |
191.406 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3810.708 |
3422.141 |
3493.331 |
|
|
TOTAL EARNINGS |
3810.708 |
3422.141 |
3493.331 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
665.35 |
321.79 |
217.38 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
36.958 |
152.412 |
200.479 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1824.997 |
1264.205 |
461.980 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1981.185 |
1227.058 |
637.786 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.23 |
73.38 |
64.41 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.12 |
4.97 |
5.67 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
93.64 |
66.14 |
66.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.98 |
0.61 |
0.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.58 |
0.40 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.37 |
0.53 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.33 |
0.79 |
1.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.42 |
0.82 |
0.98 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.64 |
0.84 |
0.94 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
20.27 |
6.17 |
6.11 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
10.91 |
5.94 |
4.27 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.92 |
5.27 |
3.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.42 |
11.34 |
8.68 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.05 |
1.31 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.16 |
0.64 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.59 |
0.46 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.58 |
4.78 |
5.57 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.05 |
1.31 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
412.376 |
412.376 |
412.376 |
|
Reserves & Surplus |
1791.628 |
2085.488 |
2838.638 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2204.004 |
2497.864 |
3251.014 |
|
|
|
|
|
|
Long-term borrowings |
786.934 |
667.798 |
620.976 |
|
Short term borrowings |
1308.663 |
1150.455 |
407.703 |
|
Current maturities of
long-term debts |
200.479 |
152.412 |
36.958 |
|
Total
borrowings |
2296.076 |
1970.665 |
1065.637 |
|
Debt/Equity
ratio |
1.042 |
0.789 |
0.328 |
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 |
4481.449 |
4770.062 |
5491.549 |
|
|
|
6.440 |
15.125 |
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 |
4481.449 |
4770.062 |
5491.549 |
|
Profit/ (Loss) |
191.406 |
283.337 |
598.899 |
|
|
4.27
% |
5.94
% |
10.91
% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
412.376 |
412.376 |
|
(b) Reserves and Surplus |
|
2842.100 |
2049.468 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3254.476 |
2461.844 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
505.976 |
552.798 |
|
(b) Deferred tax liabilities (Net) |
|
228.499 |
139.920 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
20.304 |
23.010 |
|
Total Non-current
Liabilities (3) |
|
754.779 |
715.728 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
407.703 |
1150.455 |
|
(b) Trade
payables |
|
660.492 |
457.703 |
|
(c) Other
current liabilities |
|
204.413 |
288.907 |
|
(d) Short-term
provisions |
|
57.345 |
153.272 |
|
Total Current
Liabilities (4) |
|
1329.953 |
2050.337 |
|
|
|
|
|
|
TOTAL |
|
5339.208 |
5227.909 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2061.315 |
2047.329 |
|
(ii)
Intangible Assets |
|
1.799 |
19.371 |
|
(iii) Tangible assets
capital work-in-progress |
|
17.286 |
21.426 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
20.805 |
20.805 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
358.048 |
387.871 |
|
(e) Other
Non-current assets |
|
35.005 |
0.255 |
|
Total Non-Current
Assets |
|
2494.258 |
2497.057 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1246.863 |
1403.852 |
|
(c) Trade
receivables |
|
1038.167 |
928.450 |
|
(d) Cash and
bank balances |
|
121.384 |
126.776 |
|
(e)
Short-term loans and advances |
|
225.597 |
192.118 |
|
(f) Other
current assets |
|
212.939 |
79.656 |
|
Total
Current Assets |
|
2844.950 |
2730.852 |
|
|
|
|
|
|
TOTAL |
|
5339.208 |
5227.909 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
5530.168 |
4876.760 |
|
|
Other Income |
|
52.560 |
122.257 |
|
|
TOTAL |
|
5582.728 |
4999.017 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2568.443 |
2376.464 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
200.234 |
231.944 |
|
|
Employee benefit expense |
|
323.023 |
356.034 |
|
|
CSR expenditure |
|
2.331 |
1.000 |
|
|
Other expenses |
|
1287.785 |
1212.640 |
|
|
TOTAL |
|
4381.816 |
4178.082 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
1200.912 |
820.935 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
53.552 |
131.541 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1147.360 |
689.394 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
267.439 |
256.710 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
879.921 |
432.684 |
|
|
|
|
|
|
|
Less |
TAX |
|
281.437 |
169.205 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
598.484 |
263.479 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
679.71 |
299.24 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B74844473 |
10330075 |
AXIS BANK LIMITED |
09/01/2012 |
15/04/2013 |
- |
400000000.0 |
Vardhman Complex, Opp. GEB Circle,Race Course Circle,VadodaraGJ390007IN |
|
2 |
B79964680 |
10288540 |
HDFC BANK LIMITED |
30/06/2010 |
11/07/2013 |
- |
400000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
B74666249 |
10113490 |
IDBI Bank Limited |
09/05/2008 |
26/04/2013 |
- |
670000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
4 |
B93562825 |
90098812 |
ICICI BANK LIMITED |
15/04/1998 |
19/12/2013 |
- |
300000000.0 |
MEZANNINE FLOOR, LANDMARK BUILDING,RACE COURSE CIRCLE,VADODARAGJ390007IN |
|
5 |
G12183570 |
10355376 |
IDBI TRUSTEESHIP SERVICES LIMITED |
23/03/2012 |
- |
19/09/2016 |
465354300.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
6 |
G12182549 |
10300371 |
IDBI TRUSTEESHIP SERVICES LIMITED |
14/07/2011 |
23/03/2012 |
19/09/2016 |
465354300.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
7 |
C37169083 |
90099313 |
ICICI BANK LTD. |
23/01/2001 |
- |
01/12/2014 |
40000000.0 |
LAND MARKRACE COURSE CIRCLEBARODAGJIN |
|
8 |
C37169737 |
90101834 |
ICICI BANKING CORPORATION LIMITED |
15/04/1998 |
- |
01/12/2014 |
85000000.0 |
LANDMARKRACE COURSE CIRCLEBARODAGJIN |
|
9 |
C10029171 |
10008050 |
The Royal Bank of Scotland N. V. |
23/05/2006 |
- |
16/06/2014 |
210000000.0 |
7TH FLOOR, SAKHAR BHAVANNARIMAN POINT,MUMBAIMH400021IN |
|
10 |
B44259075 |
10289621 |
HDFC BANK LIMITED |
06/05/2011 |
- |
10/07/2012 |
309150000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits |
230.000 |
230.000 |
|
Other loans and advances, others |
209.429 |
252.066 |
|
Intercorporate borrowings |
181.547 |
185.732 |
|
|
|
|
|
Total |
620.976 |
667.798 |
GENERAL INFORMATION
Heubach Colour Private Limited was founded in 1995 in Ankleshwar, Gujarat and now boasts of 3 independent locations manufacturing a full gamut of organic pigments in the classical and specialty areas across the entire colour spectrum of Green, Blue, Red and Yellow. Heubach India is on a continuous path of growth since it was founded and can now be said to be one of the few companies offering a full range of organic pigments and preparations across a wide range of applications for the conventional areas of paints, inks and plastics to the more sophisticated applications like automotive coatings, inkjet and colour-filter.
STATE OF THE COMPANY’S
AFFAIRS:
The Company?s revenue from operations (net) grew to INR 5430.086 Million (excludes reclassification of Foreign Exchange gain of INR 61.463 Million), exhibiting 13.8% increase over the last year. The growth is attributable to increase in sales volume in Domestic as well as Export market aggregating to 12.8%. In future also, we expect similar growth in Export and Domestic markets. However, aggressive competition in pigment products has led to price erosion of some of our key products. The Company has developed new product Pigment yellow 74 and introduced in the market. The Company is also working on diversification of product portfolio and customer base which would lead to increase in volume growth. The Company has increased the capacity of intermediate CPC blue by removing the bottlenecks. The company has started captive use of VAT blue which leads to increase in bottom line & plant utilization. There is an increase in sales volume in Azo plant and expected to grow in coming years. In previous financial year, the Company has also developed new Product i.e. Hydrotalcite and market acceptance is expected in near future. In this challenging market and pricing competition, your Company operates at a healthy EBITDA margin of 20.8%. The Company also plans to introduce cost rationalization initiatives e.g. reduction of water consumption, process improvement, etc.
Depreciation was higher by INR 10.757 Million as compared to previous financial year due to capitalization of additional assets. The Company has planned to remove bottlenecks in production area, which will increase capacities of some of our manufacturing plants of Pigment Green, Alpha Blue & Quinacridone. The Company has invested INR 123.114 Million in leasehold land admeasuring to 79,215.04 square meter land at Dahej for development of new project and capacity expansion of existing facilities.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 records 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 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
NO |
|
--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.