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MIRA INFORM REPORT
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Report No. : |
486116 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
P. O. Petrochemicals, Vadodara – 391346, Gujarat |
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Tel. No.: |
91-265-2232981 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.03.1973 |
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Com. Reg. No.: |
04-002247 |
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Capital
Investment / Paid-up Capital : |
INR 734.384 Million |
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CIN No.: [Company Identification
No.] |
L24110GJ1973PLC002247 |
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IEC No.: |
0888007655 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG8896M |
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GSTIN/UIN : |
Not Divulged |
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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 is a multi-product chemical manufacturing Company, having 36 products in its basket and is one of the manufacturer of Caustic Soda Lye. (Registered Activity) |
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No. of Employees
: |
1384 (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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Gujarat Alkalies and Chemicals Limited (GACL) was promoted in 1973 by the Government of Gujarat (GoG) through its industrial investment arm, Gujarat Industrial Investment Corporation Limited (GIIC). GACL is the largest player in the domestic caustic chlorine industry with integrated operations. It is a well-established and reputed company having excellent track record.
|
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 |
05.10.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
05.10.2017 |
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 16.01.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-265-2232681, 91-2641-256235)
LOCATIONS
|
Registered Office / Factory 1 : |
P. O. Petrochemicals, Vadodara – 391346, Gujarat, India |
|
Tel. No.: |
91-265-2232681-82/2232981-82 |
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Fax No.: |
91-265-2232701/2272130/2273208 |
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E-Mail : |
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|
Website : |
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Factory 2 : |
P. O. Dahej,
Taluka Vagra, District Bharuch – 392130, Gujarat, India |
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Tel. No.: |
91-2641-256315-16-17/
256235 |
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Fax No.: |
91-2641-256220 |
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|
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Overseas
Market : |
Located at: ·
Australia ·
Chile ·
Indonesia ·
Mauritius ·
South
Africa ·
Taiwan ·
U.K. ·
Bangladesh ·
China ·
Japan ·
Nepal ·
Singapore ·
Tanzania ·
Zimbabwe ·
Belgium
·
Egypt ·
Kenya ·
Netherlands ·
Spain ·
Thailand ·
Brazil ·
Hong
Kong ·
Malaysia ·
Philippines ·
Sri
Lanka ·
UAE |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Prem Kumar Gera |
|
Designation : |
Managing Director |
|
Address : |
330-D-II Flats, Pandara Road, Delhi –
110001, India |
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Date of Birth/Age : |
26.11.1959 |
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Date of Appointment : |
19.02.2016 |
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DIN No.: |
05323992 |
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|
Name : |
Mrs. Pallavi Shardul Shroff |
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Designation : |
Director |
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Address : |
S - 270, Greater Kailash – II, New Delhi – 110048, India |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
01.10.2014 |
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DIN No.: |
00013580 |
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Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Director |
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Address : |
604/A, Cottage Land CHS, Plot 16/A, Sector 19/A, Nerul (East), Navi
Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1945 |
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Date of Appointment : |
04.03.2009 |
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DIN No.: |
00056830 |
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Name : |
Mr. Rajiv Lochan Jain |
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Designation : |
Director |
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Address : |
402, Aralias DLF Golf Links, DLF City Phase-V, Gurugram – 122009,
Haryana, India |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
06.01.2016 |
|
DIN No.: |
00161022 |
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Name : |
Mr. Rajiv Indravadan Modi |
|
Designation : |
Director |
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Address : |
13, Sajiv Baug, New Sharda Mandir Road, Ahmedabad – 380007, Gujarat,
India |
|
Date of Appointment : |
01.10.2014 |
|
Date of Birth/Age : |
09.05.1960 |
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DIN No.: |
01394558 |
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|
|
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Name : |
Mr. Anil Gopishankar Mukim |
|
Designation : |
Director |
|
Address : |
A 5/1 Sector 13 R K Puram New Delhi –
110022, India |
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Date of Birth/Age : |
15.08.1960 |
|
Date of Appointment : |
15.10.2016 |
|
DIN No.: |
02842064 |
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|
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|
Name : |
Mr. Manoj Kumar Das |
|
Designation : |
Director |
|
Address : |
R.S NO. 7, Commissioners Bunglow, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
03.08.2017 |
|
DIN No.: |
06530792 |
|
|
|
|
Name : |
Dr. Jagadip Narayan Jagadish Narayan Singh |
|
Designation : |
Nominee Director |
|
Address : |
D-1/46, Rabindra Nagar Near Khan Market, New Delhi – 110003, India |
|
Date of Birth/Age : |
02.05.1959 |
|
Date of Appointment : |
05.02.2015 |
|
DIN No.: |
00955107 |
KEY EXECUTIVES
|
Name : |
Dr. Hasmukhbhai Baldevbhai Patel |
|
Designation : |
Chief Financial Officer |
|
Address : |
5/A, Parmatma Park, Opposite Heavy Water Colony,
Chhani Jakat Naka, Vadodara – 390002, Gujarat, India |
|
Date of Appointment : |
14.05.2014 |
|
PAN No.: |
ACPPP2492J |
|
|
|
|
Name : |
Mr. Sanjay Sukhdevbhai Bhatt |
|
Designation : |
Company Secretary |
|
Address : |
102 Tow B - 1 Palittirth Floor, Near Jain
Mehul Society, Subhanp, Vadodara – 390023, Gujarat, India |
|
Date of Appointment : |
01.03.2014 |
|
PAN No.: |
ABVPB1191P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
33986310 |
46.28 |
|
|
(B) Public |
39450618 |
53.72 |
|
|
Grand
Total |
73436928 |
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 (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Central Government/ State
Government(s) |
21 |
0.00 |
|
|
GOVERNOR OF GUJARAT |
21 |
0.00 |
|
|
Financial Institutions/
Banks |
7119028 |
9.69 |
|
|
GUJARAT INDUSTRIAL
INVESTMENT CORPORATION LIMITED |
7119028 |
9.69 |
|
|
Any Other (specify) |
26867261 |
36.59 |
|
|
GUJARAT STATE INVESTMENTS
LIMITED |
15329373 |
20.87 |
|
|
GUJARAT MINERAL
DEVELOPMENT CORPORATION LIMITED |
4145433 |
5.64 |
|
|
GUJARAT NARMADA VALLEY
FERTI. & CHEMICALS LIMITED |
1759996 |
2.40 |
|
|
GUJARAT INDUSTRIAL
DEVELOPMENT CORPORATION |
2897740 |
3.95 |
|
|
GUJARAT MARITIME BOARD |
2734719 |
3.72 |
|
|
Sub Total A1 |
33986310 |
46.28 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
33986310 |
46.28 |
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 |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
1405917 |
1.91 |
|
|
Foreign Portfolio
Investors |
3876647 |
5.28 |
|
|
HSBC GLOBAL INVESTMENT
FUNDS-ASIA EX JAPAN EQUITY SMALLER |
1817573 |
2.48 |
|
|
Financial Institutions/
Banks |
25267 |
0.03 |
|
|
Insurance Companies |
1514834 |
2.06 |
|
|
GENERAL INSURANCE
CORPORATION OF INDIA |
801186 |
1.09 |
|
|
Any Other (specify) |
2573 |
0.00 |
|
|
FOREIGN BANKS |
2363 |
0.00 |
|
|
UTI |
210 |
0.00 |
|
|
Sub Total B1 |
6825238 |
9.29 |
|
|
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 |
9667545 |
13.16 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1814417 |
2.47 |
|
|
SHREYANS SHANTILAL SHAH |
1270407 |
1.73 |
|
|
Any Other (specify) |
21143418 |
28.79 |
|
|
Trusts |
208297 |
0.28 |
|
|
HUF |
380117 |
0.52 |
|
|
NRI – Repat |
194112 |
0.26 |
|
|
NRI – Non- Repat |
150818 |
0.21 |
|
|
Clearing Members |
131818 |
0.18 |
|
|
Foreign Portfolio
Investors (Category III) |
6000 |
0.01 |
|
|
Unclaimed or Suspense or Escrow
Account |
7786 |
0.01 |
|
|
GUJARAT STATE FERTI.
& CHEMICALS LIMITED |
1655040 |
2.25 |
|
|
GUJARAT INDUSTRIES POWER
COMPANY LIMITED |
1103360 |
1.50 |
|
|
Bodies Corporate |
20057565 |
27.31 |
|
|
LOK PRAKASHAN LIMITED |
16215732 |
22.08 |
|
|
Societies |
6905 |
0.01 |
|
|
Sub Total B3 |
32625380 |
44.43 |
|
|
B=B1+B2+B3 |
39450618 |
53.72 |
BUSINESS DETAILS
|
Line of Business : |
The Company is a multi-product chemical manufacturing Company, having 36 products in its basket and is one of the manufacturer of Caustic Soda Lye. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1384 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings The terms of repayment of borrowings are stated below: * The Loan is secured by plant and machinery of 14.7 MW Wind Farm Project at Kuchhdi, Dist. Porbandar, Gujarat, 915 nos. Cell Elements at Ranoli Dist. Vadodara, Gujarat and 440 nos. Cell Elements at Dahej, Dist. Bharuch, Gujarat. It has to be repaid in 15 equal half yearly installments from 10.09.2017 and carries interest rate of LIBOR plus 1.64% p.a. ** The Loan is secured by plant and machinery of 20,000 MTA Sodium Chlorate Project at Dahej, District: Bharuch, Gujarat. It has to be repaid in 10 equal half yearly installments from 14.08.2013 and carries interest rate of LIBOR plus 3.50% p.a. *** The Loan is secured by plant and machinery of 31 MW Wind Farm Project at in Dist. Rajkot & Kachchh, Gujarat and Potassium Hydroxide Plant at Ranoli, Dist. Vadodara, Gujarat. It has to be repaid in 10 equal half yearly installments from 07.01.2018 and carries interest rate of LIBOR plus 1.80% p.a. Short-term
borrowings * The Company has working capital facilities with various Banks carrying interest rate ranging from 9.65% to 14.75%. These facilities are secured by first charge by hypothecation of stocks and book debts and second charge over the immovable assets of the Company |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara – 390007, Gujarat, India |
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Tel. No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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|
|
|
Cost Auditors : |
|
|
Name : |
R K Patel and Company Cost Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
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|
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Solicitors : |
|
|
Name : |
Shardul Amarchand
Mangaldas and Company |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venturer : |
|
|
|
|
|
Government related
Entity : |
|
|
|
|
|
Shareholder more
than 20% : |
Lok Prakashan Limited |
|
|
|
|
Other related
party : |
Shardul Amarchand Magaldas and Company |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
5000000 |
Redeemable Cumulative Preference Shares |
INR 100/- each |
INR 500.000 Million |
|
|
Total
|
|
INR 1500.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73439875 |
Equity Shares |
INR 10/- each |
INR 734.399 Million |
|
|
|
|
|
|
Less : Subscribed
& Not Fully Paid-up (forefeited) : |
|
|
|
|
|
|
|
INR 0.015 Million |
|
2947 |
Equity Shares |
|
|
|
|
|
|
|
|
Subscribed &
Fully Paid-up : |
|||
|
|
|
|
|
|
73436928 |
Equity Shares |
INR 10/- each |
INR 734.384 Million |
|
|
|
|
|
Reconciliation of
the number of equity shares :
|
Particulars |
As at 31.03.2017 |
|
|
Number |
[INR in Million] |
|
|
Shares outstanding at the beginning of the period |
73436928 |
734.384 |
|
Shares outstanding at the end of the period |
73436928 |
734.384 |
Rights, preferences and
restrictions attached to equity shares :
The Company has one class of equity shares having a par value of INR 10/- each. Each Shareholder is eligible for one vote per one share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of shares
held by each shareholder holding more than 5% equity shares :
|
Name of Shareholder |
As at 31.03.2017 |
|
|
No. of shares held |
% of shares held |
|
|
Lok Prakashan Limited |
16215732 |
22.08 |
|
Gujarat State Investment Limited |
15329373 |
20.87 |
|
Gujarat Industrial Investment Corporation Limited |
7119028 |
9.69 |
|
Gujarat Mineral Development Corporation Limited |
4145433 |
5.64 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
734.384 |
734.384 |
734.384 |
|
(b) Reserves & Surplus |
32833.441 |
28546.655 |
20632.483 |
|
(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) |
33567.825 |
29281.039 |
21366.867 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2843.487 |
2224.732 |
916.667 |
|
(b) Deferred tax liabilities (Net) |
3064.193 |
3253.663 |
3165.745 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
805.024 |
702.988 |
553.382 |
|
Total Non-current
Liabilities (3) |
6712.704 |
6181.383 |
4635.794 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
68.328 |
27.526 |
0.000 |
|
(b) Trade
payables |
2257.703 |
1848.338 |
2305.496 |
|
(c) Other
current liabilities |
1701.650 |
1545.303 |
1124.011 |
|
(d) Short-term
provisions |
57.924 |
61.480 |
446.665 |
|
Total Current
Liabilities (4) |
4085.605 |
3482.647 |
3876.172 |
|
|
|
|
|
|
TOTAL |
44366.134 |
38945.069 |
29878.833 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
20731.858 |
18207.693 |
16563.893 |
|
(ii)
Intangible Assets |
2.693 |
3.038 |
0.000 |
|
(iii)
Capital work-in-progress |
1433.737 |
795.062 |
667.916 |
|
(iv)
Intangible assets under development |
73.752 |
33.231 |
0.000 |
|
(b) Non-current Investments |
10059.480 |
8459.690 |
1908.573 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
7.509 |
1.455 |
2509.742 |
|
(e) Other
Non-current assets |
1929.344 |
2485.735 |
0.000 |
|
Total Non-Current
Assets |
34238.373 |
29985.904 |
21650.124 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
112.135 |
87.044 |
22.791 |
|
(b)
Inventories |
1699.010 |
1846.369 |
1863.050 |
|
(c) Trade
receivables |
3287.476 |
3264.444 |
3058.118 |
|
(d) Cash
and cash equivalents |
1310.806 |
501.755 |
1837.802 |
|
(e) Short-term
loans and advances |
2921.274 |
2565.619 |
1282.341 |
|
(f) Other
current assets |
797.060 |
693.934 |
164.607 |
|
Total
Current Assets |
10127.761 |
8959.165 |
8228.709 |
|
|
|
|
|
|
TOTAL |
44366.134 |
38945.069 |
29878.833 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
20702.103 |
19954.501 |
19481.242 |
|
|
Other Income |
559.240 |
462.254 |
489.474 |
|
|
TOTAL |
21261.343 |
20416.755 |
19970.716 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6475.491 |
6689.042 |
6755.662 |
|
|
Purchases of
Stock-in-Trade |
42.764 |
129.773 |
61.350 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
56.754 |
(19.474) |
250.412 |
|
|
Employees benefits
expense |
1697.622 |
1621.013 |
1669.959 |
|
|
Power, Fuel and Other
Utilities |
4846.591 |
5507.514 |
0.000 |
|
|
Other expenses |
3086.725 |
2688.230 |
8004.589 |
|
|
TOTAL |
16205.947 |
16616.098 |
16741.972 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5055.396 |
3800.657 |
3228.744 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
128.330 |
99.265 |
93.368 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
4927.066 |
3701.392 |
3135.376 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1109.223 |
1074.378 |
980.608 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3817.843 |
2627.014 |
2154.768 |
|
|
|
|
|
|
|
Less |
TAX |
736.868 |
428.102 |
(123.803) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3080.975 |
2198.912 |
2278.571 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2413.886 |
2199.490 |
1707.155 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1603.395 |
1827.296 |
1306.927 |
|
|
Membrances |
0.000 |
14.905 |
20.227 |
|
|
Components and Stores
parts |
27.805 |
106.997 |
67.235 |
|
|
Capital Goods |
1424.255 |
3.280 |
9.183 |
|
|
TOTAL IMPORTS |
3055.455 |
1952.478 |
1403.572 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
41.95 |
29.94 |
31.03 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
621.873 |
701.634 |
666.667 |
|
Cash generated from operations |
5914.514 |
2505.704 |
3504.735 |
|
Net cash flow from operating activity |
5033.097 |
2010.077 |
2950.771 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
6039.600 |
5950.000 |
|
Total Expenditure |
4500.600 |
4340.500 |
|
PBIDT (Excl OI) |
1539.000 |
1609.500 |
|
Other Income |
80.600 |
277.900 |
|
Operating Profit |
1619.600 |
1887.400 |
|
Interest |
41.000 |
35.600 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
1578.600 |
1851.800 |
|
Depreciation |
296.900 |
367.600 |
|
Profit Before Tax |
1281.700 |
1484.200 |
|
Tax |
328.100 |
420.300 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
953.600 |
1063.900 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
953.600 |
1063.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
57.96 |
59.71 |
57.30 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
6.30 |
6.11 |
6.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
126.42 |
98.94 |
123.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.98 |
2.06 |
1.73 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.20 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.17 |
0.16 |
0.18 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.11 |
0.10 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.12 |
0.12 |
0.18 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.66 |
0.65 |
0.81 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
39.39 |
38.29 |
34.58 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
14.88 |
11.02 |
11.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.94 |
5.65 |
7.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.18 |
7.51 |
10.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.48 |
2.57 |
2.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.06 |
2.04 |
1.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.76 |
0.75 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.81 |
4.02 |
2.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.48 |
2.57 |
2.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 841.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
734.384 |
734.384 |
734.384 |
|
Reserves & Surplus |
20632.483 |
28546.655 |
32833.441 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
21366.867 |
29281.039 |
33567.825 |
|
|
|
|
|
|
long-term borrowings |
916.667 |
2224.732 |
2843.487 |
|
Short term borrowings |
0.000 |
27.526 |
68.328 |
|
Current Maturities of
Long term debt |
666.667 |
701.634 |
621.873 |
|
Total borrowings |
1583.334 |
2953.892 |
3533.688 |
|
Debt/Equity ratio |
0.074 |
0.101 |
0.105 |
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 |
19481.242 |
19954.501 |
20702.103 |
|
|
|
2.429 |
3.747 |
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 |
19481.242 |
19954.501 |
20702.103 |
|
Profit/(Loss) |
2278.571 |
2198.912 |
3080.975 |
|
|
11.70% |
11.02% |
14.88% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
734.384 |
734.384 |
|
(b) Reserves &
Surplus |
|
32822.579 |
28543.787 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
33556.963 |
29278.171 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2843.487 |
2224.732 |
|
(b) Deferred tax liabilities
(Net) |
|
3062.613 |
3253.663 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
805.024 |
702.988 |
|
Total Non-current
Liabilities (3) |
|
6711.124 |
6181.383 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
68.328 |
27.526 |
|
(b) Trade payables |
|
2257.703 |
1848.338 |
|
(c) Other current
liabilities |
|
1701.650 |
1545.303 |
|
(d) Short-term provisions |
|
57.924 |
61.480 |
|
Total Current Liabilities
(4) |
|
4085.605 |
3482.647 |
|
|
|
|
|
|
TOTAL |
|
44353.692 |
38942.201 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
20731.858 |
18207.693 |
|
(ii) Intangible Assets |
|
2.693 |
3.038 |
|
(iii) Capital
work-in-progress |
|
1433.737 |
795.062 |
|
(iv) Intangible assets
under development |
|
73.752 |
33.231 |
|
(b) Non-current
Investments |
|
10044.496 |
8456.822 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7.509 |
1.455 |
|
(e) Other Non-current
assets |
|
1931.886 |
2485.735 |
|
Total Non-Current Assets |
|
34225.931 |
29983.036 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
112.135 |
87.044 |
|
(b) Inventories |
|
1699.010 |
1846.369 |
|
(c) Trade receivables |
|
3287.476 |
3264.444 |
|
(d) Cash and cash
equivalents |
|
1310.806 |
501.755 |
|
(e) Short-term loans and
advances |
|
2921.274 |
2565.619 |
|
(f) Other current assets |
|
797.060 |
693.934 |
|
Total Current Assets |
|
10127.761 |
8959.165 |
|
|
|
|
|
|
TOTAL |
|
44353.692 |
38942.201 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
20702.103 |
19954.501 |
|
|
Other Income |
|
559.240 |
462.254 |
|
|
TOTAL |
|
21261.343 |
20416.755 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
6475.491 |
6689.042 |
|
|
Purchases of
Stock-in-Trade |
|
42.764 |
129.773 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
56.754 |
-19.474 |
|
|
Employees benefits
expense |
|
1697.622 |
1621.013 |
|
|
Power, Fuel & Other Utilities |
|
4846.591 |
5507.514 |
|
|
Other expenses |
|
3086.725 |
2688.230 |
|
|
Share of Profit / (Loss) of Joint Venture |
|
12.116 |
2.868 |
|
|
TOTAL |
|
16218.063 |
16618.966 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
5043.280 |
3797.789 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
128.330 |
99.265 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
4914.950 |
3698.524 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1109.223 |
1074.378 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
3805.727 |
2624.146 |
|
|
|
|
|
|
|
Less |
TAX |
|
732.746 |
428.102 |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR |
|
3072.981 |
2196.044 |
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
ITEMS THAT WILL NOT
BE RECLASSIFIED TO PROFIT OR LOSS |
|
|
|
|
|
ACTURIAL GAIN / (LOSS) ON GRATUITY |
|
(46.968) |
(2.434) |
|
|
DEFERRED TAX ASSETS / (LIABILITIES) ON DEFINED BENEFIT OBLIGATION - GRATUITY |
|
16.255 |
0.842 |
|
|
INVESTMENT ADJUSTMENT - FVTOCI |
|
1538.190 |
28.016 |
|
|
DEFERRED TAX ASSETS / (LIABILITIES) ON NET FAIR VALUE GAIN ON INVESTMENT IN EQUITY INSTRUMENTS AT FVTOCI |
|
96.075 |
(34.043) |
|
|
TOTAL OTHER
COMPREHENSIVE INCOME |
|
1603.552 |
(7.619) |
|
|
TOTAL COMPREHENSIVE
INCOME |
|
4676.533 |
2188.425 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
41.85 |
29.9 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is a multi-product chemical manufacturing Company, having 36 products in its basket and is one of the leading manufacturer of Caustic Soda Lye.
The Company having CIN L24110GJ1973PLC002247 is a public limited company incorporated and domiciled in India and has its Registered Office at P.O.: Petrochemicals – 391 346, District Vadodara, Gujarat, India. The equity shares of the Company are listed on the BSE Limited and National Stock Exchange of India Limited.
The financial statements are approved for issue by the Company’s Board of Directors on 26th May, 2017.
RESULTS OF OPERATIONS
AND THE STATE OF COMPANY’S AFFAIRS
The highlights of the Company’s performance are as under:
The Company has achieved highest ever sales (inclusive Excise Duty) of INR 22553.400 Million during the year 2016-17 as against INR 21786.200 Million in the Previous Year.
The Company has achieved highest ever Profit Before Tax of INR 3817.800 Million and Profit After Tax of INR 3081.000 Million during the year 2016-17.
Total production of all the products has increased by 5.47% to 15,50,572 MT during the year 2016-17 as against 14,70,197 MT in Previous Year.
Other Operating income has increased by INR 73.900 Million to INR 471.700 Million during the year 2016-17 as against INR 397.800 Million in Previous Year.
Other income has increased by INR 97.000 Million to INR 559.200 Million during the year 2016-17 as against INR 462.200 Million in Previous Year.
Gross Profit has increased by 33% to INR 5055.400 Million during the year 2016-17 from INR 3800.700 Million in Previous Year.
Profit Before Tax has increased by 45% to INR 3817.800 Million during the year 2016-17 from INR 2627.000 Million in Previous Year.
Profit After Tax has increased by 40% to INR 3081.000 Million during the year 2016-17 from INR 2198.900 Million in Previous Year.
MANAGEMENT DISCUSSION
AND ANALYSIS
AN OVERVIEW OF INDIAN
ECONOMY – INDUSTRY STRUCTURE AND DEVELOPMENTS:
Indian Economy during
2016-17
The Indian Economy has grown at the rate of 7.1% in the fiscal 2016-17 as compared to 7.6% in the previous year. GDP growth in fourth quarter of 2016-17 has been at 6.1% which was 7.9% in the same period of previous year. With a GDP at US$ 2 trillion, India’s economy ranks as the seventh largest in the World. As per OECD Economic Outlook Report, the economic growth is projected to remain strong and India will remain the fastest growing G20 economy in 2017-18. India is the fourthfastest-growing economy with 7.2% projected growth. According to IMF World Economic Outlook, growth in India is projected to rebound to 7.2% in Financial Year 2017–18 and further to 7.7% in Financial Year 2018–19.
According to data released by the Central Statistics Office (CSO), the growth (Gross Value Added - GVA) in farm sectors during the fourth quarter of fiscal 2016-17 has accelerated to 5.2% as compared to 1.2% in the same period of previous year. While the manufacturing sector output in the fourth quarter slowed to 5.3% versus 12.7% in the same period of last year, the construction sector slipped into the negative territory.
The Financial Year 2016-17 was marked by two significant economic measures taken by the Government. The Government’s demonetisation move to counter the shadow economy and promote cashless economy have increased financial inclusion and transparency in the system. This is expected to boost digital payments in the Country. The Government also passed a historical - Goods and Services Tax (GST) Act, which has been implemented from July 1, 2017. This will have a significant impact on the taxation structure and ease of doing business in the Country. The acceleration of structural reforms is bringing a new growth impetus.
The long-term growth prospective of the Indian Economy is positive due to its major structural reforms, young population, corresponding low dependency ratio, healthy savings and investments rates and increasing integration into the Global Economy.
INDIAN CHLOR-ALKALI
INDUSTRY AT A GLANCE
According to India Chlor-Alkali Market Forecast and Opportunities, 2019, the market for Chlor-Alkali in India is projected to exhibit a Compound Annual Growth Rate (CAGR) of around 7%. The market is expected to witness high penetration rate in the Western and Northern regions of the Country.
There are 32 active Chlor-Alkali Units in India. The production of Caustic Soda during the Financial Year 2016-17 has been 30.18 Lakhs MTPA as against total capacity of approx. 37 Lakhs MTPA thus capacity utilization of 82%. The products of Chlor-Alkali industry are the basic raw materials for various industries like Alumina, Paper & Pulp, Soaps & Detergents, Pharmaceuticals, Dyes, Pesticides, Water Treatment etc. The additional capacity expansion during the Financial Year 2016- 17 was approx. 3.4 Lakhs MTPA in India mainly because of expansion of existing Plants (Source: 39th Annual Report of AMAI).
However, due to fall in global Ethylene Dichloride (EDC) price, Indian producers continued to import EDC - which is the key input in the production of Poly Vinyl Chloride (PVC), as also due to new Chlor-Alkali capacity addition and expansions of existing plants - Chlorine demand remain depressed; whereas supplies were in excess during the entire fiscal year. Depressed Chlorine demand & overall negative Chlorine value impacted overall capacity utilizations of Chlor-Alkali plants across the industry, which reduced domestic availability of Caustic Soda. Also, because of price rise in Caustic Soda globally, domestic Caustic Soda prices remain firmed during the whole fiscal year.
THE CAUSTIC SODA
MARKET SCENARIO
They are a multi-product Company, having more than 35 products in their basket, yet the major revenues are coming from Caustic Soda Group and therefore, market scenario of Caustic Soda and Chlorine market is of utmost important to us.
The installed capacity of Caustic Soda in the country is about 37 Lakhs MTPA as on 31.03.2017 as compared to 33.70 Lakhs MTPA as on 31.03.2016. The entire capacity in India is based on Membrane Cell Technology. The Membrane Cell process is energy efficient as the power requirement is much less and is in the range of 2300-2450 kwh/MT as compared to Mercury Cell where it is around 3150-3300 kwh/MT. GACL has the advantage of having its entire production from Membrane Cell. However, now all the medium & large scale Chlor-Alkali units have converted their plants to Membrane Cell Technology.
OUTLOOK
The Company is manufacturing and marketing various products including Caustic Soda (Lye, Flakes & Prills), Liquid Chlorine, Hydrochloric Acid, Chloromethane, Hydrogen Peroxide, Caustic Potash (Lye & Flakes), Potassium Carbonate, Phosphoric Acid, Aluminium Chloride, Chlorinated Paraffin, Poly Aluminium Chloride, Chloro-Toluene and Sodium Chlorate etc.
Most of the plants are integrated in such a way that part of finished product of one plant is consumed as a raw material in other plant. The Company, thus, enjoys some leverage over its competitors due to its integration philosophy.
As a value addition to Hydrochloric Acid, the Company had commissioned Poly Aluminium Chloride (PAC) and is able to capture sizable domestic market for various grades of PAC, as a value addition to Hydrochloric Acid. The physical exports of PAC powder has also been increased, wherein realisation are promising.
Further, the Company has increased capacity of Anhydrous Aluminium Chloride (AAC) Plant by installing four additional reactors during the Financial Year 2016-17 due to which the capacity of AAC Plant at Dahej has increased from 63 TPD to 72 TPD i.e. 14% increase.
The Company has put up Stable Bleaching Powder facility as a value addition to Chlorine at Dahej Complex and the production is optimized and their product has been widely accepted among various segments like Water Treatment Plants, Disinfection, Aquaculture etc. across India. Further, the Company has successfully optimized its Sodium Chlorate Plant at Dahej, which finds applications primarily in Paper & Pulp Industry for “Elemental Chlorine Free Bleaching”.
Gujarat is predominantly an industrial state, which contains a number of large, medium & small business units in the Chemical, Petrochemical, Plastics, Textile, Fertilizer & other Industries. As part of market development, they place emphasis on interaction with customers and develop new market for the products. Providing prompt after sales service, as and when required, is part of this strategy and this helps the Company to increase its volume especially for new products.
GACL is also exporting some of its products viz. Caustic Soda Flakes, Caustic Soda Prills, Potassium Carbonate, Potassium Hydroxide Flakes, Hydrogen Peroxide, Liquid Chlorine, Phosphoric Acid, Aluminium Chloride, PAC, Hydrochloric Acid and CPW to Europe, West Asia, South East Asia, Africa, Middle East/Far East, SAARC countries etc.
The Company is facing import threat and dumping of various products at low prices, which affects its capacity utilization, prices etc. and is pro-actively taking corrective action for imposition of Anti Dumping Duty within the WTO guidelines.
The Company has successfully continued to serve Eastern part of India and has executed supplies to NALCO, Orissa in tune of 27,775 MT. To remain competitive in distant markets, wherein transportation cost is a major constrain – a multi modal logistic option is explored. Accordingly, the Company has introduced Rail as well as Sea movement for bulk movement of Caustic Soda.
Supply of Caustic Soda Lye through Sea route to M/s. NALCO is also being explored and accordingly, all arrangements have been made to store required quantum of Caustic Soda Lye at the storage tank of GCPTCL, Dahej (hired by us for such transactions).
They have introduced Depot concept as Modinagar as their strategic location on Pan India basis. Accordingly, they have supplied 3,283 MT of Caustic Soda Lye to their consignment center at Modinagar through railways so as to efficiently cater to the demand of distantly located consumers. Various other stock points/consignment centers are proposed in the states like Uttar Pradesh, Maharashtra, Goa and Andhra Pradesh for making competitive presence in distant markets.
GACL has imported approximately 5,240 MT of Caustic Soda Lye and traded the same to domestic consumers during the Financial Year 2016-17.
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G18609263 |
100057008 |
ICICI BANK LIMITED |
13/10/2016 |
- |
1332498993.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road Vadodara GUJARAT 390007 INDIA |
|
2 |
C81145724 |
10625257 |
The Hongkong and Shanghai Banking Corporation Limited |
17/02/2016 |
- |
1902000000.0 |
LEVEL 10, 1 QUEENS ROAD CENTRAL,HONGKONGNANAHK |
|
3 |
B78887585 |
10435141 |
3i Infotech Trusteeship Services Limited |
18/06/2013 |
- |
1142000000.0 |
3rd to 6th floor, International Infotech Park,Tower No.5, Vashi Railway Station Complex, Vashi Navi Mumbai MAHARASHTRA 400703 INDIA |
|
4 |
Z00108094 |
80023708 |
INDUSTRIALDEVELOPMENT BANK OF INDIA |
19/05/2005 |
- |
50000000.0 |
IDBI TOWERCUFFE PARADE COLABA MUMBAI MAHARASHTRA 400005 INDIA |
|
5 |
Y10189656 |
90099964 |
INDIAN BANK |
30/12/2004 |
19/05/2005 |
250000000.0 |
PRO. MANEKRAO ROAD RAOPURA VADODARA GUJARAT 390001 INDIA |
|
6 |
Y10189481 |
90099789 |
UCO BANK LTD. |
21/02/2004 |
19/05/2005 |
100000000.0 |
APSARA APARTMENTPRO. MANEKRAO ROAD;DANDIA BAZAR VADODARA GUJARAT 390001 INDIA |
|
7 |
Y10189466 |
90099774 |
UTI BANK LTD. |
29/01/2004 |
19/05/2005 |
200000000.0 |
OPP. G. E. B. OFFICENEAR PIZZA HUT; RACE COURSE CIRCLE (NORTH) VADODARA GUJARAT 390001 INDIA |
|
8 |
Y10189209 |
90099517 |
HDFC BANK LTD. |
20/05/2002 |
19/05/2005 |
170000000.0 |
HDFC HOUSENEAR MITHAKHALI SIX ROAD; NAVRANGPURA AHMEDABAD GUJARAT 380009 INDIA |
|
9 |
Z00108075 |
80023701 |
STATE BANK OF INDIA |
15/03/2000 |
19/05/2005 |
805000000.0 |
GACL PROJECT SITE BRANCHPO PETROCHEMICALS VADODARA GUJARAT 391346 INDIA |
|
10 |
Y10191695 |
90102003 |
CENTRAL BANK OF INDIA |
15/03/2000 |
18/11/2003 |
175000000.0 |
CORPORATE FINANCE BRANCHRACE COUSE ROAD VADODARA GUJARAT 390007 INDIA |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2017
(INR In Million)
|
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Income from
Operations |
|
|
|
|
Revenue from Operations |
5950.000 |
6039.600 |
11989.600 |
|
Other Income |
277.900 |
80.600 |
358.500 |
|
Total Income from
Operations (Net) |
6227.900 |
6120.200 |
12348.100 |
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
1567.500 |
1573.500 |
3141.000 |
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
122.600 |
84.600 |
207.200 |
|
Employees benefits expense |
551.900 |
493.800 |
1045.700 |
|
Finance Costs |
35.600 |
41.000 |
76.600 |
|
Depreciation and amortization expense |
367.600 |
296.900 |
664.500 |
|
Power, Fuel & Other Utilities |
1254.800 |
996.600 |
2251.400 |
|
Excise duty |
(3.900) |
597.800 |
593.900 |
|
Other expenses |
847.600 |
754.300 |
1601.900 |
|
Total expenses |
4743.700 |
4838.500 |
9582.200 |
|
|
|
|
|
|
Profit before
exceptional items and tax |
1484.200 |
1281.700 |
2765.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit before tax |
1484.200 |
1281.700 |
2765.900 |
|
Tax Expense |
|
|
|
|
-Current Tax |
341.000 |
254.400 |
595.400 |
|
-Deferred Tax |
79.300 |
73.700 |
153.000 |
|
Profit for the
period |
1063.900 |
953.600 |
2017.500 |
|
Other Comprehensive
Income |
|
|
|
|
-Items that will not be reclassified to profit or loss |
672.800 |
172.500 |
845.300 |
|
-Items that will be reclassified subsequently to profit or loss |
(2.300) |
(7.800) |
(10.100) |
|
Total comprehensive
income for the period |
1739.000 |
1133.900 |
2872.900 |
|
Paid up equity share capital (Face value of INR 10/- each) |
734.400 |
734.400 |
734.400 |
|
Other equity excluding revaluation reserve |
-- |
-- |
-- |
|
Earnings per share |
|
|
|
|
-Basic & Diluted EPS (IN INR) |
14.48 |
12.99 |
27.47 |
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
734.400 |
|
(b) Reserves &
Surplus |
35264.500 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
35998.900 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
2582.400 |
|
(b) Deferred tax
liabilities (Net) |
3205.700 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
892.400 |
|
Total Non-current
Liabilities (3) |
6680.500 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
120.900 |
|
(b) Trade payables |
2279.800 |
|
(c) Other current
liabilities |
1895.000 |
|
(d) Short-term provisions |
58.900 |
|
Total Current Liabilities
(4) |
4354.600 |
|
|
|
|
TOTAL |
47034.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
20345.700 |
|
(ii) Intangible Assets |
2.300 |
|
(iii) Capital
work-in-progress |
2900.200 |
|
(iv) Intangible assets
under development |
73.700 |
|
(b) Non-current Investments |
11278.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
6.300 |
|
(e) Other Non-current
assets |
1775.900 |
|
Total Non-Current Assets |
36382.700 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
16.700 |
|
(b) Inventories |
1714.300 |
|
(c) Trade receivables |
3739.600 |
|
(d) Cash and cash
equivalents |
1145.900 |
|
(e) Short-term loans and
advances |
3111.900 |
|
(f) Other current assets |
922.900 |
|
Total Current Assets |
10651.300 |
|
|
|
|
TOTAL |
47034.000 |
Notes:
1. According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the corresponding previous quarters ended 30th June, 2017 and 30th September, 2016, for the Six months ended 30th September, 2016 and year ended 31st March, 2017 were reported inclusive of Excise Duty. The Government of India has implemented Goods and Service Tax ("GST") from 1st July, 2017 replacing Excise Duty, Service Tax and various other indirect taxes. Accordingly, as per Ind AS 18, the revenue for the quarter ended 30th September, 2017, is reported net of GST. Had the previously reported revenue shown net of Excise Duty, comparative revenue of the Company would have been as follows :
(INR In Million)
|
PARTICULARS |
Quarter Ended |
Year to Date |
Year Ended |
|||
|
30.09.2017 |
30.06.2017 |
30.09.2016 |
30.09.2017 |
30.09.2016 |
31.03.2017 |
|
|
Revenue from Operations (Net of Excise Duty) |
5952.100 |
5419.300 |
5282.600 |
11371.400 |
10516.100 |
20674.200 |
2. The above interim financial results have been prepared in accordance with
Ind-AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
3. The Financial Results for the quarter ended on 30th September, 2017 has been
reviewed by the Statutory Auditors of the Company.
4. The above results have been reviewed by the Audit Committee of Directors and
approved by the Board of Directors of the Company in their meetings held on 8th
November, 2017.
5. The Company's operations fall under single segment namely
"Chemicals".
6. Corresponding figures of the previous period / year have been regrouped and
reclassified to make them comparable wherever necessary.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debt |
2892.459 |
3141.663 |
|
Various pending cases before Labour court and Industrial Tribunal |
Not ascertainable |
Not ascertainable |
|
Disputed Purchase Tax liability (1998-99 to 2005-06) |
2048.174 |
2048.174 |
|
Disputed Income Tax liability (excluding interest) : |
|
|
|
--Pending Before Appellate Authorities in respect of which the Company is in appeal |
681.300 |
705.400 |
|
-Decided in Company’s favour by Appellate Authorities and Department is in further appeal |
9,723.00 |
10,123.00 |
|
|
6594.233 |
6907.537 |
|
In respect of above matters, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements pending at various forums / authorities. |
|
|
|
Guarantees : |
|
|
|
-Total loans outstanding under corporate guarantees aggregating to INR 42.465 Million (Previous Year INR 42.465 Million) to Housing Development Finance Corporation Limited (HDFC) for housing loans extended to employees. |
0.000 |
0.031 |
|
-Guarantees given by the Company’s Bankers for various purposes are |
1079.648 |
619.732 |
|
Total |
7673.881 |
7527.300 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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 |
|
|
1 |
INR 87.17 |
|
Euro |
1 |
INR 77.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.