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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

507172

Report Date :

03.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GHCL LIMITED (w.e.f. 21.11.2003)

 

 

Formerly Known As :

GUJARAT HEAVY CHEMICALS LIMITED

 

 

Registered Office :

GHCL House, Opposite Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380009, Gujarat

Tel. No.:

91-79-26427818

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

14.10.1983

 

 

Com. Reg. No.:

04-006513

 

 

Capital Investment / Paid-up Capital :

INR 994.700 Million

 

 

CIN No.:

[Company Identification No.]

L24100GJ1983PLC006513

 

 

IEC No.:

[Import-Export Code No.]

0588091529

 

 

TIN No.:

24121300055

 

 

PAN No.:

[Permanent Account No.]

AAACG5609C

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AAACG5609C1Z5

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Company is engaged in primarily two segments consisting of Inorganic Chemicals (mainly manufacture and sale of Soda Ash) and Home Textile division (comprising of yarn manufacturing, weaving, processing and cutting and sewing of home textiles products). (Registered Activity and also Confirmed by management)

 

 

No. of Employees :

3555 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Exists 

 

 

Comments :

Subject was incorporated in the year 1983. It is a manufacturer and exporter of inorganic chemicals mainly Soda Ash and Home Textiles.


For the financial year 2017, the revenue of the company has increased by 9.62% along with fair profit margin of 13.03%.


The robust financial profile of the company is marked by healthy networth base along with comfortable debt coverage indicators.


The company has favourable Earning Per Share (EPS) of INR 38.82 against a face value (FV) of INR 10.


The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters.


The company has its share price trading at around INR 278.05 against the Face Value (FV) of INR 10 on BSE as on 2nd May, 2018.


As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 7178.500 million and has reported profit margin of 9.91%.


Business is active. Payment seems to be regular.


In view of aforesaid, the company can be considered for good business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities : A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

22.09.2017

 

Rating Agency Name

CARE

Rating

Short term bank facilities : A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

22.09.2017

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018

 

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 03.05.2018

 

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Anil Mahanti (General Details)

Designation :

Deputy Manager

Contact No.:

91-79-26423623

 

 

Name :

Mr. Sanjeev Gupta (Sales figures)

Designation :

Finance Department

Contact No.:

91-9714618844

 

 

LOCATIONS

 

Registered Office :

GHCL House, Opposite Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380009, Gujarat, India

Tel. No.:

91-79-26427818/ 26442677/ 39324100/ 26423623

Mobile No.:

91-9714618844 (Mr. Sanjeev Gupta)

Fax No.:

91-79-26423623

E-Mail :

sanjeevgupta@ghcl.co.in

secretarial@ghcl.co.in

Website :

www.ghclindia.com

Location :

Owned

Locality :

Commercial

 

 

Corporate/ Head Office :

“GHCL House” B-38, Institutional Area, Sector – 1, Noida - 201301, Uttar Pradesh, India

Tel. No.:

91-120-2536572/ 2535335/ 3358000

Fax No.:

91-120-2535209/ 2534153/ 3358102

E-Mail :

ghclinfo@ghcl.co.in

 

 

Soda Ash Plant :

Village Sutrapada, Near Vereval, District Junagadh – 362275, Gujarat, India.

 

 

Salt Works and Refinery : 

 

·         Ayyakaramulam, Kadinalvayal – 614707, District Nagapattinam, Tamilnadu, India

·         Nemeli Road, Thiruporur – 603110, Tamilnadu, India

·         Port Albert Victor, Via Dungar, Distt.: Amreli - 364555, Gujarat, India

·         713/B, Deri Road, Near Diamond Chowk Krishnanagar, Bhavnagar – 364001, Gujarat, India

 

 

Textiles Division :

·         Paravai, Samayanallur P.O, District Madurai - 625402, Tamilnadu, India 

·         Thaikesar Alai P.O Manaparai – 621312, Tamilnadu, India

·         Survey No. 191/192, Mahala Falia, Village Bhilad, District Valsad – 396105, Gujarat, India

 

 

Energy Division :

·         Muppandal, Irukkandurai Village, Sankaneri Post Radhapuram Taluk, Tirunelveli District, Tamilnadu, India

·         Chinnaputhur Village, Dharapuram Taluk, Erode District, Tamilnadu, India

·         Tirumanagalakurichi Village, Kayathar, Kovilpatti Taluk, Tuticorin District, Tamilnadu, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Ravi Shanker Jalan

Designation :

Managing Director

Address :

330, Mandakini Enclave, Alakhnanda, New - Delhi 110019, India

Date of Birth/Age :

59 Years

Qualification :

B Com, FCA

Experience :

33 Years

Date of Appointment :

24.09.2002

DIN No.:

00121260

 

 

Name :

Mrs. Vijaylaxmi Joshi

Designation :

Director

Address :

Government Bunglow No.25, Dafnala, Shaibaug, Vadodara – 380004, Gujarat, India

Date of Birth/Age :

01.08.1958

Date of Appointment :

20.04.2017

DIN No.:

00032055

 

 

Name :

Mr. Anurag Dalmia

Designation :

Director

Address :

9, Tees January Marg, New Delhi – 110011, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

19.04.1986

DIN No.:

00120710

 

 

Name :

Mr. Neelabh Dalmia

Designation :

Director

Address :

9, Tees January Marg, New Delhi – 110011, India

Date of Appointment :

20.07.2005

DIN No.:

00121760

 

 

Name :

Mr. Mahesh Kumar Kheria

Designation :

Director

Address :

D - 110, Golf Links, Sector – 40, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

18.07.1955

Date of Appointment :

27.02.1998

DIN No.:

00161680

 

 

Name :

Mr. Sanjay Dalmia

Designation :

Director

Address :

9, Tees January Marg, New Delhi – 110011, India

Date of Birth/Age :

17.03.1944

Date of Appointment :

20.10.1983

DIN No.:

00206992

 

 

Name :

Dr. Bhupendra Chandra Jain

Designation :

Director

Address :

16/77-A, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Date of Birth/Age :

08.10.1938

Qualification :

LL.B, ACCS, Ph. D., Fellow member of Institute of Chartered Accountants of India (ICAI)

Date of Appointment :

19.04.1986

DIN No.:

00319666

 

 

Name :

Mr. Raman Chopra

Designation :

Whole-time Director

Address :

B-112, Double Storey, Ramesh Nagar, New Delhi – 110015, India

Date of Birth/Age :

51 Years

Qualification :

B Com, FCA

Experience :

28 Years

Date of Appointment :

12.09.2008

DIN No.:

00954190

 

 

Name :

Mr. Lavanya Rastogi

Designation :

Casual Vacancy Director

Address :

C-412, Yojna Vihar, Delhi – 110092, India

Date of Birth/Age :

08.03.1981

Date of Appointment :

24.11.2014

DIN No.:

01744049

 

 

Name :

Mr. Girish Chandra Srivastava

Designation :

Director

Address :

N 100, Greater Kailashpart 1, New Delhi – 110048, India

Date of Birth/Age :

20.09.1947

Date of Appointment :

10.05.2008

DIN No.:

02194331

 

 

Name :

Mr. Kamalkishore Chandravadan Jani

Designation :

Director

Address :

244, Tower B, Twin Tower, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

18.01.1954

Experience :

He has very wide experience in the Banking industry and his area of specialization is Banking and Finance.

Date of Appointment :

18.09.2014

DIN No.:

02535299

 

 

KEY EXECUTIVES

 

Name :

Mr. Bhuwneshwar Prasad Mishra

Designation :

Company Secretary

Address :

281A / IIIA - GF-II Rachana, Vaishali Ghaziabad – 201010, Uttar Pradesh, India

Date of Appointment :

29.01.2007

PAN No.:

AIWPM9469M

 

 

Name :

Mr. Manoj Kumar Ishwar

Designation :

Senior Manager (Secretarial)

 

 

Name :

Mr. Prabhakaran J. Mudaliar

Designation :

Executive (Secretarial)

 

 

Name :

Mr. Anil Mahanti

Designation :

Deputy Manager

 

 

Name :

Mr. Sanjeev Gupta

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March, 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %

(A) Promoter & Promoter Group

18493388

18.98

(B) Public

78929898

81.02

Grand Total

97423286

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

Individuals/Hindu undivided Family

532774

0.55

Anurag Dalmia

532774

0.55

Any Other (specify)

12452714

12.78

Gems Commercial Company Limited

2940207

3.02

Oval Investment Private Limited

2588848

2.66

Lhonak Enternational Private Limited

1365599

1.40

Hindustan Commercial Company Limited

790286

0.81

Moderate Investment And Commercial Enterprises Limited

614050

0.63

International Resources Limited

611147

0.63

Carissa Investment Private Limited

481752

0.49

Golden Tobacco Limited

416578

0.43

Harvatex Engineering And Processing Company limited

415723

0.43

Wgf Financial Services Limited

378807

0.39

Excellent Commercial Enterprises And Investment Limited

377800

0.39

Carefree Investment Company Limited

302150

0.31

Anurag Trading Leasing And Investment Companyprivate Limited

287200

0.29

Divine Leasing And Finance Limited

249304

0.26

Dalmia Finance Limited

200244

0.21

Archana Trading And Investment Company Private Limited

132848

0.14

Bharatpur Investment Limited

38842

0.04

Sanjay Trading Investment Company Private Limited

29100

0.03

General Exports And Credits Limited

17000

0.02

Pashupatinath Commercial Private Limited

15000

0.02

Sovereign Commercial Private Limited

6000

0.01

Dalmia Housing Finance Limited

5707

0.01

Trishul Commercial Private Limited

5100

0.01

Swastik Commercial Private Limited

3700

0.00

Alankar Commercial Private Limited

2600

0.00

Ricklunsford Trade And Industrial Investment Limited

1960

0.00

Chirawa Investment Limited

1860

0.00

Mourya Finance Limited

1860

0.00

Lakshmi Vishnu Investment Limited

1860

0.00

Sikar Investment Company Limited

1800

0.00

Antarctica Investment Private Limited

768

0.00

Comosum Investment Private Limited

701

0.00

Lovely Investment Private Limited

645

0.00

Altar Investment Private Limited

318

0.00

Ilac Investment Private Limited

217

0.00

Hotex Company Limited

78

0.00

Dear Investment Private Limited

55

0.00

Ram Krishna Dalmia Foundation

165000

0.17

Sub Total A1

12985488

13.33

A2) Foreign

0.00

Any Other (specify)

5507900

5.65

Banjax Limited

2789700

2.86

Hexabond Limited

2718200

2.79

Sub Total A2

5507900

5.65

A=A1+A2

18493388

18.98

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

 

 

Mutual Funds/

9903743

10.17

Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Pure Value Fund

2881007

2.96

Franklin India Smaller Companies Fund

2461227

2.53

Dsp Blackrock Small Cap Fund

2215098

2.27

Uti- Balanced Fund

1797027

1.84

Foreign Portfolio Investors

16326675

16.76

Ares Diversified

4932182

5.06

Hypnos Fund Limited

3100000

3.18

Eos Multi Strategy Fund Limited

2946484

3.02

Rbc Emerging Markets Dividend Fund

1563230

1.60

Financial Institutions/ Banks

156178

0.16

Insurance Companies

3312824

3.40

Life Insurance Corporation Of India

3138105

3.22

Any Other (specify)

528683

0.54

Foreign Mutual Fund

528683

0.54

Sub Total B1

30228103

31.03

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

695428

0.71

Sub Total B2

695428

0.71

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

15575787

15.99

Individual share capital in excess of INR 0.200 Million

8511007

8.74

Ashish Kacholia

1500000

1.54

Ratanben H Patel

1017000

1.04

Suresh Kumar Agarwal

2097084

2.15

Any Other (specify)

23919573

24.55

Trusts

1580

0.00

HUF

934642

0.96

Others

3900

0.00

Non-Resident Indian (NRI)

1620479

1.66

Director or Director's Relatives

260943

0.27

Clearing Members

505205

0.52

Bodies Corporate

20592824

21.14

Noble Communications Private Limited

3713751

3.81

J. P. Financial Services Private Limited

1893000

1.94

Indianivesh Limited

1879409

1.93

Nsccl-Cc

1322739

1.36

Varanasi Commercial Limited

1225000

1.26

Aarkay Investments Private Limited

1100000

1.13

Indianivesh Capitals Limited

993177

1.02

Sub Total B3

48006367

49.28

B=B1+B2+B3

78929898

81.02

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in primarily two segments consisting of Inorganic Chemicals (mainly manufacture and sale of Soda Ash) and Home Textile division (comprising of yarn manufacturing, weaving, processing and cutting and sewing of home textiles products). (Registered Activity and also Confirmed by management)

 

 

Products :

NIC Code No.

Product Description

201

Inorganic Chemicals

139

Cotton Fabrics and Furnishing

131

Cotton Yarn

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         United States of America

·         Canada

·         United Kingdom

 

 

Imports :

 

Products :

Coal Lime Stone

Countries :

·         Indonesia

·         Saudi Arabia

 

 

Terms :

 

Selling :

Advance Payment, L/C, Cheque, Credit and Others (TT, NEFT)

 

 

Purchasing :

Advance Payment, L/C, Cheque, Credit and Others (TT, NEFT)

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

3555 (Approximately) 

 

 

Bankers :

Banker Name :

State Bank of India

Branch :

CAG, Ahmedabad – 380009, Gujarat, India

Person Name (With Designation) :

--

Contact Number :

91-79-26561045 (Continuously Ringing)

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

·         Union Bank of India, Industrial Finance Branch, C.U. Shah Chamber, Ashram Road, Ahmedabad-380014, Gujarat, India

·         Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India

·         IDBI Bank Limited, Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglow, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India

·         Canara Bank

·         Oriental Bank of Commerce

·         Andhra Bank

·         Dena Bank

·         State Bank of Mysore, Industrial Finance Branch, Ground Floor, Shity Ratna Building, Panchvati Circle, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India  (Since merged with SBI w.e.f. 01.04.17)

·         State Bank of Travancore (Since merged with SBI w.e.f. 01.04.17)

·         State Bank of Hyderabad (Since merged with SBI w.e.f. 01.04.17)

·         State Bank of Patiala, Mid Corporate Branch Vishwa Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India (Since merged with SBI w.e.f. 01.04.17)

·         State Bank of Bikaner and Jaipur (Since merged with SBI w.e.f. 01.04.17)

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term loans from banks

 

 

Rupee term loans

5315.900

6750.200

Foreign currency loans

1663.700

0.000

Total

6979.600

6750.200

 

LONG TERM BORROWING

 

Rupee Term Loans from Banks / Institutions have been secured against: -

a) Loan aggregating to INR 1024.500 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds of the loan for Company’s Soda Ash Division situated at village Sutrapada, Veraval in Gujarat. The remaining tenure of the loans is 2 to 8 years.

 

b) Loan aggregating to INR 2025.800 Million is secured by way of first pari passu charge on movable fixed assets of Soda Ash Division situated at village Sutrapada, Veraval, Gujarat excluding assets exclusively charged to other lenders both present and future. The remaining tenure of the loans is 9 years.

 

c) Loan aggregating to INR 1618.100 Million is secured by way of first pari passu charge on movable fixed assets of Soda Ash Division situated at village Sutrapada, Veraval in Gujarat. The remaining tenure of the loans is 2 to 3 years.

 

d) Loan aggregating to INR 518.500 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds of the loan for Company’s Home Textile Division situated at Vapi in Gujarat. The remaining tenure of the loans is 3 to 10 years.

 

e) Loan aggregating to INR 86.900 Million is secured by an exclusive first charge over movable fixed assets situated at Jodia, Jamnagar District, Gujarat, both present and future, created out of the proceeds of the loan. The remaining tenure of the loan is 10 years.

 

f) Loan aggregating to INR 129.600 Million is secured by way of first pari passu charge on movable fixed assets of Home Textile Division situated at Vapi in Gujarat. The remaining tenure of the loans is 1 year.

 

g) Loan aggregating to INR 1078.600 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds of the loan for Company’s Textile Division situated at Madurai, Tamil Nadu. The remaining tenure of the loans is 2 to 10 years.

 

h) Loan aggregating to INR 748.800 Million is secured by extension of first charge on pari passu basis on Factory Land & Building of Textile Division situated at Paravai and Manaparai, Tamil Nadu with other term lenders of the said project. The remaining tenure of the loans is 1 to 3 years.

 

i) Loan aggregating to INR 699.400 Million is secured by first exclusive charge on movable fixed assets of Textile Division situated at Paravai and Manaparai, Tamil Nadu, both present and future, excluding assets exclusively charged to other lenders. The remaining tenure of the loan is 4 years.

 

j) Loan aggregating to INR 476.600 Million is secured by an exclusive first charge on movable fixed assets situated at Tirunelveli District, Tamilnadu, both present and future, created out of the proceeds of the loan. The remaining tenure of the loan is 8 years.

 

k) Loan aggregating to INR 302.200 Million is secured by an exclusive first charge on movable and immovable fixed assets situated at Tirunelveli District, Tamilnadu, both present and future, created out of the proceeds of the loan. The remaining tenure of the loan is 9 years.

 

l) Loan aggregating to INR 457.700 Million is secured by extension of first charge on movable fixed assets of Consumer Product division situated at Chennai and Industrial Salt Division situated at Bhavnagar and exclusive first charge on the factory land and building situated at Thiruporur village, Chengalpattu Taluka, Kancheepuram District, Chennai. The remaining tenure of the loan is 3 years.

 

m) Out of all the aforesaid secured Loans appearing totalling INR 9166.700 Million, an amount of INR 2187.100 Million is due for payment in next 12 months and accordingly reported under note no 19 under the head “ Other Current financial liabilities” as ‘current maturities of long term borrowing’.

 

Statutory Auditor 1 :

 

Name :

S.R. Batliboi and Company LLP

Chartered Accountants

Address :

Golf View Corporate Tower B, Sector 42, Sector Road, Gurugram – 122002, Haryana, India

Tel. No.:

91-124-4644000

Fax No.:

91-124-4644050

 

 

Statutory Auditor 2 :

 

Name :

Rahul Gautam Divan and Associates

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Wholly owned subsidiaries:

·         Dan River Properties LLC

·         Grace Home Fashions LLC

 

 

Enterprises over which key managerial personnel are able to exercise significant influence :

·         Dalmia Centre for Research & Development

·         GHCL Foundation Trust

·         GHCL Employees Group Gratuity Scheme

·         Gujarat Heavy Chemical Limited Superannuation Scheme

 

 

CAPITAL STRUCTURE

 

After 29.06.2017

 

Authorised Capital : 1750.000 million

 

Issued, Subscribed & Paid-up Capital : INR 974.233 million

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares (in Crore)

Type

Value

Amount

 

 

 

 

17.50

Equity Shares

INR 10/- each

INR 1750.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares (in Crore)

Type

Value

Amount

 

Equity shares of INR 10 each issued, subscribed and fully paid

 

 

10.00

As at April 1, 2015

INR 10/- each

1000.200

--

Changes during the period

 

--

10.00

At March 31, 2016

INR 10/- each

1000.200

(0.05)

Changes during the period *

 

(5.500)

99.50

At March 31, 2017

INR 10/- each

994.700

 

 

Shareholder's holding more than 5 % Shares

 

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares. No Shares have been issued by the Company for consideration other than cash, during the period of five years immediately preceding the reporting date.

 

* The Board of Directors of the Company, at its meeting held on January 31, 2017, has approved a proposal to buy back upto 3200000 equity shares of the Company for an aggregate amount not exceeding INR 800.000 Million, being 3.2% of the total paid up equity share capital at amount per share not exceeding INR 315. During the year, the Company has bought back 573438 equity share out of which 546550 equity shares have been extinguished at 31.03.2017. The balance 26888 shares has been cancelled post 31st March 2017.

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

994.700

1000.200

1000.200

(b) Reserves & Surplus

12518.500

9332.600

6697.100

(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)

13513.200

10332.800

7697.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

6979.600

6750.200

7837.500

(b) Deferred tax liabilities (Net)

2359.800

1949.300

1727.300

(c) Other long term liabilities

0.000

0.000

46.800

(d) long-term provisions

61.300

53.300

37.800

Total Non-current Liabilities (3)

9400.700

8752.800

9649.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5140.200

4081.300

4541.600

(b) Trade payables

3443.200

2853.500

3919.300

(c) Other current liabilities

3042.500

2951.500

1687.700

(d) Short-term provisions

137.500

107.800

412.800

Total Current Liabilities (4)

11763.400

9994.100

10561.400

 

 

 

 

TOTAL

34677.300

29079.700

27908.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

23979.800

20470.500

19320.300

(ii) Intangible Assets

10.700

4.500

3.200

(iii) Capital work-in-progress

260.000

368.900

70.100

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

87.800

60.500

15.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

130.300

136.500

130.900

(e) Other Non-current assets

254.800

463.500

4.700

Total Non-Current Assets

24723.400

21504.400

19545.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5092.400

4076.300

4173.300

(c) Trade receivables

3268.500

2465.500

2675.100

(d) Cash and cash equivalents

319.900

408.600

319.900

(e) Short-term loans and advances

0.000

0.000

1194.700

(f) Other current assets

1273.100

624.900

0.000

Total Current Assets

9953.900

7575.300

8363.000

 

 

 

 

TOTAL

34677.300

29079.700

27908.100

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

29693.900

27087.500

23736.100

 

Other Income

107.800

74.700

112.600

 

TOTAL

29801.700

27162.200

23848.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

10699.100

9004.200

9039.200

 

Purchases of Stock-in-Trade

917.500

693.400

621.500

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(435.300)

(53.300)

(127.700)

 

Employees benefits expense

1581.300

1332.400

1258.700

 

Excise duty on sales of goods

1886.900

1765.600

0.000

 

Exceptional item

30.400

135.000

274.100

 

Other expenses

7907.900

8062.300

7720.600

 

TOTAL

22587.800

20939.600

18786.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

7213.900

6222.600

5062.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

1337.700

1628.200

1638.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5876.200

4594.400

3423.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

856.900

817.400

844.500

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5019.300

3777.000

2579.400

 

 

 

 

 

Less

TAX

1151.600

1210.700

749.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3867.700

2566.300

1830.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

7016.900

6754.500

5388.600

 

TOTAL EARNINGS

7016.900

6754.500

5388.600

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

4817.700

2883.000

3020.600

 

TOTAL IMPORTS

4817.700

2883.000

3020.600

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

38.82

25.57

NA

Diluted

38.57

25.57

NA

 

 

Particulars

 

 

 

31.03.2018

Sales Turnover (Approximately)

 

 

30000.000

 

 

 

(Due to Business Growth)

 

The above information has been parted by Mr. Sanjeev Gupta (Finance Department)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

2187.100

2420.400

856.300

Cash generated from operations

5535.600

5912.900

3523.500

Net cash flow from operating activity

4451.600

4935.900

2899.200

 

 

QUARTERLY RESULTS

 

Particulars

(Unaudited)

30.06.2017

1st Quarter

30.09.2017

2nd Quarter

31.12.2017

3rd Quarter

Net Sales

8012.600

7143.000

7178.500

Total Expenditure

6372.100

5785.100

5796.800

PBIDT (Excl OI)

1640.500

1357.900

1381.700

Other Income

28.700

30.800

202.800

Operating Profit

1669.200

1388.700

1584.500

Interest

306.400

346.900

281.200

Exceptional Items

NA

NA

NA

PBDT

1362.800

1041.800

1303.300

Depreciation

251.500

250.400

253.700

Profit Before Tax

1111.300

791.400

1049.600

Tax

(467.300)

258.200

337.900

Provisions and contingencies

NA

NA

NA

Profit After Tax

1578.600

533.200

711.700

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

1578.600

533.200

711.700

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

40.18

33.22

41.14

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

9.08

10.99

8.87

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

108.19

107.40

148.08

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.42

1.53

1.21

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.30

0.30

0.26

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.60

0.66

0.69

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.06

1.28

1.72

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.87

0.97

1.37

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.79

2.02

2.52

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

5.39

3.82

3.09

 

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

13.03

9.47

7.71

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

11.15

8.83

6.56

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

28.62

24.84

23.78

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.85

0.76

0.79

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.41

0.35

0.40

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.39

0.36

0.28

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

14.38

13.25

13.23

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.85

0.76

0.79

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 278.05/-

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

1000.200

1000.200

994.700

Reserves & Surplus

6697.100

9332.600

12518.500

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

7697.300

10332.800

13513.200

 

 

 

 

Long-term borrowings

7837.500

6750.200

6979.600

Short term borrowings

4541.600

4081.300

5140.200

Current Maturities of Long term debt

856.300

2420.400

2187.100

Total borrowings

13235.400

13251.900

14306.900

Debt/Equity ratio

1.719

1.283

1.059

 

 

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

23736.100

27087.500

29693.900

 

 

14.119

9.622

 

 

 

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

23736.100

27087.500

29693.900

Profit / (Loss)

1830.200

2566.300

3867.700

 

7.71%

9.47%

13.03%

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

994.700

1000.200

(b) Reserves & Surplus

 

12470.500

9359.000

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

13465.200

10359.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

6979.600

6750.200

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

2359.800

1931.500

(d) long-term provisions

 

61.300

53.300

Total Non-current Liabilities (3)

 

9400.700

8735.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

5466.200

4479.800

(b) Trade payables

 

3443.200

2853.500

(c) Other current liabilities

 

3122.700

2951.600

(d) Short-term provisions

 

138.000

107.800

Total Current Liabilities (4)

 

12170.100

10392.700

 

 

 

 

TOTAL

 

35036.000

29486.900

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

23999.900

20487.400

(ii) Intangible Assets

 

10.700

4.500

(iii) Capital work-in-progress

 

260.000

368.900

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

87.800

60.500

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

68.100

68.100

(e) Other Non-current assets

 

339.900

548.700

Total Non-Current Assets

 

24766.400

21538.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

5843.300

5033.100

(c) Trade receivables

 

2761.600

1827.500

(d) Cash and cash equivalents

 

361.400

426.200

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

1303.300

662.000

Total Current Assets

 

10269.600

7948.800

 

 

 

 

TOTAL

 

35036.000

29486.900

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

29992.300

27073.100

 

Other Income

 

132.500

103.900

 

TOTAL

 

30124.800

27177.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

10699.100

9004.200

 

Purchases of Stock-in-Trade

 

917.500

769.300

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(229.300)

(309.500)

 

Employees benefits expense

 

1584.900

1336.200

 

Excise duty on sales of goods

 

1886.900

1765.700

 

Exceptional Item

 

30.400

135.000

 

Other expenses

 

8057.900

8212.800

 

TOTAL

 

22947.400

20913.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

7177.400

6263.300

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1367.800

1649.200

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

5809.600

4614.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

856.900

817.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

4952.700

3796.700

 

 

 

 

 

Less

TAX

 

1152.200

1219.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

3800.500

2577.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

38.26

25.77

Diluted 

 

38.01

25.77

 

LEGAL CASES

 

HIGH COURT

 

AHMEDABAD AHMEDABAD H T MEDIA LIMITED VS GHCL LIMITED

high court-Guj

Case no:21. COMP/215/2014

Case status:Pending

Judge:HON'BLE MR.JUSTICE A.J.DESAI

Date:2016-11-02T00:00:00Z



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AHMEDABAD AHMEDABAD COMMISSIONER OF INCOME TAX VS GHCL LIMITED.

high court-Guj

Case no:110. TAXAP/666/2007

Case status:Pending

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Date:2015-09-22T00:00:00Z



HIGH COURT

 

AHMEDABAD AHMEDABAD RECTELLA LTD VS GHCL LIMITED

high court-Guj

Case no:28. COMP/224/2014

Case status:Pending

Judge:HON'BLE MR.JUSTICE VIPUL M. PANCHOLI

Date:2015-08-14T00:00:00Z


HIGH COURT

 

AHMEDABAD COMMISSIONER OF INCOME TAX VS GHCL LIMITED.

high court-Guj

Case no:52. TAXAP/666/2007

Case status:Pending

Judge:HON'BLE MR.JUSTICE VIPUL M. PANCHOLI

Date:2015-07-07T00:00:00Z


HIGH COURT

 

VALSAD VALSAD COMMISSIONER VS GHCL LIMITED

high court-Guj

Case no:79. OJCA/182/2015

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2016-01-20T00:00:00Z


HIGH COURT

 

VALSAD COMMISSIONER VS GHCL LIMITED

high court-Guj

Case no:OJCA/182/2015

Case status:Pending

Judge:HON'BLE MS.JUSTICE HARSHA DEVANI

Date:2015-02-25T00:00:00Z


HIGH COURT

 

AHMEDABAD H T MEDIA LIMITED VS GHCL LIMITED

high court-Guj

Case no:38. COMP/215/2014

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2015-04-02T00:00:00Z


HIGH COURT

 

AHMEDABAD RECTELLA LTD VS GHCL LIMITED

high court-Guj

Case no:26. COMP/224/2014

Case status:Pending

Judge:HON'BLE MR.JUSTICE N.V.ANJARIA

Date:2015-11-03T00:00:00Z

 

HIGH COURT

 

AHMEDABAD GORDON JOHN TEXTILES LTD VS GHCL LTD

high court-Guj

Case no:52. SCA/9913/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2015-04-02T00:00:00Z


HIGH COURT

 

H T MEDIA LIMITED VS GHCL LIMITED

high court-Guj

Case no:32. COMP/215/2014 AHMEDABAD

Case status:Pending

Judge:HON'BLE MR.JUSTICE R.M.CHHAYA

Date:2015-06-01T00:00:00Z



HIGH COURT

 

AHMEDABAD AHMEDABAD GORDON JOHN TEXTILES LT D VS GHCL LTD

high court-Guj

Case no:39 SCA/9913/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE A.J.DESAI

Date:2015-07-30T00:00:00Z

 

HIGH COURT

 

AHMEDABAD COMMISSIONER VS GHCL LIMITED

high court-Guj

Case no:TAXAP/32/2015

Case status:Pending

Judge:HON'BLE MS.JUSTICE HARSHA DEVANI

Date:2015-01-22T00:00:00Z


HIGH COURT

 

AHMEDABAD AHMEDABAD GORDON JOHN TEXTILES LT D VS GHCL LTD

high court-Guj

Case no:29. SCA/9913/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE VIPUL M. PANCHOLI

Date:2015-09-23T00:00:00Z


HIGH COURT

 

AHMEDABAD AHMEDABAD COMMISSIONER OF INCOME TAX Page 55 of HCNI VS GHCL LIMITED.

high court-Guj

Case no:70. TAXAP/666/2007

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2016-01-29T00:00:00Z


HIGH COURT

 

VALSAD 135 VALSAD VALSAD COMMISSIONER VS GHCL LIMITED FOR ORDERS

high court-Guj

Case no:50. OJCA/182/2015

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 2

Date:2015-03-09T00:00:00Z



 

 

HIGH COURT

 

VALSAD 160 VALSAD VALSAD COMMISSIONER VS GHCL LIMITED FOR FINAL HEARING

high court-Guj

Case no:109. OJCA/182/2015

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2015-11-26T00:00:00Z



HIGH COURT

 

AHMEDABAD AHMEDABAD H T MEDIA LIMITED VS GHCL LIMITED Page 66 of HCNI

high court-Guj

Case no:29. COMP/215/2014

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2016-01-21T00:00:00Z



HIGH COURT

 

AHMEDABAD AHMEDABAD COMMISSIONER OF INCOME TAX VS Page 53 of HCNI GHCL LIMITED.

high court-Guj

Case no:62. TAXAP/666/2007

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 2

Date:2015-08-12T00:00:00Z



HIGH COURT

 

AHMEDABAD BIBI BAJWA DO BASHIR ASGHAR BA JWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN

high court-Guj

Case no:15. COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE K.J.THAKER

Date:2015-06-25T00:00:00Z

 

HIGH COURT

 

AHMEDABAD BIBI BAJWA DO BASHIR ASGHAR BA JWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN

high court-Guj

Case no:21. COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE N.V.ANJARIA

Date:2015-04-21T00:00:00Z

 

HIGH COURT

 

AHMEDABAD MR A AHMEDABAD MR A AHMEDABAD GORDON JOHN TEXTILES LT D VS GHCL LTD AR N BHATT On Leave from

high court-Guj

Case no:28. SCA/9913/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE VIPUL M. PANCHOLI

Date:2015-04-11T00:00:00Z




HIGH COURT

 

AHMEDABAD AHMEDABAD BIBI BAJWA DO BASHIR A Page 134 of HCN Created On Fri Aug 28 SGHAR BAJWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN

high court-Guj

Case no:COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2015-08-28T00:00:00Z

 

HIGH COURT

 

AHMEDABAD AHMEDABAD BIBI BAJWA DO BASHIR A SGHAR BAJWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN

high court-Guj

Case no:12. COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE PARESH UPADHYAY

Date:2015-07-09T00:00:00Z

 

HIGH COURT

 

AHMEDABAD AHMEDABAD BIBI BAJWA DO BASHIR A SGHAR BAJWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN

high court-Guj

Case no:14. COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE - 1

Date:2015-04-08T00:00:00Z

 

HIGH COURT

 

AHMEDABAD AHMEDABAD RECTELLA LTD VS GHCL LIMITED Page 231 of HCN Created On Fri Oct 09

high court-Guj

Case no:23. COMP/224/2014

Case status:Pending

Judge:HON'BLE TAXING OFFICER

Date:2015-12-10T00:00:00Z

 

HIGH COURT

 

AHMEDABAD MS A AHMEDABAD MS A AHMEDABAD BIBI BAJWA DO BASHIR A SGHAR BAJWA DECEASED VS GHCL LIMITED THROUGH MANAGING DIRECTOR RAVI SHANKAR JALAN EE YAJNIK On Leave from

high court-Guj

Case no:11. COMA/34/2012

Case status:Pending

Judge:HON'BLE MR.JUSTICE VIPUL M. PANCHOLI

Date:2015-08-20T00:00:00Z

 

HIGH COURT

 

INDIA INFOLINE LIMITED Vs. GHCL EMPLOYEE STOCK OPTION TRUST

high court-Delhi

Case no:O.M.P. (COMM) 326/2016

Case status:Pending

Judge:HON BLE MR. JUSTICE NAVIN CHAWLA

Date:2017-11-28

 

HIGH COURT

 

INDIA INFOLINE LIMITED Vs. GHCL EMPLOYEE STOCK OPTION TRUST

high court-Delhi

Case no:O.M.P. 554/2014

Case status:Pending

Judge:HON BLE MR. JUSTICE MANMOHAN SINGH

Date:2016-09-17

 

HIGH COURT

 

INDIA INFOLINE LIMITED Vs. GHCL EMPLOYEE STOCK OPTION TRUST

high court-Delhi

Case no:O.M.P. (COMM) 540/2016

Case status:Pending

Judge:HON BLE MR. JUSTICE JAYANT NATH

Date:2017-04-25

 

HIGH COURT

 

INDIA INFOLINE LIMITED Vs. GHCL EMPLOYEE STOCK

high court-Delhi

Case no:O.M.P. (COMM) 326/2016 I.A. 11753/2015

Case status:Pending

Judge:HON BLE DR. JUSTICE S. MURALIDHAR

Date:2016-11-18

 

HIGH COURT

 

H T MEDIA LIMITED VS GHCL LIMITED

high court-Gujarat

Case no:COMP/215/2014

Case status:Pending

Judge:HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

Date:2016-11-16

 

HIGH COURT

 

COMMISSIONER OF INCOME MRS MAUNA M BHATT 1 TAXII VS GHCL LIMITED

high court-Gujarat

Case no:TAXAP/1597/2009

Case status:Pending

Judge:HONOURABLE MR.JUSTICE AKIL KURESHI AND HONOURABLE MR.JUSTICE A.J. SHASTRI

Date:2016-08-26

 

HIGH COURT

 

GORDON JOHN TEXTILES LT MR HEMANG M SHAH 1 D VS GHCL LTD

high court-Gujarat

Case no:SCA/9913/2012

Case status:Pending

Judge:HONOURABLE MR.JUSTICE S.H.VORA

Date:2017-01-12



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

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)

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

CORPORATE INFORMATION

 

The Company is a public Company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed with the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The registered office of the Company is located at GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat. The Company is engaged in primarily two segments consisting of Inorganic Chemicals (mainly manufacture and sale of Soda Ash) and Home Textile division (comprising of yarn manufacturing, weaving, processing and cutting and sewing of home textiles products).

 

PERFORMANCE HIGHLIGHTS AND STATE OF COMPANY’S AFFAIRS

 

SODA ASH

 

The total Global Production in 2016 as per IHS Chemical report, was approximately 56 million tpa with an estimated capacity of approximately 65 million tpa. Global demand for Soda Ash reportedly grew approximately 2% annually over the last year. Glass markets, which account more than half of global demand, are expected to remain the dominant end use for soda ash, while chemicals and detergents will also remain important downstream consumers. However, like many raw materials, the soda ash industry also has become very sensitive to fluctuations in economic conditions.

 

In spite of increasing economic problems that are affecting the financial viability of some operations, China continues to be the largest Soda Ash player in the world, having a capacity of 30.00 million tpa, which is 47% of the global capacity. It has however been observed that on account of the pressure faced by the domestic industry due to unhindered capacity expansions in the past, China has in fact significantly slowed down additions to Capacity in a hope of creating a balance in the industry. Turkey will be the new major player in the Global Soda Ash market, with locally-based Ciner Group already added 0.5 million in the beginning of this year and due to add a further 2 million tpa soda ash capacity to the market by 2017 end. It is expected that during this phase, Turkey shall continue to exert pressure on the high cost European manufacturers. Some surplus volumes are also expected to compete with China/US volumes in South East Asia and the Middle East. US which produces natural soda ash have a capacity of 13.16 million tons and they produced 11.74 million tons of soda ash. The US production is stated to have grown by 2% in 2016 where as domestic demand for soda ash saw a negative growth of 2% versus 2015. They exported 6.67 million tons, 46% of their exports are to North & South America which is their natural market. Their export to Indian Subcontinent is only 2%.

 

Although naturally produced soda ash has some cost benefits over synthetic material, there is not sufficient supply of natural soda ash to cater to the entire global market. Synthetic soda ash accounts for around three quarters of global capacity and is, therefore, here to stay.

 

Globally there is no major mismatch expected between Demand and Supply in soda ash industry, thereby giving it a reasonable stability.

 

As per domestic industry historical trends, the Indian Soda Ash demand is expected to grow by around 5% annually. Their market estimate indicate that downstream demand growth is gradually improving and 2017 is expected to be better than 2016. India’s GDP growth in real terms is slated to be better in the coming Financial Year with the positive impact of reforms. It is expected that downstream sectors like Detergents and Glass should be much more stable this year. A more stable economic outlook would help generate consumer confidence and therefore facilitate higher spending – both urban and rural, leading to a better outlook for Soda Ash.

 

Total Soda Ash installed capacity in India is 3.4 million tons, with an estimated production of about 2.8 million tons in last financial year (2016-17). Going forward we are looking at expansion of 0.25 lacs metric tons in 2017-18 and further expansion of 1.25 lacs metric tons in 2018-19

 

The total size of the Indian soda ash market is about 3.6 million tons including internal consumption and almost all the major industry players are located in the state of Gujarat due to the closeness and ready availability of the main raw materials namely limestone and salt.

 

At present the Soda Ash plant has a capacity of 9.50 lacs tpa.

During the financial year 2016-17 the company has produced 8.01 lacs tons soda ash. This year, the Company has also achieved highest domestic sales i.e. 7.40 lacs tons and total sales of Soda Ash is 7.50 lacs tons including exports.

 

BI-CARBONATE (BICARB)

 

During the year, the Company achieved production of Bi- Carbonate 27677 tons against 24541 tons in the previous year. During the year the Company achieved sales of Bi-Carbonate 27638 tons against 24265 tons in the previous year.

 

Going forward, the company is planning to double its capacity of Sodium Bicarbonate from the current level of 32500 Metric ton per annum to 65000 metric ton per annum to take advantage of the growing market of this product.

 

UNSECURED LOAN

 

Particular

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Cash credit facilities

240.200

0.000

Working capital demand loan

295.000

589.500

Export Packing Credit ( Rupee loan)

2812.400

1883.500

Bill Discounting

198.800

324.000

Packing Credit in foreign currency

25.700

927.200

Foreign currency non resident borrowing

583.700

0.000

Buyers credit in foreign currency

984.400

357.100

Total

5140.200

4081.300

 

Short Term Borrowings

 

This facility is secured by way of hypothecation on inventory and trade receivables and borrowed as under:

(a) Credit Facilities in Indian Rupees: The facilities availed by way of Cash Credit, Working capital demand loan, Export Packing Credit and Bill Discounting are repayable on demand and carries an average interest rate of 7.66% p.a on the amount outstanding.

 

(b) Credit Facilities in Foreign Currency: The facilities availed by way of Foreign currency non resident borrowing, Packing Credit in foreign currency and Buyer's Credit are repayable as per maturity dates being not more than 1 year and carries an average interest rate of 2.19% p.a on the amount outstanding.

 

 

INDEX OF CHARGES

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G80940414

100163683

Export-Import Bank of India

16/03/2018

-

-

2250000000.0

Centre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade Mumbai Maharashtra 400005 India

2

G77051639

100154875

Union Bank of India

22/01/2018

-

-

580000000.0

Industrial Finance Branch, C.U. Shah Chamber, Ashram Road, Ahmedabad-380014, Gujarat, India

3

G47645213

100107552

Export-Import Bank of India

28/06/2017

-

-

260000000.0

Centre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade Mumbai Maharashtra 400005 India

4

G47648548

100107557

Exim-Import Bank of India

28/06/2017

-

-

130000000.0

Centre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade Mumbai Maharashtra 400005 India

5

G37832870

100081923

State Bank of Patiala

04/03/2017

-

-

110000000.0

Mid Corporate Branch Vishwa Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India

6

G33903071

100073365

State Bank of Mysore

06/01/2017

-

-

280000000.0

Industrial Finance Branch, Ground Floor, Shity Ratna Building, Panchvati Circle, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India 

7

G34070193

100073711

State Bank of Mysore

06/01/2017

-

-

150000000.0

Industrial Finance Branch, Ground Floor, Shity Ratna Building, Panchvati Circle, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India 

8

G01377019

100019261

IDBI Bank Limited

02/04/2016

-

-

125000000.0

Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglow, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India

9

G01377597

100019264

IDBI Bank Limited

02/04/2016

-

-

200000000.0

Ahmedabad Branch, IDBI Complex, Opposite Muni Staff Quarters, Near Lal Bunglow, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India

10

G00737551

100017225

Export-Import Bank off India

29/03/2016

-

-

2750000000.0

Centre One Building, Floor 21, World Trade Centre Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Claims against the Company not acknowledged as debts*

 

 

Income Tax

719.200

314.700

Sales Tax / VAT

0.400

0.400

Excise, Custom & Service Tax

1059.500

921.000

Other claims

417.200

580.800

 

Cases pending before Appellate authorities/Dispute Resolution Panel in respect of which the Company has filed appeals.

 

*On the basis of current status of individual case for respective years and as per legal advice obtained by the Company, wherever applicable, the Company is confident of winning the above cases and is of the view that no provision is required in respect of above cases.

 

These include claims against the Company for recovery lodged by various parties.

 

 

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

(INR in Million)

Particular

Quarter Ended

 

Nine Months ended

 

31.12.2017

30.09.2017

31.12.2017

 

(Unaudited)

(Unaudited)

(Unaudited)

Income from Operations

 

 

 

Net Sales/income from operations

7178.500

7143.000

22334.100

Other Operating Income

202.800

30.800

262.300

Total income from operations (net)

7381.300

7173.800

22596.400

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

2815.400

2948.800

8563.400

Purchases of stock-in trade

392.900

383.900

959.600

Changes in inventories of finished goods. work-in-progress and stock in trade

(59.100)

(93.100)

104.400

Excise duty

0.000

0.000

508.700

Employee benefits expense

437.400

441.300

1307.900

Power, fuel and water expenses

1029.400

908.400

2881.900

Depreciation and Amortization Expenses

253.700

250.400

755.600

Finance  cost

281.200

346.900

934.400

Other Expenses

1180.800

1195.800

3628.100

Total expenses

6331.700

6382.400

19644.00

Profit before tax and Exceptional Item

1049.600

791.400

2952.400

Exceptional items

0.000

0.000

0.000

Profit before tax

1049.600

791.400

2952.400

Tax expenses

337.900

258.200

128.800

Net Profit / (Loss) from ordinary activities after tax

711.700

533.200

2823.600

Other comprehensive income (Loss) for the period net of tax not to be reclassified subsequently to profit and loss 

0.400

0.800

1.500

Total comprehensive income for the period comprising profit for the period after ta and other comprehensive income

712.100

534.000

2825.100

Other equity excluding revaluation reserve as per the audited balance sheet

 

 

 

Paid up equity share capital (Face Value of INR 10/-each)

974.200

968.600

974.200

Earnings per share (before extraordinary items) of INR 10/- each (not annualized):

 

 

 

(a) Basic

7.29

5.45

28.89

(b) Diluted

7.23

5.42

28.67

 

 

SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

(INR In million)

Particular

Quarter Ended

 

Nine Months ended

 

31.12.2017

30.09.2017

31.12.2017

 

(Unaudited)

(Unaudited)

(Unaudited)

1. Segment Revenue

 

 

 

Inorganic Chemicals 

4914.400

4433.800

14256.400

Home Textiles

2264.100

2709.200

8077.700

Un-allocated

0.000

0.000

0.000

Total Revenue

7178.500

7143.000

22334.100

 

 

 

 

Segment Results

 

 

 

Operating profit before finance cost and tax

 

 

 

Inorganic Chemicals 

1454.300

1213.900

3875.500

Home Textiles

(78.700)

(60.400)

85.400

Un-allocated

0.000

0.000

0.000

Total Segment Results

1375.600

1153.500

3960.900

Finance Cost

281.200

346.900

934.400

Un-allocated Expenditure

44.800

15.200

74.100

Profit before tax and Exceptional Items

1049.600

791.400

2952.400

Exceptional Items

0.000

0.000

0.000

Profit Before Tax

1049.600

791.400

2952.400

 

 

 

 

Segment Assets

 

 

 

Inorganic Chemicals 

19900.800

18714.700

19900.800

Home Textiles

15147.400

15039.200

15147.400

Un-allocated

458.300

566.500

458.300

Total Segment Assets

35506.500

34320.400

35506.500

 

 

 

 

Segment Liabilities

 

 

 

Inorganic Chemicals 

9788.500

9559.300

9788.500

Home Textiles

8778.000

8629.600

8778.000

Un-allocated

1571.700

1545.400

1571.700

Total Segment Liabilities

20138.200

19734.300

20138.200

 

Notes:

 

1. The above un-audited financial results for the quarter ended December 31, 2017, have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on January 31, 2018. The Statutory Auditors have conducted a "Limited Review" of these financial results in terms of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

2. The Company adopted Indian Accounting Standards ("Ind-AS") effective April 1, 2016 (transition date being April 1, 2015) and accordingly, the financial results for all the period have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.


3. The following were the movements in employee stock options under the scheme “GHCL ESOS 2015”:


i) grant of 230000 equity share options to existing employees,


ii) issue of 560000 equity shares to employees for equity share options vested during earlier quarters,


iii) 55000 equity share options lapsed upon cessation of employment of option holders.


4. According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the corresponding previous quarters ended 31st December 2016, for the Nine months ended 31st December 2016, and year ended 31st March 2017 were reported inclusive of Excise Duty. The Government of India has implemented Goods and Service Tax ("GST') from 1st July 2017 replacing Excise Duty, Service Tax and various other indirect taxes. Accordingly, as per Ind AS 18, the revenue for the quarter ended 30th September 2017-and 31st December 2017, is reported net of GST. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows,

 

Particular

Quarter Ended

 

Nine Months ended

 

31.12.2017

30.09.2017

31.12.2017

 

(Unaudited)

(Unaudited)

(Unaudited)

Revenue from operations (Net of Excise Duty)

 

 

 

Inorganic Chemicals 

4914.400

4433.800

13750.500

Home Textiles

2264.100

2709.200

8074.900

Total Revenue from operations (Net of Excise Duty)

7178.500

7143.000

21825.400

 

 

FIXED ASSETS

 

·         Free hold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Wind Turbine Generators

·         Furniture and Fixture

·         Office Equipment’s

·         Vehicles

·         Leased Mines

·         Salt Works Reservoirs and Pans

 

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 66.66

UK Pound

1

INR 90.66

Euro

1

INR 80.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHR

 

Analysis Done by :

VAR

 

 

Report Prepared by :

JYTK

 

 

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

YES

--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)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.