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MIRA INFORM REPORT
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Report No. : |
491940 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NAVIN FLUORINE INTERNATIONAL LIMITED |
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Registered
Office : |
2nd Floor, Sunteck Centre, 37-40, Subhash Road, Vile Parle
(East) Mumbai-400057, Maharashtra |
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Tel. No.: |
91-22-66509999 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.06.1998 |
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Com. Reg. No.: |
11-115499 |
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Capital
Investment / Paid-up Capital : |
INR 97.900 Million |
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CIN No.: [Company Identification
No.] |
L24110MH1998PLC115499 |
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IEC No.: |
0302070770 |
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GSTIN/UIN: |
24AABCP0464B1Z2 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP14428B |
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PAN No.: [Permanent Account No.] |
AABCP0464B |
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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
: |
The Company primarily focuses on fluorine chemistry - producing refrigeration gases, inorganic fluorides, specialty organofluorines and offers Contract Research and Manufacturing Services. (Registered Activity) |
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No. of Employees
: |
762 (Approximately) As per latest annual report there is an increase in the number of employees
over past years and current number employees are 762. |
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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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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Arvind Mafatlal” Group (AMG), it was established
in the year 1998. It is a well-established company having excellent track
record. For the financial year 2017, the company has increased its revenue
from operational as compared to previous year but maintained average
profitability margin of 19.11%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and debt free balance sheet. The rating further derives strength from well-established position of
the company in the fluoro-chemicals business, diversified revenue profile
with research and development capability to handle complex fluorine chemistry
and improvement in the revenue as well profitability profile during the year.
Share price are quoted high on stock exchange (Share Price of INR 822
with face value of INR 02). However, rating strength is partially offset by exposure of the profitability
margins to the volatility in key raw material prices and competitive nature
of the industry. Trade relations are fair. Payment terms are reported to be regular. In view of aforesaid, the company can be considered good for normal business
dealings at usual trade terms and conditions. Note: Navin Fluorine International had last split the face value of its shares from INR 10 to INR 2 in 2017.The share has been quoting on an ex-split basis from July 19, 2017. |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term rating: AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
30.01.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
30.01.2017 |
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 14.02.2018
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.
INFORMATION DENIED BY
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Name : |
Mr. Punit |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-66509999 |
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Date : |
12.02.2018 |
91-261-2890325
– Number is continuously ringing
LOCATIONS
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Registered Office : |
2nd Floor, Sunteck Centre, 37-40, Subhash Road, Vile Parle
(East), Mumbai-400057, Maharashtra, India |
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Tel. No.: |
91-22-66509999 |
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Fax No.: |
91-22-66509800 |
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E-Mail : |
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Website : |
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Factory 1 : |
P. O. Bhestan, Udhana – Navsari Road, Surat – 395023, Gujarat, India |
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Tel. No.: |
91-261-2890325 |
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Fax No.: |
91-261-2890288 |
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E-Mail : |
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Factory 2 : |
New Industrial Area, |
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Tel. No.: |
91-727-2403015 |
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Fax No.: |
91-727-2259362 |
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E-Mail : |
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Sales Office : |
35C, Shivaji Marg, Rama Road, New Delhi – 110015, India |
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Tel. No.: |
91-11-42475793 / 5796 |
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Fax No.: |
91-11-42475792 |
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Other Sales Offices : |
Also Located At: · Mumbai · Chennai · Surat · Hyderabad |
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International Sales Office 1 : |
Navin Fluorine
International Limited 47 Bond Street, Bridgewater, NJ 08807 |
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Tel. No.: |
908-243-0159 |
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Fax No.: |
908-450-1311 |
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E-Mail : |
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International Sales Office 2 : |
Manchester Organics
Limited The Heath Business and Technical Park, Runcorn, Cheshire, WA7 4QX, United Kingdom |
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Tel. No.: |
44 (0) 1928 710 200 |
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Fax No.: |
44 (0) 1928 710 225 |
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E-Mail : |
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Fax No.: |
44 (0) 1928 710 225 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Shekhar Shreedhar Khanolkar |
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Designation : |
Managing Director |
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Address : |
Flat-2202, 22nd Floor, "Solitaire" Wadhwa Adi Shankaracharya
Road, Powai La, Mumbai-400076, Maharashtra, India |
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Date of Appointment : |
01.01.2016 |
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DIN No.: |
02202839 |
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Other
Directorship :
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Address : |
161/A, Twin Towers, V.S.Road, Prabhadevi, Mumbai-400025, Maharashtra,
India |
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Date of Appointment : |
19.10.2006 |
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DIN No.: |
00003640 |
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Other
Directorship :
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Name : |
Mr. Vishad Padmanabh Mafatlal |
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Designation : |
Director |
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Address : |
10, Altamount Road, Mumbai-400026, Maharashtra, India |
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Expertise in
functional areas |
Textiles and Chemicals, Industrialist having business experience of
more than 19 years in Textiles and Chemicals. |
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Qualification : |
B.Sc. (Economics), University of Pennsylvania, Wharton School, U.S.A |
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Date of Appointment : |
20.08.2016 |
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DIN No.: |
00011350 |
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Other
Directorship :
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Name : |
Mr. Sunilbhai Siddharthbhai Lalbhai |
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Designation : |
Director |
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Address : |
Lalbhai Cottage, 13 Byramji Gamadia Marg, Mumbai-400026, Maharashtra,
India |
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Date of Appointment : |
03.03.2003 |
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DIN No.: |
00045590 |
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Other
Directorship :
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Name : |
Mr. Atul Kumar Srivastava |
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Designation : |
Director |
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Address : |
A-205, Oberoi Woods CHS Limited, Mohan Gokhale Marg, Goregaon East, Next
Oberoi International Mumbai-400063, Maharashtra, India |
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Date of Appointment : |
29.06.2015 |
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DIN No.: |
00046776 |
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Other
Directorship :
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Name : |
Mr. Thekkekara Meloth Mohan Nambiar |
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Designation : |
Director |
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Address : |
172, Jupiter Apartments, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra,
India |
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Date of Appointment : |
03.03.2003 |
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DIN No.: |
00046857 |
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Other
Directorship :
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Name : |
Mr. Pradip Narotam Kapadia |
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Designation : |
Director |
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Address : |
140, Princess Street, Mumbai-400002, Maharashtra, India |
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Date of Appointment : |
21.01.2003 |
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DIN No.: |
00078673 |
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Other
Directorship :
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Name : |
Mr. Sudhir Gunvantray Mankad |
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Designation : |
Director |
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Address : |
Plot No. 192, Sector-8-C, Gandhinagar-382007,Gujarat,India |
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Date of Appointment : |
22.06.2011 |
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DIN No.: |
00086077 |
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Other
Directorship :
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Name : |
Mr. Harish Hansubhai Engineer |
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Designation : |
Director |
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Address : |
B 11, Sea Face Park, 50 Bulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
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Date of Appointment : |
25.06.2014 |
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DIN No.: |
01843009 |
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Other Directorship
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Name : |
Mrs. Radhika Vijay Haribhakti |
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Designation : |
Director |
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Address : |
51, Maker Tower B, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Date of Appointment : |
29.06.2015 |
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DIN No.: |
02409519 |
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Other
Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Sitendu Nagchaudhuri |
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Designation : |
Chief Finance Officer |
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Address : |
Flat No 206, Peerless Maurya Mansion, 2 Moore Avenue, Kolkata-700040, West Bengal, India |
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Date of Appointment : |
08.07.2015 |
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PAN No.: |
ABUPN6901A |
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Name : |
Mr. Niraj Bipinchandra Mankad |
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Designation : |
Company Secretary |
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Address : |
C/401, Kusum Bharati, Datta Pada Road, Opposite Tata SSL Limited, Borivali (East), Mumbai-400066, Maharashtra, India |
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Date of Appointment : |
21.01.2003 |
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PAN No.: |
AAUPM0351N |
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Name : |
Mr. Punit |
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Designation : |
Accounts Department |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
15771985 |
31.96 |
|
(B) Public |
33559020 |
68.04 |
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Grand Total |
49331005 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu undivided Family |
2351840 |
4.77 |
|
VISHAD PADMANABH MAFATLAL -FAMILY TRUST NO
1 |
375035 |
0.76 |
|
VISHAD PADMANABH MAFATLAL |
1956690 |
3.97 |
|
PADMANABH ARVIND MAFATLAL (HUF) |
14550 |
0.03 |
|
VISHAD P.MAFATLAL PAM HUF1 P MAFATLAL |
4550 |
0.01 |
|
CHETNA PADMANABH MAFATLAL |
1015 |
0.00 |
|
Any Other (specify) |
13420145 |
27.20 |
|
MILAP TEXCHEM PVT LTD |
100 |
0.00 |
|
PAMIL INVESTMENTS PVT LTD |
19930 |
0.04 |
|
MAFATLAL EXIM PRIVATE LIMITED |
1622420 |
3.29 |
|
MRS VIJAYALAXMI NAVINCHANDRA MAFATLAL
PUBLIC CHARITY TRUST NO 20. |
1965 |
0.00 |
|
MRS MILONI PADMANABH MAFATLAL PUBLIC
CHARITABLE TRUST NO 5. |
980 |
0.00 |
|
MRS MILONI PADMANABH MAFATLAL PUBLIC
CHARITABLE TRUST N0 4 |
3120 |
0.01 |
|
MRS MILONI PADMANABH MAFATLAL PUBLIC
CHARITABLE TRUST NO 2 |
3120 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 3 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST N0 8 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 7 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 5 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 6 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 4 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 2 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 15 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 14 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 13 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 12 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 11 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST NO 9 |
3930 |
0.01 |
|
NAVINCHANDRA MAFATLAL CHARITY TRUST N0 10 |
3930 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST NO 5 |
3930 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST NO 6 |
3930 |
0.01 |
|
SHRI PADMAKESH PUBLIC CHARITY TRUST NO 1 |
2710 |
0.01 |
|
SHRI PADMAKESH PUBLIC CHARITY TRUST NO 2 |
2710 |
0.01 |
|
SHRI PADMAKESH PUBLIC CHARITY TRUST NO 3 |
2710 |
0.01 |
|
SHRI PADMAKESH PUBLIC CHARITY TRUST NO 4 |
2710 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST |
3930 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST NO 4 |
3930 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST NO 3 |
3930 |
0.01 |
|
SHRI PRANSUKHLAL CHARITY TRUST NO 2 |
3930 |
0.01 |
|
VISHAD PADMANABH MAFATLAL PUBLIC CHARITABLE
TRUST NO.3 |
3120 |
0.01 |
|
VISHAD PADMANABH MAFATLAL PUBLIC CHARITABLE
TRUST NO.2 |
3120 |
0.01 |
|
MRS.VIJAYALAXMI NAVINCHANDRA MAFATLAL
PUBLIC CHARITY TRUST NO 19. |
1965 |
0.00 |
|
MRS VIJAYALAXMI NAVINCHANDRA MAFATLAL
PUBLIC CHARITY TRUST NO 16. |
1965 |
0.00 |
|
VISHAD P MAFATLAL PUBLIC CHARITABLE TRUST
N0.1 |
3120 |
0.01 |
|
VISHAD PADMANABH MAFATLAL PUBLIC CHARITABLE
TRUST NO.4 |
3120 |
0.01 |
|
MRS MILONI PADMANABH MAFATLAL PUBLIC CHARITABLE
TRUST NO 1 |
3120 |
0.01 |
|
MRS MILONI PADMANABH MAFATLAL PUBLIC
CHARITABLE TRUST NO.3 |
3120 |
0.01 |
|
MAFATLAL IMPEX PRIVATE LIMITED |
11656420 |
23.62 |
|
Sub Total A1 |
15771985 |
31.96 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
15771985 |
31.96 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
8167366 |
16.55 |
|
DSP BLACKROCK MICRO CAP FUND |
1652909 |
3.35 |
|
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO
EMERGING EQUITIES |
895843 |
1.82 |
|
RELIANCE CAPITAL TRUSTEE CO. LTD-A/C
RELIANCESMALLCAP FUND |
2324490 |
4.71 |
|
SUNDARAM MUTUAL FUND A/C SUNDARAM SMILE
FUND |
1849100 |
3.75 |
|
Foreign Portfolio Investors |
8429017 |
17.08 |
|
VANDERBILT UNIVERSITY - ATYANT CAPITAL
MANAGEMENT LIMITED |
600000 |
1.22 |
|
GMO EMERGING DOMESTIC OPPORTUNITIES FUND, A
SERIESOF GMO TRUST |
644404 |
1.31 |
|
GOLDMAN SACHS FUNDS - GOLDMAN SACHS GROWTH
& EMERGING MARKETS BROAD EQUITY PORTFOLIO |
914495 |
1.85 |
|
GOLDMAN SACHS INDIA LIMITED |
1391860 |
2.82 |
|
HSBC GLOBAL INVESTMENT FUNDS - ASIA EX
JAPAN EQUITY SMALLER COMPANIES |
713080 |
1.45 |
|
GHI LTP LTD |
850750 |
1.72 |
|
ATYANT CAPITAL INDIA FUND I |
810275 |
1.64 |
|
Financial Institutions/ Banks |
83808 |
0.17 |
|
Any Other (specify) |
2220 |
0.00 |
|
Sub Total B1 |
16682411 |
33.81 |
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
B3) Non-Institutions |
0 |
0.00 |
|
Individual share capital upto INR 0.200
Million |
12651395 |
25.67 |
|
Individual share capital in excess of INR
0.200 Million |
1290515 |
2.62 |
|
AJAY UPADHYAYA |
1000000 |
2.03 |
|
NBFCs registered with RBI |
105802 |
0.21 |
|
Any Other (specify) |
2828897 |
5.73 |
|
Trusts |
2408 |
0.00 |
|
NRI – Repat |
36338 |
0.07 |
|
Clearing Members |
7154 |
0.01 |
|
NRI – Non- Repat |
32555 |
0.07 |
|
Bodies Corporate |
470558 |
0.95 |
|
Sub Total B3 |
16876609 |
34.23 |
|
B=B1+B2+B3 |
33559020 |
68.04 |
BUSINESS DETAILS
|
Line of Business : |
The Company primarily focuses on fluorine chemistry - producing refrigeration gases, inorganic fluorides, specialty organofluorines and offers Contract Research and Manufacturing Services. (Registered Activity) |
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|
Products/ Services : |
|
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|
|
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|
Brand Names : |
Not Divulged |
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|
Agencies Held : |
Not Divulged |
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|
|
|
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|
Exports : |
Not Divulged |
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|
|
|
||||||||
|
Imports : |
Not Divulged |
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|
|
|
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|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
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|
Customers : |
|
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|
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|
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|
No. of Employees
: |
762 (Approximately) As per latest annual report there is an increase in the number of employees over
past years and current number employees are 762. |
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|
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|
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|
Bankers : |
· State Bank of Hyderabad, Overseas Branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai -400039, Maharashtra, India · Axis Bank Limited, Corporate Banking Branch, 12-A First Floor, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th-32nd Floor,
Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg,
Elphinstone (West), Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501/4601 |
|
|
|
|
Solicitors: |
Vigil Juris |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over
which key management personnel and their relatives are able to exercise
significant influence: |
|
|
|
|
|
Joint Ventures: |
|
|
|
|
|
Subsidiary company: |
|
|
|
|
|
A partnership firm where
the Company is a majority partner: |
|
CAPITAL STRUCTURE
AFTER 29.06.2017
Authorised Capital : INR 350.000 Million
Issued, Subscribed & Paid-up Capital : INR 98.677 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9791297 |
Equity Shares |
INR 10/- each |
INR 97.913
Million |
|
|
Less: Calls in arrears |
|
INR 0.013
Million |
|
|
|
|
INR 97.900 Million |
(a) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period :
|
Particulars |
Opening balance |
Buyback |
ESOP |
Closing balance |
|
Equity shares with
voting rights |
|
|
|
|
|
Year ended 31st March 2017 |
|
|
|
|
|
- Number of shares |
9787297 |
- |
4000 |
9791297 |
|
- Amount (INR Million) |
97.873 |
- |
0.40 |
97.913 |
|
Year ended 31st March 2016 |
|
|
|
|
|
- Number of shares |
9769797 |
- |
17500 |
9787297 |
|
- Amount (INR Million) |
97.698 |
- |
1.75 |
97.873 |
(b) Terms /
rights attached to equity shares:
The Company has only one class of equity shares having a par value of INR 10/- per share. Each equity shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2017 the amount of dividend per share recognized as distributions to equity shareholders is INR 18.50 (year ended 31st March 2016 INR 21/-)
(c) Details of
shareholders holding more than 5% shares in the Company:
|
Equity shares of
INR 10/- each fully paid |
31.03.2017 |
|
|
Name |
Nos. |
% holding |
|
Mafatlal Impex Private Limited |
2331284 |
23.81 |
|
Suremi Trading Private Limited |
-- |
-- |
|
NOCIL Limited |
-- |
-- |
(d) For details of
shares reserved for issue under the employee stock option (ESOP) plan of the
Company
(e) Calls unpaid (by
other than officers and directors)
|
|
As at 31.03.2017 |
|
2645 (as at 31st March 2016 2911) equity shares of INR 10/- each INR 5/- called up but unpaid |
0.013 |
(f) Out of the rights
issue made in 2004-05 109 equity shares could not be offered on rights basis
due to the non-availability of details of beneficial holders from depositories.
The same are kept in abeyance.
LISTING DETAILS:
|
Subject Stock
Code : |
BSE : 532504 NSE : NAVINFLUOR EQ ISIN : INE048G01026 |
|
Stock Exchange Place : |
BSE Limited (BSE) National Stock Exchange of India Limited (NSE) |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
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 |
97.900 |
97.858 |
97.683 |
|
(b) Reserves &
Surplus |
7382.550 |
6237.530 |
5613.625 |
|
(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) |
7480.450 |
6335.388 |
5711.308 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
117.809 |
|
(b) Deferred tax liabilities
(Net) |
420.130 |
355.341 |
318.888 |
|
(c) Other long term
liabilities |
194.033 |
212.793 |
210.698 |
|
(d) long-term provisions |
74.135 |
61.444 |
52.657 |
|
Total Non-current
Liabilities (3) |
688.298 |
629.578 |
700.052 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
299.040 |
331.105 |
|
(b) Trade payables |
920.811 |
922.563 |
883.690 |
|
(c) Other current
liabilities |
1432.170 |
113.006 |
146.808 |
|
(d) Short-term provisions |
146.211 |
179.669 |
146.652 |
|
Total Current Liabilities
(4) |
2499.192 |
1514.278 |
1508.255 |
|
|
|
|
|
|
TOTAL |
10667.940 |
8479.244 |
7919.615 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4105.201 |
2670.570 |
2120.101 |
|
(ii) Intangible Assets |
2.941 |
6.850 |
6.993 |
|
(iii) Capital
work-in-progress |
168.312 |
139.456 |
575.846 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2123.551 |
2127.711 |
1791.648 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
502.211 |
478.595 |
675.388 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6902.216 |
5423.182 |
5169.976 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
798.844 |
532.102 |
553.011 |
|
(b) Inventories |
988.974 |
627.392 |
658.359 |
|
(c) Trade receivables |
1289.754 |
1381.659 |
1102.281 |
|
(d) Cash and cash
equivalents |
297.130 |
152.094 |
137.625 |
|
(e) Short-term loans and
advances |
370.180 |
335.868 |
272.091 |
|
(f) Other current assets |
20.842 |
26.947 |
26.272 |
|
Total Current Assets |
3765.724 |
3056.062 |
2749.639 |
|
|
|
|
|
|
TOTAL |
10667.940 |
8479.244 |
7919.615 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7012.328 |
6362.389 |
5461.227 |
|
|
Other Income |
298.831 |
246.937 |
266.414 |
|
|
TOTAL
|
7311.159 |
6609.326 |
5727.641 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3020.191 |
2842.198 |
2600.582 |
|
|
Purchases of Stock-in-Trade |
116.071 |
67.826 |
109.419 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(280.483) |
10.221 |
11.820 |
|
|
Employees benefits expense |
766.679 |
655.820 |
609.105 |
|
|
Other expenses |
1892.416 |
1624.905 |
1497.157 |
|
|
Exceptional items |
(273.318) |
0.000 |
0.000 |
|
|
TOTAL |
5241.556 |
5200.970 |
4828.083 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2069.603 |
1408.356 |
899.558 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.996 |
32.028 |
32.373 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2064.607 |
1376.328 |
867.185 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
283.525 |
209.178 |
186.377 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1781.082 |
1167.150 |
680.808 |
|
|
|
|
|
|
|
Less |
TAX |
440.932 |
302.453 |
186.959 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1340.150 |
864.697 |
493.849 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3900.089 |
3282.690 |
3042.739 |
|
|
|
|
|
|
|
Less
|
Depreciation
on transition to Schedule II of the Companies Act, 2013 on tangible fixed assets
with nil remaining useful life (Net of deferred tax) |
0.000 |
0.000 |
16.626 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
49.400 |
|
|
Corporate tax on dividend |
36.861 |
41.829 |
31.556 |
|
|
Proposed final dividend |
0.000 |
107.660 |
83.043 |
|
|
Dividend for previous year on equity shares issued after
the year end pursuant to allotment of ESOP |
0.000 |
0.014 |
0.000 |
|
|
Interim dividend |
107.660 |
97.795 |
73.273 |
|
|
Special dividend |
73.405 |
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
5022.313 |
3900.089 |
3282.690 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3101.534 |
2851.544 |
1932.522 |
|
|
TOTAL
EARNINGS |
3101.534 |
2851.544 |
1932.522 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1988.613 |
1744.221 |
1680.711 |
|
|
Components and Stores parts |
9.310 |
12.568 |
39.551 |
|
|
Capital Goods |
32.862 |
15.908 |
36.847 |
|
|
TOTAL
IMPORTS |
2030.785 |
1772.697 |
1757.109 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
136.91 |
88.44 |
50.57 |
|
|
Diluted |
135.72 |
87.76 |
50.35 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
2661.685 |
978.208 |
661.400 |
|
Net cash flow from operating activities |
2355.551 |
717.245 |
488.225 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
67.13 |
79.26 |
73.67 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
5.44 |
4.60 |
4.95 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
107.16 |
115.72 |
119.02 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.09 |
2.24 |
1.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.48 |
0.50 |
0.33 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.23 |
0.18 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.05 |
0.08 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.33 |
0.24 |
0.26 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.57 |
0.44 |
0.47 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
414.25 |
43.97 |
27.79 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
19.11 |
13.59 |
9.04 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.56 |
10.20 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.92 |
13.65 |
8.65 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.51 |
2.02 |
1.82 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.11 |
1.60 |
1.39 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.75 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
3.06 |
4.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.51 |
2.02 |
1.82 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
Market Value |
INR 822/- |
FINANCIAL ANALYSIS
[all figures are
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 |
97.683 |
97.858 |
97.900 |
|
Reserves & Surplus |
5613.625 |
6237.530 |
7382.550 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5711.308 |
6335.388 |
7480.450 |
|
|
|
|
|
|
Long-Term Borrowings |
117.809 |
0.000 |
0.000 |
|
Short Term Borrowings |
331.105 |
299.040 |
0.000 |
|
Total
borrowings |
448.914 |
299.040 |
0.000 |
|
Debt/Equity
ratio |
0.079 |
0.047 |
0.000 |
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 |
5461.227 |
6362.389 |
7012.328 |
|
|
|
16.501 |
10.215 |
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
|
5461.227 |
6362.389 |
7012.328 |
|
Profit |
493.849 |
864.697 |
1340.150 |
|
|
9.04% |
13.59% |
19.11% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
97.900 |
97.858 |
97.683 |
|
(b) Reserves & Surplus |
7547.275 |
6355.586 |
5778.942 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Minority Interest |
0.047 |
0.050 |
129.111 |
|
Total
Shareholders’ Funds (1) + (2) |
7645.222 |
6453.494 |
6005.736 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
511.008 |
475.467 |
274.609 |
|
(b) Deferred tax liabilities
(Net) |
434.278 |
369.539 |
322.544 |
|
(c) Other long term
liabilities |
206.501 |
225.161 |
223.066 |
|
(d) long-term provisions |
74.304 |
61.444 |
52.657 |
|
Total
Non-current Liabilities (3) |
1226.091 |
1131.611 |
872.876 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
192.314 |
341.005 |
338.304 |
|
(b) Trade payables |
938.768 |
956.206 |
892.178 |
|
(c) Other current liabilities |
926.146 |
479.259 |
248.974 |
|
(d) Short-term provisions |
146.218 |
180.552 |
161.418 |
|
Total
Current Liabilities (4) |
2203.446 |
1957.022 |
1640.874 |
|
|
|
|
|
|
TOTAL |
11074.759 |
9542.127 |
8519.486 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4284.782 |
2861.787 |
2321.897 |
|
(ii) Intangible Assets |
2.941 |
6.850 |
6.993 |
|
(iii) Capital work-in-progress |
310.644 |
204.214 |
603.895 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(v) Goodwill on
consolidation |
877.641 |
877.641 |
409.568 |
|
(b) Non-current Investments |
1083.933 |
1167.005 |
1160.182 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
325.909 |
964.418 |
906.417 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6885.850 |
6081.915 |
5408.952 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
798.844 |
532.102 |
553.011 |
|
(b) Inventories |
1127.461 |
755.257 |
760.619 |
|
(c) Trade receivables |
1357.851 |
1499.278 |
1198.643 |
|
(d) Cash and cash equivalents |
481.314 |
286.790 |
280.745 |
|
(e) Short-term loans and
advances |
379.690 |
344.775 |
277.983 |
|
(f) Other current assets |
43.749 |
42.010 |
39.533 |
|
Total
Current Assets |
4188.909 |
3460.212 |
3110.534 |
|
|
|
|
|
|
TOTAL |
11074.759 |
9542.127 |
8519.486 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7476.574 |
6796.758 |
5915.148 |
|
|
Other Income |
305.858 |
244.842 |
295.184 |
|
|
TOTAL
|
7782.432 |
7041.600 |
6210.332 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3225.925 |
3054.930 |
2795.544 |
|
|
Purchases of Stock-in-Trade |
116.071 |
67.826 |
109.419 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(313.329) |
(11.716) |
(14.614) |
|
|
Employees benefits expense |
920.964 |
806.131 |
740.849 |
|
|
Other expenses |
1948.640 |
1706.113 |
1561.949 |
|
|
Exceptional items |
(273.318) |
0.000 |
0.000 |
|
|
TOTAL |
5624.953 |
5623.284 |
5193.147 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2157.479 |
1418.316 |
1017.185 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
18.302 |
37.793 |
33.331 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2139.177 |
1380.523 |
983.854 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
299.250 |
224.912 |
201.228 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1839.927 |
1155.611 |
782.626 |
|
|
|
|
|
|
|
Less |
TAX |
456.161 |
320.572 |
200.257 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1383.766 |
835.039 |
582.369 |
|
|
|
|
|
|
|
|
SHARE
OF LOSS / PROFIT ATTRIBUTABLE TO MINORITY INTEREST |
0.003 |
(0.001) |
36.720 |
|
|
|
|
|
|
|
|
PROFIT
FOR THE YEAR ATTRIBUTABLE TO THE SHAREHOLDERS OF THE COMPANY |
1383.769 |
835.038 |
545.649 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
141.37 |
85.40 |
55.87 |
|
|
Diluted |
140.14 |
84.75 |
55.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject is a public limited company, incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay and National stock exchanges. The Company belongs to the Padmanabh Mafatlal Group, with a legacy of business operations since 1967, having one of the largest integrated fluorochemicals complex in India. The Company primarily focuses on fluorine chemistry - producing refrigeration gases, inorganic fluorides, specialty organofluorines and offers Contract Research and Manufacturing Services. Its manufacturing facilities are located at Surat and Dahej in Gujarat and Dewas in Madhya Pradesh.
YEAR IN RETROSPECT
The Company has recorded a Revenue of INR 7012.300 Million during the year vs. INR 6362.400 Million achieved during F.Y 2015-16 i.e. a growth of 10% year on year. The growth in Top Line is principally driven by Contract Research and Manufacturing (CRAMS) and Inorganic Fluorides Businesses. Domestic Sales achieved a growth of 12% year on year, from INR 3487.300 Million in F.Y.2015-16 to INR 3912.300 Million in the current year, driven by Inorganic Fluorides, Refrigerant Gases and Specialty Fluorochemicals Businesses. Exports Turnover clocked a growth of 8% year on year, from INR 2875.100 Million in F.Y. 2015- 16 to INR 3100.000 Million during the current year, predominantly driven by CRAMS Business.
CRAMS business continued its journey of gaining momentum, by achieving a turnover of INR 1374.300 Million during the year vs. INR 865.400 Million in F.Y. 2015-16 ; i.e. a growth of 59% year-onyear. It contributed roughly 20% of overall Turnover for the year. Successful delivery of a variety of orders across a range of scales from Innovator Pharma Majors, through effective utilisation of the new cGMP manufacturing plant at Dewas has underpinned such growth during the year. Numerous Customer Audits have been successfully completed during the year, which reinforced Business’s confidence in the capability to build and operate a world class cGMP facility. Refrigerant Gases business remained stable at INR 2155.700 Million during the year vs. INR 2169.600 Million in F.Y. 2015-16. It contributed around 31% of overall Turnover; of which, exports contributed approximately 33%. Despite the seasonal nature of the product, Refrigerants BU fared well on the domestic front on account of prolonged summers and steady growth in underlying demand in the refrigeration and air conditioning sectors. However, this was partially off set by some headwinds in exports side of the business on account of price softening due to Chinese supplies, quota renewal challenges as well as Foreign Exchange constraints for imports into some of the Middle East countries.
Inorganic Fluorides business registered a significant growth from INR 939.900 Million in F.Y. 2015-16 to INR 1203.100 Million during the current year, i.e. a growth of 28% year on year. It contributed around 17% of overall Turnover. The growth has been predominantly fuelled by positive traction in the domestic sector across key product portfolios.
Specialty Chemicals business remained more or less flat with a turnover of INR 2279.200 Million in the current year vs. INR 2387.500 Million in F.Y. 2015-16. It contributed around 32% of overall Turnover of which, exports contribute roughly 43%. This BU continued to experience headwinds in terms of demand downturn from both global agrochemical majors as well as domestic pharma companies. However, ongoing eff orts on creating a diversified portfolio of innovative products, winning new customers and penetration into new markets enabled to off set such impact to a significant extent. Here, the focus remains on investing in research and development towards building strong product offerings in niche fluorochemicals, EBITDA before exceptional item for the year is INR 1796.200 Million, up from INR 1408.400 Million in F.Y. 2015-16, a growth of 28% year on year. EBITDA Margin for the year is 25%, up from 21% in F.Y. 2015-16, i.e. an expansion of 400 basis points. Profit before Tax (PBT) before Exceptional Items grew by 29% year on year, to INR 1507.800 Million in the current year, from INR 1167.200 Million in F.Y. 2015-16. PBT Margin recorded a growth of 300 basis points, i.e. from 18% in F.Y. 2015-16 to 21% in the current year.
As part of an agreement executed amongst Mr. H. A. Mafatlal, Mr. V. P. Mafatlal, their family members, family trusts and companies including the three listed entities, viz. the Company, Mafatlal Industries Limited and NOCIL Limited and approved by the Board of Directors on 6th August 2016, the Company has divested part of its shareholding in Mafatlal Industries Limited and in NOCIL Limited during the year. The profit arising out of divestment of such Long Term investments amounting to INR 273.318 Million has been shown under “Exceptional Items” in the Statement of Profit and Loss. Profit after Tax (PAT) for the year stands at INR 1340.100 Million, up from INR 864.700 Million in F.Y. 2015-16 i.e. a growth of 55% year on year. PAT margin for the current year is 18% vs. 13% in F.Y. 2015-16 i.e. a growth of 500 basis points year on year. Cost of key Raw Materials like Sulphur, Fluorspar, Chloroform and Boric Acid exhibited a downward trend during the year. Chloroform prices continue to be subject to volatility due to supply fluctuations. Price of Bromine has, however, shown a marginal uptrend during the year. The Company pursues a Supply Chain strategy of importing Fluorspar from diverse regions to de-risk dependence on a single source / geography.
On the energy cost front, cost of Power has gone down marginally by around 4% year on year. Non-availability of exchange traded power from other states to Southern Gujarat, continues to be a challenge. Prices of Natural Gas has shown a downturn of around 11% year on year, on account of weak global demand.
Indian Rupee has recorded some appreciation vs. key Foreign Currencies during the year, by around 2% vs. US Dollar, 15% vs. GBP and 8% vs. Euro. However, the Company being Net Exporter, with Exports predominantly executed in US Dollars; the strengthening Indian Rupee has in fact resulted into a headwind for Export realisations during the year. The Exchange Loss of INR 3.700 Million shown under Other Expenses, is on account of timing difference of foreign exchange transactions and their realisation and/or restatement.
Net Working Capital management continues to be a key focus for the Company and the levels of Net Working Capital are in line with the scope and scale of operations and well within acceptable industry benchmark. The Company has reinforced focus on improving Free Cash Flow Efficiency on the enterprise on a sustainable basis and has a commendable Treasury Income.
The Company has been successful to maintain it’s Credit Rating at “CARE AA” for borrowings with a tenure of more than one year and fund based facilities during the year, signifying high degree of safety regarding timely servicing of financial obligations and very low credit risk;. The rating for short term facilities with a tenure of less than a year is maintained at “CARE A1+”, indicating very strong degree of safety regarding timely servicing of financial obligations and lowest credit risk.
During the year, the Company has also maintained “CARE A1+” rating for issuance of Standalone Commercial Papers, to the extent of INR 300.000 Million. During the year, MSCI (Morgan Stanley Capital International) has announced changes to the constituents for the MSCI India domestic small cap index and as a part of the change, the Company has been included in the said index During the year, the company has commissioned the Pilot Plant for the new generation refrigerant gas HFO 1234 yf, in line with the Technology Transfer and Joint Process Development Agreement entered into with Honeywell during last year. HFO-1234yf is a next-generation hydrofl uoro-olefi n (HFO) refrigerant with GWP less than 1 and is a near drop-in replacement for R-134a, a hydrofl uorocarbon (HFC), for use in vehicle air conditioning systems globally. This agreement depicts Honeywell’s confidence in company’s capabilities in developing new generation Fluoro intermediates.
The Company has secured Product validation from Customer and subsequently commenced commercial production and shipment of the Fluoro intermediate product from its Production Facility at Dahej, during Q IV of the year. Subject to certain preconditions and regulatory approvals, the facility producing this product will be transferred from the Company to the Joint Venture Company with Piramal Enterprises Limited, by way of a Business Transfer Arrangement through Slump Sales, during the coming financial year. The Company continues to maintain its focus on improving operating efficiencies across its manufacturing and supply chain applications, which helped the Company improve its margins and secure deeper penetration in the market. During the year these initiatives were further reinforced. The top-line growth helped a better absorption of overheads contributing to improvements in the operating margins. The R&D and Technology functions pursued it’s agenda of excellence through the year for improvement in productivity, quality and costs of various products to enable Businesses with a competitive offering on one hand and flexibility of sourcing to the supply chain function on the other.
The Company is fully committed towards its responsibilities in health, safety and environmental (HSE) management and has continued to make sizable investments in HSE during the year, across all its locations. The Company is amongst very few Corporates in the country who has ‘Responsible Care’ accreditation from the Indian Chemical Council. ‘Responsible Care’ is the chemical industry’s unique global initiative that drives continuous improvement in health, safety and environment performance together with open and transparent communications with stakeholders. The logo is awarded in recognition of a company’s commitment to sustainability. During the year, the Company has been declared a Winner in the Category of “Operational Excellence in Safety” for its Responsible Care Initiatives in Distribution at the Manufacturing and Supply Chain Summit Awards 2017; which exemplifies the Company’s commitment towards safety. The Surat and Dewas Plants of the Company have secured Certifi cates of Appreciation for Safety in Operations from the National Safety Council during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
GLOBAL ECONOMIC OVERVIEW:
Global growth had slowed down to 3.1% in 2016 before recovering to 3.4% in 2017. The forecast was revised down by 0.1 percentage point for 2017 compared to the April 2016 projection. This reflected a more subdued outlook following the Brexit referendum and weaker-than-expected growth in the US. However, long-term prospects of emerging markets have improved on the back of a visible lowering of interest rates in advanced economies and firming up of commodity prices. Asia in general and India in particular has demonstrated robust growth while sub-Saharan Africa has experienced a sharp slowdown With China reorienting itself into a consumption-centric economy and Saudi Arabia reducing its dependence on oil, the case for base metals has strengthened. This has, in turn, propped commodity prices. Consequently, inflation rates have recovered across advanced economies while commodity prices have bottomed in recent months.
OUTLOOK
The global economy entered its sixth year of stagnated growth with estimates for 2017 continuing to trend the historical path. A projected stabilisation in energy and commodity prices may provide respite for resource-rich economies in 2017, but the medium-term outlook continues to be bleak with growth weakening in terms of investment and labour supply. Businesses will need to prepare adequately to address challenges arising from geopolitical tension, policy uncertainties, financial market volatilities and rapid technology changes by leveraging qualitative growth sources, bosting technological quotients and business
productivity.
INDIAN ECONOMIC OVERVIEW
India’s economic growth has been pegged at 6.5% for the current fiscal (F.Y. 2017), down from 7.6% in the last financial year (F.Y. 2016), but expected to rebound to 6.75- 7.5% in 2017-18. Although demonetisation affected India’s growth rate by 25 bps to 100 bps, it is expected to generate long-term benefits. Over the last 30 years, India’s growth performance has been robust, backed by policy reforms that have made India open to goods and capital flows.
The challenges faced include ambivalence about property rights and private sector, deficiencies in state capacity and inefficient redistribution. Growth rate of the industrial sector is estimated to moderate to 5.2% in F.Y.2017 from 7.4% in F.Y.2016. The country’s IIP registered modest growth of 0.4% during the April-November period of 2016-17. The eight core infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – registered a cumulative growth of 4.9% during the April-November period of 2016-17 compared to 2.5% during the same period in the previous fiscal.
OUTLOOK
The near-term growth outlook for India appears brighter. The growth forecast for the current year and the next fiscal were trimmed by 100 bps and 40 bps, respectively, primarily due to the temporary consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative. Due to the same reason, India’s GVA growth declined to 6.6% for 2016-17. However, the imminent GST implementation is expected to boost interstate trade, usher investments and foster growth by reducing supply chain-related issues, improving economies-of-scale and cutting overheads. Fluorochemicals Industry review
GLOBAL FLUOROCHEMICALS INDUSTRY
The global fluorochemicals market is expected to grow at a CAGR of > 4% between 2016 and 2020. The increasing demand for refrigerants is expected to be the major driver for the fluorochemicals market. Growth in the demand for cold storage, primarily developing countries, has increased fluorocarbons off -take. The demand for refrigerants, especially for ventilation and air-conditioning systems, is also increasing from other end-user industries like oil and gas, automobiles, pharmaceuticals and construction. The increased installation of HVAC systems in the manufacturing and automotive sectors could grow the fluorochemicals segment. With prices of raw materials like fl uorspar declining during F.Y.16, the rapid growth of the global fluorochemicals market is expected. In terms of geographies, APAC, the largest revenuegenerating region in the world, will continue exerting dominance over the near-term. Countries in the region, such as India, Japan and Australia, have reported a growing demand for fluorochemicals. Global fluorochemicals market demand is expected to reach 5.4 million tons by 2024, growing at a CAGR of 4.3% from 2014 to 2024, with Asia Pacifi c region growing at the fastest rate.
OUTLOOK
The global fluorochemicals demand is expected to reach 5,398.2 kilotons by 2024, growing at a CAGR of 4.3%. The increasing installation of HVAC systems in the manufacturing and automotive sectors is expected to augment the application of refrigerants and fluorochemicals demand.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial paper |
0.000 |
299.040 |
|
Total |
0.000 |
299.040 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B39932413 |
10085926 |
HDFC BANK LIMITED |
29/11/2007 |
09/05/2012 |
- |
750000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
B45328804 |
10029585 |
HDFC BANK LIMITED |
01/12/2006 |
14/06/2012 |
- |
750000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
B69781938 |
80016822 |
AXIS BANK LIMITED |
29/11/2005 |
13/02/2013 |
- |
500000000.0 |
UNIVERSAL INSURANCE BUILDING, GRD. FLOOR.SIR P M ROAD, FORTMUMBAIMH400001IN |
|
4 |
C60610508 |
90145649 |
STATE BANK OF HYDERABAD |
04/02/2005 |
08/07/2015 |
- |
350000000.0 |
OVERSEAS BRANCH, 1204, ASHOK MAHAL,TULLOCH ROAD, COLABA,MUMBAIMH400039IN |
|
5 |
C72703036 |
10509649 |
AXIS BANK LIMITED |
24/06/2014 |
13/08/2015 |
01/12/2015 |
400000000.0 |
CORPORATE BANKING BRANCH12-A FIRST FLOOR,MITTAL TOWER, NARIMAN POINTMUMBAIMH400021IN |
|
6 |
B22177737 |
10012030 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
17/08/2006 |
- |
28/09/2011 |
42300000.0 |
VISWASTA BHAWAN 218PRATAPGANJ PETHSATARAMH415002IN |
|
7 |
B09066135 |
80040291 |
EXPORT - IMPORT BANK OF INDIA |
15/10/2005 |
29/11/2007 |
25/03/2011 |
500000000.0 |
HEAD OFFICE: CENTRE ONE BUILDING, 21ST FLOOR,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,MUMBAIMH400005IN |
|
8 |
A94468865 |
90149478 |
HDFC BANK LTD |
26/12/2003 |
- |
23/08/2010 |
300000000.0 |
2ND FLOOR; NEW BLDG; KAMALA MILLS COMPOUNDSENAPATI BAPAT MARG; LOWER PARELMUMBAIMH400013IN |
|
9 |
A94468204 |
90144868 |
HDFC BANK LTD |
29/12/2003 |
- |
23/08/2010 |
300000000.0 |
2ND FLOOR; NEW BLDG; KAMALA MILLS COMPOUNDSENAPAIT BAPAT MARG; LOWER PARELMUMBAIMH400013IN |
|
10 |
A94469640 |
90144862 |
HDFC BANK LTD |
26/12/2003 |
28/12/2004 |
23/08/2010 |
300000000.0 |
2ND FLOOR; NEW BLDG; KAMALA MILLS COMPOUNDSENAPATI BAPAT MARG; LOWER PARELMUMBAIMH400013IN |
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
In respect of: |
|
|
|
Excise matters disputed in appeal These relate to MODVAT on capital purchases (pending before the Assistant Commissioner) and permit fee on purchase of alcohol (pending before the High Court) |
23.134 |
26.813 |
|
Claims against the Company not acknowledged as debts Labour matters involving issues like regularization of employment, termination of employment, compensation against severance, etc. |
0.700 |
0.700 |
|
Sales-tax matters disputed in appeal These relate to classifi cation of goods and consequent dispute on the rates of sales-tax (pending at various stages from Assistant Commissioner to High Court) |
12.856 |
13.663 |
|
Income tax matters disputed in appeal |
200.547 |
188.136 |
|
It
is not practicable for the Company to estimate the closure of these issues
and the consequential timings of cash flows, if any, in respect of the above. |
||
UN-AUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
(INR in million)
|
Particulars |
Quarter
Ended |
Six months ended |
||||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||||
|
Unaudited |
Unaudited |
Unaudited |
||||
|
|
Income from
Operations |
|
|
|
||
|
|
a) Net Sales/Income from Operations (net of excise duty) |
2214.527 |
2181.090 |
6776.380 |
||
|
|
b) Other Income |
229.829 |
212.283 |
705.114 |
||
|
|
Total Income from
Operations (Net) |
2444.356 |
2393.373 |
7481.494 |
||
|
|
Expenses |
|
|
|
||
|
|
|
Cost of Materials consumed |
680.451 |
891.156 |
2436.284 |
|
|
|
|
Purchase of stock in-trade |
57.678 |
38.609 |
129.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
169.611 |
(40.841) |
170.476 |
|
|
|
|
Excise duty |
0.000 |
0.000 |
126.513 |
|
|
|
|
Employee benefit expenses |
236.795 |
2117.702 |
667.203 |
|
|
|
|
Finance Costs |
0.352 |
0.322 |
0.979 |
|
|
|
|
Depreciation and amortization expense |
92.989 |
109.187 |
307.065 |
|
|
|
|
Other expenses |
546.384 |
545.884 |
1599.797 |
|
|
|
Total Expenses |
1784.260 |
3662.019 |
5438.017 |
||
|
|
|
Profit /(Loss)
before tax |
660.096 |
631.354 |
2043.477 |
|
|
|
Current tax |
188.203 |
154.568 |
621.767 |
||
|
|
Deferred tax charge (credit) (Including MAT Credit availed / utilised) |
(5.028) |
48.053 |
24.913 |
||
|
|
|
Profit /(Loss) after tax |
476.921 |
428.733 |
1396.797 |
|
|
|
Other Comprehensive
Income |
|
|
|
||
|
|
Item that will not be reclassified to profit or loss |
2.885 |
0.473 |
(5.124) |
||
|
|
Total Other Comprehensive Income for the year |
479.806 |
429.206 |
1391.673 |
||
|
|
Paid-up equity share capital (Face value INR 2/- per share) |
98.686 |
98.653 |
98.686 |
||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
||
|
|
Basic |
9.67 |
8.69 |
28.38 |
||
|
|
Diluted |
9.64 |
8.67 |
28.31 |
||
Note:
The results of the quarter and nine months ended 31st December, 2017 were reviewed by the Audit Committee and approved by the Board of Directors of the Company, at its meeting held on 30 January, 2018. They have been subjected to limited review by the statutory auditors.
During the quarter ended 31st December, 2017, the Company paid an interim
dividend of 3.40/-per share on 493,45,560 equity shares of nominal value of
each, aggregating to ? 1,677.75 lacs.
3. Pursuant to the special resolution approved by the members of the Company
through postal ballot and e-voting on 5th July 2017, the Company's business
relating to manufacture and sale of Specialty Fluor chemicals at Dahej has been
transferred to Convergence Chemicals Private Limited, a joint venture between
the Company and Piramal Enterprise Limited, with effect from 1st December 2017,
on a going concern basis by way of slump sales together with all the identified
assets, liabilities consents, permissions, services of employees etc. Revenue
from operations of this Business is 944 lacs and K 5,568 lacs for the Quarter
and Nine Months Ended 31st December 2017 respectively, which are included in
the above results.
The Statement of Standalone Financial Results has been prepared in accordance
with the ‘ Companies (Indian Accounting Standards) Rules, 2015 (Ind AS)
prescribed under Section 133 of the Companies Act, 2013 and other recognised
accounting practices and policies to the extent applicable. Beginning 1st
April, 2017, the Company has for the first time adopted Ind AS with a
transition date of 1st April, 2016.
The format for unaudited quarterly results as prescribed in SEBI’s Circular
CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with
the requirements of SEBI’s circular dated 5th July, 2016, Ind AS and Schedule
III (Division II) to the Companies Act, 2013, which are applicable to companies
that are required to comply with Ind AS.
Sales for the quarter ended 31st December 2017 is net of Goods and Services Tax
(GST), however sales till the period ended 30th June 2017 and other comparative
periods are gross of Excise Duty. The Net Revenue from Operations (Net of GST /
Excise Duty) as applicable are as stated below
(INR in million)
|
Particulars |
Quarter
Ended |
Six months ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
|
|
|
|
|
|
Net revenue from operations |
2214.527 |
2181.090 |
6649.867 |
The reconciliation of net profit reported in accordance with Indian GAAP to
total Comprehensive income in accordance with Ind AS for the quarter and nine months
ended 31st December, 2016 is given below
(INR in million)
|
Particulars |
Quarter ended 31.12.2016 |
For the nine months ended 31st
December 2016 |
|
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
Net profit after tax as per previous IGAAP |
205.901 |
1046.320 |
|
|
Net impact on investments-fair value option through P&L |
(69.160) |
(102.447) |
|
|
Reclassification of net actuarial loss on employee defined benefit obiligation to OCI |
9.056 |
20.042 |
|
|
Others |
1.943 |
3.666 |
|
|
Impact of taxes in respect of Ind AS Adjustments |
(5.261) |
(6.630) |
|
|
Net profit after tax before OCI as per Ind AS |
142.479 |
960.951 |
|
|
Other comprehensive income |
|
|
|
|
Reclassification of net actuarial loss on employees defined benefit obligation (net of tax) |
(5.922) |
(13.106) |
|
|
Total Other comprehensive income for the period |
136.557 |
947.845 |
The Company has identified Chemicals business as its only primary reportable
segment accordance with the requirements
of Ind AS 108, ‘Operating Segments. Accordingly, no separate segment
information has been provided.
Previous period’s figures have been regrouped, wherever necessary, to
correspond to those of the current period.
FIXED ASSETS:
Tangible asset
- Freehold land
- Leasehold land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible assets
- Computer software
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 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 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
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.