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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486261

Report Date :

15.01.2018

 

IDENTIFICATION DETAILS

 

Name :

ATUL LIMITED (w.e.f.31.07.1996)

 

 

Formerly Known As :

ATUL PRODUCTS LIMITED

 

 

Registered Office :

Atul House, G I Patel Marg, Ahmedabad - 380014, Gujarat

Tel. No.:

91-79-26461294/ 26463706

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

11.12.1975

 

 

Com. Reg. No.:

04-002859

 

 

Capital Investment / Paid-up Capital :

INR 296.800 Million

 

 

CIN No.:

[Company Identification No.]

L99999GJ1975PLC002859

 

 

IEC No.:

0388028921

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTIN :

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AABCA2390M

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :
  • Manufacturer of bulk chemicals. (Registered activity)

 

  • Manufacturer, Exporter and Importer of Marketing Textile Chemicals. (Confirmed by management)

 

 

No. of Employees :

2486 (Approximately)

 

 

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++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Atul Limited is engaged in manufacturing and marketing of textile chemicals. It has one of the biggest integrated chemical complexes in Asia with a well-diversified product portfolio of around 920 products and 460 formulations.

 

The company was incorporated in the year 1975 and is based in Ahmedabad, Gujarat. It is an established company having excellent track record.

 

Financial position of the company is sound and healthy Fundamentals of the company are strong.

 

The rating takes into consideration sound financial profile marked by healthy net worth base along with low debt level and favourable gap between trade payables and trade receivables.

 

Share price are quoted high on stock exchange (Share price INR 3007 with Face value INR 10.)

 

Trade relation are fair. Business is active. Payment are reported to be regular and as per commitments.

 

In view of robust financial position and established track record, the company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

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

 

Rating Agency Name

CARE

Rating

Long Term Rating = (AA+)

Rating Explanation

High degree of safety and very low credit risk.

Date

October 2017

 

Rating Agency Name

CARE

Rating

Long Term Rating = (A1+)

Rating Explanation

High degree of safety and very low credit risk.

Date

October 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 15.01.2018 

 

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 PARTED BY

 

Name :

Mr. Tejal Patel

Designation :

Manager

Contact No.:

91-9824101096

 

 

LOCATIONS

 

Registered Office :

Atul House, G I Patel Marg, Ahmedabad-380014, Gujarat, India

Tel. No.:

91-79-26461294/ 26463706/26460520

Fax no :

91-79-26404111

Mobile No.:

Not Available

E-Mail :

atul_ahd@atul.co.in

legal@atul.co.in

careers@atul.co.in (Careers)

aromatics@atul.co.in (Aromatics)

bulk_inters@atul.co.in (Bulk Chemicals and Intermediates)

crop_care@atul.co.in (Crop Protection (Brands | Bulk Actives | Institutional Sales)

floras@atul.co.in (Floras)

pharma@atul.co.in (Pharmaceuticals and Intermediates)

polymers@atul.co.in (Polymers Business (Performance Materials)

support_polymers@atul.co.in (Polymers Business (Retail)

contact@atul.co.in (Suppliers)

atul_ahmedabad@atul.co.in (Shareholders)

contact@atul.co.in (Analysts)

Website :

http://www.atul.co.in

Location :

Owned

Locality :

Residential

 

 

Head Office :

Colours Division Post Atul, Valsad – 396020, Gujarat, India

Tel. No.:

91-2632-230000/ 230320/ 233261- 5

Fax No.:

91- 2632- 233639

E-Mail :

contact@atul.co.in

sec@atul.co.in

 

 

Mumbai Office :

310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India

Tel. No.:

91-22-39876000

Fax No.:

91-22-24376061/ 24386065

E-Mail :

mum@atul.co.in

 

 

Factory 1 :

297, GIDC Industrial Estate,  Ankleshwar - 393002, Gujarat, India

 

 

Factory 2 :

Atul, District Valsad - 396020, Gujarat, India

 

 

Factory 3 :

MIDC, Tarapur, Thane - 401506, Maharashtra, India

 

 

Factory 4 :

GIDC, Kharod, District Bharuch - 394115, Gujarat, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Samvegbhai Arvindbhai Lalbhai

Designation :

Managing Director

Address :

Shalimar, Shahibaug, Ahmedabad- 380004, Gujarat, India

Date of Appointment :

21.01.2000

DIN No.:

00009278

 

 

Name :

Mr. Sunilbhai Siddharthbhai Lalbhai

Designation :

Chairman and Managing Director

Address :

Lalbhai Cottage, 13 Byramji Gamadia Marg, Mumbai-400026, Maharashtra, India

Date of Appointment :

01.07.2014

DIN No.:

00045590

 

 

Name :

Mr. Hasmukh Shantilal Shah

Designation :

Director

Address :

10, Ishavashyam, Sevasi - Mahapura Road, Mahapura, Vadodara- 391101, Gujarat, India

Date of Birth/ Age :

01.10.1934

Brief Resume :

Mr. H S Shah is a Director of the Company since October 21, 1992.

 

Mr. Shah held several senior and top positions in the Government of India and other academic | research, commercial and social organisations.

 

Mr. Shah holds MA degree in Sociology from Gujarat University and has passed Indian Administrative Service examination conducted by Union Public Service Commission.

 

Companies:

Chairman, Gujarat Industrial Investment Corporation

Chairman and Managing Director, Indian Petrochemicals Corporation Limited

Vice Chairman, GE Capital (India) Limited

 

Academic | Research:

Chairman, Darshak Itihas Nidhi

Chairman, Gujarat Ecology Society

Chairman, Gujarat Industrial Research and Development Agency

Chairman, National Institute of Design

Founder Chairman, Gujarat Institute of Desert Ecology

Member, Board of Governors of IIT, Mumbai

President, Charutar Arogya Mandal (Medical College and Hospital)

 

Social:

Chairman, Gujarat Rural Institute for Socio Economic Reconstruction Vadodara

Chairman, Kachnar Trust

Founder President and Member, Heritage Trust

Founder Trustee, Indian Trust for Rural Heritage and Development

Life Trustee, BAIF Development Research Foundation

 

Government:

Chairman, Gujarat Ecology Commission

Joint Director, Bureau of Public Enterprises, Government of India

Joint Secretary to the Prime Minister, Government of India

Member, Central Pollution Control Board

Secretary, Posts and Telegraph Board of India

 

Others:

Chairman, Vikram A Sarabhai Community Science Centre

Life Trustee and Member, Gujarat Nature Conservation Society

Trustee, Shram Mandir

Date of Appointment :

02.11.1992

DIN No.:

00152195

 

 

Name :

Mr. Satguru Sharan Baijal

Designation :

Director

Address :

B-4, Sector-30, Noida-201303, Uttar Pradesh, India

Date of Birth/ Age :

06.09.1929

Brief Resume :

Dr. S S Baijal is a Director of the Company since June 13, 1984.

 

Dr. Baijal was a Lecturer in Organic Chemistry, Lucknow University. He was a Whole-time Director and CEO of Atic Industries Limited, Managing Director of IEL Limited and Chairman and CEO of ICI companies in India.

 

Dr. Baijal holds PHD degree in Chemistry from the University of Allahabad.

Date of Appointment :

13.06.1984

DIN No.:

00027961

 

 

Name :

Mr. Bansidhar Sunderlal Mehta

Designation :

Director

Address :

5th Floor, Maheshwari Mansion, 34-Napean Sea Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

16.04.1992

Date of Birth/ Age :

19.09.1935

Brief Resume :

Mr. B S Mehta is a Director of the Company since April 16, 1992.

 

Mr. Mehta is a Practicing Chartered Accountant and is a Chief Mentor of B S Mehta and Co. He is a past President of The Institute of Chartered Accountants of India. He was involved in educational activities at the graduate and post graduate levels in the University of Mumbai.

 

Mr. Mehta holds B Com (Hons) degree from the University of Mumbai and is a Fellow Member of The Institute of Chartered Accountants of India.

 

DIN No.:

00035019

 

 

Name :

Mr. Susim Mukul Datta

Designation :

Director

Address :

104B, Bakhtavar, Lower Colaba Road, Colaba, Mumbai-400005, Mumbai, 400005, Maharashtra, India

Date of Birth/ Age :

01.07.1936

Brief Resume :

Mr. S M Datta is a Director of the Company since October 28, 2002.

 

Mr. Datta is the Chairman of Administrative Staff College of India. He is also associated with various other renowned institutes.

 

Mr. Datta was the Chairman of Hindustan Unilever Limited as well as of all Unilever Group companies in India and Nepal from 1990 to 1996.

 

Mr. Datta is a Chartered Engineer; Honorary Fellow - All India Management Association, Fellow - Indian Institute of Chemical Engineers, Member - Society of Chemical Industry (London) and Fellow - The Institution of Engineers (India).

 

Mr. Datta holds a post graduate degree in Science and Technology from the University of Calcutta.

Date of Appointment :

28.10.2002

DIN No.:

00032812

 

 

Name :

Mr. Rajendra Ambalal Shah

Designation :

Director

Address :

Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.07.1931

Date of Appointment :

26.07.2013

DIN No.:

00009851

 

 

Name :

Mr. Vedanthachari Srinivasa Rangan

Designation :

Director

Address :

C-1003, 10th Floor, Ashok Towers, Dr. S S Rao Road, Parel, Mumbai-400012, Maharashtra, India

Date of Birth/ Age :

13.02.1960

Brief Resume :

Mr. V S Rangan is a Director of the Company since July 19, 2010.

 

Mr. Rangan is an Executive Director of Housing Development Finance Corporation Limited.

 

Mr. Rangan is an Associate of The Institute of Chartered Accountants of India and The Institute of Cost and Works Accountants of India.

Date of Appointment :

19.07.2010

DIN No.:

00030248

 

 

Name :

Mr. Mukund Manohar Chitale

Designation :

Director

Address :

4/46, Vishnuprasad Society, Shahaji Raje Marg, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

16.11.1949

Date of Appointment :

04.08.2015

DIN No.:

00101004

 

 

Name :

Mr. Baldev Raj Arora

Designation :

Director

Address :

6B Saker Apartments, Pochkhanawalla Road, Worli, Mumbai-400030, Maharashtra, India

Date of Birth/Age :

03.06.1944

Date of Appointment :

04.08.2015

DIN No.:

00194168

 

 

Name :

Ms. Shubhalakshmi Aamod Panse

Designation :

Director

Address :

S No.130/132, Roseland PH-II Pim. Saudagar, RH No. B/3, Pune- 411027, Maharashtra, India

Date of Birth/Age :

28.01.1954

Date of Appointment :

04.08.2015

DIN No.:

02599310

 

 

Name :

Mr. Gopikannan Rengachari Thirukonda

Designation :

Whole-time Director and Chief Finance Officer

Address :

Flat No.113,11th Floor, Buliding 1,Wing - B, Kalpa - Taru Aura, LBS Marg, Ghatkopar (West), Mumbai-400086, Maharashtra, India

Date of Appointment :

17.10.2014

DIN No.:

00048645

 

 

Name :

Mr. Bharathy Narayanan Mohanan

Designation :

Whole-time Director and President - U&S

Address :

H-6, Down Colony, Post : Atul, Valsad-396020, Gujarat, India

Date of Birth/ Age :

26.05.1950

Brief Resume :

Mr. B N Mohanan is a Whole-time Director of the Company since January 01, 2009. He joined the Company in 1992.

 

Mr. Mohanan has over 4 decades of professional experience in various capacities. Currently, he is the President, Infrastructure Unit and also the Occupier. His responsibilities include safety, health, environment, utilities and engineering procurement.

 

Mr. Mohanan holds BSc (Engg. Hon) degree from the University of Calicut.

Date of Appointment :

01.04.2014

DIN No.:

00198716

 

 

KEY EXECUTIVES

 

Name :

Mr. Tejal Patel

Designation :

Manager

 

 

Name :

Mr. Lalit Prafullachand Patni

Designation :

Company Secretary

Address :

3 Suruchi Colony, Post Atul, Valsad-396020, Gujarat, India

Date of Appointment :

17.10.2014

DIN No.:

ABHPP8893Q

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on December 2017  

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

(A) Promoter & Promoter Group

13239801

44.64

 

(B) Public

16421932

55.36

 

Grand Total

29661733

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

 

Individuals/Hindu undivided Family

880781

2.97

 

Samvegbhai Arvindbhai Lalbhai

202377

0.68

 

Samvegbhai Arvindbhai

114943

0.39

 

Hansaben Niranjanbhai Lalbhai

97374

0.33

 

Sunil Siddharth Lalbhai

91772

0.31

 

Saumya Samvegbhai Lalbhai

82695

0.28

 

Vimla S Lalbhai

65982

0.22

 

Swati S Lalbhai

63500

0.21

 

Taral S Lalbhai

50022

0.17

 

Anamikaben Samveghbhai Lalbhai

47199

0.16

 

Sunil Siddharth

31544

0.11

 

Astha Lalbhai

20500

0.07

 

Nishtha Sunilbhai Lalbhai

5500

0.02

 

Sanjaybhai Shrenikbhai Lalbhai Trustee of Arvindbhai Lalbhai Family Trust

3653

0.01

 

Sunil Lalbhai Employees Trust

2000

0.01

 

Rajivbhai Chinubhai Lalbhai

1225

0.00

 

Sheth Narottambhai Lalbhai

495

0.00

 

Any Other (specify)

12359020

41.67

 

Aagam Holdings Private Limited

6650000

22.42

 

Aeon Investments Private Limited

2060817

6.95

 

Adhigam Investments Pvt Ltd

1008301

3.40

 

Aayojan Resources Private Ltd

602000

2.03

 

Shalva Investments Private Limited

500000

1.69

 

Akshita Holdings Private Limited

459784

1.55

 

Adhinami Investments Private Limited

452350

1.53

 

Anusandhan Investments Limited

235000

0.79

 

Ashini Investments Pvt Ltd

200000

0.67

 

Aahvan Agencies Limited

178943

0.60

 

Anshuman Holdings Private Limited

11825

0.04

 

Sub Total A1

13239801

44.64

 

A2) Foreign

0.00

 

A=A1+A2

13239801

44.64

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0

0.00

 

Mutual Funds/

6480651

21.85

 

Kotak Emerging Equity Scheme

322269

1.09

 

DSP Blackrock Funds

1243115

4.19

 

Reliance Capital Trustee Co Ltd

610037

2.06

 

Franklin India Smaller Companies Fund

390642

1.32

 

SBI Magnum Global Fund

330000

1.11

 

HDFC Trustee Company Ltd

884980

2.98

 

Canara Robeco Mutual Fund

319066

1.08

 

Alternate Investment Funds

14150

0.05

 

Foreign Portfolio Investors

1391606

4.69

 

Financial Institutions/ Banks

241440

0.81

 

Sub Total B1

8127847

27.40

 

B2) Central Government/ State Government(s)/ President of India

0

0.00

 

Central Government/ State Government(s)/ President of India

183080

0.62

 

Sub Total B2

183080

0.62

 

B3) Non-Institutions

0

0.00

 

Individual share capital upto INR 0.200 Million

4114623

13.87

 

Individual share capital in excess of INR 0.200 Million

2214817

7.47

 

Shivani Tejas Trivedi

584739

1.97

 

Tejas Bhalchandra Trivedi

591250

1.99

 

Any Other (specify)

1781565

6.01

 

Trusts

509

0.00

 

HUF

242689

0.82

 

NRI – Non- Repat

80956

0.27

 

NRI – Repat

93004

0.31

 

Clearing Members

103817

0.35

 

Bodies Corporate

1023389

3.45

 

Associated person

162325

0.55

 

Associated Companies

74876

0.25

 

Sub Total B3

8111005

27.35

 

B=B1+B2+B3

16421932

55.36

 

 

 

BUSINESS DETAILS

 

Line of Business :
  • Manufacturer of bulk chemicals. (Registered activity)

 

  • Manufacturer, Exporter and Importer of Marketing Textile Chemicals. (Confirmed by management)

 

 

Products :

Item Code No.

Product Description

201

Basic chemicals

202

Other chemical products

3204

Synthetic Organic Colouring Matter

291200

Para Anisic Aldehyde

390730.09

Epoxy Resins

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Germany

 

 

Terms :

 

Selling :

Advance Payment, L/C and RTGS

 

 

Purchasing :

Advance Payment, L/C and RTGS

 

PRODUCTION STATUS NOT AVAILABLE

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Manufacturer

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

2486 (Approximately)

 

 

Bankers :
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Export Import Bank of India
  • State Bank of India

 

 

Facilities :

Secured Loan

31.03.2016

(INR in Million)

31.03.2015

(INR in Million)

Long-term Borrowings

 

 

i) Rupee term loan from a foreign financial institution

0.000

208.300

Foreign currency term loans from banks:

 

 

(12 equal quarterly installments)

0.000

331.700

(16 equal quarterly installments)

0.000

20.700

(less): Amount of current maturities of long-term debt disclosed under the head 'Other financial liabilities

0.000

(346.000)

 

 

 

Short-term borrowings

 

 

Working capital loans from banks

81.700

769.000

 

 

 

Total

81.700

983.700

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Indiabulls Finance Centre, Tower 3, 27th 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-61854000

Fax No.:

91-22-61854001

 

 

Auditors :

 

Name :

Dalal and Shah LLP

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India

Tel No.:

91-22-66691500

Fax No.:

91-22-66547804 / 07

 

 

Cost Auditors

 

Name :

R. Nanabhoy and Company

Cost Accountants

 

 

Secretarial Auditor:

Ashish C Doshi

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary companies:
  • Aasthan Dates Limited
  • Amal Limited 1
  • Anchor Adhesives Private Limited
  • Atul Aarogya Limited
  • Atul Ayurveda Limited
  • Atul Bioscience Limited
  • Atul Biospace Limited
  • Atul Brasil Quimicos Ltda
  • Atul China Limited
  • Atul Clean Energy Limited
  • Atul Crop Care Limited
  • Atul Deutschland GmbH
  • Atul Elkay Polymers Limited
  • Atul Entertainment Limited
  • Atul Europe Limited
  • Atul Finserv Limited
  • Atul Fin Resources Limited 2
  • Atul Hospitality Limited
  • Atul Infotech Private Limited 2
  • Atul Middle East FZ-LLC
  • Atul Nivesh Limited 2
  • Atul Rajasthan Date Palms Limited 2
  • Atul (Retail) Brands Limited
  • Atul Seeds Limited
  • Atul USA Inc
  • Biyaban Agri Limited
  • DPD Limited 2
  • Gujarat Synthwood Limited 3
  • Jayati Infrastructure Limited
  • Lapox Polymers Limited
  • Osia Dairy Limited
  • Osia Infrastructure Limited
  • Raja Dates Limited

 
  •  

Joint venture company :
  • Rudolf Atul Chemicals Limited

 

 

Entity over which control exercised by Key :
  • Aagam Holdings Private Limited
  • Samveg Agencies Private Limited

 

 

Entities over which Key Management Personnel or their close family members

have significant influence :
  • Welfare funds
  • Atul Foundation Trust
  • Atul Kelavani Mandal
  • Atul Rural Development Fund
  • Atul Vidyalaya
  • Urmi Mandal

 

 

Post-employment benefit plan of Atul Limited

Other Related Parties 4

  • The Atul Officers Retirement Benefit Fund
  • Atul Products Ltd-Ankleshwar Division Employees' Provident Fund Trust
  • Atul Limited Employees Gratuity Fund

 

¹ Associate company upto November 30, 2016 | 2 Investments held through subsidiary companies | 3 Under liquidation | 4 Refer Note 27.6 for information on transaction with Post - employment benefit Plans mentioned above.

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

80000000

Equity Shares

INR10/- each

INR 800.000 Million

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

29691780

Equity Shares

INR10/- each

INR 296.917 Million

 

Subscribed  Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

29661733

Equity Shares

INR10/- each

INR 296.600 Million

29991

Forfeited shares

INR 10/- each

INR 0.200 Million

 

 

Total

INR   296.800 Million

 

a) Rights, preferences and restrictions:

 

The Company has one class of shares referred to as Equity shares having a par value of INR 10.

 

i) Equity shares:

 

In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts and Preference shares. The distribution will be in proportion to the number of Equity shares held by the Shareholders. Each holder of Equity shares is entitled to one vote per share.

 

ii) Dividend:

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

 

b) Shares reserved for allotment at a later date:

 

56 Equity shares are held in abeyance due to disputes at the time of earlier rights issues.

 

 

c) Details of Shareholders holding more than 5% of Equity shares:

 

 

31.03.2017

Name of the Shareholder

Holding %

Number of shares

Aagam Holdings Private Limited

22.41%

66,50,000

Aura Securities Private Limited

6.79%

20,14,383

Aeon Investments Private Limited

--

--

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

296.800

296.800

296.800

(b) Reserves & Surplus

18911.400

15624.700

9861.000

(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)

19208.200

15921.500

10157.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

214.700

540.800

(b) Deferred tax liabilities (Net)

997.500

642.000

444.100

(c) Other long term liabilities

214.400

217.000

201.300

(d) long-term provisions

200.400

172.300

158.600

Total Non-current Liabilities (3)

1412.300

1246.000

1344.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1340.000

2456.000

1641.400

(b) Trade payables

3290.600

2941.900

2626.300

(c) Other current liabilities

870.100

1208.200

1422.200

(d) Short-term provisions

76.200

70.000

425.600

Total Current Liabilities (4)

5576.900

6676.100

6115.500

 

 

 

 

TOTAL

26197.400

23843.600

17618.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9284.800

7128.300

5783.400

(ii) Intangible Assets

0.200

1.200

0.000

(iii) Capital work-in-progress

369.900

1696.600

0.000

(iv) Intangible assets under development

32.200

32.200

0.000

(b) Non-current Investments

5307.800

4458.100

1488.200

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

70.100

136.700

448.200

(e) Other Non-current assets

792.800

813.500

541.300

Total Non-Current Assets

15857.800

14266.600

8261.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3678.900

3741.700

3496.500

(c) Trade receivables

5070.600

4201.200

4391.900

(d) Cash and cash equivalents

72.100

53.200

62.900

(e) Short-term loans and advances

51.800

0.000

1155.900

(f) Other current assets

1466.200

1580.900

249.800

Total Current Assets

10339.600

9577.000

9357.000

 

 

 

 

TOTAL

26197.400

23843.600

17618.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

28482.700

26086.100

25556.5

 

Other Income

424.600

435.300

153.1

 

TOTAL

28907.300

26521.400

25709.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

13245.100

12340.500

13332.200

 

Purchases of Stock-in-Trade

180.400

196.800

282.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

178.800

-276.600

161.200

 

Excise duty

1537.400

1541.100

0.000

 

Employees benefits expense

1732.300

1684.700

1538.500

 

Exceptional items

0.000

-26.700

0.000

 

Other expenses

6906.700

6182.000

6485.200

 

TOTAL

23780.700

21641.800

21799.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

5126.600

4879.600

3910.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

210.200

258.400

236.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

4916.400

4621.200

3673.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

911.200

619.200

552.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4005.200

4002.000

3121.100

 

 

 

 

 

Less

TAX

1152.200

1257.500

946.900

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2853.000

2744.500

2174.200

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

11451.000

8994.400

 NA

 

 

 

 

 

Add

Excess provision of dividend distribution tax written back

0.000

35.600

NA

 

 

 

 

 

Add

Transfer from OCI on disposal of FVOCI equity instruments

7.300

0.000

NA

 

 

 

 

 

Add

Remeasurement gain | (loss) on defined benefit plans

16.200

(20.000)

NA

 

 

 

 

 

 Less

Dividend on Equity shares for the year {2015-16: INR 10 per share, (2014-15:INR 8.50 per share)}

296.600

252.100

NA

 

 

 

 

 

 Less

Dividend distribution tax on dividend

60.500

51.400

NA

 

 

 

 

 

 

Balance Carried to the B/S

13970.400

11451.000

2174.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

13324.900

11480.300

11634.100

 

TOTAL EARNINGS

13324.900

11480.300

11634.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

3510.500

3710.500

 

Components and Stores parts

NA

67.900

159.100

 

Capital Goods

NA

156.700

58.300

 

TOTAL IMPORTS

NA

3735.100

3927.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

96.18

92.53

73.30

 

 

Expected Sales (2017-2018) : INR Mr. 30000.000 million (Due to business growth)

 

The above information has been parted by Mr. Tejal Patel (Manager)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

212.300

346.000

627.100

Cash generated from operations

4413.900

4804.000

3886.900

Net cash flow from operating activity

3639.200

3747.900

3169.600

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

Audited / Unaudited

Unaudited

Unaudited

 

1ST Quarter

2nd Quarter

Net Sales

6900.500

7872.500

Total Expenditure

6138.700

6623.900

PBIDT (Excl OI)

761.800

1248.600

Other Income

44.500

78.500

Operating Profit

806.300

1327.100

Interest

26.200

26.600

Exceptional Items

NA

NA

PBDT

780.100

1300.500

Depreciation

259.600

261.100

Profit Before Tax

520.500

1039.400

Tax

176.200

338.700

Provisions and contingencies

NA

NA

Profit After Tax

344.300

700.700

Extraordinary Items

NA

NA

Prior Period Expenses

NA

NA

Other Adjustments

NA

NA

Net Profit

344.300

700.700

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

64.98

58.78

62.73

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

5.62

6.21

5.82

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

89.46

85.65

70.41

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.39

1.30

1.12

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.53

0.55

0.68

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.22

0.30

0.41

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.08

0.19

0.28

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.29

0.42

0.60

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.50

0.56

0.57

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

24.39

18.88

16.54

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

10.02

10.52

8.51

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

10.89

11.51

12.34

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

14.85

17.24

21.40

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.85

1.43

1.53

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.19

0.87

0.96

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.73

0.67

0.58

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

5.23

10.16

9.47

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.85

1.43

1.53

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 3007.00/-

 

 

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

296.800

296.800

296.800

Reserves & Surplus

9861.000

15624.700

18911.400

Share Application money pending allotment

0.000

0.000

0.000

Net worth

10157.800

15921.500

19208.200

 

 

 

 

Long Term borrowings

540.800

214.700

0.000

Short Term borrowings

1641.400

2456.000

1340.000

Current Maturities of Long term debt

627.100

346.000

212.300

Total borrowings

2809.300

3016.700

1552.300

Debt/Equity ratio

0.277

0.189

0.081

 

 

 

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

25556.500

26086.100

28482.700

 

 

2.072

9.187

 

 

 

 

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

25556.500

26086.100

28482.700

Profit

2174.200

2744.500

2853.000

 

8.51%

10.52%

10.02%

 

 

 

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

296.800

296.800

(b) Reserves & Surplus

 

19362.600

15851.100

(c) Non-controlling interests

 

152.500

24.500

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

19811.900

16172.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

3.800

233.500

(b) Deferred tax liabilities (Net)

 

1430.800

793.500

(c) Other long term liabilities

 

337.200

355.600

(d) long-term provisions

 

201.500

173.100

Total Non-current Liabilities (3)

 

1973.300

1555.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1445.900

2563.700

(b) Trade payables

 

3374.900

3151.200

(c) Other current liabilities

 

959.200

1271.800

(d) Short-term provisions

 

96.000

75.300

Total Current Liabilities (4)

 

5876.000

7062.000

 

 

 

 

TOTAL

 

27661.200

24790.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

9998.500

7494.800

(ii) Intangible Assets

 

0.200

1.200

(iii) Capital work-in-progress

 

589.900

1804.400

(iv) Intangible assets under development

 

32.200

32.200

(v) Goodwill

 

237.500

0.000

(vi) Biological assets other than bearer plants

 

66.400

82.000

(vii) Investments accounted for using the equity method

 

100.000

324.300

(b) Non-current Investments

 

4152.100

3442.200

(c) Deferred tax assets (net)

 

416.600

135.400

(d)  Long-term Loan and Advances

 

0.000

94.000

(e) Other Non-current assets

 

770.100

792.500

Total Non-Current Assets

 

16363.500

14203.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

29.200

20.500

(b) Inventories

 

4300.600

4277.800

(c) Trade receivables

 

5189.600

4413.900

(d) Cash and cash equivalents

 

283.000

220.100

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

1495.300

1654.800

Total Current Assets

 

11297.700

10587.100

 

 

 

 

TOTAL

 

27661.200

24790.100

 

 

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

29960.500

27550.100

 

Other Income

 

525.500

344.000

 

TOTAL

 

30486.000

27894.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

13970.300

13239.400

 

Purchases of Stock-in-Trade

 

274.000

234.500

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

110.500

(207.000)

 

Excise duty

 

1621.100

1604.200

 

Employees benefits expense

 

2001.400

1909.100

 

Share of net profit of associate company and joint venture company accounted for using the equity method

 

(46.700)

(44.600)

 

Other expenses

 

6888.700

6177.600

 

TOTAL

 

24819.300

22913.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

5666.700

4980.900

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

251.700

275.300

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

5415.000

4705.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

954.400

660.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

4460.600

4044.900

 

 

 

 

 

Less

TAX

 

1227.100

1302.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

3233.500

2742.700

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

a) Items that will not be reclassified to profit and lo

 

 

 

 

i) Fair value of equity instruments through Other Comprehensive Income (FVOCI)

 

773.600

(383.700)

 

ii) Remeasurement gain | (loss) on defined benefit plans

 

24.400

(29.800)

 

iii) Income tax related to item no (ii) above

 

(8.400)

10.600

 

iv) Share of Other Comprehensive Income of associate company and joint venture company accounted for using the equity
method (net of tax)

 

0.200

0.000

 

b) Items that will be reclassified to profit and loss

 

 

 

 

i) Effective portion of gain | (loss) on cash flow hedges

 

(7.300)

(9.000)

 

i) Income tax related to item no (i) above

 

2.500

3.100

 

iii) Exchange differences on translation of foreign operations

 

44.500

93.500

 

Other Comprehensive Income, net of tax

 

829.100

(315.300)

 

 

 

 

 

 

Total Comprehensive income for the year

 

4062.600

2427.400

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

109.01

92.47

 

 

LEGAL CASES

 

HIGH COURT OF GUJARAT

 

CIVIL APPLICATION (FOR ORDERS) No. 11985 of 2012

In FIRST APPEAL / 1951 / 2012 ( PENDING )

 

Status : PENDING

( Converted from : CAST/12157/2012 )

CCIN No : 001003201211985

 

 

Last Listing Date:

16/01/2013

Coram

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

 

S.NO.

Name of the Petitioner

Advocate On Record

1
2

JENSON NICHOLSAN INDIA LTD
S P SINHA

MR ADIL R MIRZA for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 2

 

S.NO.

Name of the Respondant

Advocate On Record

1

ATUL LIMITED

 

 

Presented On

: 16/10/2012

Registered On

: 17/10/2012

Bench Category

: DIVISON BENCH

District

: VALSAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 4 times

StageName

: NOTICE & ADJOURNED MATTERS

 

Classification

·         DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - PRODUCTION OF ADDITIONAL EVIDENCE

Act

·         CIVIL PROCEDURE CODE, 1908

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

16/10/2012

APPLICATION

MR ADIL R MIRZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MR ADIL R MIRZA:1-2

Linked Matters

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

FIRST APPEAL/1951/2012

PENDING

-

-

·         HONOURABLE MR.JUSTICE RAVI R.TRIPATHI 

·         HONOURABLE MR.JUSTICE R.D.KOTHARI

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

18/10/2012

1

11

OFFICE OBJECTION REMOVED

NEXT DATE

HONOURABLE MR.JUSTICE D.H.WAGHELA 

HONOURABLE MR.JUSTICE Z.K.SAIYED

2

14/12/2012

1

6

NOTICE & ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE D.H.WAGHELA 

HONOURABLE MR.JUSTICE G.R.UDHWANI

3

20/12/2012

1

22

FOR REGULAR ADMISSION

NEXT DATE

HONOURABLE MR.JUSTICE D.H.WAGHELA 

HONOURABLE MR.JUSTICE G.R.UDHWANI

4

16/01/2013

1

18

NOTICE & ADJOURNED MATTERS

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

CIVIL APPLICATION/11985/2012

·         HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·         HONOURABLE MR.JUSTICE J.B.PARDIWALA

16/01/2013

N

ORDER

-

Y

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

BACKGROUND

 

Subject (the Company) is a public company limited by shares, incorporated and domiciled in India. Its registered office is located at Atul House, G I Patel Marg, Ahmedabad 380 014, Gujarat, India and principal place of business is located at Atul, Gujarat, India.

 

The Company is in the business of Life Science Chemicals and Performance and Other Chemicals and cater to the needs of varied industries such as Adhesives, Agriculture, Animal Feed, Automobile, Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour, Food, Footwear, Fragrance, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Sports and Leisure, Textile, Tyre and Wind

Energy across the world.

 

PERFORMANCE

 

Sales increased by 10% from INR 24030.00 Million to INR 26390.000 Million mainly due to higher volumes (16%), partly offset by lower prices (6%). Sales in India increased by 3% from INR 11980.000 Million to INR 12390.000 Million. Sales outside India increased by 16% from INR 12050.000 Million to INR 14000.000 Million. The Earning per share increased from INR 92.53 to INR 96.18. While the operating profit before working capital changes increased by 1% from INR 4780.00 Million to INR 4850.000 Million, the net cash flow from operating activities decreased by 3% from INR 3750.000 Million to INR 364.000 Million. Sales of Life Science Chemicals (LSC) Segment increased by 10% from INR 7370.000 Million to INR 8070.000 Million, mainly because of higher sales in Sub-segments Crop Protection and Aromatics - I; its EBIT decreased by 19% from INR 1610.000 Million to INR 1300.000 Million. Sales of Performance and Other Chemicals (POC) Segment increased by 10% from INR 16660.000 Million to INR 18320.000 Million mainly because of higher sales in Sub-segments Aromatics - II and Polymers; its EBIT increased by 16% from INR 2490.000 Million stagnant at INR 2900.000 Million. More details are given in the Management Discussion and Analysis (MDA) Report. The borrowings of the Company decreased (including current maturities of long-term borrowings) by 49% from INR 3020.000 Million to INR 1550.000 Million despite payments towards capital expenditure of INR 176 Million.

 

Credit Analysis and Research Limited (CARE) maintained its credit rating at ‘AA+’ (double A plus) for long-term borrowings of the Company. Its rating for short-term borrowings and commercial paper remained at ‘A1+’ (A1 plus), the highest possible awarded by CARE.       

 

The Company completed 3 expansion projects with an investment of INR 1170.000 Million which are expected to generate sales of INR 2200.000 Million at full capacity utilisation.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Product groups: Herbicides, Insecticides, Fungicides, Others

 

The products falling under these product groups are used by customers belonging to Agriculture and Crop Protection Chemicals industries. The product groups comprise about 20 products and 40 formulations. 2,4-D, Indoxacarb and Isoprothiolane are some of the key products

 

During 2016-17, sales increased by 8% from INR 4220.000 Million to INR 4550.000 Million. Sales in India decreased by 8% from INR 1660.000 Million to INR 1530.000 Million; bulk sales in India increased by 20% from INR 69 Million to INR 830.000 Million whereas brand sales which are currently only in India decreased by 28% from INR 970.000 Million to INR 700.000 Million. Sales outside India increased by 18% from INR 2560.000 Million to INR 3020.000 Million and formed 66% of the total. Increase on account of volume was 22%. Sales increased mainly because of good demand for one of the key herbicides. The Company completed 2 projects and undertook 1 project for implementation.

 

The size of the world Agriculture industry is estimated at US$ 3.2 tn and is growing at about 3%. The size of the world Crop Protection Chemicals industry is estimated at US$ 56 bn and is growing at about 5%. There are about 60 major crop protection chemical companies which dominate the world marketplace. The main user industries, namely Agriculture and Crop Protection Chemicals, are growing well because of the need to feed a growing population under constraints of related resources. The Company will participate in this growth by i) building a strong sales and marketing organisation and broadening and deepening its presence in other countries, particularly in Africa and South America, ii) promoting its brand sales, iii) improving its manufacturing and working capital efficiencies, iv) generating and adding capacities and v) introducing new products and formulations.

 

Floods or famines may adversely affect the demand. Fluctuations in foreign exchange may impact sales realisations. Given that some of these chemicals can be toxic, it is essential to take due care in their manufacture and use. Registration costs are high in certain countries.

 

 

Product groups: API intermediates, Active Pharmaceutical Ingredients, Others

 

The products falling under these product groups are used by customers belonging to Pharmaceutical industry for various therapeutic categories, such as anti-depressant, anti-diabetic, anti-infective, anti-retroviral and cardiovascular. The product groups comprise about 72 products. Carbonates, chloroformates, isocyanates and organic ureas are some of the key classes of products.

 

During 2016-17, sales increased by 10% from INR 3110.000 Million to INR 342 Million. Sales in India increased by 9% from INR 1630.000 Million to INR 1780.000 Million. Sales outside India increased by 11% from INR 1480.000 Million to INR 1640.000 Million and formed 48% of the total. Growth on account of volume was 9%. The Company completed 1 project and undertook 1 project for implementation. Atul Bioscience Limited (ABL), a 100% subsidiary company, focused on production of advanced API intermediates, increased its sales by 4% from INR 550.000 Million to INR 570.000 Million, primarily because of volume; it undertook 1 project for implementation.

 

The size of the world Pharmaceutical industry is estimated at US$ 1.75 tn, of which the conventional pharmaceutical segment is US$ 1.2 tn and is growing at about 8%. Of this, the size of the world API industry is estimated at US$ 150 bn and is growing at about 7%. There are about 20 major companies which dominate the world marketplace.

 

The main user industry, namely, Pharmaceutical, is growing well because of increasing awareness about diseases and health. The Company along with ABL will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities, iv) introducing new products and v) forming long-term strategic alliances with other companies.

 

The prices of some products may come down in a short time. Fluctuations in foreign exchange may impact sales realisations.

 

 

 

Product groups: Intermediates, Perfumery, Others

 

The products falling under these product groups are mainly used by customers belonging to Fragrance and Personal Care industries. The product groups comprise about 20 products. para Cresol, Sodium Sulphate and Sodium Sulphite are some of the key products.

 

During 2016-17, sales increased by 15% from INR 4690.000 Million to INR 5370.000 Million. Sales in India decreased by 12% from INR 1390.000 Million to INR 1230.000 Million. Sales outside India increased by 25% from INR 3300.000 Million to INR 4140.000 Million and formed 77% of the total. Growth on account of volume was 21%. The Company completed 2 projects and undertook 1 project for implementation.

 

The world market of para Cresol (a key product) is estimated at 63,000 mt and is growing at about 2%. Though earlier the product used to be manufactured in the UK and the USA, China and India are now major suppliers of the product. The size of the world Fragrance industry is estimated at US$ 11 bn and is growing at about 4% and the size of the world Personal Care industry is estimated at US$ 400 bn of which personal care ingredient segment is US$ 20 bn and is growing at about 4%.

 

The main user industries, namely, Fragrance and Personal Care, are growing well because of improving standard of living.

The Company will participate in this growth by i) broadening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv) introducing new products.

 

BULK CHEMICALS AND INTERMEDIATES

 

Product groups: Bulk chemicals, Adhesion promoters, Others

 

The products falling under these product groups are used mainly for internal consumption and by customers belonging to Cosmetic, Dyestuff and Tyre industries. The product groups comprise about 21 products. Resorcinol, Resorcinol Formaldehyde Resins, Sulphur Trioxide, Chlorosulphonic Acid and Caustic Soda are some of the key products.

 

During 2016-17, (external) sales increased by 33% from INR 1040.000 Million to INR 1380.000 Million. Sales in India increased by 46% from INR 610.000 Million to INR 890.000 Million. Sales outside India increased by 14% from INR 430.000 Million to INR 490.000 Million and formed 36% of the total. Growth on account of volume was 34%. The Company completed 1 project and undertook 1 project for implementation.

 

The world market for Resorcinol (a key product) is estimated at US$ 320 mn and is growing at about 3%. The size of the world Tyre industry is estimated at US$ 220 bn and is growing at about 6.5%. The size of the world Chlor-alkali industry is estimated at US$ 70 bn and is growing at about 6%.

 

 

The Tyre industry is expected to grow further because of increasing population on the one hand and improving standard of living on the other. The captive consumption of bulk chemicals is expected to grow as the Company expands manufacturing capacities of its various products. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing efficiencies, iii) generating and adding capacities and iv)introducing downstream products. The demand and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign exchange may impact sales realisations.

 

 

Colors

 

Product groups: Textile dyes, Pigments, Paper dyes, Inks, Textile chemicals, Others

 

The products falling under these product groups are used by customers belonging to Textile, Paint and Coatings and Paper industries. The product groups comprise about 571 products. Green 1, P Red and Sulphur Black are some of the key products.

 

During 2016-17, sales increased by 3% from INR 3940.000 Million to INR 4070.000 Million. Sales in India increased by 2% from INR 2200.000 Million to INR 2240.000 Million. Sales outside India increased by 5% from INR 1740.000 Million to INR 1830.000 Million and formed 45% of the total. Growth on account of volume was 7%. The Company completed 2 projects. Rudolf Atul Chemicals Limited (RACL), a joint venture company formed in 2011-12, provides a complete range of textile chemicals in the Indian market; it increased its sales by 10% from INR 590.000 Million to INR 650.000 Million, primarily because of volume.

 

The size of the world Dyestuff industry is estimated at US$ 5.6 bn and is growing at about 3.5%. China is the largest manufacturer of dyes followed by India. The world market for high performance pigments is estimated at US$ 4.7 bn and is growing at about 3.8%.

 

The main user industries, namely, Paint and Coatings and Textile, will continue to grow because of increase in discretionary spending. The Company along with RACL will participate in this growth by i) broadening its market reach in new geographies, ii) increasing its manufacturing and working capital efficiencies and iii) introducing new dyes, pigments and products for non-textile applications.

 

Fluctuations in foreign exchange and availability of raw materials may impact sales realisations. Treatment costs are expected to remain high given that the manufacture of dyes and pigments generates significant pollutants.

 

Polymers

 

Product groups: Epoxy Resins and Hardeners, Reactive Diluents, Sulphones, Rubber and Polyurethane based Adhesives, Others

 

The products falling under these product groups are used by customers belonging to Aerospace, Automobile, Composites, Construction, Defence, Electrical and Electronics, Footwear, Paint and Coatings, Paper, Sports and Leisure and Wind Energy industries. The product groups comprise about 96 synthetic products and 300 formulations. B11, P62 and P101 are some of the key products.

 

During 2016-17, sales increased by 7% from INR 6990.000 Million to INR 7500.000 Million. Sales in India increased by 4% from INR 4450.000 Million to INR 4620.000 Million; bulk sales in India increased by 9% from INR 6120.000 Million to INR 6650.000 Million whereas retail sales decreased by 2% from INR 870.000 Million to INR 850.000 Million. Sales outside India increased by 13% from INR 2540.000 Million to INR 2880.000 Million and formed 38% of the total. Growth on account of volume was 14%. The Company completed 1 project and undertook 1 project for implementation.

 

The world market for epoxy resins and hardeners is estimated at US$ 6.3 bn and is growing at about 2% and Indian market is estimated at US$ 250 mn and is growing at about 6%. There are about 7 major companies which dominate the world marketplace. The world market for sulphones (hardener) is estimated at US$ 320 mn and is growing at about 4%.

 

The user industries, Construction, Defence, Electrical and Electronics, Paint and Coatings and Wind Energy are growing well, particularly in India. The Company will participate in this growth by i) widening its market reach, ii) increasing its manufacturing and working capital efficiencies, iii) generating and adding new capacities of epoxy resins and hardeners and iv) introducing new products and formulations.

 

Cheaper imports of epoxy resins and hardeners may keep the margins under pressure. Since the 2 main raw materials, namely Bisphenol-A and Epichlorohydrin, are imported, fluctuations in foreign exchange may impact margins.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Loan from banks including foreign banks

518.700

530.700

Loan from Related Parties

0.000

105.000

Buyers' credit

0.000

69.100

Commercial papers

739.500

982.100

Deposit from the Directors

0.100

0.100

Total

1258.300

1687.000

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

A34455931

10090594

12/02/2008

25/03/2008

-

781200000.0

Godrej Bhavan, 3rd FloorMurzban Road, FortMumbaiMH400001IN

2

G40275000

80026120

12/02/2005

10/03/2017

-

5300000000.0

Commercial Branch, Paramasiddhi Complex,Opp. V S Hospital, Ellisbridge, Ashram Road,AhmedabadGJ380006IN

3

Z00119945

80026296

08/03/1999

-

-

150000000.0

CENTRE ONE, WORLD TRADE CENTRECUFFE PARADEMUMBAIMH400005IN

4

G57653354

10409602

28/02/2013

16/03/2013

29/09/2017

527700000.0

Mid Corporate Group, Commercial Br., ParamsiddhiComplex, EllisbridgeAhmedabadGJ380006IN

5

G03600137

10273656

28/01/2011

31/05/2012

03/05/2016

276000000.0

First Floor, Eros Corporate TowerNehru PlaceNew DelhiDL110019IN

6

C78061108

10294426

27/06/2011

30/07/2011

28/01/2016

562500000.0

Maruti Suzuki Building, 3rd Floor, Plot No. 1Nelson Mandela Road, Vasant KunjNew DelhiDL110070IN

7

B70965686

10084402

21/01/2008

08/05/2009

11/03/2013

195000000.0

Centre One Building, Floor 21,World Trade Centre, Cuffe Parade,MumbaiMH400005IN

8

B70967799

80023284

03/03/2006

17/03/2007

11/03/2013

310000000.0

Centre One Building, Floor 21, World Trade CentreCuffe ParadeMumbaiMH400005IN

9

B69445856

10046279

24/03/2007

25/03/2008

11/02/2013

225000000.0

51, G Floor, Mulla HouseHutatma Chowk, Fort,MumbaiMH400023IN

10

B60041852

80033730

13/07/2001

-

18/10/2012

865000000.0

CREDIT APPRAISAL CELL, COMMERCIAL BRANCH,"PARAMSIDDHI" COMPLEX, OPP. V.S. HOSPITAL,AHMEDABADGJ380006IN

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2017

 

        

 

 

Particulars

quarter ended

quarter ended

6 months ended

 

 

 

30.09.2017

30.06.2017

30.09.2017

1

 

Income from Operations

 

 

 

 

 

Sales/Income from Operations (Gross)

7872.500

6900.500

14773.000

 

 

b) Other Operating Income

78.500

44.500

123.000

 

Total Income from Operations (Net)

7951.000

6945.000

14896.000

2

Expenses

 

 

 

 

a)

Cost of Materials consumed

3961.400

3742.700

7704.100

 

b)

Purchase of Stock-in-trade

8.900

51.900

60.800

 

c)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

371.600

(258.500)

113.100

 

d)

Excise Duty

--

400.700

400.700

 

e)

Power, Fuel and Water

858.100

773.400

1631.500

 

f)

Employee benefit expenses

449.200

428.800

878.000

 

g)

Finance Costs

26.600

26.200

52.800

 

h)

Depreciation and amortization expense

261.100

259.600

520.700

 

i)

Other expenses

974.700

999.700

1974.400

 

Total Expenses

6911.600

6424.500

13336.100

9

Profit /(Loss) from ordinary activities before tax

1039.400

520.500

1559.900

10

Tax Expense

338.700

176.200

514.900

11

Net Profit /(Loss) from ordinary activities after tax

700.700

344.300

1045.000

 

Other Comprehensive Income:

 

 

 

a.

Items that will not be reclassified to profit and loss 

 

 

 

 

-       Fair value of equity instruments through other Comprehensive Income 

(16.500)

(134.400)

(150.900)

 

-       Remeasurement of Defined benefit plans

5.100

(1.300)

3.800

 

-       Income tax related to item

(1.700)

0.400

(1.300)

b.

Items that will be reclassified to profit and loss 

 

 

 

 

-       Effective portion of gain I

(5.300)

14.500

9.200

 

-       Income tax related to item

1.800

(5.000)

(3.200)

 

Other Comprehensive Income for the year, net of taxes

(16.600)

(125.800)

(142.400)

 

Total Other Comprehensive Income for the period

684.100

218.500

902.600

 

 

 

 

 

12

Paid up equity share capital (Eq. shares of  INR 10/- each)

296.600

296.600

296.600

13

Reserve excluding revaluation reserves

 

 

 

14

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

 

 

Basic & Diluted

23.62

11.61

35.23

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th SEPTEMBER 2015

 

Particulars

Quarter ended

Quarter ended

Half year ended

 

(Unaudited)

(Unaudited)

(Unaudited)

1. Segment Revenue

30.09.2017

30.06.2017

30.09.2017

Life Science Chemicals

2708.900

2486.400

5195.300

Performance and Other Chemicals

5620.200

4838.100

10458.300

Total Segment Revenue

8329.100

7324.500

15653.600

Inter Segment Sales

456.600

424.000

880.600

Sales from Operations

7872.500

6900.500

14773.000

 

 

 

 

2. Segment Results

 

 

 

Life Science Chemicals

329.900

211.400

541.300

Performance and Other Chemicals

711.400

366.200

1077.600

Total

1041.300

577.6000

1618.900

Less: i) Interest

26.600

26.200

52.800

ii. Other-Un-allocable Expenditure net off  

(24.700)

30.900

6.200

Total Profit / (Loss) before Tax

1039.400

520.500

1559.900

 

 

 

 

Segment Assets

 

 

 

Life Science Chemicals

6685.700

6309.600

6685.700

Performance and Other Chemicals

14173.500

13974.800

14173.500

Unallocated

6084.100

6289.300

6084.100

Total Segment Assets

26943.300

26573.700

26943.300

 

 

 

 

Segment Liabilities

 

 

 

Life Science Chemicals

1674.600

1511.700

1674.600

Performance and Other Chemicals

3162.400

3043.100

3162.400

Unallocated

2328.500

2592.200

2328.500

Total Segment Liabilities

7165.500

7147.000

7165.500

 

STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER 2017

 

SOURCES OF FUNDS

30.09.2017

 

(Unaudited)
  1. ASSETS

 

 Non-Current Assets

 

(a) Property, Plant and Equipment

9105.400

(b) Capital Work in progress

778.300

(c) Investment properties 

32.200

(d) Intangible Assets

0.200

(e) Financial Assets

 

(i)             Investment

5177.100

(ii)            Loans

50.300

(iii)           Other Financial Assets

46.200

 

 

(e) Other Non-Current Assets

621.300

 

 

Total Non- Current Assets

15811.000

 

 

Current Assets

 

(a) Inventories

3406.900

(b) Financial Assets

 

(i)             Investment

2.500

(ii)            Trade Receivables

5902.700

(iii)           Cash and cash equivalents

168.300

(iv)          Bank Balance other than (iii) above

20.000

(v)           Loans

58.700

(vi)          Other Financial Assets

215.900

 

 

(c) Other current Assets

1357.300

Total Current Assets

11132.300

 

 

TOTAL ASSETS

26943.3000

 

 

(B) EQUITY AND LIABILITIES

 

 

 

1 EQUITY

 

(a) Equity Share Capital

296.800

(b) Other Equity

19481.000

Equity to overseas of the company

19777.800

 

 

2. Non-current Liabilities

 

(a) Financial Liabilities

 

(i)             Other Financial Liabilities

210.100

 

 

(b) Provisions

194.200

(c) Deferred Tax Liabilities

1117.300

 

 

Total Non-current Liabilities

1521.600

 

 

2.Current Liabilities

 

 

 

(a) Financial Liabilities

 

        (i) Borrowing

716.300

        (ii) Trade payables

4141.700

        (iii) Other Financial Liabilities

331.300

(b) Other Current Liabilities

338.100

(c) Provisions

74.000

(d) Current tax Liabilities

42.500

Total Current Liabilities

5643.900

 

 

Total Liabilities

7165.500

 

 

TOTAL EQUITY AND LIABILITIES

26943.3000

 

Note:

 

1. The above results have been reviewed and recommended for adoption by the Audit Committee in its meeting held on October 16, 2017, and approved by the Board of Directors at its meeting held on October 17, 2017. The Statutory Auditors of the Company have carried out a limited review of the financial results for the quarter, six months ended September 31, 2017. Their limited review report does not have any qualification, modification.


2. The Company has reported Segment information as per Indian Accounting Standard 108 on 'Operating Segment', as below:

 
Name of segment Main product groups

 
Life Science Chemicals APIs, API Intermediates, Fungicides, Herbicides


Performance and Other Chemicals Adhesion promoters, Bulk chemicals, Epoxy resins and hardeners, Intermediates, Perfumery ingredients, Textile dyes


3. Revenue from operations for periods up to June 30, 2017 include excise duty, which is discontinued effective from July 01, 2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with Ind AS 18, Revenue, GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter, six months ended September 30, 2017 are not comparable with the previous periods.

 

 

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Claims against the Company not acknowledged as debts in respects of:

 

 

I. Excise duty

80.000

77.000

II. Income tax

62.400

75.200

III. Sales tax

6.700

6.700

IV. Custom duty

1.800

1.800

V. Water charges

872.700

863.900

VI. Others

64.300

148.300

VII. In respect of a customer claim amounting to ` 32.35 cr, the Company, based on legal opinion, believes that the claim will not sustain.

 

 

The above matters are currently being considered by the tax authorities | various forums and the Company expects the judgement will be in its favour and has therefore, not recognised the provision in relation to these claims. Future cash outflow in respect of above will be determined only on receipt of judgement | decision pending with tax authorities | various forums. The potential undiscounted amount of total payments for taxes that the Company may be required to make if there was an adverse decision related to these disputed demands of regulators as of the date reporting period ends are as stated above.

 

 

 

 

FIXED ASSETS

 

Tangible Assets

  • Land – freehold
  • Buildings
  • Roads
  • Plant and equipment
  • Railway siding
  • Office equipment and furniture
  • Vehicles

 

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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 63.41

UK Pound

1

INR 87.17

Euro

1

INR 77.44

 

 

INFORMATION DETAILS

 

Information Gathered by :

SWT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUJ

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

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)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.