MIRA INFORM REPORT

 

 

Report No. :

509295

Report Date :

15.05.2018

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

MEGHMANI INDUSTRIES LIMITED

 

 

Formerly Known As :

PATEL AGRO CHEM LIMITED

 

 

Registered Office :

Plot No 27, Phase-I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India

Tel. No.:

91-79 25833381

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

22.02.1993

 

 

Com. Reg. No.:

04-019013

 

 

Capital Investment / Paid-up Capital :

INR 45.000 Million

 

 

CIN No.:

[Company Identification No.]

U29199GJ1993PLC019013

 

 

IEC No.:

[Import-Export Code No.]

0893016012

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

TIN No.:

24074600049

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AABCM0535G1ZZ

 

 

PAN No.:

[Permanent Account No.]

AABCM0535G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The subject is mainly engaged in the business of manufacturing and sales of various types of the dyes, agrochemicals, Optical Brightening agent (OBA) and Intermediates. (Registered activity)

 

 

No. of Employees :

Not Divulged

 

 

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

 

Maximum Credit Limit :

USD 8000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Meghmani Industries Limited is engaged in business of manufacturing and sales of various types of the dyes, agrochemicals, Optical Brightening agent (OBA) and Intermediates. The company was incorporated in the year 1993 and has its base in Ahmedabad (Gujarat).


For the financial year 2017, the company has achieved revenue growth of 33.27% as compared to the previous year along with a fair profit margin of 9.04%.

The sound financial risk profile of the company is marked by adequate net worth base along with strong debt protection metrics due to negligible debt balance sheet profile.


Rating takes into consideration the subject’s healthy Earnings Per Share of INR 99.92 against the Face Value of INR 10.

 

The domestic agrochemicals sector depends on rainfall and farm income, and revenue is susceptible to seasonal trends. Surplus or inadequate rainfall threatens profitability and leads to build-up in working capital requirement.


Business is active. Payment seems to be regular and as per commitments.


In view of long standing record and the financials, the company can be considered normal for business dealings at the specified 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 Rating=A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

27th December 2017

 

Rating Agency Name

CRISIL

Rating

Short Term Rating=A1

Rating Explanation

Very strong degree of safety ad carry lowest credit risk.

Date

27th December 2017

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

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

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 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 DENIED

 

MANAGEMENT NON-COOPERATIVE [TEL. NO.:91-79-29709604]

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot No 27, Phase-I, GIDC Industrial Estate, Vatva, Ahmedabad – 382445, Gujarat, India

Tel. No.:

91-79 25833381 / 25897793

Fax No.:

91-79-25893495/ 25834588 / 26463999/ 26421400

E-Mail :

jignesh@meghmanidyes.com

helpdesk@meghmani.com

exports@meghmani.com 

Website :

www.meghmanidyes.com

http://www.meghmani.com 

 

 

Corporate Office 1:

203-204, White Cross, 15 Patel Society, Gulbai Tekra Road, Panchvati, Ahmedabad – 380006, Gujarat, India

Fax No.:

91-79-26422600/ 26463999

 

 

Corporate Office 2 :

Meghmani House, Shree Nivas Society, Paldi, Ahmedabad- 380007, Gujarat, India

Tel. No.:

91-79-26640669

Fax No.:

91-79-26640670

 

 

Corporate Office 3:

903-904, Siddhivinayak Tower B, Near Katariya Motors, Behind DCP Office, Off. S.G. Highway, Makarba, Ahmedabad – 380051, Gujarat, India

Tel. No.:

91-79-26812827

 

 

Factory 2 :

Block No. 401, Village Chharodi, Taluka Sanand, District Ahmedabad – 382170, Gujarat, India

Tel. No.:

91-2717-273204/ 273284

Fax No.:

91-2717-273117 

 

 

Factory 3 :

Plot No.Z-6, Dahej SEZ (Special Economic Zone) Area, Village Dahej, District: Bharuch – 392130, Gujarat, India

Tel. No.:

91-79-26569901/ 26562857/ 26467511

Fax No.:

91-79-26463999

E-Mail :

exports@meghmanidyes.com

 

 

World Head Quarters 1:

Meghmani Europe BVBS Grote Steen Weg 42-44, 2600 Berchem, Belgium

Tel. No.:

+32-3-3375357

Fax No.:

+32-3-2973082

 

 

World Head Quarters 2:

Representative Office : Room No. 0906, Building “B”, No. 527, Huagai Zhong Road, Shanghai – 200020, P.R. China

 

 

World Head Quarters 3:

8215 Vinoy Blvd, Apartment No. 403, Charlotte, NC 28262, U.S.A.

Mobile No.:

+1 7044256226

 

 

Other Factories :

Also located at:

 

  • Panoli
  • Ankleshwar

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Natwarlal Meghjibhai Patel

Designation :

Managing director

Address :

6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

01.06.1953

Qualification :

M.SC.

Date of Appointment :

22.02.1993

PAN No.:

AAUPP1727H

DIN No.:

00027540

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L24110GJ1995PLC024052

MEGHMANI ORGANICS LIMITED

02/01/1995

-

U24100GJ2008PLC054564

MEGHMANI CHEMTECH LIMITED

25/03/2011

-

U24110GJ1999PLC036306

MEGHMANI DYES AND INTERMEDIATES LIMITED

13/03/2008

-

U24231GJ1993PLC019271

MEGHMANI CHEMICALS LTD

26/12/1994

-

U24299GJ2017PTC098804

MEGHMANI AGROCHEMICALS PRIVATE LIMITED

23/08/2017

-

U29224GJ1987PLC010044

JOHN ENERGY LIMITED

30/09/2009

-

U40105GJ2006PLC048974

MEGHMANI ENERGY LIMITED

29/08/2006

-

U50101GJ1996PTC030122

FIDELITY EXPORT PRIVATE LIMITED

27/01/2000

-

 

 

Name :

Mr. Rameshbhai Meghjibhai Patel

Designation :

Managing director

Address :

54, Shrinathpark Society, Behind Manekbaug Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.03.1956

Qualification :

B.A.

Date of Appointment :

22.02.1993

DIN No.:

00027637

PAN No.:

ABHPP4316J

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L24110GJ1995PLC024052

MEGHMANI ORGANICS LIMITED

01/04/2009

-

U24100GJ2008PLC054564

MEGHMANI CHEMTECH LIMITED

25/03/2011

-

U24110GJ1999PLC036306

MEGHMANI DYES AND INTERMEDIATES LIMITED

13/03/2008

-

U40105GJ2006PLC048974

MEGHMANI ENERGY LIMITED

29/08/2006

-

U50101GJ1996PTC030122

FIDELITY EXPORT PRIVATE LIMITED

12/09/2001

-

U51909GJ2002PLC041575

VANGUARD OVERSEAS LIMITED

21/03/2003

-

 

 

Name :

Mr. Lalitbhai Kantibhai Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

15.02.1967

Qualification :

B.Com

Date of Appointment :

22.02.1993

DIN No.:

00011773

PAN No.:

ACNPP2094C

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U24100GJ2007PLC051763

MEGHMANI DYES AND INTERMEDIATES LIMITED

22/09/2008

-

U24100GJ2007PLC051935

MEGHMANI SPECIALTY CHEMICALS LIMITED

10/10/2007

-

U24100GJ2012PTC068727

UNIWORTH ENTERPRISES PRIVATE LIMITED

23/01/2012

-

U24110GJ1999PLC036306

MEGHMANI DYES AND INTERMEDIATES LIMITED

21/07/1999

-

U24231GJ1993PTC020229

SYNERGY CHLORINATION PVT LTD

27/10/2007

-

U29199GJ1993PLC019013

MEGHMANI INDUSTRIES LTD

22/02/1993

-

U40105GJ2006PLC048974

MEGHMANI ENERGY LIMITED

29/08/2006

-

U67120GJ2009PTC058361

ALB STOCK BROKING PRIVATE LIMITED

15/10/2009

-

 

 

Name :

Mr. Manubhai Khodidas Patel

Designation :

Director

Address :

141, Chitvan Bopal, Ahmedabad – 380058, Gujarat, India 

Date of Birth/Age :

06.11.1950

Date of Appointment :

27.08.2014

DIN No.:

00132045

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L24110GJ1995PLC024052

MEGHMANI ORGANICS LIMITED

10/02/2018

-

U24100GJ2007PLC051717

MEGHMANI FINECHEM LIMITED

15/07/2017

-

U24231GJ2002PTC040372

ACME DIET CARE PRIVATE LIMITED

21/10/2016

-

U51390GJ2005PLC046314

DIALFORHEALTH UNITY LIMITED

23/06/2005

-

U73100GJ2004PLC044669

CLIANTHA RESEARCH LIMITED

11/08/2017

-

U73100GJ2005PTC046914

ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED

25/08/2006

-

U74990GJ2000PTC037367

GVFL TRUSTEE COMPANY PRIVATE LIMITED

30/08/2008

-

U80903GJ1993NPL020139

PARYAVARAN EDUTECH

27/08/2001

-

 

 

Name :

Mrs. Meena Kantilal Bhatt

Designation :

director

Address :

64/1, Sector-2, Gandhinagar, Gandhinagar – 382002, Gujarat, India

Date of Appointment :

28.08.2015

DIN No.:

06884949

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U23201GJ2006SGC049229

GSPC (JPDA) LIMITED

30/03/2015

-

U29224GJ1987PLC010044

JOHN ENERGY LIMITED

26/09/2014

-

U40102GJ2007SGC051396

BHAVNAGAR ENERGY COMPANY LIMITED

31/03/2015

-

 

 

Name :

Mr. Maheshkumar Natvarlal Vyas

Designation :

Director

Address :

Sivalaya Sur No 178, Swatantra Ashokvatika Road, Opposite Kotak House, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Appointment :

30.09.2017

DIN No.:

00432810

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U11200GJ2010PTC061637

SYNERGY DRILLING FLUIDS PRIVATE LIMITED

16/07/2010

-

U11200GJ2011PTC065383

JOHN DRILLING SERVICES PRIVATE LIMITED

11/05/2011

-

U24110GJ1999PLC036306

MEGHMANI DYES AND INTERMEDIATES LIMITED

27/08/2014

-

U29220GJ2007PTC051281

JOHN ENGINEERING PRIVATE LIMITED

05/07/2007

-

U29224GJ1987PLC010044

JOHN ENERGY LIMITED

09/10/1987

-

U74140GJ2015NPL082106

AHMEDABAD INSTITUTE OF DRILLING TECHNOLOGY

02/02/2015

-

 

 

Name :

Mr. Anil Popatbhai Patel

Designation :

Director

Address :

24/A, Samast Brahmkshatriya Society, Near Chandra Nagar, Narayan Nagar, Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Appointment :

30.09.2017

PAN No.:

AASPP1629C

DIN No.:

00571660

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U01110TG2001PTC036922

MEGHMANI AGRODYNE PRIVATE LIMITED

25/06/2001

-

U25209GJ2017PTC096540

EMPIRE COATING AND POLYMERS PRIVATE LIMITED

28/03/2017

-

 

 

Name :

Mr. Praful Ganpatbhai Patel

Designation :

Director

Address :

17, Dwarpal Bungalows, Near Kishan Bungalows, Behind Rajpath Club, Bodakdev, Ahmedabad - 380058, Gujarat, India

Date of Appointment :

30.09.2017

DIN No.:

01685465

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U01110TG2001PTC036922

MEGHMANI AGRODYNE PRIVATE LIMITED

01/09/2002

-

U24100GJ2007PLC051763

MEGHMANI DYES AND INTERMEDIATES LIMITED

18/09/2007

-

U24100GJ2007PLC051935

MEGHMANI SPECIALTY CHEMICALS LIMITED

10/10/2007

-

U24231GJ1993PTC020229

SYNERGY CHLORINATION PVT LTD

31/03/2008

-

 

 

KEY EXECUTIVES

 

Name :

Mr. Govind Kumar Singhal

Designation :

Company Secretary

Address :

C-401, Sanskaar Apartments Prahalad Nagar, Opposite Karnawati Club, Ahmedabad – 380051, Gujarat, India

Date of Appointment :

30.09.2017

PAN No.:

ABDPS5651D

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2017

 

Names of Shareholders

 

No. of Shares

Patel Natwarlal Meghjibhai

 

897250

Patel Bhartiben Natwarlal

 

212500

Patel Disha Natwarlal

 

25000

Patel Ankit Natwarlal

 

215000

Patel Rameshbhai Meghjibhai

 

790000

Patel Kalpanaben Rameshbhai

 

7500

Patel Karan Rameshbhai

 

82500

Patel Vaishakhi Rameshbhai

 

20000

Patel Amitaben Kantibhai

 

886750

Patel Lalit Kantilal

 

140500

Patel Jagrutiben Lalit

 

7500

Patel Ganpatbhai M.

 

288750

Patel Praful Ganpatbhai

 

3000

Patel Shardaben Popatbhai

 

512250

Patel Popatbhai M.

 

15250

Patel Anil Popatbhai

 

7500

Patel Prashant Popatbhai

 

5000

Patel Kuverben Ishwerbhai

 

337250

Patel Anand I.

 

12750

Patel Darshan Anand

 

10000

Patel Haribhai M.

 

1500

Patel Ravi Haribhai

 

10375

Patel Kiranbhai M.

 

11875

Total

 

4500000

 

 

As on 30.09.2017

 

Equity Share Breakup

 

Percentage

Category

 

Promoter – (Individual/ Hindu Undivided Family – Indian)

41.27

Public  – (Individual/ Hindu Undivided Family – Indian

58.73

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is mainly engaged in the business of Manufacturing and Sales of various types of the dyes, agrochemicals, Optical Brightening agent (OBA) and Intermediates. (Registered Activity)

 

 

Products :

Item Code No.

Product Description

38089390

Propiconazole Technical

32042010

OBA (Megawhite)

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name

Dena Bank

Branch

2nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad – 380009, Gujarat, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

SECURED LOAN

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

SHORT-TERM BORROWINGS

 

 

Working capital loans from banks

842.440

669.282

 

 

 

Total

842.440

669.282

 

Auditors :

 

Name :

Balkrishna T. Thakkar and Company

Chartered Accountant

Address :

602 'Saffrow' Near Bank of Baroda Ambawadi, Ahmedabad – 380006, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAGPT9505M

 

 

Secretarial Audit Report:

 

Name :

Shyamsingh Tomar and Associates

Address :

306, Shapath-3, Near GNFC Tower, Pakwan Cross Road, S. G. Highway, Bodakdev, Ahmedabad-380054, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:
  • Meghmani Dyes and Intermediates LLP, India

 

  • Meghmani Organics Limited, India

L24110GJ1995PLC024052

 

  • Synergy Chlorination Private Limited, India

U24231GJ1993PTC020229

 

  • Tapasheel Enterprise, India

 

  • Meghmani Finechem Limited, India

U24100GJ2007PLC051717

 

  • Navratan Specialty Chemicals LLP, India
  • Uniworth Enterprises LLP, India
  • Trent Chemical Industries, India
  • Patel Investment and Infrastructure Co
  • Fidelity Exports Private Limited
  • Trent Chemical Industries
  • ALB Stock Broking Private Limited
  • Vanguard Overseas Limited
  • Meghmani Specialty Chemicals Limited
  • Meghmani Chemicals
  • Meghmani Energy Limited

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

INR 10/- each

INR 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4500000

Equity Shares

INR 10/- each

INR 45.000 Million

 

 

 

 

 

 

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

45.000

45.000

45.000

(b) Reserves & Surplus

2761.207

2311.567

1881.902

(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)

2806.207

2356.567

1926.902

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

693.983

743.483

762.175

(b) Deferred tax liabilities (Net)

10.357

8.923

8.679

(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)

704.340

752.406

770.854

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

842.440

669.282

844.393

(b) Trade payables

756.372

755.477

643.230

(c) Other current liabilities

88.939

78.021

46.037

(d) Short-term provisions

22.674

25.786

3.862

Total Current Liabilities (4)

1710.425

1528.566

1537.522

 

 

 

 

TOTAL

5220.972

4637.539

4235.278

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1007.153

758.456

808.957

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

76.615

168.704

3.870

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.004

0.005

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

151.885

106.600

0.005

(e) Other Non-current assets

0.000

0.000

57.305

Total Non-Current Assets

1235.657

1033.765

870.137

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

55.000

0.000

(b) Inventories

1463.969

1557.318

1475.519

(c) Trade receivables

1826.312

1298.890

1620.419

(d) Cash and cash equivalents

83.161

122.114

53.683

(e) Short-term loans and advances

28.444

22.875

18.131

(f) Other current assets

583.429

547.577

197.389

Total Current Assets

3985.315

3603.774

3365.141

 

 

 

 

TOTAL

5220.972

4637.539

4235.278

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

4975.020

3733.016

4522.223

 

Other Income

54.474

15.686

42.362

 

TOTAL

5029.494

3748.702

4564.585

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

3154.525

2367.963

3056.672

 

Purchases of Stock-in-Trade

51.627

216.781

165.317

 

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

24.368

(260.223)

(180.728)

 

Employees benefits expense

121.858

100.847

96.827

 

CSR Expenditure

11.500

0.000

0.000

 

Other expenses

836.035

604.895

780.109

 

TOTAL

4199.913

3030.263

3918.197

 

 

 

 

 

 

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

829.581

718.439

646.388

 

 

 

 

 

Less

FINANCIAL EXPENSES

135.284

130.981

129.420

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

694.297

587.458

516.968

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

114.223

90.049

108.018

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

580.074

497.409

408.950

 

 

 

 

 

Less

TAX

130.434

67.744

18.995

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

449.640

429.665

389.955

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

3019.067

2225.465

2542.720

 

TOTAL EARNINGS

3019.067

2225.465

2542.720

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

1930.912

1960.119

2317.107

 

Capital Goods

0.000

4.234

1.886

 

TOTAL IMPORTS

1930.912

1964.353

2318.993

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

99.92

95.48

86.66

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

0.000

 

 

 

 

Net cash flows from (used in) operations

352.782

711.880

132.350

 

 

 

 

Net cash flows from (used in) operating activities

174.999

650.422

57.630

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

133.99

127.00

130.79

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

2.72

2.87

2.79

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

86.11

106.68

72.87

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.57

0.46

0.44

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.77

0.77

0.80

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.46

0.49

0.54

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.55

0.60

0.83

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.61

0.65

0.80

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.39

0.39

0.42

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

6.13

5.49

4.99

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

9.04

11.51

8.62

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

8.61

9.26

9.21

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.02

18.23

20.24

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

2.33

2.36

2.19

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.47

1.34

1.23

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.54

0.51

0.45

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

34.14

31.39

35.70

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.33

2.36

2.19

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

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

45.000

45.000

45.000

Reserves & Surplus

1881.902

2311.567

2761.207

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1926.902

2356.567

2806.207

 

 

 

 

Long Term borrowings

762.175

743.483

693.983

Short Term borrowings

844.393

669.282

842.440

Total borrowings

1606.568

1412.765

1536.423

Debt/Equity ratio

0.834

0.600

0.548

 

 

 

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

4522.223

3733.016

4975.020

 

 

(17.452)

33.271

 

 

 

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

4522.223

3733.016

4975.020

Profit

389.955

429.665

449.640

 

8.62%

11.51%

9.04%

 

 

 

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

No

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

 

 

COMPANY PERFORMANCE

 

The company is mainly engaged in the business of manufacturing and sales of various types of the dyes, agrochemicals, Optical Brightening agent (OBA) and Intermediates.

 

Turnover for the financial year ended 31st March, 2017 amounted to INR.4975.000 Million as compared to INR.3733.000 Million for the year ended 31st March 2016. The turnover of the current financial year has been increased by more than 33.30% over the last year.

 

The Domestic turnover for the current financial year is INR 1769.400 Million (Previous Year INR 1364.500 Million) and Export turnover for the current financial year is INR 3205.800 Million (Previous Years Rs. 2368.500 Million)

 

The Profit/(Loss) before tax for the year amounted to INR 580.100 Million as compared to INR 497.400 Million for the previous year showing an increase of approx. 16.63% over the last year.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

LONG-TERM BORROWINGS

 

 

Intercorporate borrowings

648.609

698.109

Loans and advances from directors

45.374

45.374

 

 

 

Total

693.983

743.483

 

 

INDEX OF CHARGES:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

A69011583

10148356

HDFC BANK LIMITED

31/01/2009

13/08/2009

-

70000000.0

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI – 400013, MAHARASHTRA, INDIA

2

G75566794

90102662

STATE BANK OF INDIA

29/01/1999

24/01/2018

-

1298400000.0

OVERSEAS BRANCH, 1ST FLOOR, ISCON ELEGANCES. G. HIGHWAY, AHMEDABAD – 380015, GUJARAT, INDIA

3

B95902862

90100400

STATE BANK OF INDIA

15/06/1995

11/01/2014

-

1298400000.0

OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVANNAV JIVAN PO, B/H GUJARAT VIDYAPITH, AHMEDABAD – 380014, GUJARAT, INDIA

4

G36086668

10363110

DENA BANK

27/06/2012

-

10/02/2017

60000000.0

2ND FLOOR, DENA LAXMI BUILDING 188-A, ASHRAM ROAD, NAVARANGPURA, AHMEDABAD – 380009, GUJARAT, INDIA

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

Claims against company not acknowledged as debt

0.000

0.000

Guarantees

11.798

11.798

Other money for which company is contingently liable

128.500

98.668

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Office building
  • Factory building
  • Plant and equipment
  • Pollution reduction equipment
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Motor vehicles
  • Office equipment
  • Computer equipments

 

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 :

ARCH

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

ARC

 

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

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

 

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

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