MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SPL
TECHNOCHEM LIMITED |
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|
|
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Registered Office : |
30,
New Satguru Nanik Industrial Estate, Western Express Highway, Goregaon
(East), Mumbai - 400063 |
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Country : |
India |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17.01.1984 |
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Com. Reg. No.: |
11-31843 |
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CIN No.: [Company
Identification No.] |
U99999MH1984PLC031843 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS47014C |
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PAN No.: [Permanent
Account No.] |
AADCS8718B |
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Legal Form : |
Public Limited Liability Company. The company's shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturer
of Flexible Packaging Laminates |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
1500000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track record. Trade
relations are fair. Payments are usually correct and as per commitments.
General financial position is satisfactory. Nothing adverse reported. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
30,
New Satguru Nanik Industrial Estate, Western Express Highway, Goregaon
(East), Mumbai – 400063 |
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Tel.
No.: |
91-22-26855441 |
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E-Mail : |
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Website : |
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Corporate
Office : |
718,
Dalamal Tower, Nariman Point, Mumbai – 400021 |
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E-Mail
: |
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Factory
1 : |
Village
Lahe, Atgaon, Nashik Mumbai Highway,
Shahapur, District – Thane |
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Office : |
125,
Mittal Tower, B – Wing, 12th Floor, Nariman Point, Mumbai – 400021 |
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Tel. No.: |
91-22-22873976/22828622 |
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Fax. No.: |
91-22-400553641 |
DIRECTORS
|
Name : |
Mr.
Mukesh Shah |
|
Designation : |
Chairman
|
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|
Name : |
Mr.
Shreyansh Sheth |
|
Designation : |
Director
|
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|
Name : |
Mr.
Subhash Shukla |
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Designation : |
Director
|
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|
Name : |
Mr.
Sanjay Dhandhukia |
|
Designation : |
Director
|
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|
Name : |
Mr.
Vatsal Parikh |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name
: |
Mr. Y
I Dave |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters
and Directors |
705500 |
10.08 |
|
Associates
and Relatives |
2997250 |
42.82 |
|
Public
|
867250 |
12.39 |
|
Others
|
2430000 |
34.71 |
|
Total |
7000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Flexible Packaging Laminates |
|
|
|
|
Products : |
Flexible
Packaging Laminates - 392042 |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Flexible Packaging Laminates |
MT |
|
800.000 |
490.535 |
GENERAL
INFORMATION
|
No. of Employees : |
500 |
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|
|
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Bankers : |
v
Andhra
Bank, SPL Corporate Finance Branch, 33, Atlanta, Nariman Point, Mumbai –
400005 v
The
Shamrao Vithal Cooperative Bank, Corporate Office, SVC Tower, Nehru Bharat
Overseas Bank, Fort Branch v
Bharat
Overseas Bank Limited v
The
Shamrao Vithal Cooperative Bank – Bal Vatsalaya Building, Kasturba Cross Road
No. 1, Borivali (East), Mumbai – 400066 v
Andhra
Bank – Dr. Patabhi Bhavan, Saifabad, Hyderabad – 500063 |
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|
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Facilities : |
Secured Loan From
Bank Cash
Credit – Rs. 53.932 Millions Term
Loan – Rs. 162.185 Millions Total
– Rs. 216.117 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
M/s.
Rahul Shukla & Associates Chartered
Accountant |
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Address: |
9/B,
Virnagar Society, Opposite Bhimjipuera, Navavadaj Road, Ahmedabad - 380013 |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 70.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 70.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
70.000 |
70.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
289.150 |
188.565 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
359.150 |
258.565 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
216.117 |
38.341 |
|
|
2] Unsecured Loans |
|
26.650 |
1.000 |
|
|
TOTAL BORROWING |
|
242.767 |
39.341 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
601.917 |
297.906 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
|
260.990 |
129.688 |
|
|
Capital work-in-progress |
|
55.522 |
21.700 |
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INVESTMENT |
|
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
0.000 |
0.000 |
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
111.531 |
58.555 |
|
|
Sundry Debtors |
|
270.993 |
156.061 |
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|
Cash & Bank Balances |
|
46.170 |
24.430 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
61.295 |
19.002 |
|
Total Current Assets |
|
489.989 |
258.048 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
195.184 |
101.716 |
|
|
Provisions |
|
9.400 |
9.814 |
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Total Current Liabilities |
|
204.584 |
111.530 |
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|
Net Current Assets |
|
285.405 |
146.518 |
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|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
601.917 |
297.906 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
Sales Turnover [including other income] |
|
1046.691 |
528.798 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
109.985 |
62.421 |
|
Provision
for Taxation |
|
9.400 |
5.000 |
|
Profit/(Loss)
After Tax |
|
100.585 |
57.421 |
|
|
|
|
|
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Export
Value |
|
1.979 |
NA |
|
|
|
|
|
|
Import
Value |
|
4.823 |
NA |
|
|
|
|
|
|
Total
Expenditure |
|
936.706 |
466.377 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2006
(2nd Quarter) |
30.09.2006
(3rd Quarter) |
|
Sales
Turnover |
|
265.900 |
302.500 |
|
Other Income |
|
0.200 |
0.400 |
|
Total Income |
|
266.100 |
302.900 |
|
Total
Expenditure |
|
225.400 |
255.600 |
|
Operating
Profit |
|
40.700 |
47.300 |
|
Interest |
|
9.400 |
9.200 |
|
Gross
Profit |
|
31.300 |
38.100 |
|
Depreciation |
|
4.500 |
7.000 |
|
Tax |
|
3.000 |
3.500 |
|
Reported
PAT |
|
23.800 |
27.600 |
200606 Quarter 2 - Expenditure Includes
Cost of Sales & Services Rs. 198.535 million Staff Cost Rs. 7.235 million
Other Expenditure Rs. 19.689 million EPS is Basic Status of Investor Complaints
for the quarter ended 30.06.2006 Complaints Pending at the beginning of the
quarter 01 Complaints Received during the quarter Nil Complaints disposed off
during the quarter Nil Complaints unresolved at the end of the quarter 01 1.
The Above results have been taken on record by the Board of Directors at its
meeting held on 17.07.2006 and have been subjected to a Limited Review by the
Auditors of the Company. 2. Figures of the Previous year have been recast to
make them comparable to the Current year. 3. The Company's operations fall
under single segment namely Flexible Packaging.
200609 Quarter 3 - Expenditure Includes
Cost of Sales & Services Rs. 225.903 million Staff Cost Rs. 7.312 million
Other Expenditure Rs. 22.403 million EPS is Basic Status of Investor Complaints
for the quarter ended 30.09.2006 Complaints Pending at the beginning of the
quarter 01 Complaints Received during the quarter Nil Complaints disposed off
during the quarter Nil Complaints unresolved at the end of the quarter 01 1.
The Above results have been taken on record by the Board of Directors at its meeting
held on 31.10.2006 and have been subjected to a Limited Review by the Auditors
of the Company.
KEY
RATIOS
|
PARTICULARS |
|
|
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
|
9.60 |
10.85 |
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
10.50 |
11.80 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
14.64 |
16.09 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.30 |
0.24 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.24 |
0.58 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.39 |
2.31 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.143.00/- |
|
Low |
Rs.143.00/- |
LOCAL AGENCY
FURTHER INFORMATION
Performance
The
performance of the company during the year under report had registered a market
improvement over the previous year. The company produced 4905.35 MT of Flexible
Packaging Materials during the year under review against 3252.13 MT during
previous period
The
company’s sales and profit have continued to be an up trend with an increased
of 92% and 76% respectively over the previous year. The sales during the year
reached to Rs. 1014.193 Millions from Rs. 527.332 Millions in the previous
year. The profit before tax was Rs. 109.985 Millions an increased of Rs. 47.564
Millions over the previous year.
Expansion
Programme
During
the current year the company successfully implemented modification cum
expansion plant to increased the capacity from 3250 MTPA to 8000 MTPA. This was
funded by term loans from bank, international accruals and loans from promoters
Future
Vision
Manufacturing
technology needs to keep itself always updated modern and state of the art
similarly growth for a business house. Being acutely aware of this the company
has adopted a policy and philosophy of continuous, modernisation expansion and
backward integration. Future capex plan is under process of being finished soon
the details of which will be shared with you in due course. The company is also
looking for other investment opportunities in the promising field like
renewable energy, sugar etc
Overview
The year
in restrospect was a tough one for the Indian industry in general.
Unfortunately a number of events had a dampening effect on the business
sentiments of the industry. The export as well as domestic business suffered on
this account. During this difficult period, the company took a number of
initiatives on cost redaction, improvement in efficiency and productivity,
which had a favourable impect on the working of the company
Industry
Outlook
Flexible
Packaging continues to set the pace as the most dynamic and fastest growing
segment in the packaging industry. Whether it is shrink film or report pouches,
the entire segment of flexible packaging continues to grow consistently at the
rate of 20-27% since 1993. The top growth markets continue to be beverage,
pharmaceutical, snacks, fresh fruit and vegetable product, pet food, oil, sugar
and other food items
SPL Technochem Limited is one of the leading manufacturers in Flexible
Packaging Industry. The Companies goal is to deliver the best Quality, the best
Service and the best Competetive Price. They believe in Creating a Niche in the
market, rather than competing with other Competitors.
Fixed
Assets
v
Land
v
Factory
Building
v
Air
Conditioners
v
Plant
and Machinery
v
Office
Equipment
v
Furniture
& fixture
v
Electrical
Installation
v
Computer
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U99999MH1984PLC031843 |
|
Name of the company |
SPL
TECHNOCHEM LIMITED |
|
Address |
21, Atlanta, 2nd Floor, Nariman Point, Mumbai – 400021 |
|
This Form is for |
Creation Charge |
|
Particular of the charge holder |
The Shamrao Vithal Cooperative Bank – Bal Vatsalaya Building, Kasturba Cross Road No. 1, Borivali (East), Mumbai – 400066 |
|
Name or description of the instrument creating charge |
Common Deed of hypothecation of stock |
|
Date of the instrument creating charge |
28.03.2006 |
|
Amount Secure by the charge |
Rs. 17.500 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U99999MH1984PLC031843 |
|
Name of the company |
SPL
TECHNOCHEM LIMITED |
|
Address |
21, Atlanta, 2nd Floor, Nariman Point, Mumbai – 400021 |
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
The Shamrao Vithal Cooperative Bank – Bal Vatsalaya Building, Kasturba Cross Road No. 1, Borivali (East), Mumbai – 400066 |
|
Date of the instrument creating charge |
28.03.2006 |
|
Amount Secure by the charge |
Rs. 17.500 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Particulars of the present modification |
By this modification the charge has been enhanced from Rs. 17.500 Millions to Rs. 47.500 Millions due to additional credit facility of Rs., 30.000 Millions granted by the bank to the company |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U99999MH1984PLC031843 |
|
Name of the company |
SPL
TECHNOCHEM LIMITED |
|
Address |
21, Atlanta, 2nd Floor, Nariman Point, Mumbai – 400021 |
|
This Form is for |
Creation Charge |
|
Particular of the charge holder |
Andhra Bank – Dr. Patabhi Bhavan, Saifabad, Hyderabad – 500063 |
|
Date of the instrument creating charge |
31.07.2006 |
|
Amount Secure by the charge |
Rs.195.000Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.01 |
|
UK
Pound |
1 |
Rs.84.91 |
|
Euro |
1 |
Rs.57.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|