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MIRA INFORM REPORT
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Report No. : |
507304 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BODAL
CHEMICALS LIMITED |
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Registered
Office : |
Plot
No. 123 and 124, Phase-I, GIDC Vatva, Ahmedabad – 382445, Gujarat |
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Tel. No.: |
91-79-25831684 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.09.1986 |
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Com. Reg. No.: |
04-009003 |
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Capital
Investment / Paid-up Capital : |
INR 218.215 Million |
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CIN No.: [Company Identification
No.] |
L24110GJ1986PLC009003 |
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IEC No.: [Import-Export Code No.] |
0888008406 |
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TIN No: |
24075601087 |
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACD5352M1ZN |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACD5352M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the
business of manufacturing of Dyes, Dye Intermediates and Basic Chemicals. (Registered Activity) |
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No. of Employees
: |
1294 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1986. It is
having excellent track. For the financial year 2017, the company has increased in its revenue
from operations as compared to previous year and maintained decent
profitability margin of 10%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its established track
record of BCL and integrated operations in dyes and dye intermediates
industry offering diversified product portfolio and healthy improvement in the
revenue along with profitability profile during the year. However, rating strength is partially offset volatility in commodity
prices along with foreign exchange rates and dependence on cyclical textile
industry. Trade relations are reported as fair. Business is active. Payment
terms are seems to be regular. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating= A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
27.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
27.04.2018 |
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 04.05.2018
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 DENIED BY
|
Name : |
Mr. Ankit S. Patel |
|
Designation : |
Executive Director |
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Contact No.: |
91-9925034567 |
|
Date : |
03.05.2018 |
Management non-cooperative (Tel No.: 91-79-25831684)
LOCATIONS
|
Registered Office : |
Plot
No. 123 and 124, Phase-I, GIDC, Vatva, Ahmedabad-382445, Gujarat, India |
|
Tel. No.: |
91-79-25831684 / 25834223 / 25835437 / 25836051 |
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Mobile No.: |
91-9925034567 (Mr. Ankit Patel) |
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Fax No.: |
91-79-25835245 / 25836052 |
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E-Mail : |
Dyestuff Division: bodal@bodal.com, bcpl@bodal.com Dye Intermediates Division: rameshpatel@bodal.com Other Chemicals Division: ankitpatel@bodal.com |
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Website : |
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|
Area : |
2851 sq. ft. |
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Location : |
Leased |
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Locality : |
Industrial |
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Factory 1 : |
Plot No. 110, Phase-II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat,
India |
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Factory 2 : |
Plot No. 123 and 124 and C-1-B/111-114, Phase-I, G.I.D.C. Estate,
Vatva, Ahmedabad – 382 445, Gujarat, India |
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Factory 3 : |
Plot No. 2102, Phase-III, G.I.D.C., Vatva, Ahmedabad – 382 445,
Gujarat, India |
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Factory 4: |
Plot No. 252, 253 and C-1/254, Phase-II, G.I.D.C., Vatva, Ahmedabad –
382 445, Gujarat, India |
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Factory 5 : |
Block No-598/A, Village: Piludara, Tauka Jambusar, District Bharuch-391810, Gujarat, India |
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Factory 6 : |
Plot No. 606-607, G.I.D.C., Panoli, Near Ankleshwar, District Bharuch,
Gujarat, India |
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Factory 7 : |
Block No. 804, Village-Dudhwada, Taluka Padra, District Vadodara,
Gujarat, India |
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Factory 8 : |
Block No. 106-108, Ekalbara Village, Taluka Padra, District Vadodara,
Gujarat, India |
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Factory 9 : |
Plot.No:525,532,554,555,556,560,561/1, Village: Dudhwada, Taluka Padara, District Vadodara-391450, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sureshbhai Jayantibhai Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
32,Basant Bahar, Near Stearling Club, Bopal, Ahmedabad - 380058, Gujarat, India |
|
Date of Birth/Age : |
15.04.1956 |
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Qualification : |
Bachelor in Science (B.Sc.) |
|
Date of Appointment : |
13.05.2015 |
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DIN No.: |
0007400 |
|
Name : |
Mr. Bhavin Sureshbhai Patel |
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Designation : |
Executive Director |
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Address : |
32, Basant Bahar, Near Sterling Club,, Bopal, Ahmedabad - 380058, Gujarat, India |
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Date of Birth/Age : |
05.01.1981 |
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Qualification : |
Bachelor in Science (B.Sc.) |
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Date of Appointment : |
13.05.2015 |
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DIN No.: |
00030464 |
|
Name : |
Mr. Ankit Sunil Patel |
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Designation : |
Executive Director |
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Address : |
32,Basant Bahar, Bopal, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
01.04.2014 |
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DIN No.: |
02173231 |
|
Name : |
Mrs. Neha Sunil Huddar |
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Designation : |
Director |
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Address : |
6, Datt Vijay Mahatma Phule Road, Mulund (East), Mumbai-400081, Maharashtra, India |
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Date of Birth/Age : |
21.04.1961 |
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Qualification : |
Chartered Accountancy from ICAI B.Com. from Mumbai University |
|
Date of Appointment : |
10.05.2017 |
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DIN No.: |
00092245 |
|
Name : |
Mr. Bipinbhai Rughnathbhai Patel |
|
Designation : |
Independent Director |
|
Address : |
44, Mithila Society,, Opposite Shreyas Foundation, Ambawadi, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
01186974 |
|
Name : |
Mr. Sunil Kanaiyalal Mehta |
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Designation : |
Independent Director |
|
Address : |
7,Basant Bahar Bunglow, Bopal, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
01736527 |
|
Name : |
Mr. Sunil Kanaiyalal Mehta |
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Designation : |
Additional Director |
|
Address : |
7,Basant Bahar Bunglow, Bopal, Ahmedabad - 380058, Gujarat, India |
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Date of Appointment : |
13.12.2017 |
|
DIN No.: |
01736527 |
|
Name : |
Mr. Nalin Kumar |
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Designation : |
Additional Director |
|
Address : |
1505/6, Floor: 15, Ashok Tower - B, 63/7-4, Dr. B.A. Road, Parel, Mumbai – 400012, Maharashtra, India |
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Date of Birth/Age : |
24.12.1968 |
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Qualification : |
Indian Institute of Technology, Kharagpur, with honors in Chemicals Engineering MBA from IIM, Calcutta, in Finance and Marketing |
|
Date of Appointment : |
13.02.2017 |
|
DIN No.: |
03060741 |
KEY EXECUTIVES
|
Name : |
Mr. Mayur B. Padhya |
|
Designation : |
Chief Financial Officer |
|
Address : |
67, Surmya Bunglow, Off Science City Road, Sola, Ahmedabad – 380060, Gujarat, India |
|
Date of Appointment : |
28.05.2014 |
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PAN No.: |
ADGPP9472L |
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|
|
|
Name : |
Mr. Ashutosh B. Bhatt |
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Designation : |
Company Secretary |
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Address : |
B-13,Hariomnagar Society, Opposite Jiviba School, Near Cadila Bridge, Ghodasar, Ahmedabad – 380050, Gujarat, India |
|
Date of Appointment : |
30.07.2012 |
|
PAN No.: |
BDRPB8951Q |
MAJOR SHAREHOLDERS
AS ON MARCH 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
67114959 |
54.93 |
|
(B) Public |
55073806 |
45.07 |
|
Grand Total |
122188765 |
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 % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided
Family |
56533259 |
46.27 |
|
|
Sureshbhai Jayantibhai Patel |
34835151 |
28.51 |
|
|
Bhavin Suresh Patel |
9459549 |
7.74 |
|
|
Ankit Sureshbhai Patel |
6536550 |
5.35 |
|
|
Meenaben Sureshbhai Patel |
5228960 |
4.28 |
|
|
Ramesh Prabodhchandra Patel |
385299 |
0.32 |
|
|
Bansibhai Maganbhai Patel |
31680 |
0.03 |
|
|
Rakeshbhai Ravjibhai Patel |
31680 |
0.03 |
|
|
Ramesh Prabodhchandra Patel |
24390 |
0.02 |
|
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Sub Total A1 |
56533259 |
46.27 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
10581700 |
8.66 |
|
|
Rameshbhai Dahyabhai Patel |
4796960 |
3.93 |
|
|
Jayanti Dahyabhai Patel |
3499165 |
2.86 |
|
|
Shakuntala J Patel |
2285575 |
1.87 |
|
|
Sub Total A2 |
10581700 |
8.66 |
|
|
A=A1+A2 |
67114959 |
54.93 |
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 |
0 |
0.00 |
|
|
Mutual Funds/ |
8034057 |
6.58 |
|
|
Icici Prudential Long Term
Equity Fund Tax Savings |
4389147 |
3.59 |
|
|
Reliance Capital Trustee
Company Limited A/C Reliance Growth Fund |
2616279 |
2.14 |
|
|
Foreign Portfolio Investors |
9037999 |
7.40 |
|
|
National Westminster Bank Plc
As Trustee Of The Jupiter India Fund |
2111814 |
1.73 |
|
|
Financial Institutions/ Banks |
105960 |
0.09 |
|
|
Insurance Companies |
4000 |
0.00 |
|
|
Sub Total B1 |
17182016 |
14.06 |
|
|
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 |
24277520 |
19.87 |
|
|
Individual share capital in
excess of INR 0.200 Million |
3437530 |
2.81 |
|
|
Any Other (specify) |
10176740 |
8.33 |
|
|
Trusts |
34650 |
0.03 |
|
|
Foreign Nationals |
6993 |
0.01 |
|
|
HUF |
1170798 |
0.96 |
|
|
Non-Resident Indian (NRI) |
1648773 |
1.35 |
|
|
Clearing Members |
689295 |
0.56 |
|
|
Bodies Corporate |
5812396 |
4.76 |
|
|
Bengal Finance & Investment
Pvt. Ltd |
1527861 |
1.25 |
|
|
Director or Director's
Relatives |
201000 |
0.16 |
|
|
IEPF |
612835 |
0.50 |
|
|
Sub Total B3 |
37891790 |
31.01 |
|
|
B=B1+B2+B3 |
55073806 |
45.07 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the
business of manufacturing of Dyes, Dye Intermediates and Basic Chemicals. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1294 (Approximately) |
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Bankers : |
·
Bank of India |
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Facilities : |
NOTES: SHORT TERM BORROWINGS Working Capital Loans from Banks are secured by Hyp. Of Inventories, Book Debts and bills drawn under letter of credit and confirmed contracts and collaterally secured by equitable mortgage of Immovable property and Hyp. Of P&M of the company and personal guarantees of the Chairman and Managing Director and Executive directors. |
|
Auditors 1: |
|
|
Name : |
Mayank
Shah and Associates Chartered
Accountants |
|
Address : |
706-708-A,
Mahakant, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat,
India |
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Tel. No.: |
91-79-26575642/
9106 |
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Email : |
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|
|
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Auditors 2: |
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|
Name : |
Deloitte
Haskins and Sells LLP Chartered
Accountants |
|
Address : |
19th Floor, Shapath – V, S.G. Highway, Ahmedabad – 380015,
Gujarat, India |
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Tel. No.: |
91-79-66827300 |
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Fax. No: |
91-79-66827400 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise under
significant influence of key management personnel (Enterprise) : |
· Shanti Inorgo Chem (Gujarat) Private Limited · Rudraksh Caterers Private Limited |
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|
Associate Concern |
Trion Chemicals Private Limited (W.e.f 16th March,2017) |
|
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Subsidiary Company
(SC) |
SPS Processors Private Limited (W.e.f 21st March,2017) |
|
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|
Wholly-owned
Subsidiary Company (WOS) |
Bodal Agrotech Limited (Up to 31st March, 2016) |
CAPITAL STRUCTURE
AFTER: 23.09.2017
Authorised Capital : INR 520.000 million
Issued, Subscribed & Paid-up Capital : INR 244.378
million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135000000 |
Equity Shares |
INR 2/- each |
INR 270.000 Million |
|
25000000 |
Preference Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 520.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109107370 |
Equity Shares |
INR 2/- each |
INR 218.215 Million |
|
|
|
|
|
Pursuant to the Scheme of Amalgamation u/s 391 to 394 of the Companies Act, 1956 and u/s 52 of the Companies Act, 2013 for amalgamation of Bodal Agrotech Limited (Transferor Company) with the Company, with effect from 1st April, 2016 (appointed date), as sanctioned by the Hon’ble High Court of Gujarat dated 11th November 2016, Authorised Share Capital of Bodal Agrotech Limited of H30 million has been added in the Authoried Share Capital of the Company.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Opening balance |
109107370 |
|
Issued during the Year |
Nil |
|
Closing balance |
109107370 |
|
|
|
|
Preference Shares |
|
|
Opening balance |
Nil |
|
Redeemed during the Year |
Nil |
|
Closing balance |
Nil |
Rights,
preferences and restrictions attached to shares
Equity shares
The Company has only one class of equity shares having a par value of INR 2/- per share. Each shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares : |
|
|
|
Shri Suresh J. Patel |
34695151 |
31.80 |
|
Shri Bhavin S. Patel |
9459549 |
8.67 |
|
Shri Ankit S. Patel |
6536550 |
5.99 |
The Board of Directors at its meeting held on 3rd August, 2016 declared an interim dividend of INR 0.30 (Paise thirty only) per equity share of INR 2/- each. The total dividend appropriation for the year ended 31st March, 2017 amounted to INR 39.40 million including corporate dividend tax of INR 6.67 million.
The Board of Directors at its meeting held on 25th May, 2017 has recommended a final dividend of INR 0.50 (Paise fifty only) per equity share for the financial year ended March 31, 2017. The proposal is subject to the approval of shareholders at the Annual General Meeting and if approved would result in a cash outflow of INR 65.66 million including corporate dividend tax of INR 11.11 million.
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 |
218.210 |
218.210 |
468.215 |
|
(b) Reserves & Surplus |
3374.930 |
2177.250 |
1390.051 |
|
(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) |
3593.140 |
2395.460 |
1858.266 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.140 |
6.790 |
862.074 |
|
(b) Deferred tax liabilities (Net) |
190.080 |
168.070 |
129.725 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
197.220 |
174.860 |
991.799 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1411.520 |
1422.250 |
1224.914 |
|
(b) Trade
payables |
1529.650 |
1046.800 |
1124.903 |
|
(c) Other
current liabilities |
65.830 |
56.290 |
186.612 |
|
(d) Short-term
provisions |
26.890 |
44.860 |
5.539 |
|
Total Current
Liabilities (4) |
3033.890 |
2570.200 |
2541.968 |
|
|
|
|
|
|
TOTAL |
6824.250 |
5140.520 |
5392.033 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1950.530 |
1832.030 |
1886.334 |
|
(ii)
Intangible Assets |
8.120 |
9.630 |
11.109 |
|
(iii)
Capital work-in-progress |
91.670 |
2.720 |
32.433 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
166.240 |
33.270 |
33.275 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
829.360 |
223.590 |
196.484 |
|
(e) Other
Non-current assets |
8.120 |
0.420 |
4.673 |
|
Total Non-Current
Assets |
3054.040 |
2101.660 |
2164.308 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1186.580 |
872.940 |
779.565 |
|
(c) Trade
receivables |
2250.630 |
1665.970 |
1971.950 |
|
(d) Cash
and cash equivalents |
59.990 |
38.350 |
30.254 |
|
(e)
Short-term loans and advances |
236.840 |
414.510 |
413.874 |
|
(f) Other
current assets |
36.170 |
47.090 |
32.082 |
|
Total
Current Assets |
3770.210 |
3038.860 |
3227.725 |
|
|
|
|
|
|
TOTAL |
6824.250 |
5140.520 |
5392.033 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
11841.440 |
9097.880 |
10453.122 |
|
|
Other Income |
67.610 |
120.140 |
47.179 |
|
|
TOTAL |
11909.050 |
9218.020 |
10500.301 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7621.130 |
5738.020 |
6078.909 |
|
|
Purchases of
Stock-in-Trade |
102.990 |
68.210 |
299.82 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(118.790) |
(101.590) |
200.426 |
|
|
Employees benefits
expense |
414.490 |
367.890 |
589.947 |
|
|
Exceptional Items |
(48.540) |
(78.990) |
0.000 |
|
|
Other expenses |
1618.550 |
1526.050 |
1441.363 |
|
|
TOTAL |
9589.830 |
7519.590 |
8610.465 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2319.220 |
1698.430 |
1889.836 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
66.340 |
121.990 |
272.753 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2252.880 |
1576.440 |
1617.083 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
258.520 |
257.780 |
222.479 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1994.360 |
1318.660 |
1394.604 |
|
|
|
|
|
|
|
Less |
TAX |
708.240 |
452.670 |
474.439 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1286.120 |
865.990 |
920.165 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1450.540 |
913.364 |
-6.801 |
|
|
|
|
|
|
|
Add |
Addition on amalgamation with Bodal Agrotech
Limited |
(49.400) |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Capital
Redemption Reserve |
0.000 |
250.000 |
0.000 |
|
|
Interim Dividend on
Equity Shares |
32.730 |
65.470 |
0.000 |
|
|
Tax on Dividends |
6.670 |
13.320 |
0.000 |
|
|
Total (M) |
39.400 |
328.790 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
2647.860 |
1450.564 |
913.364 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3410.310 |
2934.710 |
4039.051 |
|
|
TOTAL EARNINGS |
3410.310 |
2934.710 |
4039.051 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
744.720 |
427.190 |
492.746 |
|
|
Other Materials |
1.030 |
0.000 |
0.000 |
|
|
Capital Goods |
4.030 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
749.780 |
427.190 |
492.746 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
11.79 |
7.94 |
8.43 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.050 |
0.000 |
0.779 |
|
Cash generated from operations |
1906.660 |
1684.920 |
2377.380 |
|
Net Cash from Operating Activities |
1212.490 |
1327.411 |
1977.996 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
2946.240 |
2625.070 |
3040.710 |
|
Total Expenditure |
2436.750 |
2161.440 |
2515.160 |
|
PBIDT (Excl OI) |
509.490 |
463.630 |
525.550 |
|
Other Income |
47.850 |
17.880 |
22.590 |
|
Operating Profit |
557.340 |
481.510 |
548.140 |
|
Interest |
17.090 |
9.160 |
12.220 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
540.250 |
472.350 |
535.920 |
|
Depreciation |
61.380 |
63.640 |
64.960 |
|
Profit Before Tax |
478.870 |
408.710 |
470.960 |
|
Tax |
167.370 |
146.950 |
165.560 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
311.500 |
261.760 |
305.400 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
311.500 |
261.760 |
305.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
69.37 |
66.84 |
68.86 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.26 |
5.46 |
5.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
72.28 |
65.81 |
64.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.95 |
1.95 |
2.42 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.13 |
0.92 |
0.98 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.45 |
0.50 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.39 |
0.60 |
1.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.84 |
1.07 |
1.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.57 |
0.77 |
1.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
34.96 |
13.92 |
6.93 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
10.86 |
9.52 |
8.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
18.85 |
16.85 |
17.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
35.79 |
36.15 |
49.52 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.24 |
1.18 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.85 |
0.84 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.53 |
0.47 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
6.50 |
6.55 |
4.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.24 |
1.18 |
1.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
Market Value |
INR 114/- |
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 |
468.215 |
218.210 |
218.210 |
|
Reserves & Surplus |
1390.051 |
2177.250 |
3374.930 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1858.266 |
2395.460 |
3593.140 |
|
|
|
|
|
|
long-term borrowings |
862.074 |
6.790 |
7.140 |
|
Short term borrowings |
1224.914 |
1422.250 |
1411.520 |
|
Current maturities of
long-term debts |
0.779 |
0.000 |
0.050 |
|
Total
borrowings |
2087.767 |
1429.040 |
1418.710 |
|
Debt/Equity
ratio |
1.124 |
0.597 |
0.395 |
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 |
10453.122 |
9097.880 |
11841.440 |
|
|
|
(12.965) |
30.156 |
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 |
10453.122 |
9097.880 |
11841.440 |
|
Profit (Loss) |
920.165 |
865.990 |
1286.120 |
|
|
8.80% |
9.52% |
10.86% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
218.210 |
218.210 |
|
(b) Reserves & Surplus |
|
3374.390 |
2127.770 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Minority Interest |
|
17.610 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3610.210 |
2345.980 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
78.630 |
6.790 |
|
(b) Deferred tax liabilities (Net) |
|
189.570 |
153.660 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
268.200 |
160.450 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1411.520 |
1422.250 |
|
(b) Trade
payables |
|
1553.690 |
1046.810 |
|
(c) Other
current liabilities |
|
103.180 |
78.430 |
|
(d) Short-term
provisions |
|
28.630 |
44.910 |
|
Total Current
Liabilities (4) |
|
3097.020 |
2592.400 |
|
|
|
|
|
|
TOTAL |
|
6975.430 |
5098.830 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2206.690 |
1909.850 |
|
(ii)
Intangible Assets |
|
8.120 |
9.630 |
|
(iii)
Capital work-in-progress |
|
91.670 |
2.720 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
125.040 |
16.270 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
468.110 |
85.620 |
|
(e) Other
Non-current assets |
|
10.380 |
0.450 |
|
Total Non-Current
Assets |
|
2910.010 |
2024.540 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1308.180 |
898.020 |
|
(c) Trade receivables |
|
2305.490 |
1666.790 |
|
(d) Cash
and cash equivalents |
|
167.070 |
38.550 |
|
(e)
Short-term loans and advances |
|
248.510 |
423.840 |
|
(f) Other
current assets |
|
36.170 |
47.090 |
|
Total
Current Assets |
|
4065.420 |
3074.290 |
|
|
|
|
|
|
TOTAL |
|
6975.430 |
5098.830 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
12362.970 |
9099.160 |
|
|
Other Income |
|
68.300 |
119.700 |
|
|
TOTAL |
|
12431.270 |
9218.860 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
7971.060 |
5731.510 |
|
|
Purchases of
Stock-in-Trade |
|
102.990 |
75.980 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(100.810) |
(101.800) |
|
|
Employees benefits
expense |
|
428.680 |
367.890 |
|
|
Exceptional Items |
|
(48.540) |
(67.550) |
|
|
Other expenses |
|
1703.120 |
1527.680 |
|
|
TOTAL |
|
10056.500 |
7533.710 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2374.770 |
1685.150 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
86.910 |
121.990 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2287.860 |
1563.160 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
288.940 |
257.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1998.920 |
1305.260 |
|
|
|
|
|
|
|
Less |
TAX |
|
712.460 |
445.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1286.460 |
859.870 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11.79 |
7.88 |
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) |
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STANDALONE
PERFORMANCE OF COMPANY
• Total Revenue increased from INR 9218.020 million to INR 11909.050 million - increase by 29.19%.
• Cash Profit for the year stood at INR 1581.070 million and Cash EPS stood at INR 14.49.
• EBIDTA increased from INR 1698.430 million to INR 2319.22 Million. – an increase by 36.55%.
• Profit before tax increased from INR 1318.660 million to INR 1994.360 Million –an increase by 51.24%.
• Net Profit stood at INR 1286.120 Million compared to Net Profit of INR 865.990 Million an increase by 48.51%.
• Earning per Shares was INR 11.79
The Company has performed well during the financial year 2016- 17, with productivity gains, volume growth and sustained margins notwithstanding rise in input costs. The Company has absorbed cost increases and yet improved margins with purchasing efficiencies, improvement in manufacturing yield/usage and overall expenditure control.
COMPANY BACKGROUND
The Company is a public limited Company incorporated under the Companies Act 1956. The Company is engaged in the business of manufacturing of Dyes, Dye Intermediates and Basic Chemicals.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Trade Deposits |
7.140 |
6.790 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans From Corporates |
75.850 |
26.110 |
|
Working Capital Loans from Banks |
100.000 |
0.000 |
|
Loans From Directors |
343.700 |
0.000 |
|
Total |
526.690 |
32.900 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B68842830 |
10020355 |
Union Bank of India |
13/09/2006 |
08/02/2013 |
- |
4145800000.0 |
Industrial Finance BranchC.U.Shah ChambersAHMEDABADGJ380009IN |
|
2 |
B68828136 |
10011724 |
UNION BANK OF INDIA |
21/07/2006 |
29/12/2012 |
- |
4145800000.0 |
Industrial Finance BranchC.U.Shah ChambersAhmedabadGJ380009IN |
|
3 |
G02229631 |
10250911 |
HDFC BANK LIMITED |
31/10/2010 |
- |
19/04/2016 |
489000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G01502657 |
10300557 |
HDFC BANK LIMITED |
08/07/2011 |
- |
03/04/2016 |
400000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
5 |
C73480451 |
10260819 |
HDFC BANK LIMITED |
24/12/2010 |
- |
09/12/2015 |
1800000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
6 |
C71385835 |
10260313 |
HDFC BANK LIMITED |
20/12/2010 |
- |
10/11/2015 |
431000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
7 |
C65378556 |
10251810 |
HDFC BANK LIMITED |
18/10/2010 |
- |
10/09/2015 |
310000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
C65375826 |
10248972 |
HDFC BANK LIMITED |
20/10/2010 |
- |
10/09/2015 |
368000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
9 |
C63006399 |
10243974 |
HDFC BANK LIMITED |
27/08/2010 |
- |
18/08/2015 |
460000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
10 |
C63008494 |
10243975 |
HDFC BANK LIMITED |
27/08/2010 |
- |
18/08/2015 |
460000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
Disputed matters in appeals/contested in respect of: |
|
|
|
Income Tax |
30.120 |
29.560 |
|
Excise |
31.950 |
31.470 |
|
Service Tax |
0.390 |
0.610 |
|
Customs Department |
0.000 |
0.010 |
|
Future cash outflows in respect of the above are determinable only on receipt of Judgments /decisions pending with various forums/authorities. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the additional demand raised is likely to be either deleted or substantially reduced and accordingly no provision is considered necessary |
||
|
Letter of Credit issued by bankers and outstanding as on 31st march, 2016. |
91.500 |
59.500 |
|
Bank Guarantee issued by bankers and outstanding as on 31st march, 2016. |
47.800 |
52.740 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
3040.710 |
2625.070 |
8612.020 |
|
Other Operating Income |
22.590 |
17.880 |
88.320 |
|
Total income from operations (net) |
3063.300 |
2642.950 |
8700.340 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1978.410 |
1717.770 |
5271.560 |
|
Purchases of stock-in trade |
0.000 |
0.050 |
21.250 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(27.150) |
(86.540) |
(28.050) |
|
Employee benefits expense |
118.850 |
101.420 |
326.140 |
|
Depreciation and Amortization Expenses |
64.960 |
63.640 |
189.980 |
|
Other Expenses |
445.050 |
428.740 |
1296.050 |
|
Finance Costs |
12.220 |
9.160 |
38.470 |
|
Excise Duty |
0.000 |
0.000 |
226.390 |
|
Total expenses |
2592.340 |
2234.240 |
7341.790 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
470.960 |
408.710 |
1358.550 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
470.960 |
408.710 |
1358.550 |
|
Tax expenses |
165.560 |
146.950 |
479.880 |
|
Net Profit / (Loss) from ordinary activities after tax |
305.400 |
261.760 |
878.670 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
|
|
Net Profit / (Loss) for the period |
305.400 |
261.760 |
878.670 |
|
Comprehensive Income |
(0.530) |
(1.050) |
(1.580) |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
304.870 |
260.710 |
877.090 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 2/-each) |
244.380 |
218.220 |
244.380 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 2/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
2.56 |
2.39 |
7.80 |
|
(b) Diluted |
2.56 |
2.39 |
7.80 |
Note:
- The above financial results have been reviewed and considered by the Audit Committee and subsequently approved by the Board of Directors at the meeting held on 07th February, 2018.
- The Statutory Auditors of the company have carried out a "Limited Review" of the above results as per Regulation 33 of the SEBI [Listing Obligation and Disclosure Requirements] Regulations, 2015.
- These financial results have been prepared in accordance with Indian Accounting Standard (“Ind AS ) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and in terms of Listing Regulations, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. The Company has opted to avail the relaxation provided by SEBI in respect of disclosure requirements of corresponding figures for the year ended on March 31, 2017.
- Results for the Quarter and Nine Month ended December 31, 2017 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules 2015 (Ind AS; prescribed under section 133 of the Companies Act 2013 Accordingly, the figures for the Quarter and Nine months ended December 31, 2016 have been restated as per the Ind AS to make them comparable with the figures of the current Quarter and nine months ended.
- Reconciliation of profits between previous GAAP and Ind AS:
- Revenue from operations for periods upto 30th June, 2017 included Excise duty, which is discontinued from 1st July, 2017 on implementation of Goods and Service tax (GST) in India. In accordance with Ind AS 18, Revenue, GST, is not included in revenue from operations. In view of the aforesaid restructuring of Indirect taxes, revenue from operations for the Quarter/ nine months ended on 31st December, 2017 is not comparable with previous periods.
- In line with Ind As - 108 - “Operating Segments", the operations of the group fall under Chemical Business which is considered to be the only reportable business segment.
- Figure shown as Exception items for the nine months and quarter ended 31st December, 2016 for Rs. 39.770 Million, is profit from the sell of the plant and Machinery of UNIT 5 during the Quarter ended 31st December 2016.
- Previous period figures have been rearranged/ regrouped wherever necessary to make them comparable with the figures of the current period.
FIXED ASSETS:
Tangible assets
·
Land
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixture
Intangible assets
· Good will
· Computer Software
· Membership Fees
· Website
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 66.61 |
|
|
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.