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MIRA
INFORM REPORT
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Report No. : |
496567 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CAMLIN FINE SCIENCES LIMITED [w.e.f.19.09.2011] |
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Formerly Known
As : |
CAMLIN FINE CHEMICALS LIMITED [w.e.f.11.08.2006] CAMLIN FINE CHEMICALS PRIVATE LIMITED [w.e.f.01.06.2006] CAMLICON CONSULTANTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate Central Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-67001000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.11.1993 |
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Com. Reg. No.: |
11-075361 |
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Capital
Investment / Paid-up Capital : |
INR 103.710 Million |
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CIN No.: [Company Identification
No.] |
L74100MH1993PLC075361 |
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IEC No.: |
0388095962 |
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GST No.: |
27AACCC5235E1ZZ |
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TIN No.: |
27110580093 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCC5235E |
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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
: |
Subject is engaged in Research, Development, Manufacturing, Commercialising, and Marketing of Speciality chemicals and blends which are used in a wide array of food, feed, animal and pet nutrition and industrial products. Their business is categorized into three verticals based on their product portfolio, namely: (i) Shelf-life Extension Solutions; (ii) Aroma Ingredients (iii) Performance Chemicals and also manufacture antioxidant blends (“Blending Business”), which they market under brands “Xtendra” and “NaSure”. [Registered Activity] |
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No. of Employees
: |
453 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1993 and is engaged in research, development, manufacturing, commercializing and marketing of speciality chemicals and blends which are used in a wide array of food, feed, animal and pet nutrition and industrial products. It is an old and established company having satisfactory track records. For the financial year 2017, the company has registered decrease in its revenue from operation as compared to previous year and reported minimal profitability margin. However, rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, the company also derives strength from its established track record of business operation, strong market position along with extensive experience of the promoters in the chemical industry. Rating strength is partially offset by risks associated with cyclicality in the chemical business along with volatility in raw material prices and sharply declined in the profitability during the year. Trade relations are reported as fair. Business is active. Payments terms seems to be usually correct. In view of the aforesaid, the company can be considered 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
INDIA RATINGS |
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Rating |
Long Term Rating = A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
December, 2017 |
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Rating Agency Name |
INDIA RATINGS |
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Rating |
Short Term Rating = A2+ |
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Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
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Date |
December, 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 09.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-67001000]
LOCATIONS
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Registered Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate Central Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-67001000 |
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Fax No.: |
91-22-28324404 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. D-2/3, MIDC, Boisar, Tarapur, District Thane – 401506,
Maharashtra, India |
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Factory 2 : |
Plot No. N-165, MIDC, Boisar, Tarapur, District Thane-401506,
Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Address : |
161/A, Twin Towers V.S. Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Experience : |
27.11.2006 |
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Date of Appointment : |
00003640 |
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Name : |
Mr. Atul Ratnakar Pradhan |
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Designation : |
Director |
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Address : |
32 Cherrysons, 143-144 St. Cyril Road, Bandra (West), Mumbai-400050, Maharashtra, India |
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Experience : |
04.08.2014 |
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Date of Appointment : |
00171022 |
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Name : |
Mr. Ajit Shamrao Deshmukh |
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Designation : |
Director |
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Address : |
Sammarth Krupa, Ram Mandir Road, Vile-Parle (East), Mumbai-400057, Maharashtra, India |
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Experience : |
04.08.2014 |
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Date of Appointment : |
00203706 |
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Name : |
Mr. Abeezar Ebrahim Faizullabhoy |
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Designation : |
Director |
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Address : |
41, Mereweather Road, Jaiji Mansion, Ground Floor, Mumbai-400039, Maharashtra, India |
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Experience : |
27.11.2016 |
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Date of Appointment : |
00264422 |
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Name : |
Mr. Bhargav Anilkumar Patel |
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Designation : |
Additional Director |
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Address : |
Nariman Building, First Floor 136, Maharshi Karve Road, Opposite Cooperage Bus, Mumbai-400020, Maharashtra, India |
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Experience : |
08.01.2009 |
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Date of Appointment : |
00318051 |
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Name : |
Mr. Dilip Digamber Dandekar |
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Designation : |
Director |
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Address : |
701, A-Wing , Kalpak Gulistan, 9-A, Perry Cross Road, Off Turner Road, Bandra [West], Mumbai-400050, Maharashtra, India |
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Experience : |
09.06.2006 |
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Date of Appointment : |
00846901 |
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Name : |
Mr. Ashish Subhash Dandekar |
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Designation : |
Managing Director |
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Address : |
13s, Regency Terraces, Plot No 504, Junction Of 17th Road, Khar (West), Mumbai-400052, Maharashtra, India |
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Experience : |
11.01.2007 |
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Date of Appointment : |
01077379 |
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Name : |
Mr. Nirmal Vinod Momaya |
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Designation : |
Director |
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Address : |
Flat No. 5,Horizon View,Gen. J. Bhonsle Marg, Nariman Point, Mumbai-400021, Maharashtra, India |
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Experience : |
04.08.2014 |
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Date of Appointment : |
01641934 |
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Name : |
Mr. Pramod Madhav Sapre |
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Designation : |
Director |
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Address : |
401 Vaishali Apartment, 15/21 Janki Kutir, Juhu, Mumbai-400049, Maharashtra, India |
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Experience : |
03.06.2006 |
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Date of Appointment : |
01972457 |
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Name : |
Mr. Nicola Adriano Paglietti |
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Designation : |
Director |
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Address : |
Via Italo Panattoni N.93, Rome 00189 IT |
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Experience : |
04.08.2014 |
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Date of Appointment : |
06904583 |
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Name : |
Anagha Subhash Dandekar |
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Designation : |
Additional Director |
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Address : |
1885 Camino Mora Los Alamos New Mexico 87544 US |
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Experience : |
28.08.2017 |
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Date of Appointment : |
07897205 |
KEY EXECUTIVES
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Name : |
Mr. Santosh Laxman Parab |
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Designation : |
Chief Finance Officer |
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Address : |
302, Shivam Apartments, Opp. Greater Bank, Sant Janabai Marg, Vile Parle East, Mumbai-400057, Maharashtra, India |
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Date of Appointment : |
10.02.2017 |
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PAN No.: |
AAFPP6979E |
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Name : |
Mr. Rahul Dashrath Sawale |
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Designation : |
Company Secretary |
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Address : |
68, Dolly Friends CHS, Bldg. No. 2, Near Samaj Man Sahakar Nagar, Chembur, Mumbai-400071, Maharashtra, India |
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Date of Appointment : |
01.08.2013 |
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PAN No.: |
BCNPS0488L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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(A) Promoter &
Promoter Group |
42425819 |
35.02 |
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(B) Public |
78729092 |
64.98 |
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Grand Total |
121154911 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
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Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
31829719 |
26.27 |
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Abha A. Dandekar |
5573937 |
4.60 |
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Ashish Subhash
Dandekar |
13636550 |
11.26 |
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D P Dandekar (HUF) |
1008000 |
0.83 |
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Leena Ashish
Dandekar |
3696495 |
3.05 |
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Rajani Subhash
Dandekar |
524800 |
0.43 |
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S D Dandekar (HUF) |
968000 |
0.80 |
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Subhash Digambar
Dandekar |
848000 |
0.70 |
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Vivek A. Dandekar |
5573937 |
4.60 |
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Any Other
(specify) |
9423300 |
7.78 |
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Cafco Consultants
Limited |
1497600 |
1.24 |
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Camart Industries
Ltd |
5319360 |
4.39 |
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Vibha Agencies
Pvt. Ltd. |
2606340 |
2.15 |
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Sub Total A1 |
41253019 |
34.05 |
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A2) Foreign |
0.00 |
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Individuals
(NonResident Individuals/ Foreign Individuals) |
1172800 |
0.97 |
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Anagha S. Dandekar |
1172800 |
0.97 |
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Sub Total A2 |
1172800 |
0.97 |
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A=A1+A2 |
42425819 |
35.02 |
Statement showing
shareholding pattern of the Public shareholder
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Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
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B1) Institutions |
0.00 |
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Mutual Funds/ |
19308181 |
15.94 |
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ICICI Prudential
Multicap Fund |
5418693 |
4.47 |
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SBI Small and
Midcap Fund |
8839666 |
7.30 |
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AXIS Mutual Fund |
1894251 |
1.56 |
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IDBI Small Cap
Fund |
1244713 |
1.03 |
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Foreign Portfolio
Investors |
2780439 |
2.29 |
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Morgan Stanley
(France) S.A. |
1328948 |
1.10 |
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Financial
Institutions/ Banks |
120919 |
0.10 |
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Insurance
Companies |
949425 |
0.78 |
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Any Other
(specify) |
1300 |
0.00 |
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Sub Total B1 |
23160264 |
19.12 |
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
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Central
Government/ State Government(s)/ President of India |
480230 |
0.40 |
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Sub Total B2 |
480230 |
0.40 |
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B3)
Non-Institutions |
0.00 |
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Individual share
capital up to INR 0.200 million |
25546797 |
21.09 |
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Individual share
capital in excess of INR 0.200 million |
6085870 |
5.02 |
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Vanaja Sunder Iyer |
2000000 |
1.65 |
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Any Other
(specify) |
23455931 |
19.36 |
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Foreign
Individuals |
1222064 |
1.01 |
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HUF |
2007183 |
1.66 |
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Clearing Members |
1578608 |
1.30 |
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Bodies Corporate |
9475983 |
7.82 |
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Director or
Director's Relatives |
9172093 |
7.57 |
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Nirmal Vinod
Momaya |
3601520 |
2.97 |
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Dilip Digambar
Dandekar |
1225520 |
1.01 |
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Sub Total B3 |
55088598 |
45.47 |
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B=B1+B2+B3 |
78729092 |
64.98 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Research, Development, Manufacturing, Commercialising, and Marketing of Speciality chemicals and blends which are used in a wide array of food, feed, animal and pet nutrition and industrial products. Their business is categorized into three verticals based on their product portfolio, namely: (i) Shelf-life Extension Solutions; (ii) Aroma Ingredients (iii) Performance Chemicals and also manufacture antioxidant blends (“Blending Business”), which they market under brands “Xtendra” and “NaSure”. [Registered Activity] |
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Brand Names : |
· Vanesse · Evanil · Xtendra · NaSure, etc. |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
453 (Approximately) |
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Bankers : |
·
IDBI Bank Limited ·
Bank of India ·
Oriental Bank of Commerce ·
State Bank of India ·
State Bank of Travancore ·
Export-Import Bank of India ·
State Bank of Patiala |
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Facilities : |
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Auditors : |
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Name : |
B. K Khare and Company Chartered Accountants |
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Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
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Tel. No.: |
91-22-22000607/ 7318/6360 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly owned
subsidiary : |
· CFS Do Brasil Industria, Comercio, Importação E Exportação De Aditivos Alimentícios Ltda · Solentus North America Inc. · CFS EUROPE S.p.A · CFS Antioxidantes De Mexico S.A.DE C.V. · CFS North America LLC |
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Subsidiary w.e.f.
May 4, 2016 |
Dresen Quimica SAPI De C.V., |
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Wholly owned
subsidiary w.e.f. April 15,2016 |
CFS International Trading (Shanghai) Limited |
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Subsidiary w.e.f.
March 22, 2017 |
Chemolutions Chemicals Limited |
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Associate |
Fine Lifestyle Brands Limited |
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Significant
influence by Managing Director : |
· Fine Lifestyle Solutions Limited · Fine Renewable Energy Limited · Abana Medisys Private Limited · Focussed Event Management Private Limited |
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Owned by Managing
Director : |
Vibha Agencies Private Limited |
CAPITAL STRUCTURE
AFTER: 21.07.2017
Authorised Capital: INR 150.000 Million
Issued, Subscribed & Paid-up Capital: INR 121.229
Million
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 1/- each |
INR 150.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103709570 |
Equity Shares |
INR 1/- each |
INR 103.710
Million |
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a.
Terms/rights
attached to equity shares
The Company has only one class of shares having par value of IN 1/-. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting
In the event of liquidation of the Company, the holders of
equity shares are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
However, no such preferential amounts exist currently
b. Reconciliation of the number of shares
|
Particular |
31.03.2017 |
|
|
No. of Shares |
INR in million |
|
|
Balance, beginning of the year |
96665830 |
966.66 |
|
Add: Issued pursuant to Qualified Institutions Placement
(QIP) |
6519500 |
65.20 |
|
Stock options exercised |
524240 |
5.24 |
|
Balance, end of the year |
103709570 |
1,037.10 |
c.
Utilisation
of proceeds of Qualified Institutions Placement (QIP)
On July 5, 2016, Company has allotted 6,519,500 equity
shares of INR 1 each at a premium of INR 84.40 per share amounting to share
proceeds of INR 556.765 million on July 5, 2016 pursuant to a Qualified
Institutions Placement (QIP) under Securities Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2009
The Company has
utilized the proceeds as per the object of the issue as follows:
|
Particulars |
2017 |
|
Share issue Expense (adjusted against the Securities Premium Account in terms |
|
|
of Section 52 of the Companies Act, 2013.) |
15.916 |
|
Capital expenditure including capital advances |
13.906 |
|
Investments in subsidiaries |
145.145 |
|
Loans to subsidiaries (including advances of INR 70.240 Million) |
196.913 |
|
Foreign consultant fees |
31.422 |
|
Initial Contribution towards acquisition of Ningbo Wanglong Flavors and |
41.938 |
|
Fragrances Company Limited |
|
|
Amount kept with mutual funds |
111.525 |
|
|
|
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Total funds raised
from QIP |
556.765 |
Details of Shareholders
holding more than 5% shares in the Company
|
Name of Shareholders |
31.03.2017 |
|
|
No. of Shares |
% of Holding |
|
|
Ashish S. Dandekar |
13636550 |
13.15 |
|
India Capital Fund Ltd |
6587107 |
6.35 |
|
Abha A. Dandekar |
5573937 |
5.37 |
|
Vivek A. Dandekar |
5573937 |
5.37 |
|
Camart Industries Limited |
5319360 |
5.13 |
|
|
|
|
|
Total |
36690891 |
35.38 |
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 |
103.710 |
96.666 |
95.888 |
|
(b) Reserves & Surplus |
1678.660 |
1112.836 |
882.407 |
|
(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) |
1782.370 |
1209.502 |
978.295 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
110.525 |
200.038 |
267.131 |
|
(b) Deferred tax liabilities (Net) |
39.497 |
32.451 |
37.434 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
21.443 |
18.526 |
14.700 |
|
Total
Non-current Liabilities (3) |
171.465 |
251.015 |
319.265 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2136.313 |
1257.593 |
976.015 |
|
(b)
Trade payables |
365.441 |
796.915 |
936.331 |
|
(c)
Other current liabilities |
210.247 |
252.857 |
192.738 |
|
(d)
Short-term provisions |
3.234 |
54.900 |
54.435 |
|
Total
Current Liabilities (4) |
2715.235 |
2362.265 |
2159.519 |
|
|
|
|
|
|
TOTAL |
4669.070 |
3822.782 |
3457.079 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
776.731 |
863.981 |
590.988 |
|
(ii)
Intangible Assets |
8.753 |
28.447 |
38.886 |
|
(iii)
Capital work-in-progress |
49.982 |
11.488 |
2.138 |
|
(iv) Intangible assets under development |
88.650 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
306.280 |
67.130 |
45.777 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
286.630 |
117.992 |
76.623 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1517.026 |
1089.038 |
754.412 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
111.525 |
0.000 |
0.000 |
|
(b)
Inventories |
1164.609 |
1180.556 |
900.930 |
|
(c)
Trade receivables |
1271.846 |
983.314 |
1239.291 |
|
(d)
Cash and cash equivalents |
130.328 |
132.871 |
122.201 |
|
(e)
Short-term loans and advances |
195.836 |
163.374 |
110.459 |
|
(f)
Other current assets |
277.900 |
273.629 |
329.786 |
|
Total
Current Assets |
3152.044 |
2733.744 |
2702.667 |
|
|
|
|
|
|
TOTAL |
4669.070 |
3822.782 |
3457.079 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3246.442 |
4121.853 |
4306.993 |
|
|
|
Other Income |
130.793 |
37.025 |
19.464 |
|
|
|
TOTAL |
3377.235 |
4158.878 |
4326.457 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2024.787 |
2564.012 |
2636.174 |
|
|
|
Purchases of Stock-in-Trade |
223.611 |
136.406 |
242.317 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(212.244) |
(257.220) |
(93.347) |
|
|
|
Employees benefits expense |
201.053 |
194.733 |
177.091 |
|
|
|
Other expenses |
728.990 |
787.577 |
710.589 |
|
|
|
Research and Development expenses |
25.559 |
21.008 |
24.789 |
|
|
|
Exceptional item |
0.000 |
45.473 |
0.000 |
|
|
|
TOTAL |
2991.756 |
3491.989 |
3697.613 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
385.479 |
666.889 |
628.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
258.332 |
218.293 |
211.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
127.147 |
448.596 |
417.333 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
115.897 |
101.486 |
99.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
11.250 |
347.110 |
317.703 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.880 |
89.591 |
59.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
0.370 |
257.519 |
258.176 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value (Including Trading) |
2313.318 |
3264.627 |
3306.068 |
|
|
TOTAL EARNINGS |
2313.318 |
3264.627 |
3306.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1241.964 |
1980.124 |
2219.597 |
|
|
|
Purchase of Traded Goods |
223.611 |
136.406 |
242.317 |
|
|
TOTAL IMPORTS |
1465.575 |
2116.530 |
2461.914 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
0.04 |
2.68 |
2.71 |
|
|
|
Diluted
|
0.04 |
2.67 |
2.70 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current maturities of long-term debt and foreign currency debt |
85.067 |
131.864 |
52.831 |
|
|
|
|
|
|
Cash generated from / (used in) operating activities |
(480.653) |
565.096 |
362.293 |
|
|
|
|
|
|
Net cash generated from / (used in) operating activities |
(551.705) |
509.087 |
263.999 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
142.99 |
87.07 |
105.02 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.55 |
4.19 |
3.48 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
59.32 |
107.71 |
118.73 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.33 |
0.56 |
0.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.42 |
0.74 |
0.99 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.62 |
0.70 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.31 |
1.31 |
1.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.52 |
1.95 |
2.21 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.52 |
0.75 |
0.65 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.49 |
3.06 |
2.97 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.01 |
6.25 |
5.99 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.01 |
6.74 |
7.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.02 |
21.29 |
26.39 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.16 |
1.16 |
1.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.66 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.32 |
0.28 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
22.48 |
16.44 |
13.52 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.16 |
1.16 |
1.25 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 102.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In
Million |
INR
In Million |
INR
In Million |
|
Share Capital |
95.888 |
96.666 |
103.710 |
|
Reserves & Surplus |
882.407 |
1112.836 |
1678.660 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
978.295 |
1209.502 |
1782.370 |
|
|
|
|
|
|
long-term borrowings |
267.131 |
200.038 |
110.525 |
|
Short term borrowings |
976.015 |
1257.593 |
2136.313 |
|
Current Maturities of Long
term debt |
52.831 |
131.864 |
85.067 |
|
Total
borrowings |
1295.977 |
1589.495 |
2331.905 |
|
Debt/Equity
ratio |
1.325 |
1.314 |
1.308 |
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 |
4306.993 |
4121.853 |
3246.442 |
|
|
|
(4.299) |
(21.238) |
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 |
4306.993 |
4121.853 |
3246.442 |
|
Profit/ (Loss) |
258.176 |
257.519 |
0.370 |
|
|
5.99% |
6.25% |
0.01% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
103.710 |
96.666 |
|
(b) Reserves & Surplus |
|
2008.505 |
1665.490 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
Minority Interest |
|
176.148 |
0.000 |
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2288.363 |
1762.156 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
513.161 |
214.480 |
|
(b) Deferred tax liabilities (Net) |
|
39.497 |
32.451 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
21.443 |
18.526 |
|
Total
Non-current Liabilities (3) |
|
574.101 |
265.457 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2329.807 |
1457.049 |
|
(b)
Trade payables |
|
789.837 |
953.143 |
|
(c)
Other current liabilities |
|
248.046 |
273.952 |
|
(d)
Short-term provisions |
|
57.625 |
115.290 |
|
Total
Current Liabilities (4) |
|
3425.315 |
2799.434 |
|
|
|
|
|
|
TOTAL |
|
6287.779 |
4827.047 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1536.973 |
1278.889 |
|
(ii)
Intangible Assets |
|
92.695 |
123.849 |
|
(iii)
Capital work-in-progress |
|
73.824 |
250.646 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
Goodwill [on Consolidated] |
|
379.171 |
0.000 |
|
(b) Non-current
Investments |
|
10.119 |
10.942 |
|
(c) Deferred tax assets
(net) |
|
194.562 |
148.523 |
|
(d) Long-term Loan
and Advances |
|
77.463 |
16.961 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
2364.807 |
1829.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
111.525 |
0.000 |
|
(b)
Inventories |
|
1977.955 |
1733.154 |
|
(c)
Trade receivables |
|
1128.712 |
754.806 |
|
(d)
Cash and cash equivalents |
|
312.359 |
188.964 |
|
(e)
Short-term loans and advances |
|
42.132 |
21.988 |
|
(f)
Other current assets |
|
350.289 |
298.325 |
|
Total
Current Assets |
|
3922.972 |
2997.237 |
|
|
|
|
|
|
TOTAL |
|
6287.779 |
4827.047 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
|
5339.305 |
4893.422 |
|
|
|
Other Income |
|
148.027 |
42.689 |
|
|
|
TOTAL |
|
5487.332 |
4936.111 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
2928.359 |
2427.540 |
|
|
|
Purchases of Stock-in-Trade |
|
14.180 |
75.076 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(337.499) |
(471.609) |
|
|
|
Employees benefits expense |
|
584.229 |
400.521 |
|
|
|
Other expenses |
|
1793.562 |
1522.941 |
|
|
|
Research and development expenses |
|
25.559 |
21.008 |
|
|
|
Exceptional item |
|
0.000 |
45.473 |
|
|
|
TOTAL |
|
5008.390 |
4020.950 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
478.942 |
915.161 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
303.762 |
244.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
175.180 |
670.736 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
218.029 |
170.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
|
(42.849) |
500.184 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
32.524 |
141.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
|
(75.373) |
358.200 |
|
|
|
|
|
|
|
|
|
Add: |
SHARE OF PROFIT OF
ASSOCIATE FOR THE YEAR |
|
0.171 |
0.037 |
|
|
|
|
|
|
|
|
|
Less: |
MINORITY INTEREST |
|
(67.351) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) FOR
THE YEAR |
|
(142.553) |
358.237 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
|
(1.40) |
3.73 |
|
|
|
Diluted
|
|
(1.40) |
3.71 |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G43668409 |
100096866 |
IDBI BANK LIMITED |
08/05/2017 |
- |
- |
450000000.0 |
IDBI TOWER, WTC COMPLEX, CUFFE PARADEMUMBAIMH400005IN |
|
2 |
G46160271 |
100103499 |
EXPORT IMPORT BANK OF INDIA |
16/03/2017 |
- |
- |
382494060.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN |
|
3 |
C47597521 |
10486204 |
EXPORT IMPORT BANK OF INDIA |
27/03/2014 |
25/02/2015 |
- |
175000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN |
|
4 |
G01563113 |
10461872 |
STATE BANK OF TRAVANCORE |
19/10/2013 |
26/03/2016 |
- |
740000000.0 |
112-115, TULSIANI CHAMBERSWEST WING, 1ST FLOOR, 212 NARIMAN POINTMUMBAIMH400021IN |
|
5 |
G01752286 |
10397631 |
STATE BANK OF INDIA |
19/12/2012 |
26/03/2016 |
- |
980000000.0 |
COMMERCIAL BRANCH, NGN VAIDYA MARG,NEAR HORNIMAN CIRCLE, FORTMUMBAIMH400023IN |
|
6 |
B58040346 |
10340210 |
STATE BANK OF PATIALA |
18/01/2012 |
21/08/2012 |
- |
200000000.0 |
ATLANTA 1ST FLOOR, JAMNALAL BAJAJ MARGNARIMAN POINTMUMBAIMH400021IN |
|
7 |
B74087735 |
10308664 |
ORIENTAL BANK OF COMMERCE |
10/08/2011 |
10/04/2013 |
- |
755000000.0 |
OVERSEAS BRANCH, DALAMAL TOWERS,211, NARIMAN POINTMUMBAIMH400021IN |
|
8 |
B75990424 |
10299312 |
BANK OF INDIA |
04/07/2011 |
03/05/2013 |
- |
780000000.0 |
ANDHERI MID CORPORATE BRANCH, BOI BLD, 1ST FLOOR,28, S.V.ROAD, ANDHERI (WEST)MUMBAIMH400058IN |
|
9 |
G02669505 |
10061566 |
IDBI BANK LIMITED |
18/07/2007 |
26/03/2016 |
- |
1090000000.0 |
47, OPUS CENTRE, OPP. TUNGA PARADISE HOTEL,CENTRAL ROAD, ANDHERI (EAST)MUMBAIMH400093IN |
|
10 |
G47761408 |
10585562 |
EXPORT IMPORT BANK OF INDIA |
24/02/2015 |
24/02/2015 |
14/06/2017 |
185700000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
In respect of bills of exchange / Cheque discounted with
the bankers |
91.248 |
510.982 |
|
In respect of bank guarantees issued to VAT ,Excise and
Custom Authorities |
39.326 |
37.430 |
|
In respect of VAT / CST Matter* |
73.244 |
73.244 |
|
In respect of
corporate guarantees issued against the borrowings of: |
|
|
|
CFS Europe S.p.A. - Subsidiary Company Loan balance outstanding in respect of the above guarantee
is INR 1,90.000 million (Previous Year INR 2,89.502 million) |
190.000 |
507.654 |
|
CFS Antioxidantes De Mexico S.A.DE C.V. - Subsidiary
Company |
445.608 |
0.000 |
|
In respect of corporate guarantees issued against the
contractor’s payment obligations and supply of material |
|
|
|
CFS Europe S.p.A. - Subsidiary Company Contractors payment obligations outstanding in respect of
the above guarantee is INR 3,25.852 million (Previous Year INR 1,13.285 million) |
291.117 |
315.701 |
* Includes Central Excise and Customs duty demand of INR 35.602 million
received dated April 13, 2017 for which the period of filing of appeal has not
expired.
STATE OF AFFAIRS
The Company is engaged in research, development, manufacturing, commercialising, and marketing of speciality chemicals and blends which are used in a wide array of food, feed, animal and pet nutrition and industrial products. Their business is categorised into three verticals based on their product portfolio, namely: (i) Shelf-life Extension Solutions; and (ii) Aroma Ingredients and (iii) Performance Chemicals. We have added animal nutrition to their portfolio of products pursuant to our acquisition of 65% stake in Dresen Quimica SAPI De CV, Mexico (Dresen) and going forward we expect this to complement our Shelf-life Extension Solutions portfolio. We market our products globally including in Europe, Asia Pacific, India, South and Central America and North America.
Shelf-life Extension Solutions include a range of antioxidant solutions used to increase the shelf life of oils and fats, which in turn is used in processed food products like bakery, confectionery, fried snack foods, dairy, animal feed and pet food. They also manufacture antioxidant blends (“Blending Business”), which we market under brands “Xtendra” and “NaSure”.
Aroma vertical primarily includes production of Vanillin and Ethyl Vanillin (“Vanillin Products”) which are marketed under the brands “Vanesse” and “Evanil”. The key raw materials used to manufacture our Vanillin Products are Guaiacol and Guethol, respectively, which in turn are derived from Catechol. Our Vanillin Products are used to give food and beverages a flavour of vanilla, to enhance other flavours or to mask unwanted flavours and are used in food, flavour and fragrance, incense sticks, pharma and cattle feed segments.
Performance Chemicals vertical includes production of amongst others, Guaiacol, Veratrole, TBC and MEHQ, which are derivatives of either Catechol or Hydroquinone and have wide application in sectors such as food flavouring, pharmaceuticals intermediate, agrochemicals, dyes and pigments and fragrance industry.
Dresen manufactures and markets a range of animal nutrition
products, antioxidants, adsorbents, acidifying agents, bactericides, binders
and mould inhibitor.
MANAGEMENT DISCUSSION
AND ANALYSIS:
CAMLIN FINE SCIENCES,
INDIA
SHELF LIFE SOLUTIONS
(SLS)
CFS Shelf Life Solutions India business has achieved a growth of 33% in volume in FY2016- 17 as compared to FY2015-16. The Company’s strategy to forward integrate to antioxidant blends for food and feed has taken a progressive path
A range of SLS solutions (both traditional and Natural blends) are being developed under the brand Xtendra and NaSure. Few of SLS blends have been successfully scaled up to commercial scale. Going forward, CFS will also focus on natural shelf life solutions which are gaining popularity due to increased consumer awareness in the market. The Company has widened its applications for different food industries such as snacks, bakery, spices and seasonings etc. and has also tapped potential for shelf life solutions in animal feed.
Since the commencement of Shelf Life Solutions Testing and
Application Laboratory in 2015, CFS’ Mumbai Head Office has gained momentum.
The laboratory has worked towards many new product development and applications
of shelf life solutions for food and feed.
AROMA INGREDIENTS
CFS uses an environment friendly and clean method for producing vanillin and ethyl vanillin (sold under the brand name Vanesse and Evanil respectively) from Catechol. The Company makes all key ingredients in-house and has gained acceptance as a quality global vanillin player. FY2016-17 has seen volumes of vanillin and ethyl vanillin and have grown during FY2016-17.
The Company’s vertical integrated platform boosted the development of aroma chemicals for fragrance applications such as oriental perfumes, specialty soaps, cosmetics, deodorants and house cleaning solutions. It can also partly replace some of the most expensive inputs in fragrance applications. New R&D projects are under development for specialty chemical products for flavors, fragrances, pharmaceuticals & allied industries.
CFS has entered into a Share Purchase Agreement to acquire 51% stake in Ningbo Wanglong Flavors and Fragrances Company Limited (Wanglong). Wanglong, a leading vanillin manufacturer produces vanillin through a patented process in its 3500 sq.m dedicated facility in the coastal city of Yuyao, Zhejiang province. With our manufacturing facilities spread across 4 continents, China will further strengthen CFS’ access into Asia market and rest of the world.
PERFORMANCE CHEMICALS
During FY2016-17, the Performance Chemicals Division focused on deeper market penetration, by adding distribution channels in newer geographies. The Company has a distribution hub in China and has started catering to customers from this hub. Next focus is the entry into other key markets like US and Latin America for which setting-up of distribution hubs are in progress.
For Tertiary Butyl Catechol (TBC), newer markets like Japan have been added with arrangements for a local facility for making solutions. In addition, there is an increased demand from customers in China. New customers have been added in Iran, Malaysia, Korea and some other key markets
Product approvals for Hydroquinone Monomethyl Ether have been received from customers in China, US and Europe. Supplies have started to customers in these geographies.
ODEB has been approved by two major customers in India and
commercial supplies have started. The Company has tapped market in other
geographies where approvals processes are at advanced stage.
INFORMATION AND
TECHNOLOGY:
In line with the overall growth objective and strengthening of infrastructure base, the Company had invested in Information Technology (IT) viz. SAP Enterprising Resource Planning system for leveraging its business values. Through implementation of SAP the Company has improved its operational efficiencies, inventory minimization and cost optimization not only for its Indian operations but also in its overseas manufacturing operations at Italy & Brazil.
The Company views SAP as a strategic tool to enhance its
operational efficiencies, through various functional integration.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Net Sales (Net or Excise Duty) |
1178.686 |
850.568 |
2733.441 |
|
Other operating Income |
32.343 |
55.473 |
39.908 |
|
Total Income from operations (Net) |
1211.029 |
906.041 |
2773.349 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
820.867 |
550.003 |
1712.217 |
|
Excise Duty |
0.000 |
0.000 |
21.424 |
|
Purchases of Stock-in-Trade |
84.408 |
36.829 |
138.186 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
71.556 |
57.746 |
263.606 |
|
Employee
benefits expense |
51.896 |
43.326 |
140.314 |
|
Finance
Cost |
66.935 |
63.360 |
194.499 |
|
Depreciation
and amortisation expense |
22.762 |
22.902 |
68.502 |
|
Research
and Development Expenses |
5.612 |
4.451 |
14.766 |
|
Other
expenditure |
227.129 |
188.286 |
479.760 |
|
Total Expenses |
1351.165 |
966.903 |
3033.274 |
|
|
|
|
|
|
Profit before tax |
(140.136) |
(60.862) |
(259.925) |
|
Tax
expense |
(58.328) |
(24.184) |
(105.928) |
|
Net profit after tax |
(81.808) |
(36.674) |
(153.997) |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to
profit or loss |
|
|
|
|
Re-measurements
of defined benefit plans |
1.804 |
(1.316) |
1.910 |
|
Income
tax relating to items that will not be reclassified |
(0.597) |
0.435 |
(0.632) |
|
Items that will be reclassified to profit
or loss |
|
|
|
|
exchange
differences on translating the financial statements of subsidiaries |
0.000 |
0.000 |
0.000 |
|
Income
tax relating to items that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
Other
comprehensive income |
1.207 |
(0.881) |
1.278 |
|
Total comprehensive income |
(80.601) |
(37.559) |
(152.719) |
|
Profit/ (Loss) attributable Income |
|
|
|
|
Owners of the company |
(81.808) |
(36.674) |
(153.997) |
|
Non-Controlling Interests |
0.000 |
0.000 |
0.000 |
|
Other comprehensive income attributable to |
|
|
|
|
Owners of the company |
1.207 |
(0.881) |
1.278 |
|
Non-Controlling Interests |
0.000 |
0.000 |
0.000 |
|
Total comprehensive income attributable to |
|
|
|
|
Owners of the company |
(80.601) |
(37.559) |
(152.719) |
|
Non-Controlling Interests |
0.000 |
0.000 |
0.000 |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
121.155 |
103.786 |
121.155 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before exceptional
Items for the period (INR) |
(1.16) |
(0.35) |
(1.84) |
|
b) Basic and diluted EPS after exceptional
Items for the period (INR) |
(1.16) |
(0.35) |
(1.84) |
NOTES:
1. The above results which are published in accordance with Regulation 33 of the SEBI (Listing Obligation & Disclosure Requirements), 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 14, 2018. The financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. The above results have been subjected to a limited review by the Statutory Auditors of the company.
2.
The statement does not include Ind AS
compliant results for the preceding quarter and previous year ended March
31,2017 as the same are not mandatory as per SEBI's circular dated July 5,
2016.
.
3.
On July 12, 2017, CFS Europe S.p.A. along
with the Company has completed the process of acquisition of 51 % equity stake
in CFS Wanglong Flavors (Ningbo) Co.Ltd., China for a total consideration of
US$ 6.28 mln. Pursuant to this acquisition, CFS Wanglong Flavors (Ningbo) Co.
Ltd. has become a step down subsidiary of the Company.
4.
Maharashtra Pollution Control Board (MPCB)
had issued a closure notice to manufacturing unit at Tarapur on 25th April,
2017 for violation of pollution control norms. After due representation, MPCB
has issued a restart notice on 16th May, 2017 and the until has restarted its
operation. Management do not foresee any adverse impact on the financial
results of the Company.
5.
On November 23, 2017, the Company has
allotted 17,241,379 equity shares of INR 1 each at a premium of INR 86 per
share amounting to share proceeds of INR 15,00.000 lakh pursuant to a Qualified
Institutions Placement (QIP) under Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2009. Share issue
expenses amounting to INR 41.283 million has been adjusted against Securities
Premium Account in terms of Section 52 of the Companies Act, 2013.
6.
At the EOGM held on December 26, 2017, the
shareholders have approved an issue of 90,00,000 warrants at a price of INR
92.69 each on a preferential basis to certain proposed allottees aggregating to
INR 83.42 crores. 25% of the price was to be subscribed initially and the
balance 75% of the consideration shall be paid at the time of allotment of
equity shares pursuant to exercise of option against each such warrant by the
proposed allottees. Each warrant will be converted into 1 equity share at the
face value of INR 1 and share premium of INR 91.69 on or before the end of 18
months from the date of allotment of warrants. Accordingly, the initial 25% of the
warrant price amounting to INR 20.86 crores was received on February 08, 2018
and accordingly warrants were issued to the proposed allottees on February 09,
2018.
7.
On October 12, 2017 and December 12, 2017,
the Company has issued and allotted 52,500 and 75,337 equity shares of Re.1each
respectively at a premium of Rs. 66 per equity share aggregating to INR 8.565 million
under Employees Stock Option Scheme. During the quarter, 87,350 options have
lapsed.
8.
Other expenses include foreign exchange
fluctuation loss amounting to INR 56.408 million and INR 9.835 million
respectively for quarter ended & nine months ended 31.12.2017 on standalone
basis and INR 40.975 million and INR 13.323 million respectively for quarter
ended and nine months ended 31.12.2017 on consolidated basis.
9.
The Company has invested INR 5.601 million
in the share capital of Solentus North America Inc., its wholly owned
subsidiary Company ('the subsidiary") and given a loan of INR 20.542 million
to it upto December 31, 2017. The subsidiary has negative net worth as at
December 31, 2017 and is dependent upon the Company to enable it to meet its
obligations as they become due. Based on the proposed plans for the subsidiary,
management believes the loan to be fully recoverable and further believes that
there is no diminution other than temporary in its investment in the share
capital of the subsidiary.
10.
Consolidated Gross sales/income from
operation is net of Sales/Purchase between company and its subsidiary
companies.
11.
During the period, CFS Europe SpA, Italy,
carried out routine maintenance and upgradation of its manufacturing facility.
12.
On May 4, 2016,CFS Antioxidantes De Mexico
S.A.de C.V. Mexico, wholly owned subsidiary of the company had acquired 65%
equity stake in Dresen Quimica S.A.P.I.de C.V., Mexico and its subsidiaries.
Results of these subsidiaries have been consolidated for the entire current
period, while for the period May 4, 2016 to December 31, 2016 in corresponding
quarter of earlier year. On July 12, 2017, the Company had acquired 51% equity
stake in Ningbo Wanglong Flavors & Fragrances, China. Results of this
subsidiary has been consolidated for the current period. Hence the
corresponding figures of quarter and nine months ended December 16 are not
comparable.
13.
The Company's operations constitute a single
business segment business in Fine Chemicals.
14.
Figures for previous periods have been
regrouped / rearranged wherever necessary.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Factory & Other Building
·
Site Development
·
Plant, Equipment & Machinery
·
Furniture & Fixtures
·
Vehicles
·
ERP Hardware Cost
·
Equipments & Furniture
·
Building
Intangible Assets
·
ERP Software Cost
· Technical Know-How
·
R & D Process Development
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.92 |
|
UK Pound |
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.