|
|
|
MIRA INFORM REPORT
|
Report No. : |
508840 |
|
Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL INDUSTRIES
LIMITED |
|
|
|
|
Registered
Office : |
184-187, Swami Vivekanand Road, Jogeshwari (West), Mumbai -
400102, Maharashtra |
|
Tel. No.: |
91-22-66464200/ 66464250 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
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|
Date of
Incorporation : |
05.09.1960 |
|
|
|
|
Com. Reg. No.: |
11-011807 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 62.853 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200MH1960PLC011807 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388033983 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
|
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TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2488F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturing and Selling of Chemicals, Pharma Intermediates and Environmental products. · Chemicals comprising of Industrial and Specialty Chemicals and Pesticides Intermediates. · Environmental products comprising of Soil Enricher, Bio-pesticides and other Bio-products. [Registered Activity] |
|
|
|
|
No. of Employees
: |
909 (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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1960. It is a manufacturer and
exporter of specialty chemicals, pharmaceutical intermediates and
environmental products. For the financial year 2017, the company has achieved revenue growth
of 2.40% along with a fair profit margin of 10.03%. Rating takes into consideration the company’s diversified revenue profile
across end-user industries, customer base and geography and adequate
financial profile marked by steady cash accruals, healthy gearing and
adequate debt protection metrics. Rating also takes into account the long operational track record of
the subject and its promoters experience in the industry. Rating is however constrained on account of company’s moderate working
capital intensive operations and exposure to risks inherent in the
agrochemicals business. Payment seems to be regular and as per commitments. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Borrowings=A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
29.01.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Borrowings =A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
29.01.2018 |
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 15.05.2018.
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 DECLINED BY
|
Name : |
Mr. Viraj |
|
Designation : |
Dispatch Incharge |
|
Contact No.: |
91-22-66464200 |
|
Date : |
10.05.2018 |
LOCATIONS
|
Registered/ Head Office : |
184-187, Swami Vivekanand Road, Jogeshwari (West), Mumbai
- 400102, Maharashtra, India |
|
Tel. No.: |
91-22-66464200/ 66464250 |
|
Fax No.: |
91-22-66963514 / 26783657 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No.112,
M.I.D.C. Industrial Area, Dhatav, Roha, District Raigad-402 116, |
|
|
|
|
Factory 2 : |
D-9, M.I.D.C Lote
Parashuram, Taluka Khed, Ratnagiri-415722, |
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|
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Factory 3 : |
Near Sewage Farm,
Narol Sarkhej Octroi Noka, Baherampura, Ahmedabad – 380 022, Gujarat, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Shailesh Shankarlal Vaidya |
|
Designation : |
Director |
|
Address : |
801, Sumer Heights, K.M. Munshi Marg, Chowpatty, Mumbai – 400007,
Maharashtra, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
00002273 |
|
|
|
|
Name : |
Mr. Atul Govindji Shroff |
|
Designation : |
Director |
|
Address : |
House No. 1028, Village and Post – Raipura, Vadodara - 391410, Gujarat, India |
|
Date of Appointment : |
26.08.1994 |
|
DIN No.: |
00019645 |
|
|
|
|
Name : |
Mr. Ashwin Champraj Shroff |
|
Designation : |
Managing Director |
|
Address : |
B-15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai – 400049,
Maharashtra, India |
|
Date of Appointment : |
01.02.2010 |
|
DIN No.: |
00019952 |
|
|
|
|
Name : |
Mrs. Usha Ashwin Shroff |
|
Designation : |
Whole-time Director |
|
Address : |
B-15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai – 400049,
Maharashtra, India |
|
Date of Appointment : |
13.09.2000 |
|
DIN No.: |
00020519 |
|
|
|
|
Name : |
Mr. Rajeev Mahendra Pandia |
|
Designation : |
Director |
|
Address : |
82 Bayview Wing A, Tanna Residency, Veer Savarkar Marg,
392, Opp. Siddhivinayak Temple, Pr Abhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
00021730 |
|
|
|
|
Name : |
Mr. Harish Narendra Motiwalla |
|
Designation : |
Director |
|
Address : |
186/7, Enterprise Apartments, Forjett Hill Road, Tardeo, Mumbai –
400036, Maharashtra, India |
|
Date of Appointment : |
24.05.2002 |
|
DIN No.: |
00029835 |
|
|
|
|
Name : |
Mr. Dipesh Kantisen Shroff |
|
Designation : |
Director |
|
Address : |
Sanket, 39, Hatkesh Society, 6th N S Road Juhu, Vile Parle (West),
Mumbai – 400056, Maharashtra, India |
|
Date of Appointment : |
03.09.2003 |
|
DIN No.: |
00030792 |
|
|
|
|
Name : |
Mr. Ravi Ashwin Shroff |
|
Designation : |
Wholetime Director |
|
Address : |
B-15, Vasanta Theosophical Society, Juhu Road, Juhu, Mumbai – 400049,
Maharashtra, India |
|
Date of Birth/Age : |
05.02.1978 |
|
Date of Appointment : |
03.09.2014 |
|
DIN No.: |
00033505 |
|
|
|
|
Name : |
Mr. Priyam Shantilal Jhaveri |
|
Designation : |
Director |
|
Address : |
Printemps 26, B. G. Kher Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
20.10.2002 |
|
DIN No.: |
00045038 |
|
|
|
|
Name : |
Mr. Madhukar Balvantray Parekh |
|
Designation : |
Director |
|
Address : |
41, Landmark, Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
25.03.2005 |
|
DIN No.: |
00180955 |
|
|
|
|
Name : |
Mr. Ramchandra Neelkanth Bhogale |
|
Designation : |
Director |
|
Address : |
20, Mitramandal Co-Op HSG Society, Osmanpura, Krantichowk, Jawahar
Colony, Aurangabad - 431005,
Maharashtra, India |
|
Date of Appointment : |
06.12.2001 |
|
DIN No.: |
00292417 |
|
|
|
|
Name : |
Mr. Ravinder Kumar Sood |
|
Designation : |
Nominee Director |
|
Address : |
B-4, Jeevan Jyot, Nepeansea Road, Setalwad Lane, Mumbai – 400006,
Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
07127966 |
KEY EXECUTIVES
|
Name : |
Mr. Surendra Kumar Singhvi |
|
Designation : |
Company Secretary |
|
Address : |
A8, Kumar Aashiyana, 582, Panmala, Sinhagad Road, Pune - 411030, Maharashtra, India |
|
Date of Appointment : |
04.01.2010 |
|
PAN No.: |
ADBPS4198R |
|
|
|
|
Name : |
Mr. Devendra Parasmal Dosi |
|
Designation : |
Chief Financial Officer |
|
Address : |
604, Challenger Tower 4, Near Thakur Cinema, Thakur
Village, Kandivali East Mumbai 400101, Maharashtra, India |
|
Date of Appointment : |
08.02.2018 |
|
PAN No.: |
AELPD6125Q |
|
|
|
|
Name : |
Nagayanallur Ramachandran Kannan |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat no. A/502, 5th Floor, Vastu Tower CHSL Evershine
Nagar, Off Link Road, Malad West, Mumbai-400064, Maharashtra, India |
|
Date of Appointment : |
17.07.2017 |
|
PAN No.: |
AAPPK0833N |
|
|
|
|
Name : |
Mr. Viraj |
|
Designation : |
Dispatch Incharge |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
6585125 |
52.38 |
|
Public |
5985567 |
47.62 |
|
|
|
|
|
Total |
12570692 |
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 |
4,23,943 |
3.37 |
|
|
ASHWIN CHAMPRAJ SHROFF |
83,070 |
0.66 |
|
|
USHA ASHWIN SHROFF |
6,497 |
0.05 |
|
|
RAVI ASHWIN SHROFF |
47,670 |
0.38 |
|
|
HRISHIT ASHWIN SHROFF |
47,669 |
0.38 |
|
|
KANTISEN CHATURBHUJ SHROFF |
51,546 |
0.41 |
|
|
ATUL GOVINDJI SHROFF |
59,784 |
0.48 |
|
|
AMI KANTISEN SHROFF |
31,882 |
0.25 |
|
|
SHRUTI ATUL SHROFF |
22,018 |
0.18 |
|
|
ANSHUL AMRISH BHATIA |
21,616 |
0.17 |
|
|
PREETI DIPESH SHROFF |
14,110 |
0.11 |
|
|
HIRAL TUSHAR DAYAL |
10,960 |
0.09 |
|
|
DIPESH KANTISEN SHROFF |
8,619 |
0.07 |
|
|
CHETANA P SARAIYA |
8,610 |
0.07 |
|
|
KANTISEN CHATURBHAI SHROFF- HUF |
5,494 |
0.04 |
|
|
PRAFUL M SARAIYA |
2,033 |
0.02 |
|
|
TUSHAR CHARANDAS DAYAL |
1,310 |
0.01 |
|
|
VISHWA ATUL SHROFF |
905 |
0.01 |
|
|
ABHAY SUNIL SARAIYA |
150 |
0.00 |
|
|
Any Other
(specify) |
60,57,100 |
48.18 |
|
|
DIPKANTI INVESTMENTS AND FINANCING PVT LTD |
2,35,732 |
1.88 |
|
|
TRANSPEK INDUSTRY LIMITED |
1,56,650 |
1.25 |
|
|
VIBRANT GREENTECH INDIA PRIVATE LIMITED |
1,49,991 |
1.19 |
|
|
HYDERABAD CHEMICAL PRODUCTS PRIVATE
LIMITED |
46,833 |
0.37 |
|
|
PRITAMI INVESTMENTS PVT LTD |
79,862 |
0.64 |
|
|
SHRODIP INVESTMENTS PVT. LTD. |
29,350 |
0.23 |
|
|
Anshul Speciality Molecules Private
Limited |
53,58,682 |
42.63 |
|
|
Sub Total A1 |
64,81,043 |
51.56 |
|
|
A2) Foreign |
0.00 |
|
|
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
1,04,082 |
0.83 |
|
|
Dilipsinh G Bhatia |
1,04,082 |
0.83 |
|
|
Sub Total A2 |
1,04,082 |
0.83 |
|
|
A=A1+A2 |
65,85,125 |
52.38 |
|
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/ |
825 |
0.01 |
|
|
Foreign
Portfolio Investors |
18937 |
0.15 |
|
|
Financial
Institutions/ Banks |
972269 |
7.73 |
|
|
Life Insurance Corporation of India |
962799 |
7.66 |
|
|
Insurance
Companies |
1 |
0.00 |
|
|
Any Other
(specify) |
422 |
0.00 |
|
|
Sub Total B1 |
992454 |
7.89 |
|
|
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 |
3396347 |
27.02 |
|
|
Individual share
capital in excess of INR 0.200 Million |
827636 |
6.58 |
|
|
Deep J Master |
137500 |
1.09 |
|
|
Any Other
(specify) |
769130 |
6.12 |
|
|
Sub Total B3 |
4993113 |
39.72 |
|
|
B=B1+B2+B3 |
5985567 |
47.62 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Chemicals, Pharma Intermediates and Environmental products. · Chemicals comprising of Industrial and Specialty Chemicals and Pesticides Intermediates. · Environmental products comprising of Soil Enricher, Bio-pesticides and other Bio-products. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
909 (Approximately) |
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|
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Bankers : |
· Bank of India · State Bank of India · Axis Bank Limited ·
HDFC Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S R B C and Company
LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
Kamaljyot Investments Limited ·
Excel Bio Resources Limited |
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives or through companies/entities which are
controlled/ significantly influenced by the KMP and their relatives : |
·
Utkarsh Global Holdings Private Limited ·
Agrocel Industries Private Limited ·
Anshul Specialty Molecules Private Limited ·
Divakar Techno Specialities and Chemicals Limited · Excel Crop Care Limited (up to 07.10.2016) ·
Mobitrash Recycle Ventures Private Limited ·
Shree Vivekanand Research and Training Institute ·
Transpek Industry (Europe) Limited ·
Transpek Industry Limited · C C Shroff Research Institute Centre |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38000000 |
Equity Shares |
INR 5/- each |
INR 190.000 Million |
|
850000 |
11% Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 8.500 Million |
|
300000 |
Unclassified Shares |
INR 5/- each |
INR 1.500 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12570692 |
Equity Shares |
INR 5/- each |
INR 62.853
Million |
|
|
|
|
|
(a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2017 |
|
|
|
Nos. |
INR
In Million |
|
At the beginning of the period |
12905630 |
64.528 |
|
Issued during the period - Convertible warrants |
--- |
--- |
|
buy Back of Shares |
334938 |
1.675 |
|
Outstanding at the
end of the period |
12570692 |
62.853 |
(b) Terms/rights
attached to equity shares
The company has only one class of equity shares having par value of INR 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2017, the amount of per share dividend recognised as distributions to equity shareholders is INR Nil (Previous Year: INR 4.50/- ).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(c)
Details of shareholders holding more than 5% shares in the Company (as per the
register of members of the Company are as under):-
|
Name of the shareholder |
31.03.2017 |
|
|
|
Nos. of Shares |
% holding in the class |
|
Equity shares of INR 5/- each fully paid |
|
|
|
Life Insurance Corporation of India |
962799 |
7.66 |
|
Utkarsh Global Holdings Private Limited |
5358682 |
42.63 |
As per records 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.
(d) Buyback of Equity
Shares
The Board of Directors had approved to buyback a maximum upto 11,50,000 Equity Shares of the Company at a price not exceeding INR 275 per Equity Share and the total consideration not exceeding INR 180.000 Million.
During the year, the Company has bought back 3,34,938 equity shares utilizing INR 92.671 Million (including transaction charges, brokerage, tax etc.) from securities premium account under the said Buyback offer. As a result of the Buyback, total equity shares of the Company has reduced from 1,29,05,630 to 1,25,70,692. Further, the Company has transferred INR 1.675 Million to Capital Redemption Reserve from General Reserve being the sum equal to the nominal value of shares so purchased.
(e) Proposed Dividend
on Equity Shares
The board proposed dividend on equity shares after the balance sheet date.
|
Proposed dividend on equity shares for the year ended 31 March 2017: INR 6.00 per share (31 March 2016: INR 4.50 per share) |
75.424 |
|
DDT on proposed dividend |
15.355 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
62.853 |
64.528 |
59.528 |
|
(b) Reserves & Surplus |
2359.576 |
2006.102 |
1758.226 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
17.250 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2422.429 |
2070.630 |
1835.004 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
91.480 |
101.040 |
181.508 |
|
(b) Deferred tax liabilities (Net) |
209.138 |
186.949 |
163.377 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
112.757 |
102.255 |
129.034 |
|
Total
Non-current Liabilities (3) |
413.375 |
390.244 |
473.919 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
504.332 |
676.222 |
606.657 |
|
(b)
Trade payables |
634.936 |
713.357 |
543.407 |
|
(c)
Other current liabilities |
167.009 |
189.678 |
261.045 |
|
(d)
Short-term provisions |
73.572 |
137.042 |
123.464 |
|
Total
Current Liabilities (4) |
1379.849 |
1716.299 |
1534.573 |
|
|
|
|
|
|
TOTAL |
4215.653 |
4177.173 |
3843.496 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1827.362 |
1625.426 |
1557.670 |
|
(ii)
Intangible Assets |
5.051 |
10.181 |
17.263 |
|
(iii)
Capital work-in-progress |
84.826 |
31.162 |
25.564 |
|
(iv) Intangible assets under development |
0.000 |
0.765 |
0.270 |
|
(b) Non-current
Investments |
103.676 |
140.302 |
140.302 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
233.750 |
259.978 |
188.350 |
|
(e)
Other Non-current assets |
17.194 |
7.756 |
1.000 |
|
Total
Non-Current Assets |
2271.859 |
2075.570 |
1930.419 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
551.110 |
628.940 |
665.207 |
|
(c)
Trade receivables |
1203.390 |
1268.928 |
1056.463 |
|
(d)
Cash and cash equivalents |
40.207 |
40.075 |
21.353 |
|
(e)
Short-term loans and advances |
119.286 |
154.091 |
118.428 |
|
(f)
Other current assets |
29.801 |
9.569 |
51.626 |
|
Total
Current Assets |
1943.794 |
2101.603 |
1913.077 |
|
|
|
|
|
|
TOTAL |
4215.653 |
4177.173 |
3843.496 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
4449.942 |
4345.753 |
4815.566 |
|
|
|
Other Income |
80.711 |
28.215 |
69.992 |
|
|
|
TOTAL |
4530.653 |
4373.968 |
4885.558 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2249.885 |
2173.295 |
2472.874 |
|
|
|
Purchases of Stock-in-Trade |
29.914 |
37.517 |
97.681 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
95.407 |
47.036 |
-96.127 |
|
|
|
Employees benefits expense |
634.196 |
558.550 |
616.792 |
|
|
|
Other expenses |
1023.588 |
914.075 |
1004.691 |
|
|
|
Exceptional Items |
(266.878) |
0.000 |
0.000 |
|
|
|
TOTAL |
3766.112 |
3730.473 |
4095.911 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
764.541 |
643.495 |
789.647 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
113.809 |
125.422 |
139.723 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
650.732 |
518.073 |
649.924 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
139.179 |
148.752 |
146.991 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
511.553 |
369.321 |
502.933 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
65.404 |
117.365 |
97.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
446.149 |
251.956 |
405.643 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on F.O.B. basis |
944.378 |
919.546 |
763.699 |
|
|
TOTAL EARNINGS |
944.378 |
919.546 |
763.699 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1189.809 |
1262.283 |
1359.284 |
|
|
|
Purchase of Traded Goods |
0.000 |
0.000 |
0.363 |
|
|
|
Capital Goods |
21.921 |
9.339 |
7.940 |
|
|
TOTAL IMPORTS |
1211.730 |
1271.622 |
1367.587 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
35.63 |
20.25 |
36.22 |
|
|
|
Diluted
|
35.36 |
20.05 |
33.81 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
84.280 |
114.599 |
160.285 |
|
|
|
|
|
|
Cash generated from operations |
442.677 |
601.572 |
540.388 |
|
|
|
|
|
|
Net cash flow from Operating Activities |
371.156 |
455.788 |
442.031 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
98.71 |
106.58 |
80.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.70 |
3.42 |
4.56 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
101.65 |
117.77 |
77.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.39 |
1.02 |
1.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
0.39 |
0.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.37 |
0.46 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.28 |
0.43 |
0.52 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.57 |
0.83 |
0.84 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.79 |
0.81 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.72 |
5.13 |
5.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
10.03 |
5.80 |
8.42 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.58 |
6.03 |
10.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.42 |
12.17 |
22.11 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.22 |
1.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.01 |
0.86 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.57 |
0.50 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.82 |
13.82 |
15.93 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.22 |
1.25 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 1310.00/- |
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 |
59.528 |
64.528 |
62.853 |
|
Reserves & Surplus |
1758.226 |
2006.102 |
2359.576 |
|
Money received against share
warrants |
17.250 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1835.004 |
2070.630 |
2422.429 |
|
|
|
|
|
|
long-term borrowings |
181.508 |
101.040 |
91.480 |
|
Short term borrowings |
606.657 |
676.222 |
504.332 |
|
Current Maturities of Long
term borrowings |
160.285 |
114.599 |
84.280 |
|
Total
borrowings |
948.450 |
891.861 |
680.092 |
|
Debt/Equity
ratio |
0.517 |
0.431 |
0.281 |
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 |
4815.566 |
4345.753 |
4449.942 |
|
|
|
-9.756 |
2.397 |
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 |
4815.566 |
4345.753 |
4449.942 |
|
Profit |
405.643 |
251.956 |
446.149 |
|
|
8.42% |
5.80% |
10.03% |
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G07874878 |
100039790 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
05/07/2016 |
- |
- |
50000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMH400020IN |
|
2 |
G07097348 |
100037233 |
Bank of India |
27/06/2016 |
- |
- |
1300000000.0 |
C-5, G BlockStar house, Bandra Kurla ComplexMumbaiMH400051IN |
|
3 |
C00518589 |
10484913 |
Bank of India |
28/01/2014 |
- |
- |
100000000.0 |
Andheri Mid Corporate Branch, 28, MDI. Building,1st Floor, S.V Road, Andheri (West),MumbaiMH400058IN |
|
4 |
A03346046 |
10013940 |
STATE BANK OF INDIA |
11/08/2006 |
- |
- |
45000000.0 |
COMMERCIAL BRANCHG.N.VAIDYA MARGMUMBAIMH400023IN |
|
5 |
A67992669 |
90241253 |
BANK OF INDIA |
08/12/2004 |
31/07/2009 |
- |
940000000.0 |
28, S.V. ROAD,ANDHERI [WEST]MUMBAIMH400058IN |
|
6 |
A02702751 |
80007909 |
CENTRAL BANK OF INDIA |
05/04/2002 |
10/07/2006 |
- |
150000000.0 |
MULLA HOUSE,51, MAHATMA GANDHI ROAD,MUMBAIMH400023IN |
|
7 |
Z00024595 |
80007908 |
Central Bank of India |
05/04/2002 |
- |
- |
150000000.0 |
Mulla House51, Mahatma Gandhi RoadMumbaiMH400023IN |
|
8 |
A67016915 |
80038897 |
BANK OF INDIA |
13/06/2001 |
16/07/2009 |
- |
940000000.0 |
28, S.V. ROAD ,ANDHERI [WEST]MUMBAIMH400058IN |
|
9 |
G03567419 |
90240788 |
Bank of India |
13/06/2001 |
14/03/2016 |
- |
1100000000.0 |
C-5, G BlockStar house, Bandra Kurla ComplexMumbaiMH400051IN |
|
10 |
Z00253673 |
80038896 |
BANK OF INDIA |
13/01/2001 |
- |
- |
1400900000.0 |
ANDHERI (WEST) BRANCHMUMBAIMH400058IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign currency buyer's credit |
51.743 |
37.207 |
|
Short term foreign currency loan |
0.000 |
99.136 |
|
Short Term Loan from Banks |
74.880 |
209.047 |
|
|
|
|
|
Total |
126.623 |
345.390 |
CORPORATE INFORMATION
Excel Industries Limited (the Company) is a public company domiciled in India. Its shares are listed on two stock exchanges in India. The Company is engaged in manufacturing and selling of Chemicals, Pharma intermediates and Environmental products. Chemicals comprising of Industrial and Specialty Chemicals and Pesticides Intermediates. Environmental products comprising of Soil Enricher, Bio-pesticides and other Bio-products. The Company caters to both domestic and international markets. The Company is also engaged in manufacturing activity on behalf of third parties.
OPERATIONS
During the year, the net sales from continuing operations increased from INR 4345.753 Million to INR 4449.942 Million, registering an increase of 2.4%. The exports increased from INR 931.301 Million to INR 961.625 Million registering an increase of 3.3%. Further, the Company made a profit from its continuing operation before exceptional item and tax INR 244.675 Million compared to INR 369.321 Million in the previous year. Net profit after adjusting net loss from discontinuing operation and exceptional item of INR 3.369 Million (previous year of INR 2.480 Million ) and INR 266.878 Million respectively amounting to INR 446.149 Million as compared to INR 251.956 Million in the previous year registering an increase of 77%.
NEW
PROJECTS/EXPANSIONS/IMPROVEMENTS
The construction of Multipurpose (MPP) plant in Roha is progressing well. First phase of the plant is expected to be commissioned in Q2 of 2017-18.
During the year Pharma Intermediate plant capacity has been enhanced by adding balancing equipments.
The Company has started the production of a new agro intermediate, which is an import substitute through an inhouse developed process.
OUTLOOK
The Company is a major producer of agrochemical intermediates. India has emerged as a hub for production of Agrochemicals. The Government of India is taking steps to give boost to production of Agrochemicals in India. This augurs well for the Company as it is a leading supplier of intermediates for agrochemicals.
Currently, China is a major competitor in the area of agrochemical intermediates. The tightening of environmental norms in China might lead to cut down in their production and increase in prices of imported intermediated from China. This development will be favourable for the Company
Further, a normal monsoon has been predicted for the current year which is a good sign for agrochemical industry. In light of the above, the overall outlook for the financial year 2017-18 looks positive for agrochemical intermediates.
MANAGEMENT DISCUSSION
AND ANALYSIS
The Businesses in which the Company operates can be categorised as follows:
• Chemicals
• Pharmaceutical Intermediates and Actives
• Environment & Biotech
MANAGEMENT DISCUSSION
AND ANALYSIS – CHEMICALS BUSINESS
The Company is a leading producer of speciality and performance chemicals. The annual turnover of the Chemicals Business for the financial year 2016-17 was INR 4160.000 Million.
The Chemicals Business can be categorized as follows:
· Agrochemical Intermediates
· Speciality Chemicals
· Polymer Inputs
In this report, the industry structure, outlook, opportunities and threats for each of the above businesses are sought to be discussed.
INTERMEDIATES FOR
AGROCHEMICALS
INDUSTRY STRUCTURE
The Company is a leading supplier of speciality intermediates to agrochemical producers. The Agrochemicals Sector has an important role to play in food security and improvement of agricultural productivity. In recent years, India has emerged as a hub for the production of generic agrochemicals. India is the fourth largest producer of agrochemicals (after USA, China and Japan). The size of the Indian agrochemical Industry is estimated at US $ 5 billion. This sector is a major foreign exchange earner with exports of ~ US $ 2.5 billion. The Agrochemicals Industry Companies in India can be classified into two categories viz manufacturing companies who produce the actives from imported/locally sourced intermediates and importers who prepare the final formulations from imported/locally sourced actives. The formulators are heavily dependent on imported actives from China. The manufacturers of active (technical) products also have significant dependence on China for the upstream intermediates/raw materials.
Government Policies like “The Make in India” initiative and the changes in Chinese policies like strict implementation of environmental control norms are likely to cause structural shifts in the Indian Agrochemical Industry. The likely fallout of these changes in terms of opportunities and threats for the industry and the Company will be discussed in the following paragraphs.
OUTLOOK FOR THE
INDUSTRY
As part of the “Make in India” initiative, the Government has taken major steps to encourage indigenous production of agrochemical actives. This is expected to give a major boost to the Indian manufacturing companies.
At the same time, Sourcing of Intermediates/Raw Materials required for the production of actives is becoming extremely challenging. The Indian Agrochemicals Industry is heavily dependent on China for the upstream intermediates/raw materials. The Chinese Government has started tightening the pollution control norms. This is going hand in hand with strict implementation. Non-Compliant factories are being asked to shut down and in some cases, heavy penalties have been imposed. This is causing problem of availability of some key intermediates. The limited availability also has an adverse impact on the prices of these intermediates. The technical manufacturers have to develop alternative vendors outside China to mitigate the supply chain risk. This is favourable for Indian producers of Intermediates who are the obvious choice to complement/replace China for the supply of key intermediates.
As per the advance forecasts available, the monsoon will be normal in this year. Further, there is an uptrend in demand from the Latin American market (which is a major export market for Agrochemicals manufactured in India) after a lean period of two years. This augurs well for the demand of agrochemicals and the intermediates for the financial year 2017-18.
Overall, the short term as well as long term outlook is favourable for Indian producers of Agrochemical Intermediates.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
1467.665 |
1300.223 |
4111.459 |
|
Other Income |
1.158 |
2.413 |
34.484 |
|
Total
Income from Operations |
1468.823 |
1302.636 |
4145.943 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials consumed |
643.935 |
639.251 |
1942.690 |
|
Purchases of stock in trade |
1.296 |
--- |
6.687 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
34.067 |
(11.815) |
(23.605) |
|
Excise Duty |
--- |
--- |
123.587 |
|
Employee benefits expense |
165.884 |
179.165 |
500.757 |
|
Finance Costs |
15.496 |
16.113 |
47.468 |
|
Depreciation and Amortization expenses |
37.187 |
35.387 |
109.203 |
|
Other Expenditure |
306.275 |
276.105 |
893.843 |
|
Total
Expenses |
1204.140 |
1134.206 |
3600.630 |
|
Profit/(Loss) before Exceptional Items and tax for
continuing operation |
264.683 |
168.430 |
545.313 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
264.683 |
168.430 |
545.313 |
|
Tax Expenses |
|
|
|
|
Current Tax |
63.151 |
35.083 |
121.383 |
|
Deferred tax |
13.875 |
21.825 |
46.994 |
|
Profit for the period from continuing operations (after
tax) |
187.657 |
111.522 |
376.936 |
|
Profit / (Loss) from discounting operation |
12.153 |
(2.212) |
11.343 |
|
Tax on discontinuing operation |
4.184 |
(0.743) |
3.926 |
|
Profit
/ (Loss) from discounting operation (after tax) |
7.969 |
(1.469) |
7.417 |
|
Net Profit / (Loss)
for the period |
195.626 |
110.053 |
384.353 |
|
Other comprehensive
income |
|
|
|
|
Items that will not be reclassified to profit or loss |
82.149 |
32.445 |
133.417 |
|
Income tax relating to the items that will not be reclassified to profit or loss |
(3.859) |
(2.817) |
(4.995) |
|
Items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Income tax relating to the items that will not be reclassified to profit or loss |
--- |
|
|
|
Total comprehensive income for the
period |
273.916 |
139.681 |
512.775 |
|
Paid-up equity share capital (Face value INR 5/- per share) |
62.853 |
62.853 |
62.853 |
|
Earnings per equity
share of face value of INR 5/- each
(not annualised) Basic and diluted |
|
|
|
|
For continuing operations |
14.93 |
8.87 |
29.99 |
|
For discontinuing operation |
0.63 |
(0.12) |
0.59 |
|
For continuing and discontinuing
operation |
15.56 |
8.75 |
30.58 |
NOTES:
1. The standalone unaudited financial results for the quarter and nine months ended 31st December, 2017 ('the Statement') were reviewed by the Audit Committee and approved by the Board of Directors of Excel Industries Limited ('the Company') at its meeting held on 07th February, 2018. These financial results have been subjected to limited review by the statutory auditors of the Company.
2. The Statement has been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 find AS') prescribed under Section 133 of the
Companies Act, 2013 and other recognised accounting practices and policies to
the extent applicable. Beginning 1st April, 2017, the Company has for the first
time adopted Ind AS with a transition date of 1st April, 2016.
3. The statement does not include Ind AS compliant results for the previous
year ended 31st March, 2017 as it is not mandatory as per SEBI's circular dated
5th July, 2016.
4, According to the requirements of Ind AS and SEBI (Listing Obligation and
Disclosure Requirements) Regulation 2015, revenues for the quarter and nine
months ended 31st December, 2016 were and are 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. As per Ind AS 118, the revenue for the quarters ended 301h September
2017 and 31st December,2017 are reported net of GST. Had the previously
reported revenue was shown net of excise duty, comparative revenue of the
Company (Continuing Operations) would have been as follows:
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Revenue from operations |
1467.665 |
1300.223 |
4111.459 |
|
Less Excise Duty |
--- |
--- |
132.285 |
|
Net Revenue from
operations |
1467.665 |
1300.223 |
3979.174 |
5. The reconciliation of net profit reported in accordance with Indian GAAP for
the quarter and nine months ended 31st December, 2016 to total comprehensive
income in accordance with Ind AS is given below:
6. A Business Transfer Agreement has been executed on 31st March, 2017 for
transfer of the Environment and Biotech Division (E&BT) of the Company to
its wholly owned subsidiary Company viz, Excel Bio Resources Limited (EBRL) as
a going concern by way of slump sale. Transfer would be completed on fulfilment
of conditions precedent as provided in the Agreement. Consequently E & BT
has been considered as discontinuing operation in this result.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Segment Revenue |
|
|
|
|
Continuing Operation - Chemicals |
1467.665 |
1300.223 |
4111.459 |
|
Discontinuing Operation – E&BT # |
56.234 |
37.346 |
135.392 |
|
Total |
1523.899 |
1337.569 |
4246.851 |
|
Less Inter segment revenue |
--- |
--- |
--- |
|
Net Segment
Revenue |
1523.899 |
1337.569 |
4246.851 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Continuing Operation - Chemicals |
364.075 |
265.983 |
795.296 |
|
Discontinuing Operation – E&BT # |
12.153 |
(2.212) |
11.343 |
|
Total |
376.228 |
263.771 |
806.639 |
|
Less: Interest |
15.496 |
16.113 |
47.468 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
83.896 |
81.440 |
202.515 |
|
Total Profit
Before Tax |
276.836 |
166.218 |
556.656 |
|
Segment Assets |
|
|
|
|
Continuing Operation - Chemicals |
3652.368 |
3507.437 |
3652.368 |
|
Discontinuing Operation – E&BT # |
147.812 |
132.750 |
147.812 |
|
Unallocated |
2096.140 |
2087.279 |
2096.140 |
|
Total Assets |
5896.320 |
5727.466 |
5896.320 |
|
Segment
Liabilities |
|
|
|
|
Continuing Operation - Chemicals |
714.780 |
602.051 |
714.780 |
|
Discontinuing Operation – E&BT # |
24.963 |
22.819 |
24.963 |
|
Unallocated |
1146.262 |
1399.704 |
1146.262 |
|
Total Liabilities |
1886.005 |
2024.574 |
1886.005 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bills discounted |
9.083 |
45.800 |
|
Disputed income-tax liability |
75.550 |
72.061 |
|
Disputed excise duty liability |
41.818 |
38.464 |
|
Disputed sales tax liability |
1.789 |
1.789 |
|
Disputed custom duty liability |
14.488 |
14.488 |
|
Disputed
service tax liability |
0.00 |
0.226 |
|
Claims against
the Company not acknowledged as debts |
2.889 |
2.737 |
|
Liability in
respect of claims made by workers and contract labourers |
Amount not ascertainable |
Amount not ascertainable |
FIXED ASSETS:
Tangible Assets
· Land free Hold
· Land lease hold
·
Buildings
· Plant and Machinery
· Electrical Installation
· Laboratory equipments
· Furniture fixture
· office equipments
· Vehicles
· Technical books
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 67.32 |
|
UK Pound |
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHI |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
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.