Each equity shareholders has 1 voting right. All equity shareholders
have equal rights in proportion to the holding.
The Company has declared dividend Rs. 2,54,31,421 (Previous year Rs.
10,17,25,684 representing 10% (Previous year 40%) Paid up Capital and
Rs. 0.10 per share (Previous year Rs. 0.40 per share)
Details of Security and Repayment Terms
1. Secured Non-Convertible Debentures of Rs. 1,000,000,000/- are
secured by way of pan passu charge on Mortgage of immoveable properties
situated at GIDC Vatva, GIDC Panoli, GIDC Dahej, GIDC Ankleshwar and
Village Chharodi, Taluka Sanand, District - Ahmedabad.
2. Redemption detail of 10.4% secured Non Convertible Debenture Rs.
3. External Commercial borrowing of USD 11,000,000 equivalent to Rs.
51,13,90,000 from Standard Chartered Bank, Ahmedabad. The facility is
secured by First charge on all the present and future Movable Fixed
assets financed under term loan including movable fixed assets held at
CH-1-2/A, GIDC Dahej, Taluka Varga, Bharuch and repayable in 13
installment of USD 785400 of each and last installment of USD 789,800
and interest @ 3 Month LIBOR 2.5%.
4. The interest rate on working capital facilities from State Bank of
India, HDFC Bank Limited and ICICI Bank Limited (Collectively known as
consortium Bankers) varies within the range of 10.95% to 14.50% (both
inclusive) and are secured by:-
a) First Pan Passu charge created on 25.05.2005 to State Bank of India
(with HDFC Bank Limited and ICICI Bank Ltd.) by way of hypothecation of
the entire stock of raw material, work in process, finished goods,
stores and spares and receivables.
b) First Pan Passu charge on immovable properties to State Bank of
India (with HDFC Bank Limited and ICICI Bank Ltd.) as collateral
security for the working capital facilities.
c) The indenture of the mortgage created on immovable porperties are
i) Plot No. 168,180,183 and 184 of GIDC Industrial Estate Vatva
ii) Block No. 402,403,404 and 404 at Village Chharodi, Taluka Sanand,
iii) Plot No. 21 & 21/1 of GIDC Industrial Estate Panoli, Taluka
iv) Plot NO. 5001/B of GIDC Industrial Estate, Ankleshwar,
5 Short Term Loan from bank includes Commercial papers Rs. NIL
(Previous Year Rs. 200,000,000) having maturity date of 21 April 2011
with an interest rate of 8.95%.
IPO Refund Payable represents share application money
received at the time of IPO and pending for refund due to
non-traceability of investors. The Company has kept the balance of such
money in a separate account with Bank and as informed to statutory
authorities no interest thereon is provided.
Provision for Interest-Micro, Small and Medium Enterprises
The Company has received certain intimation from Suppliers regarding
their status under Micro, Small and Medium Enterprises Development
Act, 2006 and accordingly, the company has provided for interest of
interest of Rs. 1,393,523 (Previous Year Rs. 509,443) being payable as
required under the said act.
As per revised Account in Standard 15(AS-15) Employees Benefits, the
Company has recognized in the financial statements in respects of
Employee Benefits Schemes as per Actuarial Valuation as on 31st March,
1. SEGMENT REPORTING
For management purpose, the Company is currently organised into two
major operating divisions - Pigments and Agro Chemicals. These
divisions are the basis on which the Company reports its primary
segment information. Principal activities are as follows:
To Manufacture and distribute Phthalocynlne Green 7, Copper
Phthalocynine Blue (CPC), Alpha Blue and Beta Blue.
To Manufacture and distribute Technical, Intermediates and Formulations
A. Analysis By Business Segment
Segment revenue and expense:
Segment revenue and expense are the operating revenue and expense
reported in the Company''s profit and loss statement that are directly
attributable to a segment and the relevant portion of such revenue and
expense that can be allocated on a reasonable basis to a segment
Segment assets and liabilities:
Segment assets include all operating assets used by a segment and
consist principally of operating receivables, Inventories and property,
plant and equipment, net of allowances and provisions. Capital
Expenditure includes the total cost incurred to acquire property, plant
and equipment directly attributable to the segment. Segment liabilities
include all operating liabilities and consist principally of trade
payables and accrued expenses.
Segment revenue and expenses include transfers between business segments.
Inter-segment sales are charged at prevailing market rates.
These transfers are eliminated at the Company level.
b) Analysis By Geographical Segment
Segment revenue is analysed based on the location of customers
regardless of where the goods are produced. The following provides an
analysis of the Companys'' sales by geographical Markets:
c) Segment assets and Capital expenditure:
Segment assets and capital expenditure are analysed based on the
location of those assets. Capital expenditure includes the total cost
incurred to purchase property, plant and equipment.
An analysis of the carrying amount of segment assets and capital
expenditure by geographical locations is not presented, as the assets
are all located in India.
2. RELATED PARTIES DISCLOSURES :-
Holding Company Nil
of the company Meghmani Organics USA, Inc. (MOL-USA)
Meghmani Europe BVBA(MOL-EUROPE)
Meghmani Energy Limited (MEL)
Meghmani Finechem Limited (MFL)
PT Meghmani Organics Indonesia
Meghmani Chemtech Limited (MCTL)
Meghmani Overseas FZE - Dubai
which Directors & Meghmani Pigments
Personnel [KMP] Ashish Chemicals
influence: Tapsheel Enterprise
Meghmani Dyes and Intermediates Ltd.
Meghmani Industries Limited
Meghmani Chemicals Limited
Fidelity Exports Private Limited
Personnel Mr. Jayanti M Patel
Mr. Ashish N Soparkar
Mr. Natwarlal M Patel
Mr. Ramesh M Patel
Relatives of Key
Personnel Ms. Deval Soparkar
(Employee) Mr. Kama R Patel
Mr. Darshan I Patel
Relatives of Key
Personnel Mr. KM Patel (Consultant)
Mr. Saurabh Soparkar
Joint Venture Trience Speciality Chemicals Pvt Ltd.