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MIRA INFORM REPORT
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Report No. : |
500126 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BLACK ROSE INDUSTRIES LIMITED (w.e.f. 14.01.2007) |
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Formerly Known
As : |
ASIA FAB LIMITED |
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Registered Office
: |
145/A, Mittal Tower, Nariman Point, Mumbai – 400021,
Maharashtra |
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Tel. No.: |
91-22-43337200/ 22824075 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.01.1990 |
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Com. Reg. No.: |
11-054828 |
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Capital
Investment / Paid-up Capital : |
INR 51.000 Million |
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CIN No.: [Company Identification
No.] |
L17120MH1990PLC054828 |
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IEC No.: [Import-Export Code No.] |
0392009081 |
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TIN No.: |
27250284651 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACA3676P1Z7 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA3676P |
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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 engaged in manufacturing and trading of chemicals and manufacturing of gloves and fabrics. The company is also in the business of power generation by setting up windmills. [Registered Activity] |
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No. of Employees
: |
55 (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 |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 730000 |
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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 is a subsidiary of “Wedgewood Holdings Limited”, Mauritius. The company was incorporated in the year 1990. For the financial year 2017, the company has achieved 28.83% growth in its revenue as compared to previous year revenue along with average profit margin of 2.77%. The satisfactory financial profile of the company is marked by sufficient networth base along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 42.65 against the Face Value (FV) of INR 01 on BSE as on 23rd March, 2018. Rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 445.945 million and has reported profit margin of 8.30%. Business is active. Payment seems to be usually correct. In view of 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk |
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Date |
21.09.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term = A3 |
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Rating Explanation |
Moderate degree of safety and higher credit
risk |
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Date |
21.09.2017 |
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 27.03.2018.
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 DENIED
Management Non-Cooperative (Tel. No.: 91-22-43337200/ 22824075)
LOCATIONS
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Registered Office/ Head Office : |
145/A, Mittal Tower, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Tel. No.: |
91-22-43337200/ 22824075 |
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Fax No.: |
91-22-22873022 |
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E-Mail : |
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Website : |
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Plant 1 : |
Shree Laxmi Co-Operative Industrial Estate Limited, Plot No. 11 To 18, Hatkanangale, District Kolhapur- 416109, Maharashtra, India |
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Plant 1 : |
Plot No. 675, GIDC, Jhagadia, Jhagadia Industrial Estate,
Jhagadia, Bharuch - 393110, Gujarat, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Anup Jatia |
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Designation : |
Wholetime Director |
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Address : |
111-A, Somerset House, 61, GBD Road, Mumbai-400026, Maharashtra, India |
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Date of Appointment : |
01.05.2013 |
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DIN No.: |
00351425 |
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Name : |
Mr. Sujay Rajababu Sheth |
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Designation : |
Director |
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Address : |
C-42, Darshan Apartments, Mount Pleasant Road, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
12.07.2013 |
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DIN No.: |
03329107 |
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Name : |
Mr. Basant Kumar Goenka |
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Designation : |
Director |
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Address : |
94/S, Block E New Alipore Kolkata – 700053, West Bengal, India |
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Date of Appointment : |
28.03.2003 |
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DIN No.: |
00227217 |
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Name : |
Mr. Shivhari Mahabirprasad Halan |
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Designation : |
Director |
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Address : |
28, Patil Heritage Apartment, Ashok Neger, 134/2/2/1 Bhosale Nager Range, Range Hills Road, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
23.01.1996 |
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DIN No.: |
00220514 |
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Name : |
Mrs. Garima Tibrawalla |
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Designation : |
Director |
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Address : |
3, Penn Road, Alipore, Kolkata – 700027, West Bengal, India |
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Date of Appointment : |
29.09.2015 |
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DIN No.: |
00203909 |
KEY EXECUTIVES
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Name : |
Mr. Chiranjilal Purushottam Vyas |
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Designation : |
Company Secretary |
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Address : |
B - 3/12, Mahesh Nagar, S.V.Road, Goregaom (West), Mumbai-400062, Maharashtra, India |
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Date of Appointment : |
13.12.2004 |
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PAN No.: |
AAHPU6797R |
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Name : |
Mr. Ratan Kumar Agrawal |
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Designation : |
Chief Financial Officer |
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Address : |
B-504, Prathamesh Horizon, New MHB Colony, Link Road, Borivali (West), Mumbai-400091, Maharashtra, India |
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Date of Appointment : |
08.08.2014 |
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PAN No.: |
ABJPA2075R |
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Composition of
Stakeholders Relationship Committee : |
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Composition of
Corporate Social Responsibility Committee : |
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Composition of
Audit Committee : |
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Composition of
Nomination and Remuneration Committee : |
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SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
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) |
|
|
(A) Promoter & Promoter Group |
38249850 |
75.00 |
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(B) Public |
12750150 |
25.00 |
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Grand Total |
51000000 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
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) |
|
|
A1) Indian |
0.00 |
||
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Any Other (specify) |
239850 |
0.47 |
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Tozai Enterprises Private Limited |
239850 |
0.47 |
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Sub Total A1 |
239850 |
0.47 |
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A2) Foreign |
0.00 |
||
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Any Other (specify) |
38010000 |
74.53 |
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Wedgewood Holdings Limited |
28800000 |
56.47 |
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Triumph Worldwide Limited |
9210000 |
18.06 |
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Sub Total A2 |
38010000 |
74.53 |
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A=A1+A2 |
38249850 |
75.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
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/ |
800 |
0.00 |
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Financial Institutions/ Banks |
200 |
0.00 |
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Sub Total B1 |
1000 |
0.00 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 Million |
7624825 |
14.95 |
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Individual share capital in excess of INR 0.200 Million |
2823023 |
5.54 |
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Chitralekha Todi |
676421 |
1.33 |
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Sujata Todi |
765000 |
1.50 |
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Ravi Todi |
616602 |
1.21 |
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Ruchi Todi |
765000 |
1.50 |
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Any Other (specify) |
2301302 |
4.51 |
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Trusts |
2 |
0.00 |
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Director or Director's Relatives |
271800 |
0.53 |
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Clearing Members |
43155 |
0.08 |
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HUF |
224258 |
0.44 |
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Bodies Corporate |
909976 |
1.78 |
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NRI – Repat |
846281 |
1.66 |
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Bhanwarilal Panda |
804222 |
1.58 |
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NRI – Non- Repat |
5830 |
0.01 |
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Sub Total B3 |
12749150 |
25.00 |
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B=B1+B2+B3 |
12750150 |
25.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in manufacturing and trading of chemicals and manufacturing of gloves and fabrics. The company is also in the business of power generation by setting up windmills. [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 : |
55 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS Vehicle Loan (i) From Kotak
Mahindra Bank Limited Nature of security Secured by hypothecation of vehicles Rate of Interest The rate of interest is 10.27 % p.a. The rate of interest is 10.23 % p.a. Terms of Repayment Equated monthly installment of INR 0.019 Million commencing from 10th August, 2013 and ending on 10th June, 2016. Equated monthly installment of INR 0.135 Million commencing from 1st December, 2014 and ending on 1st October, 2017. From HDFC Bank
Limited Nature of security Secured by hypothecation of vehicles Rate of Interest The rate of interest is 10.51 % p.a. Terms of Repayment Equated monthly installment of INR 0.015 Million
commencing from 5th June, 2014 and ending on 5th July, 2017. From Kotak Mahindra
Bank Limited Nature of Security a) Secured by exclusive charge on all present and future current assets and movable fixed asset of the manufacturing unit at Jhagadia , Gujarat. b) Collateral Security of Plot No. 675 at GIDC, Jhagadia and Plot No. 11 to 18 at Shri Laxmi Sahakari Aodhyogik Vasahat, Hatkanangale, Dist. Kolhapur. c) Personal Guarantee of a Director and his relatives. Rate of Interest The rate of interest is Base Rate + 1.70 % p.a. Terms of Repayment Equated monthly installment of INR 2.732 Million commencing from 1st July, 2015 and ending on 1st February, 2021. Equated monthly installment of INR 0.918 Million commencing from 20th April, 2016 and ending on 20th March, 2020. (ii) Loan from
other party From Tata Capital
Financial Services Limited Nature of security a) First and exclusive Charge by way of hypothecation of the windmills along with its accessories etc. installed at Tiwri, Location No. 38, Village - Indroka, Dist. - Jodhpur, Rajashthan and Location No. 311, Samana Site, Village Paddaval, Taluka - Upleta, Dist. - Rajkot- 360007, Gujarat by mortgage of the land. b) First and exclusive charge by way of hypothecation on all trade receivables. c) Unconditional and irrevocable personal guarantee of a Director. Rate of Interest The rate of interest is Long Term Lending Rate - 3.25 % p.a. Terms of Repayment Equated monthly installment of INR 0.561 Million commencing from 10th October, 2010 and ending on 10th September, 2016. During the year, the Company has made full repayment of the above loan. SHORT TERM BORROWINGS Nature of security Hypothecation of stocks and book debts of the company, present and future, and pledge of office premises and corporate guarantee of Black Rose Trading Private Limited. The above charges rank pari passu for all intents and purposes. Personal Guarantee of a Director and his relatives. Rate of Interest Effective cost for the above loans are in the range of 10.90% p.a. to 11.05% p.a. (P.Y. 11.75 % p.a. to 12.50% p.a.) Rate of Interest The interest is paid on quarterly basis. (15.00% P.Y. 15.00%-16.00%) Terms of Repayment Repayable on or before 12 months |
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Auditor 1 : |
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Name : |
Karnavat and Company Chartered Accountants |
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Address : |
Kitab Mahal, 192, Dr. D.N. Road, Mumbai - 400001, Maharashtra, India |
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Auditor 2 : |
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Name : |
PKJ and Company Chartered Accountants |
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Address : |
Office No. 002, Gulmohar Complex, Opposite Anupam Cinema, Station Road, Goregaon (East), Mumbai-400063, Maharashtra, India |
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Tel. No.: |
91-22-26865205 |
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Mobile No.: |
91-9819472226 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Wedgewood Holdings Limited, Mauritius |
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Subsidiary Company
: |
B.R. Chemicals Co., Ltd., Japan |
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Enterprises owned or
significantly influenced by any management personnel or their relatives : |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 1/- each |
INR 80.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51000000 |
Equity Shares |
INR 1/- each |
INR 51.000
Million |
|
|
|
|
|
a) Reconciliation of the Shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As on 31.03.2017 |
|
|
Number
of Shares |
INR In Million |
|
|
At the beginning of the period |
51000000 |
51.000 |
|
Add: Bonus Shares issued during the year |
-- |
-- |
|
Outstanding at
the end of the period |
51000000 |
51.000 |
b) Terms/Rights attached
to equity shares
The company has only one class of equity share having a par value of INR 1/- per share. Each holder of equity shares is entitled to one vote per share and dividend per share on pari passu basis. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors except interim dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Board of Director of the Company at its meeting held on 30th May, 2017 has recommended Dividend of INR 0.10 per equity share (10%) for the Financial Year 2016-2017, subject to approval of the members at the ensuing Annual General Meeting (Previous year - Nil). Pursuant to Companies Accounting Standards Amendment Rules 2016 notified by Ministry of Corporate Affairs (G.S.R. 364(E) dated 30.03.2016) amending Accounting Standard 4, dividends proposed/declared after the balance sheet date have been recognised as Provision/Liability.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.
c) Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
|
Particular |
31-03-2017 |
|
Nos. |
|
|
Holding Company |
|
|
Name of the Company |
|
|
Wedgewood Holdings Limited, Mauritius |
|
|
Equity Shares of INR 1/- each fully paid |
28800000 |
d) Details of
shareholders holding more than 5% share in the company
|
Name of the
shareholder (Equity shares of INR 1/- each fully paid) |
31-03-2017 |
|
|
Nos. |
% of holding |
|
|
Wedgewood Holdings Limited, Mauritius |
28800000 |
56.47 |
|
Triumph Worldwide Limited |
9210000 |
18.06 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
51.000 |
51.000 |
51.000 |
|
(b) Reserves &
Surplus |
202.915 |
157.000 |
141.953 |
|
(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) |
253.915 |
208.000 |
192.953 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
195.299 |
199.774 |
206.062 |
|
(b) Deferred tax
liabilities (Net) |
43.138 |
18.429 |
10.409 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.671 |
2.180 |
1.364 |
|
Total Non-current
Liabilities (3) |
241.108 |
220.383 |
217.835 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
194.117 |
186.942 |
195.852 |
|
(b) Trade payables |
285.590 |
172.182 |
272.293 |
|
(c) Other current
liabilities |
52.525 |
43.371 |
33.851 |
|
(d) Short-term provisions |
18.345 |
8.054 |
1.908 |
|
Total Current Liabilities
(4) |
550.577 |
410.549 |
503.904 |
|
|
|
|
|
|
TOTAL |
1045.600 |
838.932 |
914.692 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
356.710 |
372.717 |
389.324 |
|
(ii) Intangible Assets |
4.787 |
10.454 |
17.418 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.621 |
1.621 |
1.621 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.751 |
12.685 |
7.284 |
|
(e) Other Non-current
assets |
2.926 |
8.644 |
5.962 |
|
Total Non-Current Assets |
400.795 |
406.121 |
421.609 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
245.262 |
145.647 |
155.360 |
|
(c) Trade receivables |
296.533 |
227.501 |
277.746 |
|
(d) Cash and cash
equivalents |
16.163 |
5.222 |
6.251 |
|
(e) Short-term loans and
advances |
67.258 |
37.500 |
40.154 |
|
(f) Other current assets |
19.589 |
16.941 |
13.572 |
|
Total Current Assets |
644.805 |
432.811 |
493.083 |
|
|
|
|
|
|
TOTAL |
1045.600 |
838.932 |
914.692 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1657.751 |
1286.799 |
1470.053 |
|
|
Other Income |
6.920 |
5.124 |
6.277 |
|
|
TOTAL |
1664.671 |
1291.923 |
1476.330 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
297.529 |
212.966 |
219.652 |
|
|
Purchases of
Stock-in-Trade |
1085.707 |
809.237 |
1020.605 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(48.064) |
22.439 |
46.388 |
|
|
Employees benefits
expense |
31.962 |
32.299 |
27.929 |
|
|
Other expenses |
151.165 |
118.441 |
91.959 |
|
|
TOTAL |
1518.299 |
1195.382 |
1406.533 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
146.372 |
96.541 |
69.797 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
47.564 |
44.697 |
48.670 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
98.808 |
51.844 |
21.127 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
27.352 |
27.258 |
27.787 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
71.456 |
24.586 |
(6.660) |
|
|
|
|
|
|
|
Less |
TAX |
25.540 |
8.784 |
(12.185) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
45.916 |
15.802 |
5.525 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
128.102 |
65.034 |
19.187 |
|
|
Commission Income |
0.000 |
0.081 |
0.000 |
|
|
TOTAL EARNINGS |
128.102 |
65.115 |
19.187 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
309.313 |
109.129 |
115.468 |
|
|
Traded Goods |
949.513 |
657.116 |
756.591 |
|
|
Capital Goods |
0.000 |
0.000 |
1.758 |
|
|
Others |
21.886 |
2.444 |
0.000 |
|
|
TOTAL IMPORTS |
1280.712 |
768.689 |
873.817 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.90 |
0.31 |
0.11 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
31.709 |
31.402 |
20.570 |
|
Cash generated from operating activities |
66.261 |
55.960 |
8.436 |
|
Net cash flow from/(used in) operating activities |
53.965 |
55.558 |
8.139 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
542.980 |
344.820 |
445.940 |
|
Total Expenditure |
506.410 |
298.840 |
388.180 |
|
PBIDT (Excluding Other Income) |
36.570 |
45.980 |
57.760 |
|
Other Income |
1.090 |
1.330 |
1.140 |
|
Operating Profit |
37.650 |
47.310 |
58.900 |
|
Interest |
10.650 |
9.280 |
10.260 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
27.000 |
38.010 |
48.640 |
|
Depreciation |
6.890 |
6.720 |
5.370 |
|
Profit Before Tax |
20.110 |
31.290 |
43.270 |
|
Tax |
4.110 |
7.980 |
6.220 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
16.000 |
23.310 |
37.050 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
16.000 |
23.310 |
37.050 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
65.29 |
64.53 |
68.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
5.59 |
5.66 |
5.29 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
75.36 |
61.48 |
80.13 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.60 |
0.66 |
0.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
0.25 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.74 |
0.76 |
0.80 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.66 |
2.01 |
2.19 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.17 |
1.97 |
2.61 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.42 |
1.84 |
2.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.08 |
2.16 |
1.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
2.77 |
1.23 |
0.38 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.39 |
1.88 |
0.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.08 |
7.60 |
2.86 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.17 |
1.05 |
0.98 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.73 |
0.70 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.24 |
0.25 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
8.26 |
8.20 |
8.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.17 |
1.05 |
0.98 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 42.25/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
51.000 |
51.000 |
51.000 |
|
Reserves & Surplus |
141.953 |
157.000 |
202.915 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
192.953 |
208.000 |
253.915 |
|
|
|
|
|
|
Long-term borrowings |
206.062 |
199.774 |
195.299 |
|
Short term borrowings |
195.852 |
186.942 |
194.117 |
|
Current Maturities of
Long term debt |
20.570 |
31.402 |
31.709 |
|
Total borrowings |
422.484 |
418.118 |
421.125 |
|
Debt/Equity ratio |
2.190 |
2.010 |
1.659 |
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 |
1470.053 |
1286.799 |
1657.751 |
|
|
|
(12.466) |
28.828 |
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 |
1470.053 |
1286.799 |
1657.751 |
|
Profit |
5.525 |
15.802 |
45.916 |
|
|
0.38% |
1.23% |
2.77% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
51.000 |
51.000 |
|
(b) Reserves &
Surplus |
|
203.693 |
157.244 |
|
(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) |
|
254.693 |
208.244 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
195.299 |
199.774 |
|
(b) Deferred tax
liabilities (Net) |
|
43.138 |
18.429 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
2.671 |
2.180 |
|
Total Non-current
Liabilities (3) |
|
241.108 |
220.383 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
194.215 |
187.078 |
|
(b) Trade payables |
|
336.326 |
172.182 |
|
(c) Other current
liabilities |
|
57.084 |
46.855 |
|
(d) Short-term provisions |
|
18.345 |
8.055 |
|
Total Current Liabilities
(4) |
|
605.970 |
414.170 |
|
|
|
|
|
|
TOTAL |
|
1101.771 |
842.797 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
356.710 |
372.717 |
|
(ii) Intangible Assets |
|
4.787 |
10.455 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
34.751 |
12.685 |
|
(e) Other Non-current
assets |
|
2.926 |
8.644 |
|
Total Non-Current Assets |
|
399.174 |
404.501 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
246.823 |
147.887 |
|
(c) Trade receivables |
|
347.409 |
228.100 |
|
(d) Cash and cash
equivalents |
|
21.044 |
6.666 |
|
(e) Short-term loans and
advances |
|
67.616 |
38.466 |
|
(f) Other current assets |
|
19.705 |
17.177 |
|
Total Current Assets |
|
702.597 |
438.296 |
|
|
|
|
|
|
TOTAL |
|
1101.771 |
842.797 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
2413.444 |
1772.092 |
|
|
Other Income |
|
6.921 |
5.124 |
|
|
TOTAL |
|
2420.365 |
1777.216 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
297.529 |
212.966 |
|
|
Purchases of
Stock-in-Trade |
|
1830.529 |
1288.069 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(47.384) |
22.047 |
|
|
Employees benefits
expense |
|
33.523 |
33.678 |
|
|
Other expenses |
|
159.186 |
123.644 |
|
|
TOTAL |
|
2273.383 |
1680.404 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
146.982 |
96.812 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
47.564 |
44.697 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
99.418 |
52.115 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
27.352 |
27.257 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
72.066 |
24.858 |
|
|
|
|
|
|
|
Less |
TAX |
|
25.541 |
8.783 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
46.525 |
16.075 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.91 |
0.10 |
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 |
NATURE OF BUSINESS
The company is primarily in the business of chemical distribution and chemical manufacturing, as well as textile manufacturing and renewable energy generation.
The chemical distribution business consists mainly of import and sales of specialty and performance chemicals manufactured by overseas and domestic principals. Chemical manufacturing is currently focused on the production of a single product, acrylamide. The textile business is engaged in the manufacture of fabrics and industrial madeups such as safety gloves and the renewable energy activity supplies the State Electricity Boards of Rajasthan and Gujarat with wind-generated power.
PERFORMANCE REVIEW
The year 2016 – 2017 saw a 36% and 29% increase in consolidated and standalone revenues, respectively. The growth in standalone revenues was largely due to a 25% increase in sales of acrylamide (despite some slow down in Q3) and a 26% increase in sales of the chemical distribution business. The sales increase was supported by increase in volumes. The top 5 products of the distribution business delivered strong results while accounting for 75% of the department’s sales. Their subsidiary in Japan also contributed to a rise in revenue and accounted for 30% of the consolidated turnover.Profitability improved over the last year due to better operation rate of the acrylamide plant and the growth in distribution business. The company ended the year with a rise in EBIDTA of 52% bringing the standalone EBIDTA margin to 8.8%. Profit before tax increased to INR 71.456 Million as compared to a profit of INR 24.586 Million in the previous year.
BUSINESS SCENARIO
There was an improvement in the global economic scenario during the 2016 – 2017 fiscal year. Although certain sectors of the Indian economy slowed down temporarily during Q3 and the first part of Q4 due to the effects of demonetisation, the overall economy showed reasonable strength. Interest costs started to come down in India because of the sudden increase in liquidity while interest rates in the US inched up. The Indian Rupee stayed within a band of INR 66-67 per US Dollar for the initial part of the year and after a brief weakening during November to January, steadily strengthened during Q4. Prices of chemicals and other products gradually increased with increase in oil prices and general demand.
MANAGEMENT DISCUSSION
AND ANALYSIS
THE ECONOMY
Real GDP growth in the first half of the year was 7.2 percent.
Against the backdrop of robust macro-economic stability, the year was marked by two major domestic policy developments - the passage of the constitutional amendment, paving the way for implementing the Goods and
Services Tax (GST), and the action to demonetise INR 500 and INR 1000 notes.
The GST strives to create a common Indian market, improve tax compliance and governance, and boost investment and growth. Demonetisation has had short-term costs but holds the potential for long-term benefits in terms of reduced corruption, greater digitalization of the economy, increased flows of financial savings, and greater formalization of the economy, all of which could eventually lead to higher GDP growth, better tax compliance and greater tax revenues.
THE INDUSTRY
CHEMICAL
The largest contributor to the company’s top line continues to be the sales and distribution of specialty and performance chemicals. These chemicals are mostly imported while some are indigenously procured. The company also manufactures acrylamide in its acrylamide monomer plant in Jhagadia, Gujarat, under technology license from Mitsui Chemicals, Inc., of Japan. The 10,000MT per annum capacity plant has now been expanded to capacity of 14,000MT, and government approvals are obtained to increase further up to 20,000MT.
The Indian chemical industry is well-positioned to grow on the basis of both overseas and domestic demand. India enjoys low-cost and highly skilled manufacturing capabilities, and as the government invests to plug the infrastructure gaps in the country, India will emerge as the next manufacturing hub for the global chemical industry.
TEXTILE
The company’s operations in this sector are the manufacture of fabrics and textile made ups. The fabric produced
is used for the manufacture of made-ups such as industrial safety gloves that are then sold domestically or exported.
India’s textiles sector is one of the oldest industries in the Indian economy, dating back milleniums. The Indian textiles industry is extremely varied, with the hand-spun and hand-woven textiles sectors at one end of the spectrum, and the capital-intensive integrated mills sector at the other end of the spectrum.
The Indian textile industry contributes approximately 5 per cent to India’s GDP and 14 per cent to the overall Index of Industrial Production (IIP). With consumerism and disposable income on the rise the future for the Indian textile industry looks promising, buoyed by both strong domestic consumption as well as export demand.
RENEWABLE ENERGY
The company has two windmills of 0.8MW each, one in Rajasthan and the other in Gujarat, totaling 1.6MW. Power Purchase Agreements have been entered into with the respective State Electricity Boards and all power generated is sold accordingly.
Wind has emerged as the most promising renewable energy source in India. Wind power generation capacity in India has significantly increased in recent years. As of the end of March 2017 the country’s total installed wind power capacity was 32.17 Gigawatt, mainly spread across the South, West and North regions.
ANALYSIS OF
PERFORMANCE
CHEMICAL DISTRIBUTION
Turnover of the chemical distribution business grew 26%. Growth in the tyre and dyestuff industry resulted in an increase in demand for resorcinol. Similarly, sales of meta cresol increased due to growing end user demand, The company expanded its product range with additions of products such as meta xylene and solution SBR.
ACRYLAMIDE
Sales of acrylamide grew 35%. The operation of the acrylamide plant came down in Q3 due to reduced demand caused by the effects of demonetisation in the building materials industry. However, by Q4 the plant was once again operating at 100% pre-expansion capacity.
TEXTILES
The textile division’s sale increased by 39% over the previous year to INR 24.000 Million.
RENEWABLE ENERGY
The revenue from this activity reduced 13% from the previous year to 9.500 Million. As per contracts entered into at the time of commissioning of the windmills, the company’s windmills are both maintained by World (India) Limited. Wind World has been unable to provide the agreed services to the company in a timely manner and accordingly the company suffered loss of generation. The windmills are currently operating satisfactorily based on the prevailing meteorological conditions but there could be challenges during the year if Wind World again fails in their commitments.
OUTLOOK
The Indian chemical industry is expected to double its share in the global chemical industry by 2021 while registering an annual growth of 8 - 9% in the next decade. Several MNCs have been focusing on India to set up their manufacturing base due to the fast-growing consumer market and improving infrastructure.
ACRYLAMIDE
The acrylamide plant has been operating smoothly at a 100% pre-expansion run-rate. They expect sales to increase gradually to reach 100% of post-expansion capacity. With this, they expect strong revenue and profit growth in the coming year.
CHEMICAL DISTRIBUTION
The distribution business will continue to be the major revenue generator for the company. They expect an increase in sales of resorcinol, meta cresol, and ethanolamines due to recent changes in the demand/supply situation for these products. An anti-dumping petition against the sales of resorcinol from Japan and China was filed by the sole Indian producer in October 2016. The petitioners do not have sufficient capacity to satisfy Indian demand and have provided the Indian government authorities with false and misleading data, clearly with the intention to profit from the same. Black Rose is a major supplier of Japanese resorcinol in the Indian market, and their principals are working with the Indian government authorities to ensure that the facts in the matter prevail. Anti-dumping duties, if levied, will result in higher prices for Indian consumers and will have a detrimental effect especially on the competitiveness of India’s tyre and dyestuff industries.
TEXTILES
Revenues from this segment are expected to remain largely unchanged.
The company successfully achieved its expectation of achieving a consolidated turnover in excess of INR 2000.000 Million for the 2016-17 financial year (actual turnover INR 2420.000 Million). For FY2018, the company expects to grow its consolidated turnover by more than 10%.
|
UNSECURED LOANS:
Note: Long-term
Borrowings Rate of Interest Deposit 1 The rate of interest is 12.50% p.a. upto April 2016 being paid on a monthly basis. The rate of interest is 14.00% p.a. from May 2016 being paid on monthly basis. Deposit 2 The rate of interest is 15.00% p.a. being paid on monthly basis. Terms of Repayment Repayable on or after 36 months |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G77334894 |
100153491 |
Axis Bank Limited |
24/11/2017 |
25/01/2018 |
- |
250000000.0 |
CBB Branch, 1st Floor, A Wing, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India |
|
2 |
C60371739 |
10583171 |
KOTAK MAHINDRA BANK LIMITED |
29/05/2015 |
- |
- |
274300000.0 |
27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
3 |
B11503026 |
10202227 |
YES BANK LIMITED |
22/01/2010 |
25/03/2011 |
- |
70000000.0 |
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
|
4 |
B02716637 |
10027412 |
ING VYSYA BANK LIMITED |
21/11/2006 |
06/12/2010 |
- |
145000000.0 |
Mittal Towers, A-Wing Ground Floor, 210, Nariman Point, Mumbai-400021, Maharashtra, India |
|
5 |
Y10327112 |
90224321 |
BANK OF BARODA |
24/02/1992 |
- |
- |
8800000.0 |
Foreshore Building, Bosle Marg, Nariman Point, Mumbai- Maharashtra, India |
|
6 |
Y10327104 |
90224313 |
BANK OF BARODA |
05/02/1992 |
18/09/1992 |
- |
4000000.0 |
Foreshore Building, Bosle Marg, Nariman Point, Mumbai- Maharashtra, India |
|
7 |
Y10327102 |
90224311 |
BANK OF BARODA |
01/02/1992 |
- |
- |
4000000.0 |
Foreshore Building, Bosle Marg, Nariman Point, Mumbai- Maharashtra, India |
|
8 |
G31704786 |
10239389 |
TATA CAPITAL LIMITED |
14/09/2010 |
- |
15/12/2016 |
40000000.0 |
One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India |
|
9 |
C60187184 |
10479605 |
BANK OF BARODA |
14/02/2014 |
- |
16/07/2015 |
257800000.0 |
Sir. P. M. Road, Laxmi Building, Fort, Mumbai-400001, Maharashtra, India |
CONTINGENT
LIABILITIES:
Contingent
liabilities not provided for in respect of:
(i) Guarantee given to Government authorities INR 1.247 Million (P.Y. INR 1.247 Million).
(ii) Central Sales Tax liability of INR 7.161 Million (P.Y. INR 8.767 Million) as per MVAT Audit completed in the current financial year, as the said liability is on account of non receipt of ‘C’ forms from various payable customers and the company is awaiting the receipt of said forms. The liabilities if any will be accounted in the books of
account in the year in which the final liability is determined.
(iii) Disputed Income Tax demands of INR 0.232 Million (Previous Year INR 0.232 Million) for which company has gone in appeal. The management is of the opinion that the said demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.
(iv) Disputed Central Sales Tax demands of INR 16.365 Million (P.Y INR Nil) in respect of Bond Transfer Sales. The issue was decided by Honourable Maharashtra Sales Tax Tribunal in favour of assessess, However, the department has filed an appeal against the order in Bombay High Court.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
445.945 |
344.816 |
1333.737 |
|
Other Income |
1.143 |
1.329 |
3.560 |
|
Total
Income from Operations |
447.088 |
346.145 |
1337.297 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
92.301 |
690.330 |
262.986 |
|
Purchase of Stock in Trade |
270.235 |
218.598 |
765.925 |
|
Changes in inventories of finished goods and
work-in-progress |
(24.830) |
(14.967) |
(7.408) |
|
Employee benefits expense |
12.993 |
7.773 |
28.891 |
|
Finance Costs |
5.371 |
6.724 |
18.989 |
|
Depreciation and Amortization expenses |
10.261 |
9.284 |
30.196 |
|
Other Expenditure |
37.490 |
27.113 |
143.044 |
|
Total
Expenses |
403.820 |
314.855 |
1242.624 |
|
Profit
/ (Loss) before Tax |
43.268 |
31.290 |
94.672 |
|
Tax Expense |
5.623 |
7.978 |
18.314 |
|
Profit
/ (Loss) after Tax |
37.045 |
23.312 |
76.358 |
|
Paid-up Equity Share Capital (Face value INR 1/- per
share) |
51.000 |
51.000 |
51.000 |
|
Basic
and Diluted EPS (in INR) |
0.73 |
0.46 |
1.50 |
NOTES:
1. The above results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements), 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 9, 2018. The financial results are in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013.
2.The format for unaudited quarterly results as prescribed in SEBI’s circular
CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with
the requirements of SEBI’s circular dated July 5, 2016 on Ind-AS and Schedule
III (Division II) to the Companies Act, 2013, which are applicable to Companies
that are required to comply with Ind-AS.
3. The financial results have been prepared in accordance with the recognition
and measurement principles laid down in the Ind-AS – 34 Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with
rules thereunder and in terms of SEBI Circular dated July 5, 2016. The Ind-AS
compliant standalone financial results for the quarter/nine months ended
December 31, 2016 have not been subjected to limited review or audit. However,
management has exercised necessary due diligence to ensure that the said
financial results provide a true and fair view of its affairs.
4. Consequent to the introduction of Goods and services Tax (GST) with effect
from 1st July 2017, Central Excise, Value Added Tax (VAT) etc. have been
subsumed into GST. In accordance with Indian Accounting Standard -18 on Revenue
and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like
GST, VAT etc. are not part of Revenue. Accordingly, the figures for the periods
upto 30th June,2017 are not strictly relatable to those thereafter. The
following additional information is being provided to facilitate such
understanding:
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Revenue from operations (A) |
445.945 |
344.816 |
1333.737 |
|
Excise duty on sales (B) |
-- |
-- |
19.896 |
|
Revenue
from operations excluding Excise duty on sales (A-B) |
445.945 |
344.816 |
1313.841 |
5. The Statutory auditors of the Company have carried out a limited review of
the above unaudited standalone financial results for the quarter/nine months
ended December 31, 2017 and have issued an unqualified review report. The
review report of the statutory auditors is being filed with the BSE Ltd. (BSE)
and is also available on the Company’s website.
6. Provision for Leave Salary and Gratuity is made on estimated basis for the
quarter ended December 31, 2017.
7. Figures of the corresponding previous period have been regrouped wherever
necessary.
STATEMENT OF
STANDALONE SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter
ended |
Nine
months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. Segment
Revenue |
|
|
|
|
a) Textiles |
6.147 |
1.366 |
11.839 |
|
b) Chemicals |
438.828 |
342.223 |
1316.561 |
|
c) Renewable energy |
2.113 |
2.556 |
8.160 |
|
d) Others |
0.000 |
0.000 |
0.737 |
|
Total segment
revenue |
447.088 |
346.145 |
1337.297 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a) Textiles |
1.175 |
(0.107) |
1.414 |
|
b) Chemicals |
61.815 |
45.056 |
141.215 |
|
c) Renewable energy |
1.000 |
1.432 |
4.804 |
|
d) Other/ Unallocated |
0.000 |
0.000 |
0.537 |
|
Total segment
results |
63.990 |
46.381 |
147.970 |
|
(Add)/Less: Finance
Costs |
10.261 |
9.284 |
30.196 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
10.461 |
5.807 |
23.102 |
|
Total Profit
Before Tax |
43.268 |
31.290 |
94.672 |
|
|
|
|
|
|
3. Segment
Assets |
|
|
|
|
a) Textiles |
20.963 |
24.919 |
20.963 |
|
b) Chemicals |
827.115 |
833.371 |
827.115 |
|
c) Renewable energy |
42.693 |
43.584 |
42.693 |
|
d) Others |
0.000 |
1.001 |
0.000 |
|
e) Unallocable
corporate assets |
88.656 |
83.750 |
88.656 |
|
Total Segment
Assets |
979.427 |
986.625 |
979.427 |
|
|
|
|
|
|
4. Segment
Liabilities |
|
|
|
|
a) Textiles |
0.553 |
0.108 |
0.553 |
|
b) Chemicals |
556.878 |
606.525 |
556.878 |
|
c) Renewable energy |
1.285 |
1.282 |
1.285 |
|
d) Others |
0.000 |
0.000 |
0.000 |
|
e) Unallocable
corporate liabilities |
97.488 |
90.611 |
97.487 |
|
Total Segment
Liabilities |
656.204 |
698.526 |
656.203 |
FIXED ASSETS:
Tangible Assets
- Land
- Building
- Office Equipments
- Electric Installation
- Factory Equipments
- Plant and Machinery
- Furniture and Fittings
- Computer
- Printer
- Vehicles
- Wind Mills
Intangible Assets
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.91 |
|
UK Pound |
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
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.