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MIRA INFORM REPORT
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Report No. : |
506168 |
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Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995) |
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Formerly Known
As : |
AARTI ORGANICS LIMITED |
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Registered
Office : |
Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat |
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Tel. No.: |
91-22-67976666/ 67976697/ 25918195/ 55976666 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.09.1984 |
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Com. Reg. No.: |
04-007301 |
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Capital
Investment / Paid-up Capital : |
INR 410.600 Million |
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CIN No.: [Company Identification
No.] |
L24110GJ1984PLC007301 |
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IEC No.: [Import-Export Code No.] |
0389029971 |
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TIN No.: |
24250500002 |
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CST No.: |
24750500002 |
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GSTN : [Goods & Service Tax
Registration No.] |
24AABCA2787L1ZI |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA02524E |
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PAN No.: [Permanent Account No.] |
AABCA2787L |
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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
of Speciality Chemicals, Pharmaceuticals and Home and Personal Care
Chemicals. [Registered
Activity] |
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No. of Employees
: |
3862 (Approximately) |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 37000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the AARTI GROUP and was incorporated in the year 1984. It is a manufactures of dyes, pigments, agrochemicals, pharmaceuticals and rubber chemicals. As per the financial of 2017, the company has achieved revenue growth of 3.97% as compared to the previous year along with a decent profit margin of 10.05%. The sound financial risk profile of the company is marked by adequate net worth base along with average debt balance sheet profile. Further, as per quarterly financials of December 2017, the company has achieved revenue of INR 9902.200 million along with a profit margin of INR 901.900 million. Rating also takes into consideration company’s strong market position and extensive industry experience of promoters in chemical industry. These rating strengths are partially offset by large working capital requirement and average debt protection metrics. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal 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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
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
31-03-2018.
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 02.05.2018
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.
LOCATIONS
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Registered Office / Factory 1 : |
Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat, India |
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Tel. No.: |
91-2638-25690411/ 2/ 3/ 25918195/ 55976666 |
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Fax No.: |
91-2638-25904806/ 25653186-87/ 25653185 |
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E-Mail : |
secretarial@aartigroup.com |
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Website : |
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Corporate Office : |
71, Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-67976666/ 67976697/ 25918195/ 55976666 |
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Fax No.: |
91-22-25653234/ 25653185 |
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E-Mail : |
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Factory 2: |
Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India |
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Factory 3: |
Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India |
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Factory 4: |
Plot No. 22 / C / 1 and 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India |
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Factory 5: |
Shed No. A1-6 and 9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India |
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Factory 6 : |
Plot No. 609 and 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India |
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Factory 7: |
Plot Nos. 750-754, Sarigam Industrial Area, Sarigam,
Taluka Umargaon, District Valsad, Gujarat, India |
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Factory 8: |
Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam,
Taluka Umargaon, District Valsad, Gujarat, India |
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Factory 9: |
Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam,
Taluka Umargaon, District Valsad, Gujarat, India |
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Factory 10: |
Plot Nos. 758/1, 2 and 3, Jhagadia Mega Estate, Village
Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India |
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Factory 11: |
Plot Nos. 756/2 A and B, 756/3 A and B, 756/4 A&B, 756/5 A&B, 756/6 A and B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India |
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Factory 12: |
Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India |
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Factory 13: |
Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India |
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Factory 14: |
Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India |
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Factory 15: |
Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India |
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Factory 16: |
Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India |
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Factory 17: |
Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India |
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Factory 18: |
Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India |
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Factory 19: |
Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India |
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Factory 20: |
Plot Nos. 62, 63 and 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, District: Dhar, Madhya Pradesh, India |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Chandrakant V. Gogri |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Prem Chandra Sethi |
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Designation : |
Director |
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Address : |
12-A, Viceroy Park, Tower "D", Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Appointment : |
23.09.2008 |
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DIN No.: |
00004038 |
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Name : |
Mr. Shantilal Tejshi Shah |
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Designation : |
Vice Chairman |
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Address : |
Mayur, 2nd Floor, 8th N.S. Road, Juhu Scheme, Vileparle (West), Mumbai - 400049, Maharashtra, India |
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Date of Appointment : |
25.04.1990 |
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DIN No.: |
00004850 |
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Name : |
Ms. Hetal Gogri Gala |
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Designation : |
Whole-Time Director |
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Address : |
552-B, Gopal Sadan, Block No.801, 8th Floor, Jamshed Rodad, Matunga (East), Mumbai - 400019, Maharashtra, India |
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Date of Appointment : |
01.11.2001 |
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DIN No.: |
00005499 |
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Name : |
Mr. Parimal Hasmukhlal Desai |
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Designation : |
Whole-Time Director |
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Address : |
A / 1403, 14th Floor, Runwal Heights, LBS Marg, Mulund (West), Mumbai - 400080, Maharashtra, India |
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Date of Birth/Age : |
29.05.1949 |
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Qualification : |
Chemical Engineer from UDCT (now known as ICT) |
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Experience : |
39 Years |
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Date of Appointment : |
28.09.1984 |
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DIN No.: |
00009272 |
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Name : |
Mr. Manoj Murjibhai Chheda |
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Designation : |
Whole-Time Director |
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Address : |
Danil Vila Co-operative Housing Society Limited, Besant Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
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Date of Appointment : |
25.11.1993 |
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DIN No.: |
00022699 |
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Name : |
Mr. Ramdas Maneklal Gandhi |
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Designation : |
Director |
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Address : |
111, Shivtirth, 4 Bhulabhai Desai Road, Hajiali, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
29.01.1990 |
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DIN No.: |
00029437 |
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Name : |
Mr. Laxmichand Kakubhai Jain |
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Designation : |
Director |
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Address : |
7 Ganesh, 12 K. A.Subramaniam Road, Matunga, Mumbai - 400019, Maharashtra, India |
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Date of Appointment : |
29.01.1990 |
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DIN No.: |
00042099 |
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Name : |
Mr. Kirit Ratilal Mehta |
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Designation : |
Whole-Time Director |
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Address : |
10 Pushpendra Mansion, Phirojshah Mehta Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
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Date of Birth/Age : |
02.08.1948 |
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Qualification : |
B.Com |
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Date of Appointment : |
18.09.2000 |
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DIN No.: |
00051703 |
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Name : |
Mr. Rajendra Vallabhaji Gogri |
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Designation : |
Chairman and Managing Director |
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Address : |
1401, Antariksh, Murar Road, Mulund (West), Mumbai - 400080, Mumbai - 400080, Maharashtra, India |
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Date of Appointment : |
06.06.1989 |
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PAN No : |
AACPG2278E |
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DIN No.: |
00061003 |
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Name : |
Mr. Rashesh Chandrakant Gogri |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
601, Antariksh, Murar Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
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Date of Appointment : |
09.06.1997 |
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DIN No.: |
00066291 |
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Name : |
Mr. Bhavesh Rasiklal Vora |
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Designation : |
Director |
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Address : |
B/702, Kailash Jyot No. 2, Derasar Lane,, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
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Date of Appointment : |
23.09.2008 |
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DIN No.: |
00267604 |
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Name : |
Mr. Venkata Shyam Sundar Kalluri |
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Designation : |
Director |
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Address : |
Flat No.82, Jyeshta, Tarangan Pokhran, Road- I, Thane (West), Thane - 400606, Maharashtra, India |
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Date of Appointment : |
23.09.2008 |
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DIN No.: |
00502621 |
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Name : |
Ms. Priti Paras Savla |
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Designation : |
Director |
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Address : |
501, Arihant Tower, Near Thane Janta Sahakari Bank, Naupada, B Cabin, Thane - 400602, Maharashtra, India |
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Date of Birth/Age : |
13.09.1977 |
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Qualification : |
B.Com., FCA |
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Experience : |
12 Years |
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Date of Appointment : |
25.09.2014 |
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DIN No.: |
00662996 |
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Name : |
Mr. Renil Rajendra Gogri |
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Designation : |
Whole-Time Director |
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Address : |
1401 Antriksha, Murar Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
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Date of Appointment : |
16.08.2012 |
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DIN No.: |
01582147 |
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Name : |
Mr. Ganapathi Dadasaheb Yadav |
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Designation : |
Director |
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Address : |
Flat No 7 University Staff - Qrts Udct Campus, R.A. Kidwai Road Matunga, Mumbai - 400019, Maharashtra, India |
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Date of Appointment : |
25.09.2014 |
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DIN No.: |
02235661 |
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Name : |
Mr. Radheshyam Sobhraj Rohra |
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Designation : |
Additional Director |
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Address : |
4/A-603 Lake Palace, Powai Vihar Complex, Powai, Mumbai -400076, Maharashtra, India |
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Date of Appointment : |
21.12.2017 |
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DIN No.: |
00163318 |
KEY EXECUTIVES
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Name : |
Mr. Chetan Bipin Gandhi |
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Designation : |
Chief Financial Officer |
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Address : |
214/5770 Uday, Near Ganesh Mandir, 90 Feet Road, Ghatkopar (East), Mumbai – 400075, Maharashtra, India |
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Date of Appointment : |
30.05.2014 |
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PAN No.: |
AFGPG4666P |
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Name : |
Mr. Rajendra Vallabhaji Gogri |
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Designation : |
Chief Executive Officer |
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Address : |
1401, Antariksh, Murar Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AACPG2278E |
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Name : |
Mr. Rajkumar Sarraf |
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Designation : |
Company Secretary |
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Address : |
Flat No. 304, Tower - 5, Monalisa Flats, Manjalpur Vadodara – 390011, Gujarat, India |
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Date of Appointment : |
16.11.2017 |
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PAN No.: |
AQSPS1507Q |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
41523816 |
51.07 |
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(B) Public |
39776184 |
48.93 |
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Grand Total |
81300000 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
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Individuals/Hindu undivided Family |
35114743 |
43.19 |
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Rashesh Chandrakant Gogri |
5334404 |
6.56 |
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Chandrakant Vallabhaji Gogri |
3943934 |
4.85 |
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Mirik Rajendra Gogri |
3514334 |
4.32 |
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Renil Rajendra Gogri |
3429752 |
4.22 |
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Rajendra Vallabhaji Gogri |
3009900 |
3.70 |
|
Hetal Gogri Gala |
2906221 |
3.57 |
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Arti Rajendra Gogri |
2199277 |
2.71 |
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Sarla Shantilal Shah |
1925886 |
2.37 |
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Shantilal Tejshi Shah |
1715294 |
2.11 |
|
Nehal Garewal |
1031136 |
1.27 |
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Bhavna Shah Lalka |
942273 |
1.16 |
|
Heena Bhatia |
855860 |
1.05 |
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Nikhil Parimal Desai |
779210 |
0.96 |
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Aashay Rashesh Gogri |
550000 |
0.68 |
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Manisha Rashesh Gogri |
550000 |
0.68 |
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Jaya Chandrakant Gogri |
493294 |
0.61 |
|
Ratanben Premji Gogri |
380000 |
0.47 |
|
Shantilal Tejshi Shah (HUF) |
369141 |
0.45 |
|
Parimal Hasmukhlal Desai |
309304 |
0.38 |
|
Rajendra Vallabhaji Gogri (HUF) |
308274 |
0.38 |
|
Indira Madan Dedhia |
181150 |
0.22 |
|
Desai Tarla Parimal |
112767 |
0.14 |
|
Dhanvanti Vallabhji Gogri |
97656 |
0.12 |
|
Gunavanti Navin Shah |
86642 |
0.11 |
|
Aarnav Rashesh Gogri |
71139 |
0.09 |
|
Prasadi Yogesh Banatwala |
11225 |
0.01 |
|
Dilip Tejshi Dedhia |
4488 |
0.01 |
|
Rinku Parimal Desai |
1800 |
0.00 |
|
Pooja Renil Gogri |
382 |
0.00 |
|
Any Other (specify) |
6278336 |
7.72 |
|
Anushakti Enterprise Private Limited |
2492500 |
3.07 |
|
Safechem Enterprises Private Limited |
1470000 |
1.81 |
|
Alchemie Financial Services Limited |
673006 |
0.83 |
|
Saswat Trusteeship Private Limited |
500000 |
0.62 |
|
Nikhil Holdings Private Limited |
371302 |
0.46 |
|
Alchemie Finserv Pvt. Ltd. |
264105 |
0.32 |
|
Gogri Finserv Pvt. Ltd. |
264105 |
0.32 |
|
Valiant Organics Private Limited |
235000 |
0.29 |
|
Dilesh Roadlines Pvt. Ltd. |
8318 |
0.01 |
|
Sub Total A1 |
41393079 |
50.91 |
|
A2) Foreign |
|
0.00 |
|
Individuals (NonResident Individuals/
Foreign Individuals) |
130737 |
0.16 |
|
Bhanu Pradip Savla |
130737 |
0.16 |
|
Sub Total A2 |
130737 |
0.16 |
|
A=A1+A2 |
41523816 |
51.07 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
11133341 |
13.69 |
|
HDFC Trustee Company Ltd - A/C Hdfc Mid -
Capopportunities Fund |
6530886 |
8.03 |
|
Dsp Blackrock Small Cap Fund |
2097409 |
2.58 |
|
L&T Mutual Fund Trustee Limited-L&T
Emerging Businesses Fund |
1857872 |
2.29 |
|
Alternate Investment Funds |
370697 |
0.46 |
|
Foreign Portfolio Investors |
2960279 |
3.64 |
|
Financial Institutions/ Banks |
14839 |
0.02 |
|
Sub Total B1 |
14479156 |
17.81 |
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
B3) Non-Institutions |
0 |
0.00 |
|
Individual share capital upto INR 0.200
million |
9962118 |
12.25 |
|
Individual share capital in excess of INR
0.200 million |
10877004 |
13.38 |
|
Manoj Chheda |
963963 |
1.19 |
|
Tarla Kishorekumar Shah |
835758 |
1.03 |
|
Any Other (specify) |
4457906 |
5.48 |
|
IEPF |
256266 |
0.32 |
|
Trusts |
111894 |
0.14 |
|
Foreign Nationals |
586 |
0.00 |
|
HUF |
581645 |
0.72 |
|
Non-Resident Indian (NRI) |
564517 |
0.69 |
|
Clearing Members |
1964578 |
2.42 |
|
Iifl Wealth Management Limited |
1709327 |
2.10 |
|
Bodies Corporate |
978420 |
1.20 |
|
Sub Total B3 |
25297028 |
31.12 |
|
B=B1+B2+B3 |
39776184 |
48.93 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Speciality Chemicals, Pharmaceuticals and Home and Personal Care
Chemicals. [Registered
Activity] |
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Products / Services
: |
Speciality ChemicalsPharmaceuticals and Home and Personal
Care Chemicals |
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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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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 : |
3862 (Approximately) |
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Bankers / Financial
Institution : |
· Aditya Birla Finance Limited · Axis Bank Limited · Bank of Baroda · Citi Bank N.A. · DBS Bank Limited · First Rand Bank · HDFC Bank Limited · Kotak Mahindra Bank Limited · IDBI Bank Limited · lndusInd Bank Limited · Societe Generale · Standard Chartered Bank · State Bank of India · SVC Bank Limited |
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|
Facilities : |
NOTES: LONG TERM BORROWINGS a) Secured, Redeemable, STRPPS NCDs bearing coupon rate of 11.75% p.a. Debentures of INR 2000.000 million are secured by way of First Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movable fixed assets, both present and future, wherever situated, excluding those charged exclusively to other Term Lenders. The NCDs are issued in the year 2014-15 and are redeemable in five equal installments commencing from the end of the 3rd year from the date of allotment of these Debentures. b) Out of the total ECB/Term Loans from Banks/Financial Institutions to INR 5220.400 million. (i) Outstanding Term Loans/ECBs to the extent of INR 1628.500 million are secured by way of Pari Passu Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi and Jhagadia, in the State of Gujarat, Pithampur in the State of Madhya Pradesh, Silvassa in the Union Teritorry of Silvassa, Tarapur in the State of Maharashtra and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders. (ii) Term Loan from Citibank to the extent of INR 82.400 million is secured by way of Exclusive Charge on the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia Unit II. (iii) Term Loan of INR 3509.500 million from SVC Bank Limited and Aditya Birla Finance Limited is secured by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders. c) Vehicle loans from Banks/Financial Institutions are secured by way of hypothecation of respective vehicles. SHORT TERM
BORROWINGS Working Capital Loans availed from Scheduled Banks, are
secured/to be secured by way of Pari Passu first charge by hypothecation of
Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing
Materials and Stores and Spares, Bills Receivables and Book Debts and all
other moveable, both present and future. Also by way of Joint Equitable
Mortgage of the Company’s immovable properties situated at Sarigam, Vapi,
Jhagadia and Bhachau in the State of Gujarat Pithampur in the State of Madhya
Pradesh, Silvassa in the Union Teritorry of Silvassa, and at Tarapur in the
State of Maharashtra and further by way of hypothecation of all moveable
plant and machinery, machinery spares, tools and accessories and other
movables, both present and future (except book debts and inventories)
wherever situated, ranking second to the charge held by NCDs/ECB/ Term
Lenders. |
|
Auditors : |
|
|
Name : |
Gokhale and Sathe Chartered Accountants |
|
Address : |
308/309, Udyog Mandir No.1, 7-C, Bhogoji Keer Marg, Mahim, Mumbai –
400016, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries: |
· Aarti Corporate Services Limited · Nascent Chemical Industries Limited (Through its holding Company: Aarti Corporate Services Limited) · Shanti Intermediates Private Limited (Through its holding Company: Aarti Corporate Services Limited) · Innovative Envirocare Jhagadia Limited · Ganesh Polychem Limited · Alchemie (Europe) Limited · Aarti USA Inc. |
|
|
|
|
Other Related Parties: |
· Alchemie Industries · Alchemie Laboratories · Aarti Drugs Limited · Alchemie Dye Chem Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230150320 |
Equity Shares |
INR 5/- each |
INR 1150.800 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82120383 |
Equity Shares |
INR 5/- each |
INR 410.600 Million |
|
|
|
|
|
Reconciliation of the
number of Shares outstanding as on 31st March, 2017:
|
Particulars |
No. of Shares |
|
As at 31st March, 2017 |
|
|
Equity shares at the beginning of the year |
83320383 |
|
Less: Shares buy back during the year |
1200000 |
|
Equity shares at
the end of the year |
84520383 |
Details of Shareholders holding more than 5% shares:
|
Name of Shareholder |
As at 31st March, 2017 |
|
|
No. of Shares held |
% held |
|
|
Chandrakant Vallabhai Gogri |
7404834 |
9.02 |
|
HDFC Trustee Company Limited |
6267393 |
7.63 |
|
Rashesh Chandrakant Gogri |
4797248 |
5.84 |
|
Hetal Gogri Gala |
2977894 |
3.63 |
The details of
Equity Shares outstanding during last 5 years:
|
Particulars |
Financial Year |
|
|
2016-17 |
2015-16 |
|
|
No. of Equity Shares outstanding: |
82120383 |
83320383 |
Note on Issued, Subscribed and Paid up
Equity Share Capital:
a) 843649 (previous year 843649) were issued to Shareholders of Surfactant Specialities Limited pursuant to its Merger with the Company.
b) 42000 (previous year 42000) were issued to Shareholders of Avinash Drugs Limited pursuant to its Merger with the Company.
c) 3025000 (previous year 3025000) were issued towards Preferential allotment at a premium of INR 30.65 paise to Warrant holders.
d) 2400000 (previous year 2400000) have been issued towards Preferential allotment at a premium of INR 53/- to Warrant holders.
e) 9471614 (previous year 9471614) were issued to Shareholders of Anushakti Chemicals and Drugs Limited pursuant to its Scheme of arrangement with the Company.
f) 16726401 (previous year Nil) were issued to Shareholders of Anushakti Chemicals and Drugs Limited Anushakti Holdings Limited Gogri and Sons Investments Private Limited and Alchemie Leasing and Financing Private Limited pursuant to the Scheme of Amalgamation with the Company and 21997705 (previous year Nil) being held by them as investments had been cancelled. Hence on net basis 5271304 shares of the company has been cancelled.
g)
1200000 (previous year NIL) were brought back
at a premium of 795/-
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 |
410.600 |
416.600 |
443.000 |
|
(b) Reserves &
Surplus |
12690.300 |
10520.300 |
8635.400 |
|
(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) |
13100.900 |
10936.900 |
9078.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5956.000 |
5251.800 |
4189.200 |
|
(b) Deferred tax
liabilities (Net) |
1419.600 |
1194.600 |
1024.600 |
|
(c) Other long term
liabilities |
0.000 |
1.800 |
1.800 |
|
(d) long-term provisions |
0.000 |
0.000 |
3001.700 |
|
Total Non-current
Liabilities (3) |
7375.600 |
6448.200 |
8217.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8223.400 |
6918.600 |
6473.200 |
|
(b) Trade payables |
2948.700 |
2989.200 |
2526.600 |
|
(c) Other current
liabilities |
1522.500 |
894.900 |
1563.100 |
|
(d) Short-term provisions |
237.800 |
175.800 |
330.300 |
|
Total Current Liabilities
(4) |
12932.400 |
10978.500 |
10893.200 |
|
|
|
|
|
|
TOTAL |
33408.900 |
28363.600 |
28188.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15648.700 |
11697.000 |
9360.500 |
|
(ii) Intangible Assets |
17.000 |
0.000 |
0.400 |
|
(iii) Capital
work-in-progress |
2667.900 |
3067.600 |
1879.500 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
617.000 |
559.900 |
632.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
4299.600 |
|
(e) Other Non-current
assets |
1672.600 |
1267.400 |
0.000 |
|
Total Non-Current Assets |
20623.200 |
16591.900 |
16172.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5465.900 |
4742.400 |
5438.700 |
|
(c) Trade receivables |
5473.700 |
5228.100 |
4668.200 |
|
(d) Cash and cash
equivalents |
216.400 |
241.600 |
263.300 |
|
(e) Short-term loans and
advances |
1424.600 |
1379.200 |
1374.100 |
|
(f) Other current assets |
205.100 |
180.400 |
272.200 |
|
Total Current Assets |
12785.700 |
11771.700 |
12016.500 |
|
|
|
|
|
|
TOTAL |
33408.900 |
28363.600 |
28188.900 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
30502.200 |
29336.300 |
28706.500 |
|
|
Other Income |
25.100 |
96.400 |
19.700 |
|
|
TOTAL |
30527.300 |
29432.700 |
28726.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
16260.000 |
15867.100 |
16460.200 |
|
|
Purchases of
Stock-in-Trade |
1042.300 |
1143.200 |
1321.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(300.700) |
542.800 |
172.200 |
|
|
Employees benefits
expense |
1401.700 |
1103.900 |
897.100 |
|
|
Exceptional
Items |
0.000 |
0.000 |
(34.800) |
|
|
Other expenses |
6014.800 |
5377.300 |
5290.800 |
|
|
TOTAL |
24418.100 |
24034.300 |
24106.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
6109.200 |
5398.400 |
4619.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1173.800 |
1159.000 |
1374.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
4935.400 |
4239.400 |
3244.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1148.000 |
926.900 |
786.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3787.400 |
3312.500 |
2458.000 |
|
|
|
|
|
|
|
Less |
TAX |
720.600 |
788.200 |
580.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3066.800 |
2524.300 |
1878.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
7657.900 |
6061.700 |
5073.600 |
|
|
|
|
|
|
|
Add |
PURSUANT TO THE SCHEME OF AMALGAMATION |
0.000 |
651.400 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
1st Interim Dividend |
0.000 |
250.000 |
199.3 |
|
|
2nd Interim Dividend |
0.000 |
166.600 |
132.9 |
|
|
3rd Interim Dividend |
0.000 |
291.600 |
0.000 |
|
|
Proposed Dividend |
0.000 |
155.000 |
0.000 |
|
|
Tax on Dividend |
0.000 |
162.900 |
66.400 |
|
|
Other Adjustment |
0.000 |
0.900 |
0.000 |
|
|
Transferred to General
Reserve |
310.000 |
252.500 |
190.000 |
|
|
Transferred to Debenture
Redemption Reserve |
300.000 |
300.000 |
300.000 |
|
|
Effect of change in
useful life of Fixed Assets |
0.000 |
0.000 |
1.300 |
|
|
|
610.000 |
1579.500 |
889.900 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
10114.700 |
7657.900 |
6061.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B.
Value of Exports |
14147.600 |
13523.900 |
13359.000 |
|
|
TOTAL EARNINGS |
14147.600 |
13523.900 |
13359.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
3738.000 |
2667.700 |
46.500 |
|
|
Components
and Stores parts |
5.200 |
4.600 |
3316.500 |
|
|
Fuel |
415.900 |
275.800 |
508.200 |
|
|
Capital
Goods |
866.400 |
343.100 |
12.700 |
|
|
TOTAL IMPORTS |
5025.500 |
3291.200 |
3883.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
37.35 |
30.3 |
21.2 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1272.600 |
575.400 |
1341.500 |
|
Cash generated from operations |
4980.900 |
6326.700 |
4158.900 |
|
Net cash flow from (used in) operations |
4108.100 |
5497.700 |
3569.700 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
7918.100 |
8878.900 |
9902.200 |
|
Total Expenditure |
6534.200 |
7276.100 |
8124.100 |
|
PBIDT (Excluding Other Income) |
1383.900 |
1602.800 |
1778.100 |
|
Other income |
0.900 |
1.100 |
7.800 |
|
Operating Profit |
1384.800 |
1603.900 |
1785.900 |
|
Interest |
292.400 |
313.800 |
337.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1092.400 |
1290.100 |
1448.900 |
|
Depreciation |
316.900 |
330.000 |
342.000 |
|
Profit Before Tax |
775.500 |
960.100 |
1106.900 |
|
Tax |
145.000 |
175.000 |
205.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
630.500 |
785.100 |
901.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
630.500 |
785.100 |
901.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
65.50 |
65.05 |
59.36 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.57 |
5.61 |
6.15 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
62.20 |
64.14 |
51.86 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.12 |
1.14 |
0.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.33 |
0.37 |
0.41 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.59 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.18 |
1.17 |
1.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.99 |
1.00 |
1.20 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.40 |
1.35 |
1.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.20 |
4.66 |
3.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
10.05 |
8.60 |
6.54 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.18 |
8.90 |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
23.41 |
23.08 |
20.69 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.99 |
1.07 |
1.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.57 |
0.64 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.39 |
0.39 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
37.63 |
30.59 |
27.10 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.99 |
1.07 |
1.10 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
Market Value |
INR 1300.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
443.000 |
416.600 |
410.600 |
|
Reserves & Surplus |
8635.400 |
10520.300 |
12690.300 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9078.400 |
10936.900 |
13100.900 |
|
|
|
|
|
|
Long Term borrowings |
4189.200 |
5251.800 |
5956.000 |
|
Short Term borrowings |
6473.200 |
6918.600 |
8223.400 |
|
Current Maturities of Long term debt |
1341.500 |
575.400 |
1272.600 |
|
Total
borrowings |
12003.900 |
12745.800 |
15452.000 |
|
Debt/Equity
ratio |
1.322 |
1.165 |
1.179 |
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
|
28706.500 |
29336.300 |
30502.200 |
|
|
|
2.194 |
3.974 |
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
|
28706.500 |
29336.300 |
30502.200 |
|
Profit |
1878.000 |
2524.300 |
3066.800 |
|
|
6.54% |
8.60% |
10.05% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
410.600 |
416.600 |
|
(b) Reserves & Surplus |
|
13214.100 |
10956.400 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
638.500 |
520.900 |
|
Total
Shareholders’ Funds (1) + (2) |
|
14263.200 |
11893.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5964.400 |
5267.600 |
|
(b) Deferred tax liabilities (Net) |
|
1554.400 |
1270.600 |
|
(c) Other long term
liabilities |
|
4.500 |
1.800 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7523.300 |
6540.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
8392.900 |
7064.000 |
|
(b) Trade
payables |
|
2997.200 |
3051.900 |
|
(c) Other
current liabilities |
|
1535.600 |
910.000 |
|
(d) Short-term
provisions |
|
278.300 |
205.000 |
|
Total Current
Liabilities (4) |
|
13204.000 |
11230.900 |
|
|
|
|
|
|
TOTAL |
|
34990.500 |
29664.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
16949.000 |
12455.400 |
|
(ii)
Intangible Assets |
|
4.200 |
4.200 |
|
(iii)
Capital work-in-progress |
|
2695.200 |
3130.100 |
|
(iv)
Intangible assets under development |
|
17.000 |
0.000 |
|
(b) Non-current Investments |
|
469.600 |
412.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
1683.600 |
1322.600 |
|
Total Non-Current
Assets |
|
21818.600 |
17324.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5714.100 |
4951.900 |
|
(c) Trade
receivables |
|
5246.700 |
5234.000 |
|
(d) Cash
and cash equivalents |
|
285.000 |
289.900 |
|
(e)
Short-term loans and advances |
|
1687.000 |
1679.200 |
|
(f) Other
current assets |
|
239.100 |
184.900 |
|
Total
Current Assets |
|
13171.900 |
12339.900 |
|
|
|
|
|
|
TOTAL |
|
34990.500 |
29664.800 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
31634.600 |
27796.200 |
|
|
|
Other Income |
|
19.600 |
59.400 |
|
|
|
TOTAL |
|
31654.200 |
27855.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
16731.200 |
13576.300 |
|
|
|
Purchase of Stock-in-trade |
|
1017.700 |
1149.900 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
|
(316.200) |
493.100 |
|
|
|
Employee Benefits Expenses |
|
1522.800 |
1207.000 |
|
|
|
Other Expenses |
|
6144.400 |
5647.300 |
|
|
|
TOTAL |
|
25099.900 |
22073.600 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
6554.500 |
5782.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
1173.400 |
1169.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5381.200 |
4612.300 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1225.200 |
985.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
4156.000 |
3627.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
880.600 |
946.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
3275.400 |
2681.000 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT ATTRIBUTABLE TO MINORITY INTEREST |
|
117.600 |
112.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE PERIOD |
|
3157.800
|
2568.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR) |
|
38.45 |
30.83 |
|
LEGAL CASES
|
High court
High court
High court
High court
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
Yes |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC REVIEW AND
OUTLOOK:
The Indian economy is projected to grow at 7.1% in FY17, according to the Central Statistics Office, circumventing the possibility of a slowdown post-demonetization. The growth is estimated to be supported by meaningfully higher agricultural growth. Waning global oil prices have improved the external current account and fiscal positions, also facilitating lower inflation. Furthermore, there has been greater macroeconomic stability on account of sustained fiscal consolidation and an anti-inflationary monetary policy. The coming year is set to strengthen the Indian economy further on the back of increased government spending in infrastructure and the implementation of Goods and Services Tax (GST) from July 1, 2017. A good monsoon, higher private investment and expected surge in consumer spending led by pent up demand are other catalysts which will benefit the health of the economy. Specific negative risks to growth include protectionism sentiment prevailing across various economies and higher interest rates by the Fed, upside risk to inflation, increasing crude oil prices, slower growth in investment and credit, rising bad loans issue and uncertain trade prospects with appreciating rupee.
INDIAN SPECIALITY
CHEMICALS OVERVIEW:
Though as the Indian chemical industry has gained increased mindshare in the recent years, it has been a significant contributor to the Indian economy, supporting a variety of downstream industries such as Agrochemicals, Dyes & Pigments, FMCG, Fuel Additives, Pharmaceuticals, Textiles, etc.
According to a report by Department of Chemicals & Petrochemicals and Department of Industrial Policy and Promotion –
• The Indian chemicals industry with a market size of USD 145 billion is the seventh largest producer of chemicals
worldwide India is the third largest producer of agrochemicals globally
• Specialty chemicals market has been growing at 14% over the last five years due to domestic consumption and
the market size is expected to touch USD 70 billion by 2020
• India produces around 16% of the world’s dyestuff and dye intermediates, particularly reactive acid and direct dyes
• The Indian colorant industry, valued at USD 6.8 billion, exports nearly 75% of its production
• India exports around 50% of its agrochemicals production
The $25 billion, Indian speciality chemicals sector has grown from one dominated by small niche players into a multi-faceted global footprint. The industry grew from $ 16 billion in FY10 to $ 25 billion in FY14 and projected to grow to $ 44 billion by FY19.
SPECIALITY CHEMICAL
GROWTH OUTLOOK BY FY23 (USD BILLION):
Speciality chemicals comprise high value, low volume chemicals recognised for their performanceenhancing end use applications. Being ‘usage-specific’, speciality chemicals touch upon every population segment finding downstream applications in paints, coatings, plastics, home care surfactants, flavours and fragrances.
Traditionally, a majority of the Indian market was characterized by SMEs working around low cost but without processes, quality and customer engagement capabilities at par with global peers. In recent years, there has been a decisive shift, the Indian speciality chemicals industry moving from a generic space to a knowledge based and innovation-driven niche. The segment is witnessing increasing usage in customer-related industries such as agrochemical, pharmaceutical, automotive and textile, with greater consumer demand for higher-quality, superior performance products. Innovation and sustainability have become central in the competitive landscape, getting highest priority of manufacturers. The 'green chemistry' (development of chemical products/ processes that reduce/eliminate the generation of hazardous substances) and sustainability movement has gained increased prominence as it now a major requirement of the global RFPs.
India has the right ingredients to emerge as the global hub for chemical manufacturing. The structural foundation of the Indian speciality chemicals sector remains strong, catalysed by its skilled manpower and flourishing end user industries. There is a visible increase in the consumption of-value added high performance products in all spheres of life. India’s position as a manufacturing hub for specialty chemicals strengthened following an increasing shift in manufacturing capacities to Asia, following a weakening in Chinese exports and a sustained improvement in India’s competitiveness.
The Government of India has taken several promising initiatives in developing chemical clusters with adequate infrastructure, simplifying international investment. Further, the Make in India campaign gives greater visibility for the sector. These initiatives validate India’s emergence as a leading global speciality chemicals manufacturing location on the back of improvements in infrastructure, regulation, licenses and taxes.
FINANCIALS:
The Company reported Gross
Total Income at INR 30500.000 Million for FY 2016-17 as against INR 29340.000
Million for FY 2015- 16. Similarly the exports for the year were at INR
14150.000 Million for FY 2016-17 v/s INR 13520.000 Million for FY 2015-16.
The Company’s Earnings
Before Interest Depreciation and Taxes stood at INR 6110.000 Million in FY
2016-17 as compared to INR 5400.000 Million in FY 2015-16, registering a growth
of 13%. Likewise Net Profit Before Tax rose by 14% to INR 3790.000 Million in
FY 2016-17 as compared to H331 Crores in FY 2015-16.
Likewise, Net Profit after
Tax and Deferred Tax also grew by 21% to INR 3070.000 Million in FY 2016-17 as
compared to INR 2520.000 Million in Financial Year 2015-16.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
884.600 |
172.300 |
|
|
|
|
|
Total |
884.600 |
172.300 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
9902.200 |
8878.900 |
26699.200 |
|
Other Operating Income |
7.800 |
1.100 |
9.800 |
|
Total
Income from Operations |
9910.000 |
8880.000 |
26709.000 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
5701.600 |
4807.400 |
14941.000 |
|
Purchase of Stock in Trade |
246.200 |
270.900 |
773.300 |
|
Changes in inventories of finished goods and
work-in-progress |
(173.600) |
144.500 |
(296.700) |
|
Employee benefits expense |
457.200 |
414.100 |
1258.800 |
|
Finance Costs |
337.000 |
313.800 |
943.200 |
|
Depreciation and Amortization expenses |
342.000 |
330.000 |
988.900 |
|
Other Expenditure |
1892.700 |
1639.200 |
5258.000 |
|
Total
Expenses |
8803.100 |
7919.900 |
23866.500 |
|
Profit / (Loss) before Tax |
1106.900 |
960.100 |
2842.500 |
|
Tax Expense |
205.000 |
175.000 |
525.000 |
|
Profit
/ (Loss) after Tax |
901.900 |
785.100 |
2317.500 |
|
Profit
/ (Loss) for the period attributed to |
|
|
|
|
- Owners of the company |
901.900 |
785.100 |
2317.500 |
|
Other Comprehensive Income |
58.900 |
2.100 |
35.600 |
|
Total other Comprehensive Income for the period |
960.800 |
787.200 |
2353.100 |
|
Paid-up Equity Share Capital (Face value INR 5/- per
share) |
410.600 |
410.600 |
410.600 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
10.98 |
9.56 |
28.22 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
|
|
|
|
Speciality
Chemicals |
7742.200 |
6909.800 |
20913.800 |
|
Pharmaceuticals |
1389.900 |
1368.600 |
3819.200 |
|
Home and Personal
Care Chemicals |
770.100 |
600.500 |
1966.200 |
|
Total |
9902.200 |
8878.900 |
26699.200 |
|
Gross sales/ Income from operations |
|
|
|
|
|
|
|
|
Profit Before tax and Interest
from each segment |
|
|
|
|
Speciality
Chemicals |
1513.600 |
1286.400 |
3929.300 |
|
Pharmaceuticals |
167.400 |
90.400 |
493.900 |
|
Home and Personal
Care Chemicals |
39.000 |
(7.60.0) |
37.200 |
|
Total |
1720.000 |
1469.200 |
4460.400 |
|
Less : Interest |
337.000 |
313.800 |
943.200 |
|
Unallocable expenditure (net
of income) |
276.100 |
195.300 |
674.200 |
|
Profit Before Tax |
1106.900 |
960.100 |
2842.500 |
|
|
|
|
|
Speciality
Chemicals |
27000.100 |
25287.500 |
27000.100 |
|
Pharmaceuticals |
7664.500 |
7106.600 |
7664.500 |
|
Home and Personal
Care Chemicals |
1963.600 |
1853.000 |
1963.600 |
|
Unallocated Capital |
2607.800 |
2352.000 |
2607.800 |
|
Total |
39236.000 |
36599.100 |
39236.000 |
|
Segment Liabilities |
|
|
|
|
Speciality
Chemicals |
4749.400 |
3769.600 |
4749.400 |
|
Pharmaceuticals |
532.300 |
520.900 |
532.300 |
|
Home and Personal
Care Chemicals |
252.400 |
239.5000 |
252.400 |
|
Unallocated Capital |
1549.500 |
1499.500 |
1549.500 |
|
Total |
7083.600 |
6029.500 |
7083.600 |
NOTES:
1. The above results for the quarter and nine months ended 31st December, 2017 have been reviewed by the Audit Committee in their meeting held on 31st January, 2018 and approved by the Board of Directors in their meeting held on 3rd February, 2018.
2. The Listed Non-Convertible Debenture of the Company aggregating to INR 1600.000 million as on 31st December, 2017 are secured by way of first pari passu charge on the Movable Fixed Assets of the Company at its permises located at Vapi, Jhagadia, Silvassa, Tarapur and Pithampur and the assets cover thereof exceeds 100% of the principal amount of the said debentures.
3. Company retained its domestic credit ratings of AA- from CRISIL and India Ratings.
4. Company had entered into forward contracts to hedge its medium and long term exports contracts. Mark to Market gain on such contracts to the tune of INR 101.400 million (including gain of INR 32.700 million for contracts of more than one year) as on 31st December, 2017 is recognised in the above statement.
5. Figures for the previous period have been regrouped or rearranged wherever necessary.
6. The aforesaid Audited Financial Results will be uploaded on the Company's website www.aarti-industries.com and will also be available on the website of BSE Limited www.bseindia.com and the National Stock Exchange of India Limited www.nseindia.com for the benefit of the shareholders and investors.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G77192524 |
100155186 |
DBS BANK LTD |
02/02/2018 |
- |
- |
715000000.0 |
2ND FLOOR, SHREE AMBICA AUTOGIDC BHATPORE, OPP. ONGC HAZIRA,SURATGJ394510IN |
|
2 |
G62832258 |
100134799 |
AXIS BANK LIMITED |
30/10/2017 |
- |
- |
760000000.0 |
NEAR FORTUNE PARK GALAXY HOTELNH48, GIDC HOUSING BOARD COLONY, GOLDEN TOWN, GIDCVAPIGJ396195IN |
|
3 |
G75989228 |
100111620 |
KOTAK MAHINDRA BANK LIMITED |
30/06/2017 |
06/02/2018 |
- |
750000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
4 |
G48389779 |
100109681 |
HDFC BANK LIMITED |
31/05/2017 |
- |
- |
1000000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARG,LOWER PAREL WMUMBAIMH400013IN |
|
5 |
G48161459 |
100108943 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
16/05/2017 |
- |
- |
1000000000.0 |
MAHAMA GANDHI ROAD,FORT,MUMBAIMH400001IN |
|
6 |
G44450120 |
100099226 |
ST. HELEN'S NOMINEES INDIA PVT LTD. ACTING AS AGENT OF STANDARD CHARTERED BANK |
12/05/2017 |
- |
- |
750000000.0 |
CRESENZO, 1ST FLOOR, PLOT NO C-38 & 39G - BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
7 |
G42032003 |
100092646 |
STATE BANK OF INDIA |
29/03/2017 |
- |
- |
1000000000.0 |
COMMERCIAL BRANCH, N G N VAIDYA MARG,FORT, HORNIMON CIRCLEMUMBAIMH400001IN |
|
8 |
G42121830 |
100092933 |
CITI BANK N.A. |
24/03/2017 |
- |
- |
714450000.0 |
FIRST INTERNATIONAL FINANCIAL CENTRE,9TH FLOORPLOT NO. C-54 & 55, BKC, BANDRA (E)MUMBAIMH400051IN |
|
9 |
G05393038 |
100031897 |
IDBI BANK LIMITED |
22/03/2016 |
- |
- |
15610000000.0 |
47, OPUS CENTER,M.I.D.C., ANDHERI (EAST),MUMBAIMH400093IN |
|
10 |
G05392873 |
100031896 |
IDBI BANK LIMITED |
28/01/2016 |
- |
- |
15610000000.0 |
47, OPUS CENTER,M.I.D.C., ANDHERI (EAST),MUMBAIMH400093IN |
FIXED ASSETS:
· Free Hold Land
· Lease Hold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Goodwill
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.