MIRA
INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NILKAMAL LIMITED (w.e.f. 05.01.2007) |
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Formerly Known
As : |
NILKAMAL PLASTICS LIMITED |
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Registered
Office : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel
Road, Village Vasona, Union Territory of Dadra and Nagar Haveli-396230,
Silvassa |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
05.12.1985 |
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Com. Reg. No.: |
54-000162 |
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Capital
Investment / Paid-up Capital : |
Rs.149.225
Millions |
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|
CIN No.: [Company Identification
No.] |
L25209DN1985PLC000162 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMN07184C |
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PAN No.: [Permanent Account No.] |
AAACN2329N |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed in the
Stock Exchanges. |
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Line of Business
: |
Manufacturing of Moulded Plastic Chairs. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 14000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financials of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Paresh Mehta |
|
Designation : |
Financial Controller |
|
Contact No.: |
91-22-26818888 |
|
Date : |
17.08.2011 |
LOCATIONS
|
Registered Office and Vasona Factory : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel
Road, Village Vasona, Union Territory of Dadra and Nagar Haveli-396230,
Silvassa, India |
|
Tel. No.: |
91–2551–221053 / 220156 / 220552 91-260-2699082 / 2699083 |
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Fax No.: |
91–2551–220772 91-260-2699215 |
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Email : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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Corporate/ Administrative Office : |
Nilkamal House, 77/ 78, Road No. 13/14, M.I.D.C., Andheri (East),
Mumbai – 400 093, |
|
Tel No.: |
91–22–28361366 / 28211172 / 28231471 / 26818888 / 26818628 |
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Fax No.: |
91–22–28367891 / 28361923 |
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Email : |
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Barjora Factory : |
Plot No. 1498/2613, WBIDC, |
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Hosur Factory: |
Part of Survey No.149, 151 to 153, 227/ 2K3 and 299/1, Next
to GNB Factory, Koneripalli Post, Nallaganakothapalli Village, Hosur Taluk,
Krishnageri-635 117 District, Tamilnadu, India |
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Plot No.1107, IGC, Phase – II, Samba – 184 121, |
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Kharadpada Factory : |
Survey No. 389, 391, 393, 396 and 401, Naroli – |
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Noida Factory : |
Plot No. 26, B/C Sector No. 31, Surajpur - |
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19/3-5, 18/1 and 21/6, Pit-Olaivaikkal Village, Koodapakam Villianoor
Road, Villianoor Taluk, Pondicherry - 605 110, India |
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Sinnar Factory : |
STICE, Plot No. 971/1A, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Dadi B. Engineer |
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Designation : |
Director |
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Name : |
Mr. K. R. Ramamoorthy |
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Designation : |
Director |
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Name : |
Mr. Mahendra V. Doshi |
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Designation : |
Director |
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Name : |
Mr. Mufazzal S. Federal (Appointed
w.e.f. 25th January, 2011) |
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Designation : |
Director |
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|
Name : |
Mr. Rajendra P. Goyal |
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Designation : |
Director |
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|
Name : |
Mr. Rajesh G. Kapadia (Resigned
w.e.f. 9th July, 2010) |
|
Designation : |
Director |
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|
Name : |
Mr. Rajesh R. Mandawewala (Appointed
w.e.f. 1st August, 2010) |
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Designation : |
Director |
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Name : |
Mr. Hiten V. Parekh |
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Designation : |
Executive Director |
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Name : |
Mr. Manish V. Parekh |
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Designation : |
Executive Director |
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Name : |
Mr. Nayan S. Parekh |
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Designation : |
Executive Director |
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Name : |
Mr. Sharad V. Parekh |
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Designation : |
Managing Director |
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Name : |
Mr. Vamanrai V. Parekh |
|
Designation : |
Chairman |
KEY EXECUTIVES
|
Name : |
Mr.
Paresh B. Mehta |
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Designation : |
Financial Controller |
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|
Name : |
Ms.
Priti P. Dave |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
6,730,885 |
45.11 |
|
|
2,376,500 |
15.93 |
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|
9,107,385 |
61.03 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
9,107,385 |
61.03 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
2,599,711 |
17.42 |
|
|
1,100 |
0.01 |
|
|
155,968 |
1.05 |
|
|
91,430 |
0.61 |
|
|
2,848,209 |
19.09 |
|
|
|
|
|
|
649,849 |
4.35 |
|
|
|
|
|
|
1,282,376 |
8.59 |
|
|
801,595 |
5.37 |
|
|
233,111 |
1.56 |
|
|
233,111 |
1.56 |
|
|
2,966,931 |
19.88 |
|
Total Public shareholding (B) |
5,815,140 |
38.97 |
|
Total (A)+(B) |
14,922,525 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 Million SHAREHOLDING BELONGING
TO THE CATEGORY: "PROMOTER AND
PROMOTER GROUP"
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Nilkamal Builders Private Limited |
1,464,000 |
9.81 |
|
Heirloom Finance Private Limited |
912,000 |
6.11 |
|
Vamanrai V Parekh |
968,102 |
6.49 |
|
Sharad V Parekh |
531,004 |
3.56 |
|
Hiten V Parekh |
213,489 |
1.43 |
|
Manish V Parekh |
216,150 |
1.45 |
|
Nayan S Parekh |
477,113 |
3.20 |
|
Vamanrai V Parekh HUF |
6,382 |
0.04 |
|
Sharad V Parekh HUF |
7,223 |
0.05 |
|
Hiten V Parekh HUF |
5,000 |
0.03 |
|
Manish V Parekh HUF |
4,500 |
0.03 |
|
Purvi N Parekh |
24,172 |
0.16 |
|
Smriti H Parekh |
7,101 |
0.05 |
|
Manju M Parekh |
11,844 |
0.08 |
|
Priyanka H Parekh |
5,000 |
0.03 |
|
Mihir H Parekh |
11,900 |
0.08 |
|
Manish V Parekh |
10,000 |
0.07 |
|
Shrimant Holding Private Limited |
500 |
0.00 |
|
Rajul M Gandhi |
18,051 |
0.12 |
|
Manoj K Gandhi |
6,210 |
0.04 |
|
Vamanrai V Parekh |
761,904 |
5.11 |
|
Sharad V Parekh |
761,904 |
5.11 |
|
Hiten V Parekh |
925,966 |
6.21 |
|
Manish V Parekh |
455,639 |
3.05 |
|
Nayan S Parekh |
540,327 |
3.62 |
|
Purvi N Parekh |
380,952 |
2.55 |
|
Manju M Parekh |
380,952 |
2.55 |
|
Total |
9,107,385 |
61.03 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE
TOTAL NO. OF SHARES
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Reliance Capital Trustee Company Limited A/c Relianceregular Savings Fund – Equity Option |
1,000,000 |
6.70 |
|
IDFC Premier Equity Fund |
873,319 |
5.85 |
|
SBI Mutual Fund A/c MMPS 93 |
521,605 |
3.50 |
|
DSP Blackrok Micro Cap Fund |
204,487 |
1.37 |
|
Padamakshi Financial Services Private Limited |
297,688 |
1.99 |
|
Sweta Vikash Shah |
163,334 |
1.09 |
|
Total |
3,060,433 |
20.51 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Moulded Plastic Chairs. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity ** |
Actual
Production (pcs. In Lacs) |
|
Moulded Plastics Articles |
88680 TPA |
394.63 |
Note:
- Including samples
- ** As certified by the Management and
being a technical matter, accepted by the Auditors as correct.
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
·
State Bank of ·
Corporation Bank ·
IDBI Bank Limited ·
Citi Bank N.A. ·
HSBC Limited ·
DBS Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Dalal
and Shah Chartered
Accountants Vora
and Associates Chartered
Accountants |
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Associates/Subsidiaries : |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
3000000 |
Preferences Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14922525 |
Equity Shares |
Rs.10/- each |
Rs.149.225
Millions |
Note: Of the above 42,07,644 Equity Shares of Rs. 10/- each
have been issued pursuant to the Scheme of amalgamation for consideration other
than cash) (During the year 21,40,181 Equity shares of Rs. 10/- each issued to
Qualified Institutional Investors at a premium of Rs. 270.35/- each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
149.225 |
127.823 |
127.823 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3408.564 |
2383.918 |
1986.158 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3557.789 |
2511.741 |
2113.981 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2859.584 |
2810.341 |
2552.046 |
|
|
2] Unsecured Loans |
165.034 |
0.000 |
300.000 |
|
|
TOTAL BORROWING |
3024.618 |
2810.341 |
2852.046 |
|
|
DEFERRED TAX LIABILITIES |
156.433 |
135.168 |
137.803 |
|
|
|
|
|
|
|
|
TOTAL |
6738.840 |
5457.250 |
5103.830 |
|
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|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2582.493 |
2152.164 |
2269.383 |
|
|
Capital work-in-progress |
442.994 |
86.944 |
59.403 |
|
|
|
|
|
|
|
|
INVESTMENT |
252.959 |
242.909 |
237.759 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2246.779
|
1564.003 |
1362.464 |
|
|
Sundry Debtors |
1444.892
|
1325.000 |
1052.045 |
|
|
Cash & Bank Balances |
264.466
|
153.313 |
135.545 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
761.797
|
1119.980 |
809.116 |
|
Total
Current Assets |
4717.934
|
4162.296 |
3359.170 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
550.628
|
445.625 |
376.488 |
|
|
Other Current Liabilities |
517.883
|
602.493 |
340.043 |
|
|
Provisions |
189.029
|
138.945 |
105.354 |
|
Total
Current Liabilities |
1257.540
|
1187.063 |
821.885 |
|
|
Net Current Assets |
3460.394
|
2975.233 |
2537.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6738.840 |
5457.250 |
5103.830 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12490.886 |
10280.502 |
8890.864 |
|
|
|
Other Income |
32.156 |
47.691 |
17.769 |
|
|
|
TOTAL (A) |
12523.042 |
10328.193 |
8908.633 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed / Cost of goods traded
/ Variation in stocks |
7748.547 |
6284.494 |
5619.016 |
|
|
|
Employees' Remuneration and Benefits |
757.790 |
566.056 |
509.018 |
|
|
|
Operating and other expenses |
2721.863 |
2250.054 |
1954.356 |
|
|
|
Trial Run Expenses
Capitalized |
(2.156) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
11226.044 |
9100.604 |
8082.390 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1296.998 |
1227.589 |
826.243 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
267.306 |
246.963 |
396.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1029.692 |
980.626 |
429.967 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
329.316 |
321.751 |
311.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
700.376 |
658.875 |
118.257 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.798 |
186.489 |
57.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
524.578 |
472.386 |
61.013 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
696.947 |
489.187 |
468.084 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
59.690 |
38.347 |
25.565 |
|
|
|
Interim Dividend |
0.000 |
25.565 |
0.000 |
|
|
|
Tax on Dividend |
9.683 |
10.714 |
4.345 |
|
|
|
Transfer to General Reserve |
52.458 |
190.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1099.694 |
696.947 |
489.187 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
235.444 |
150.783 |
150.292 |
|
|
|
Technical and Management Fees |
12.694 |
8.479 |
7.630 |
|
|
|
Income earned from export of services |
7.898 |
9.679 |
3.495 |
|
|
|
Dividend Received from a Subsidiary Company |
6.064 |
8.687 |
1.271 |
|
|
TOTAL EARNINGS |
262.100 |
177.628 |
162.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
402.017 |
59.383 |
125.329 |
|
|
|
Raw Materials |
969.639 |
676.713 |
127.706 |
|
|
|
Traded Goods |
780.164 |
432.841 |
569.302 |
|
|
|
Stores, Spares and Others |
16.203 |
9.021 |
3.106 |
|
|
TOTAL IMPORTS |
2168.023 |
1177.958 |
825.443 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.80 |
36.96 |
4.77
|
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
3213.120 |
|
Total Expenditure |
|
|
2873.150 |
|
PBIDT (Excl OI) |
|
|
339.970 |
|
Other Income |
|
|
3.080 |
|
Operating Profit |
|
|
343.050 |
|
Interest |
|
|
84.620 |
|
PBDT |
|
|
258.430 |
|
Depreciation |
|
|
92.720 |
|
Profit Before Tax |
|
|
165.7100 |
|
Tax |
|
|
43.060 |
|
Profit After Tax |
|
|
122.650 |
|
Net Profit |
|
|
122.650 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.19
|
4.57 |
0.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.61
|
6.41 |
1.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.59
|
10.43 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.26 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
1.59 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.75
|
3.51 |
4.09 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
550.628
|
445.625 |
376.488 |
YEAR IN RETROSPECT
The Financial Year 2010-2011 has witnessed Indian economy moving back to
pre-recession growth trajectory. The robust growth rate of 8.6% and steady
fiscal consolidation have been the hallmark of the Indian economy in the year.
However, food inflation, higher commodity prices and volatility in global
commodity markets have been a cause of concern. The year in retrospect brought
some opportunities and many challenges to the Company as it moved ahead with
steady steps on the chosen path of sustainable growth. One of the major
challenge faced by the Company was volatility in the prices of commodities like
crude oil which was exacerbated by political turmoil in the
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE, DEVELOPMENT OPPORTUNITIES AND OUTLOOK:
The global economic recovery slowly gained momentum in the Financial
Year 2010-11. While growth in the emerging economies remained strong, that in
the developed economies like the
PLASTIC DIVISION
The Plastic Business has achieved a volume growth of 11% and value
growth of 21%. During the Financial Year 2010-11, it has achieved total turnover
of Rs.12326.800 Millions as compared to Rs.10288.400 Millions in the previous
year.
The Moulded Furniture Business of the Company saw a top line growth of
13% in revenue terms over the previous Financial Year with a market share of
around 39%. This vertical of the Company is enjoying a strong leadership
position in the market with a lead of nearly two times of its closest
competitor. In the Financial Year 2010-11, the raw material cost witnessed a
rise of more than 20% over the last year's average and the said rise was mainly
evident during the second half of the Financial Year 2010-11. However a stable
demand equation helped the division to pass on the increase in the raw material
price to some extent.
The Furniture business is well geared for 15%-20% growth on year-on-year
basis, with the introduction of more value added products like Office Seating
Solutions and hybrid designer chairs for commercial establishments like food
courts, malls, etc. The Division has over the years developed a large network
of 1,000 plus distributors and has plans to leverage this channel strength with
traded furniture products like Computer Tables, TV Trolleys and other home
furniture like Dinning Table, Wardrobes, etc. The Division also plans to foray
into retailing through "Subject Home Idea" Stores in all 2/3 tiers
cities in
A further rise in raw material prices, if the crude gallops much above
the current levels, can result in a negative impact on the net realisations in
the forthcoming Financial Year. The Material Handling Business has achieved
value growth of 29%. The Company already a market leader for it's one stop
material handling shop philosophy of all under one roof, consolidated its
position in crates, bins, pallets, material handling equipments, vertical
storage systems and also automated
storage and retrieval systems. Various
new products introduced in the roto moulded, vacuum formed, blow moulding, PU
filled insulated segments have been received well in the market.
Material Handling Equipment business witnessed strong growth driven by
focus within the Indian industrial sector to increase intra-logistic
efficiencies and the flow of raw
material, work-in-process, and finished goods while decreasing dependency on
labor. The coming-of-age of India's Industrial Sector coupled with the ever-
increasing focus on improved factory output with less dependency on labor
continues to serve well for material handling products. Growth in the
automotive, food processing, soft-drink beverage and hospitality segments in
The Company will roll out a Customer Relationship Management (CRM)
initiative using high end software with a goal to increase sales productivity.
They envisage that this initiative will have the same impact on the sales
process which the investment in SAP Enterprise Resource Planning had on
production and distribution processes.
The implementation of GST regime would bring enormous opportunities for
Material Handling Business by requirements of large, efficient, planned
warehousing for all sectors. The rise in price of crude and its effective rise in price of plastic raw
material and uncertainties in its
availability will remain a major concern for the business.
LIFESTYLE
FURNITURE, FURNISHING AND ACCESSORIES DIVISION:
Amidst economic upturn, @home, retail business division of the Company,
has posted a turnover of Rs.191 Crore for FY 2010-11 reflecting 44% growth in
turnover as compared to FY 2009-10. After couple of years hard work,
dedication, focused approach and zeal to learn and practice, made @home to
achieve profit in the current Financial Year 2010-11. This reinforces the
positive outlook in @home. The division hopes to achieve 20%-25% growth out of
the sales of its existing stores for the FY 2011-12. On the path of its
expansion, @home shall set up four new stores in next six months and look for
more opportunities to expand. At present, 16 @home stores are spread across 11
cities in
@home has become a trusted brand among the consumers and acquired a reputation of being a serious
player in the Indian retail industry in the home décor category.
@home is being positioned as a 'home stylist', with the brand promise of
'they help make the home, a home'. This
has been achieved due to investments in product lines, store layout,
value added services like free interior planning, right human resources - a
highly skilled and specialized team has
been formed to drive this business with a competitive edge. Recently @home has
started investing in back end systems such as Business Intelligence (BI) solution
for quicker, easier and integrated information availability for key decision
making. @home has also taken first step towards e-commerce with the sales of
@home gift voucher from its online portal.
In order to widen the scope of its existing activities in the segment of
lifestyle furniture, other furnishings and accessories, the Company is planning
to venture into activities related to manufacturing, dealing and trading etc.
of all kinds of mattresses made up of materials like coir, spring, foam etc. and
other related products. The organized sector of the Indian furniture market is
only 10% of the total market size of 70,000 crores and it is growing by 30% CAGR. The main threat
for the business is economic uncertainty coupled with adverse currency fluctuations.
Home furniture is not purchased frequently, thus involves a lot of deliberation
and needs a larger outlay of funds for their target customer. However, urban
housing demand, higher disposable incomes, nuclear family and time paucity are the major drivers for the
category.
It is encouraging to witness the major shift in customer's preference
for readymade furniture and entry of more organized players in the market which
will facilitate the consumers with benefits such as wide product range, quality
products, home décor ideas, easy finance options, warranty and after sales
service.
FINANCIAL REVIEW
OPERATING PROFIT
The Company registered Operating Profit of Rs.1297.000 Millions against
Rs.1227.600 Millions in the previous year, an increase of 5.65 % over the
previous year. The operating margin dropped to 10.38% as compared to 11.94 % in
the previous year. This is on account of increase in material consumption
ratio, employee cost and operating expenses.
FIXED ASSETS
·
·
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Office Equipments
·
Vehicles
·
Vehicles under hire purchase arrangement
·
Interiors at Showroom
·
Models, Designs and Other Commercial Rights
·
Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2011
Rs. in Millions
|
Particulars |
Quarter
Ended 30.06.2011 |
|
|
|
|
1. (a) Gross Sales/ Income from Operations |
3658.535 |
|
Less: Duties & Levies Net Sales / Incomes from Operations |
451.482 |
|
Net Sales / Income From Operations |
3207.053 |
|
(b) Other Operating Income |
6.068 |
|
Total Income |
3212.121 |
|
2 Expenditure |
|
|
(a) (Increase) I Decrease in stock in trade |
3.277 |
|
(b) Consumption of Raw Material |
1298.671 |
|
(c) Purchase of Traded Goods |
668.781 |
|
(d) Employees Cost |
220.882 |
|
(e) Depreciation |
92.716 |
|
(f) Other expenditure |
681.542 |
|
(g) Total |
2965.869 |
|
3 Profit from Operations before Other income, Interest and Exceptional
Items |
247.252 |
|
4 Other Income |
3.080 |
|
5 Profit before Interest and Exceptional Items |
250.332 |
|
6 Interest and Finance Charges (net) |
84.621 |
|
7 Profit after interest but before Exceptional Items |
165.711 |
|
8 Exceptional Items |
0.000 |
|
9 Profit from Ordinary Activities before Tax |
165.711 |
|
10 Tax Expense (Net of Tax for earlier years) |
43.063 |
|
11 Net Profit from Ordinary Activities after Tax |
122.648 |
|
12 Extra Ordinary Items |
0.000 |
|
13 Net Profit for the period |
122.648 |
|
14 Paid-up Equity Share Capital (Face Value of 10/- per Share) |
149.225 |
|
15 Reserves excluding Revaluation Reserves |
-- |
|
16 Earnings Per Share (EPS) |
|
|
(a) Basic and diluted EPS before exceptional Item for the period (Rs.) |
8.22 |
|
(b) Basic and diluted EPS after exceptional Item for the period (Rs.) |
8.22 |
|
17 Public Shareholding: |
|
|
(a) Number of shares |
5815140 |
|
(b) Percentage of Shareholding |
38.97 |
|
18 Promoters and Promoter Group Shareholding (a) Pledged / Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
Nil |
|
- Percentage of shares (as a % of the total share capital of the
company) |
Nil |
|
(b) Non - encumbered |
|
|
- Number of Shares |
9107385 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
61.03 |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs.
in Millions
|
Particulars |
Quarter
Ended 30.06.2011 |
|
|
|
|
1. Segment
Revenue |
|
|
(a) Plastics |
2828.793 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
391.675 |
|
Total |
3220.468 |
|
Less: Inter Segment Revenue |
13.415 |
|
Net Income from Operations |
3207.053 |
|
2. Segment
Results |
|
|
(a) Plastics |
270.635 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
(8.700) |
|
Total |
261.935 |
|
Less: |
|
|
Interest and Finance Charges (Net) |
84.621 |
|
Other Un-allocable expenditure net of un-allocable income |
11.603 |
|
Total Profit before Tax |
165.711 |
|
3. Capital
Employed [Segment Assets-Segment Liabilities] |
|
|
(a) Plastics |
5123.520 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
809.749 |
|
(c) Unallocable |
(2252.830) |
NOTE:
- The above results which have been subjected to “Limited Review” by the auditors of the company have been reviewed by the audit committee and approved by the board of directors at their meeting held on 29th July, 2011.
- During
the quarter the company has opened its 17th @home’ store at
- The company did not have any investor complaints pending as on 1st April, 2011 and as on 30th June, 2011. Two complaints were received and disposed off during the quarter.
- Previous period/ year figures have been regrouped and reclassified wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.65.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.