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|
MIRA
INFORM REPORT
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Report No. : |
500112 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM LIMITED [w.e.f.12.11.2014] |
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Formerly Known
As : |
DHUNSERI PETROCHEM AND TEA LIMITED [w.e.f.2010] DHUNSERI TEA AND INDUSTRIES LIMITED [w.e.f.1970] DHUNSERI TEA CO. LIMITED |
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Registered
Office : |
Dhunseri House, 4-A, Woodburn Park, Kolkata - 700020, West Bengal |
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Tel. No.: |
91-33-22836128 / 33 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
11.05.1916 |
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Com. Reg. No.: |
21-002697 |
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Capital
Investment / Paid-up Capital : |
INR 350.329 Million |
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CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GST No.: |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Sale of PET Resin and also into Treasury Operations.
[Registered Activity] |
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No. of Employees
: |
5053 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 21666000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
was incorporated in the year 1916 and it is engaged in manufacturing and
trading of polyethylene terephthalate (PET) resins. As per financials
of March 2017, the company has registered healthy operating revenue from its
operations but has reported losses. Rating
takes into consideration the company’s long established track record of
business operations marked by healthy net worth base along with zero debt
balance sheet and good liquidity position. Shares
are quoted high on Stock Exchanges. (Shares are traded at a price of INR
130.75 against its face value of INR 10. As per
unaudited quarterly financials of December 2017, the company has achieved a
revenue of INR 2,566.34 million and has reported good profit margin of
10.37%. Payment
terms seem to be regular. In view
of aforesaid, the company can be considered good 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 |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 DECLINED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Department |
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Contact No.: |
91-33-22836128 |
|
Date : |
23.03.2018 |
MANAGEMENT NON-COOPERATIVE [SALES DEPARTMENT] [91-33-22821950]
LOCATIONS
|
Registered Office : |
Dhunseri House, 4-A, Woodburn Park, Kolkata - 700020, West Bengal |
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Tel. No.: |
91-33-22836128/ 33/ 22801950-54 |
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Fax No.: |
91-33-22878995 |
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E-Mail : |
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Website : |
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Branch Office : |
705, Trade Centre, Opposite – MTNL Telephone Exchange, Bandra Kurla Complex, Bandra Mumbai 400051, Maharashtra, India |
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Tel. No.: |
91-22-66972750 |
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Fax No.: |
91-22-66972737 |
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Tea Estates : |
· Bahadur Tea Estate, P.O. Tinsukia-786125, Assam, India · Bahipookri Tea Estate, P.O. Mazbat-784507, Assam, India · Bettybari Tea Estate, P.O. Mazbat-784507, Assam, India · Dhunseri Tea Estate, P.O. Mazbat-784507, Assam, · Dilli Tea Estate, P.O. Parbatpur786623, Assam, India · Hatijan Tea Estate, P.O. Hoogrijan-786601, Assam, India · Khagorijan Tea Estate, P.O. Sepekhati-786592, Assam, India · Khetojan Tea Estate, P.O. Tinsukia-786125, Assam, India · Orang Tea Estate, P.O. Mazbat-784507, Assam, India · Santi Tea Estate, P.O. Hoogrijan-786601, Assam, India |
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|
|
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Tea Blending/ Packaging Unit |
·
SP-534-A, Sitapura Industrial Area, Jaipur,
Rajasthan, India · Dhunseri Tea Estate, P.O. Mazbat 784507, Assam, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Joginder Pal Kundra |
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Designation : |
Director |
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Address : |
332, Sector 15A, Noida - 201301, Uttar Pradesh, India |
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Date of Appointment: |
03.07.2010 |
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DIN No.: |
00004228 |
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|
Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Director |
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Address : |
B-103, Rai Enclave, 7/1A, Sunny Park, Kolkata- 700019, West Bengal, India |
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Date of Appointment: |
03.07.2010 |
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DIN No.: |
00004821 |
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|
Name : |
Mr. Mrigank Dhanuka |
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Designation : |
Managing Director |
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Address : |
14B, Dr. U.N. Brahmachary Street, (Formerly 14, Loudon Street), Kolkata -700017, West Bengal, India |
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Qualification: |
B Com (H) |
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Experience : |
16 Years |
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Date of Appointment: |
31.03.2003 |
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DIN No.: |
00005666 |
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Name : |
Mrs. Aruna Dhanuka |
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Designation : |
Managing Director |
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Address : |
14B,Dr. U.N. Brahmachary Street (Formerly 14, Loudon Street, Kolkata-700017, West Bengal, India |
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Date of Appointment: |
09.12.2016 |
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DIN No.: |
00005677 |
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Name : |
Mr. Chandra Kumar Dhanuka |
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Designation : |
Managing Director |
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Address : |
14b, Dr. U.N. Brahmachary Street (Formerly, 14, Loudon Street), Kolkata - 700017, West Bengal, India |
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Qualification: |
B Com (H) |
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Experience : |
42 Years |
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Date of Appointment: |
13.12.1973 |
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DIN No.: |
00005684 |
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|
Name : |
Mr. Basudeb Sen |
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Designation : |
Director |
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Address : |
109,Rashtraguru Avenue, Kolkata-700028, West Bengal, India |
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Qualification: |
BA |
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Experience : |
15 Years |
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Date of Appointment: |
03.07.2010 |
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DIN No.: |
00056861 |
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|
Name : |
Mr. Anurag Bagaria |
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Designation : |
Director |
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Address : |
157 A, RMV Extension, 8th Main Road, Bangalore - 560080, Karnataka, India |
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Date of Appointment: |
03.07.2010 |
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DIN No.: |
00111917 |
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|
Name : |
Mr. Bharat Jhaver |
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Designation : |
Director |
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Address : |
Jhaver House Old No.5 New No. 9 Boat Club Road 3rd Avenue, R.A. Puram, Chennai-600028, Tamilnadu, India |
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Date of Appointment: |
09.12.2016 |
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DIN No.: |
00379111 |
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|
Name : |
Mr. Rajiv Kumar Sharma |
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Designation : |
Whole-Time Director |
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Address : |
''Avani Niket, 63 Sarat Banerjee Road, Kolkata - 700029, West Bengal, India |
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Qualification: |
B Com (H) ACA, ACS |
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Experience : |
30 Years |
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Date of Appointment: |
01.04.2012 |
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DIN No.: |
05197101 |
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PAN No.: |
AKKPS6108B |
KEY EXECUTIVES
|
Name : |
Simerpreet Gulati |
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Designation : |
Company Secretary |
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Address : |
Iii-A-12, Aasha Apartment 93, Deshpran Sashmal Road, Kolkata-700033, West Bengal, India |
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|
M Com, CS, LLB |
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|
07 Years |
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Date of Appointment : |
12.09.2016 |
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PAN No.: |
CZNPS7660A |
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|
Name : |
Mr. Suresh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
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 |
25991723 |
74.21 |
|
|
(B) Public |
9033031 |
25.79 |
|
|
Grand Total |
35024754 |
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 |
||
|
Individuals/Hindu
undivided Family |
914706 |
2.61 |
|
|
CHANDRA KUMAR
DHANUKA KARTA OF SHANKARLAL CHANDRA KUMAR (HUF) |
407323 |
1.16 |
|
|
MRIGANK DHANUKA |
115921 |
0.33 |
|
|
MRIGANK DHANUKA:
Trustee, Aman Dhanuka Trust |
90000 |
0.26 |
|
|
MRIGANK DHANUKA:
Trustee, Ayaan Dhanuka Trust |
90000 |
0.26 |
|
|
ARUNA DHANUKA |
82510 |
0.24 |
|
|
CHANDRA KUMAR
DHANUKA: Trustee, Shree Shaligram Trust |
47000 |
0.13 |
|
|
CHANDRA KUMAR
DHANUKA |
45520 |
0.13 |
|
|
TARULIKA KHAITAN:
Trustee, Tarugreve Trust |
20000 |
0.06 |
|
|
TARULIKA KHAITAN |
12000 |
0.03 |
|
|
CHANDRA KUMAR
DHANUKA: Partner, Sew Bhagwan & Sons |
4432 |
0.01 |
|
|
Any Other
(specify) |
25077017 |
71.60 |
|
|
DHUNSERI
INVESTMENTS LIMITED |
19539718 |
55.79 |
|
|
NAGA DHUNSERI
GROUP LIMITED |
3078759 |
8.79 |
|
|
MINT INVESTMENTS
LIMITED |
2079414 |
5.94 |
|
|
TRIMPLEX
INVESTMENTS LIMITED |
288126 |
0.82 |
|
|
MADHUTING TEA
PRIVATE LIMITED |
91000 |
0.26 |
|
|
Sub Total A1 |
25991723 |
74.21 |
|
|
A=A1+A2 |
25991723 |
74.21 |
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) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
1200 |
0.00 |
|
|
Foreign Portfolio
Investors |
12538 |
0.04 |
|
|
Financial
Institutions/ Banks |
22092 |
0.06 |
|
|
Insurance
Companies |
1284211 |
3.67 |
|
|
The New India
Assurance Company Limited |
941183 |
2.69 |
|
|
Sub Total B1 |
1320041 |
3.77 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
1175 |
0.00 |
|
|
Sub Total B2 |
1175 |
0.00 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share
capital upto Rs. INR 0.200 million |
4789745 |
13.68 |
|
|
Individual share
capital in excess of INR 0.200 million |
579986 |
1.66 |
|
|
NBFCs registered
with RBI |
1690 |
0.00 |
|
|
Any Other
(specify) |
2340394 |
6.68 |
|
|
Investor Education
and Protection Fund Authority |
133272 |
0.38 |
|
|
West Bengal
Industrial Development Corporation Ltd |
915000 |
2.61 |
|
|
Bodies Corporate |
1672402 |
4.77 |
|
|
Clearing Members |
371719 |
1.06 |
|
|
NRI |
131511 |
0.38 |
|
|
Unclaimed or
Suspense or Escrow Account |
29401 |
0.08 |
|
|
Trusts |
955 |
0.00 |
|
|
Foreign National |
1134 |
0.00 |
|
|
Sub Total B3 |
7711815 |
22.02 |
|
|
B=B1+B2+B3 |
9033031 |
25.79 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale of PET Resin and also into Treasury Operations.
[Registered Activity] |
|
|
|
|
Products : |
· PET Resin · Treasury Operations |
|
|
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Brand Names : |
Not Divulged |
|
|
|
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Agencies Held : |
Not Divulged |
|
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Exports : |
Not Divulged |
|
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|
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Imports : |
Not Divulged |
|
|
|
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Terms : |
|
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Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
5053 (Approximately) |
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Bankers : |
· HDFC Bank Limited · ICICI Bank Limited · Bank of Baroda · Standard Chartered Bank · State Bank of India |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
|
|
|
Secretarial
Auditor: |
|
|
Name : |
Mamta Binani Practicing Company Secretary |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over which KMP (s) are bale to exercise significant
influence and with whom transitions have taken place: : |
· Trimpex Investment Limited · Naga Dhunseri Group Limited · Mint Investment limited · Dhunseri Overseas Private Limited · Dhunseri Tea and Industries Limited · Dhunseri Petrochem and Tea Pte. Limited · Khaitan and Co. LLP · Khaintan and Co. Kolkata · Khaintan and Co., Mumbai · Khaitan Consultants Limited |
|
|
|
|
Post Employee Benefits Plan Entity: |
Dhunseri Petrochem Limited Employee Gratuity Fund |
|
|
|
|
Subsidiary Companies: |
· Dhunseri Infrastructure Limited ·
Tastetaria Private Limited |
|
|
|
|
Joint Ventures : |
· IVL Dhanseri Petrochem Industries Private Limited · Micro Polypet Private Limited |
|
|
|
|
Associate Company: |
Global Foods Pte. Limited |
|
|
|
|
Parent Entity : |
Dhanseri Investments Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
INR 10/- each |
INR 3512.200 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35024754 |
Equity Shares |
INR 10/- each |
INR 350.248 Million |
|
|
Add: Shares Forfeited |
|
INR 0.081 Million |
|
|
|
|
|
|
|
Total |
|
INR 350.329 Million |
Reconciliation of
number of shares
|
Particulars |
No. of Shares |
INR in million |
|
Balance as at the beginning of the year |
35024754 |
350.248 |
Term/ Rights
attached to equity Shares
The Company has one class of equity share having a par value
of H10/- each. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting except in the case of
interim dividend. In the event of liquidation the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential amounts in proportion to their shareholding
Shares of the
company held by Holding Company
|
Dhanseri Investment Limited |
18872000 |
List of shareholders
holding more than 5% of Issued Subscribed and Paid-up share
|
Particulars |
No. of Shares |
% holding |
|
|
|
|
|
Dhunseri Investments Limited |
18872000 |
53.88 |
|
|
|
|
|
Naga Dhunseri Group Limited |
3078759 |
8.79 |
|
|
|
|
|
Yues Lombard Asset Management A G |
-- |
-- |
|
|
|
|
|
Mint Investments Limited |
2079414 |
5.94 |
|
|
|
|
|
International Finance Corporation |
-- |
-- |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
350.329 |
350.329 |
350.329 |
|
(b) Reserves & Surplus |
7232.807 |
7361.998 |
7194.883 |
|
(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) |
7583.136 |
7712.327 |
7545.212 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
5011.564 |
|
(b) Deferred tax liabilities (Net) |
44.988 |
1651.095 |
1641.575 |
|
(c)
Other long term liabilities |
1.340 |
15.295 |
42.314 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
46.328 |
1666.390 |
6695.453 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
7022.874 |
|
(b)
Trade payables |
15.275 |
0.084 |
1410.078 |
|
(c)
Other current liabilities |
13.263 |
29.356 |
1885.197 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
28.538 |
29.440 |
10318.149 |
|
|
|
|
|
|
Liabilities
directly associated with assets classified as held for sale |
0.000 |
15135.917 |
0.000 |
|
|
|
|
|
|
TOTAL |
7658.002 |
24544.074 |
24558.814 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6.555 |
138.396 |
9263.823 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
13.952 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
279.608 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6568.578 |
2731.557 |
2140.655 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.105 |
0.101 |
7.712 |
|
(e)
Other Non-current assets |
68.734 |
4.500 |
527.870 |
|
Total
Non-Current Assets |
6643.972 |
2874.554 |
12233.620 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
504.358 |
1069.318 |
401.284 |
|
(b)
Inventories |
0.000 |
0.000 |
3126.547 |
|
(c)
Trade receivables |
0.000 |
0.000 |
1668.044 |
|
(d)
Cash and cash equivalents |
105.846 |
2472.334 |
4183.514 |
|
(e)
Short-term loans and advances |
0.036 |
38.377 |
38.810 |
|
(f)
Other current assets |
403.790 |
106.074 |
2906.995 |
|
Total
Current Assets |
1014.030 |
3686.103 |
12325.194 |
|
|
|
|
|
|
Assets
Classified as held for sales |
0.000 |
17983.417 |
0.000 |
|
|
|
|
|
|
TOTAL |
7658.002 |
24544.074 |
24558.814 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
222.026 |
268.635 |
0.000 |
|
|
|
Other Income |
143.916 |
42.707 |
239.200 |
|
|
|
TOTAL |
365.942 |
311.342 |
239.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
26.647 |
6.272 |
8.700 |
|
|
|
Other expenses |
187.886 |
66.948 |
25.400 |
|
|
|
Exceptional Items |
1826.620 |
0.000 |
0.000 |
|
|
|
TOTAL |
2041.153 |
73.220 |
34.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(1675.211) |
238.122 |
205.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.522 |
4.445 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1679.733) |
233.677 |
205.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.837 |
0.000 |
4.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(1680.570) |
233.677 |
200.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1459.992) |
(128.218) |
(176.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(220.578) |
361.895 |
377.200 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Earnings per
Equity Shares for Profit from continuing operations: |
|
|
|
|
|
|
Basic |
(6.30) |
5.76 |
10.77 |
|
|
|
Diluted |
(6.30) |
5.76 |
10.77 |
|
|
|
|
|
|
|
|
|
|
Earnings per
Equity Shares for Profit from Discontinued operations: |
|
|
|
|
|
|
Basic |
-- |
4.57 |
-- |
|
|
|
Diluted |
-- |
4.57 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings per
Equity Shares for Profit from continuing and Discontinued operations: |
|
|
|
|
|
|
Basic |
(6.30) |
10.33 |
-- |
|
|
|
Diluted |
(6.30) |
10.33 |
-- |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
787.857 |
822.607 |
|
|
|
|
|
|
Cash generated from/ (Used in) Operations |
2871.347 |
307.612 |
6299.700 |
|
|
|
|
|
|
Net Cash from (used in) Operating activities |
2629.164 |
173.612 |
6250.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.07 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(255.56) |
1.72 |
0.02 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.00 |
0.65 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.10 |
1.70 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.00 |
1.97 |
1.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.02 |
1.27 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(370.46) |
53.57 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(99.35) |
134.72 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.88) |
1.47 |
1.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(2.91) |
4.69 |
5.00 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
35.53 |
1.43 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
35.53 |
1.43 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.99 |
0.31 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
2.25 |
36.70 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
35.53 |
1.43 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 130.75/- |
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 |
350.329 |
350.329 |
350.329 |
|
Reserves & Surplus |
7194.883 |
7361.998 |
7232.807 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7545.212 |
7712.327 |
7583.136 |
|
|
|
|
|
|
long-term borrowings |
5011.564 |
0.000 |
0.000 |
|
Short term borrowings |
7022.874 |
0.000 |
0.000 |
|
Current Maturities of Long term
debt |
822.607 |
787.857 |
0.000 |
|
Total
borrowings |
12857.045 |
787.857 |
0.000 |
|
Debt/Equity
ratio |
1.704 |
0.102 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
0.000 |
268.635 |
222.026 |
|
|
|
|
(17.350) |
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 |
0.000 |
268.635 |
222.026 |
|
Profit/ (Loss) |
377.200 |
361.895 |
(220.578) |
|
|
|
134.72% |
-99.35% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
No |
|
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 |
G50250117 |
100115448 |
STANDARD CHARTERED BANK |
31/07/2017 |
- |
- |
75000000.0 |
SINGAPORE FOR THE PURPOSE OF FILING THE CHARGE)19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
2 |
G22429658 |
10397937 |
DBS BANK LTD. (ACTING AS AN SECURITY AGENT) |
18/01/2013 |
19/07/2013 |
25/10/2016 |
564749000.0 |
4A, LITTLE RUSSEL STREET,KOLKATAWB700071IN |
|
3 |
C61762977 |
10143965 |
IDBI TRUSTEESHIP SERVICES LIMITED |
16/01/2009 |
17/01/2009 |
06/08/2015 |
437500000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI- 400 001.MH400001IN |
|
4 |
C59440149 |
10408215 |
STANDARD CHARTERED BANK |
13/02/2013 |
01/03/2013 |
07/07/2015 |
770000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
5 |
C44530061 |
10543547 |
FEDERAL BANK LIMITED |
22/12/2014 |
- |
17/02/2015 |
500000000.0 |
R N MUKHERJEE ROADKOLKATAWB700001IN |
|
6 |
C35317452 |
10512683 |
PUNJAB NATIONAL BANK |
11/07/2014 |
- |
03/12/2014 |
1090000000.0 |
LYONS RANGE BRANCH1, R N MUKHERJEE ROADKOLKATAWB700001IN |
|
7 |
C33519679 |
10497202 |
ICICI BANK LIMITED |
31/03/2014 |
- |
07/11/2014 |
750000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
8 |
C35278852 |
10472419 |
HDFC BANK LIMITED |
01/01/2014 |
- |
05/11/2014 |
800000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
9 |
B79678553 |
10385620 |
DEVELOPMENTAL CREDIT BANK LIMITED |
22/09/2012 |
- |
11/07/2013 |
140000000.0 |
301, DELTA PLAZA414, VEER SAVARKAR MARG, PRABHADEVI,MUMBAIMH400025IN |
|
10 |
B79677324 |
10262534 |
INDUSIND BANK LTD. |
04/01/2011 |
- |
27/06/2013 |
450000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
a) Claims against the Company not acknowledged as debts |
0.000 |
0.900 |
|
(ii) Service Tax Demand - matter under dispute |
0.000 |
275.312 |
|
(iv) Entry Tax -matter under dispute |
0.000 |
0.000 |
|
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. |
0.000 |
0.000 |
|
(b) Standby Letters of Credit issued in connection with loan taken by Dhunseri Petrochem and Tea Pte Limited, a related party, from a bank, in connection with its acquisition of two subsidiary companies. (Restricted to outstanding balance of related exposure) |
0.000 |
0.000 |
|
(c) Bank Guarantee |
0.000 |
9.597 |
|
(d) The Company does not expect any reimbursements in respect of the above contingent liabilities |
0.000 |
0.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Half Year Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
2566.341 |
3207.141 |
7778.225 |
|
Other Income |
27.255 |
24.419 |
77.160 |
|
Total Income |
2593.596 |
3231.560 |
7855.385 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Purchases of Stock-in-Trade |
1864.986 |
2839.706 |
6952.365 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
172.054 |
-89.741 |
-395.178 |
|
Employee
benefits expense |
6.586 |
8.365 |
25.518 |
|
Finance
Costs |
2.971 |
6.241 |
9.918 |
|
Depreciation
and amortisation expense |
1.106 |
0.989 |
3.068 |
|
Other
expenditure |
229.376 |
270.384 |
672.715 |
|
Total Expenses |
2277.079 |
3035.944 |
7268.406 |
|
|
|
|
|
|
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
316.517 |
195.616 |
586.979 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary activities before tax
(7-8) |
316.571 |
195.616 |
586.979 |
|
Tax
expense |
50.488 |
31.659 |
96.198 |
|
Net profit/ loss for the year |
266.029 |
163.957 |
490.781 |
|
Other
comprehensive income |
|
|
|
|
Items
that will not be reclassified to profit or loss |
463.520 |
139.217 |
763.514 |
|
Total comprehensive income |
729.549 |
303.174 |
1254.295 |
|
Other Equity |
|
|
|
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
350.329 |
350.329 |
350.329 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
7.60 |
4.68 |
14.02 |
|
b) Diluted |
7.60 |
4.68 |
14.02 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 14th February, 2018. The Statutory auditors of the Company have also carried out limited review of the statement.
2. Previous period figures have been regrouped/ rearranged wherever necessary.
3. Upto the previous year ended 31st March 2017, the Company was engaged in treasury operations and had a single reportable segment. With effect from the current year, the Company has been involved in trading business and accordingly, "Trading" and "Treasury Operations" have been identified as Operating Segments. The segment information for the operating segments is as below:
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Half Year Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1] Segment Revenue |
|
|
|
|
Trading |
2234.160 |
3007.206 |
7158.218 |
|
Treasury
Operation |
332.181 |
199.935 |
620.007 |
|
Total Segment Revenue |
2566.341 |
3207.141 |
7778.225 |
|
|
|
|
|
|
2] Segment Results |
|
|
|
|
Trading |
7.438 |
17.529 |
30.989 |
|
Treasury
Operation |
332.181 |
198.413 |
614.742 |
|
Total Segment Results |
339.619 |
215.942 |
645.731 |
|
Less: Finance Cost |
2.971 |
6.241 |
9.918 |
|
Add: Other Un-Allocable Income (Net of
Unallocated Income Expenditure) |
-20.131 |
-14.085 |
-48.834 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
316.517 |
195.616 |
586.979 |
|
|
|
|
|
|
3] Segment Assets |
|
|
|
|
Trading |
2892.071 |
3748.735 |
2892.071 |
|
Treasury
Operation |
8155.022 |
7626.353 |
8155.022 |
|
Un-allocated
Corporate Assets |
599.419 |
463.437 |
599.419 |
|
Total Assets |
11646.512 |
11838.525 |
11646.512 |
|
|
|
|
|
|
4] Segment Liabilities |
|
|
|
|
Trading |
2869.456 |
3733.629 |
2869.456 |
|
Treasury
Operation |
0.000 |
47.396 |
0.000 |
|
Un-allocated Corporate Liabilities |
23.934 |
33.927 |
23.934 |
|
Total Liabilities |
2893.390 |
3814.952 |
2893.390 |
BACKGROUND:
Subject is a company limited by shares and incorporated a domiciled in
India. The company was primarily engaged in the business of manufacturing and
sale of PET Resin and Treasury Operations up to the year ended 31.03.2016.
Consequent to the scheme of Arrangement referred to in Note-30, the company is
now primarily engaged in Treasury operations only. Equity Shares of the company
are listed on Bombay Stock Exchange Limited and Nations Stock Exchange Limited.
SCHEME OF
ARRANGEMENT/ RESTRUCTURING
The company has received the certified copy of the court order from the Hon’ble
High Court at Calcutta on August 8, 2016 affecting the transfer of Polyethylene
Terephthalate (PET) resin business of the company to its Joint Venture company
Dhunseri Petglobal Limited (now known as IVL Dhunseri Petrochem Industries
Private Limited) the said Order had been filed with the Registrar of Companies,
West Bengal on August 11, 2016 and the scheme has accordingly become effective
on and from the said date. The appointed date in respect of the scheme was
April 1, 2016.
At Present, the company is carrying on the treasury operations and is
doing trading business. Further, the company is actively exploring new areas of
diversification/ business.
The audited financial statements for the year ended March 31, 2017 has
been prepared under IND AS (Indian Accounting Standards) for the first time by
the company. The Audited financial statements for the year ended March 31, 2016
and the opening Balance-Sheet as at April 1, 2015 have been restarted in
accordance with IND AS for comparative information.
FIXED ASSETS:
Tangible Assets
· Leasehold Land
· Freehold Land
· Land and Estate Development
· Buildings
· Plant and Equipment
· Office Equipment
· Furniture and Fixtures
· Vehicles
Intangible Assets
· Computer Software
· Technical Know-how
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 : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
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.