MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SHAILY ENGINEERING PLASTICS LIMITED |
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Formerly Known As : |
ANMOL TRADING COMPANY LIMITED |
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Registered Office : |
51, Dariya Sthan STGR Floor, Vadgadi, Mumbai-400003, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.04.1980 |
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Com. Reg. No.: |
11-22531 |
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CIN No.: [Company
Identification No.] |
L51900MH1980PLC022531 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01847G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Plastic Molded Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 920000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Rahul |
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Designation : |
Accounts Department |
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Date : |
11.01.2011 |
LOCATIONS
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Registered Office : |
51, Dariya Sthan STGR Floor, Vadgadi, Mumbai-400003, |
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Tel. No.: |
91-22-23424724/23436666 |
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Fax No.: |
91-22-23436666 |
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E-mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Leased |
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Correspondence : |
8, J. P. Nagar, Opposite
GEB Colony, |
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Tel. No.: |
91-265-2330674 / 2332723/ 2332706 |
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Fax No.: |
91-265-2332723 |
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E-Mail : |
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Factory 1 : |
Plot No. 706, 707, 708 GIDC, Halol – 389 350, District
Panchmahals, |
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Tel. No.: |
91-2676-221569 / 222913 / 14 |
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Fax No.: |
91-2676-220183 |
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E-Mail : |
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Area : |
20001 Sq. Mtrs |
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Location : |
Leased |
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Factory 2 : |
Survey No. 364 and 366, At Post Rania – 391780, Taluka
Savli, District |
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Tel. No.: |
91-2667-244307 / 244361 / 244348 |
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Fax No.: |
91-2667-244372 |
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Area : |
2226 Sq. Mtrs |
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Location : |
Leased |
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Factory 3 : |
Survey No. 364/1-2(A), At Post Rania – 391 780, Taluka
Savli, District |
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Area : |
4571 Sq. Mtrs. |
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Overseas Office : |
Industrial Design Consultancy, The |
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Tel. No.: |
44 (0) 1753-547610 |
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Fax No.: |
44 (0) 1753-549224 |
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E-Mail : |
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Website : |
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Branches : |
Located at : ·
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Mumbai ·
·
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DIRECTORS
As On 28.09.2010
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Name : |
Mr. Hasmukh Santilal Shah |
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Designation : |
Chairman |
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Address : |
15, Dhanushya Society, |
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Date of Birth/Age : |
01.10.1934 |
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Date of Appointment : |
07.12.2002 |
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DIN No. : |
00152195 |
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Name : |
Mr. Mahendra B. Sanghvi |
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Designation : |
Managing Director |
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Address : |
8, J P Nagar, |
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Date of Birth/Age : |
22.02.1948 |
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Qualification : |
B.Sc. (Chemical), B.S. Chemical Engineering |
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Date of Appointment : |
09.03.1995 |
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DIN No. : |
00084162 |
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Name : |
Mrs. Tilottama Mahendra Sanghvi |
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Designation : |
Whole Time Director |
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Address : |
8, J P Nagar, |
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Date of Birth/Age : |
28.10.1948 |
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Date of Appointment : |
09.03.1995 |
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DIN No. : |
00190481 |
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Name : |
Mr. Laxman Bhogilal Sanghvi |
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Designation : |
Executive Director |
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Address : |
8, Rokadnath Society,
B/H Arundeep Complex, |
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Date of Birth/Age : |
02.07.1956 |
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Qualification : |
Chartered Accountant, Law Graduate |
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Date of Appointment : |
09.03.1995 |
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DIN No. : |
00022977 |
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Name : |
Mr. Jayesh Mohanlal Shah |
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Designation : |
Director |
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Address : |
45, Kailash Sadan, |
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Date of Birth/Age : |
16.09.1956 |
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Date of Appointment : |
07.12.2002 |
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DIN No. : |
00577030 |
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Name : |
Mr. Bharat Bhogilal Sanghvi |
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Designation : |
Director |
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Address : |
45, Winter Mute Bvide, |
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Date of Birth/Age : |
08.10.1951 |
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Date of Appointment : |
07.12.2002 |
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DIN No. : |
00642427 |
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Name : |
Mr. Sarup Harbans Lal Chowdhary |
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Designation : |
Director |
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Address : |
2B, Shree Vijaya
Bhavan, |
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Date of Birth/Age : |
03.09.1945 |
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Date of Appointment : |
27.04.2006 |
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DIN No. : |
00004439 |
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Name : |
Mr. Nilesh Bansilal Mehta |
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Designation : |
Director |
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Address : |
Building #1, Flat No. 2, Saraswat Colony, Off Linking Road, Bh. Arya Samaj Marg, Santacruz (W), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
07.12.2002 |
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Date of Cessation : |
15.05.2010 |
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DIN No. : |
0019907 |
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Name : |
Mr. Aravinda Sundara Anandkumar |
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Designation : |
Director |
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Address : |
502, Glen Eagle Tata Colony, Parel Tank Road, Parel Mumbai – 400012, Maharashtra, India |
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Date of Birth/Age : |
10.07.1947 |
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Date of Appointment : |
07.12.2002 |
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DIN No. : |
00058292 |
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Name : |
Mr. V. B. Buch |
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Designation : |
Additional Director |
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Name : |
Mr. Michael |
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Designation : |
Director |
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Address : |
Whitsun Lea, |
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Date of Birth/Age : |
09.12.1936 |
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Date of Appointment : |
30.07.2008 |
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DIN No. : |
02260305 |
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Name : |
Mr. William Sean Sovak |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
08.06.1972 |
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Date of Appointment : |
06.07.2007 |
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DIN No. : |
01161892 |
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Name : |
Mr. Sachin Nandlal Bhartiya |
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Designation : |
Additional Director w.e.f 01.11.2009 |
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Address : |
Flat No. 602, |
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Date of Birth/Age : |
01.03.1978 |
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Date of Appointment : |
01.11.2009 |
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DIN No. : |
02122147 |
KEY EXECUTIVES
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Name : |
Mr. Shalini Mehta |
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Designation : |
Company Secretary |
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Name : |
Mr. Rahul |
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Designation : |
Accounts Department |
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Name : |
Ms. Kruti Parekh |
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Designation : |
Assistant Company Secretary |
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Address : |
1287, Akashganga Society, B/H Akashwani, |
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Date of Birth/Age : |
09.03.1987 |
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Date of Appointment : |
19.07.2010 |
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Pan No. : |
BHZPP1200J |
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Name : |
Ms. Reema Mehta |
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Designation : |
Company Secretary |
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Address : |
C-6, Anandwan Society, Manjalpur, Vadodara – 390004, |
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Date of Birth/Age : |
29.11.1986 |
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Date of Appointment : |
13.02.2009 |
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Date of Cessation : |
01.12.2009 |
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DIN No. : |
AJVPM1448C |
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Audit Committee : |
Mr. A.S Anandkumar Mr. Sarup Chowdhary Mr. William Sean Sovak Mr. Hasmukh Shah |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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4,273,880 |
58.40 |
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4,273,880 |
58.40 |
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39,250 |
0.54 |
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39,250 |
0.54 |
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Total shareholding of Promoter and Promoter Group (A) |
4,313,130 |
58.94 |
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(B) Public Shareholding |
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|
319 |
- |
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69,081 |
0.94 |
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1,189,480 |
16.25 |
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1,746,420 |
23.86 |
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1,746,420 |
23.86 |
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3,005,300 |
41.06 |
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Total Public shareholding (B) |
3,005,300 |
41.06 |
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Total (A)+(B) |
7,318,430 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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Total (A)+(B)+(C) |
7,318,430 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
As On 28.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
24.12 |
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Bodies corporate |
0.01 |
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Directors or relatives of Directors |
52.42 |
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Other top fifty shareholders |
23.33 |
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Others |
0.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Engineering Plastic Components and Mouldings. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
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Actual Production |
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Components and Articles of plastics Moulds |
Qty. |
|
130760118 |
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Moulds |
Qty. |
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12 |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers
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No. of Employees : |
600 (approximately) [125 – In Office + 475 – In Factory] |
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Bankers : |
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Facilities : |
OD: Rs. 140.000 Millions (State Bank of LC: Rs. 50.000 Millions (State Bank of
- Term loans from
banks are secured by a pari passu charge over entire fixed assets of the
Company including mortgage over factory land, buildings and plants of the
Company situated at a) Plot # 706,
707 and 708 at GIDC ,Halol. b) Survey #
366,364/1, 364 /2, and 364/3 at Rania. c) Khata No.
149, 853, 711 at Mauza Central Hope Town, Paragna:Pachhwa, - Working
Capital Loans from banks are secured by hypothecation of all current assets
of the Company, present and future, such as inventories, receivables, loans
and advances, etc. - Term loans and
working capital loans are further secured by second pari passu charge over
entire fixed assets of the Company including factory land, buildings and
plants of the Company as stated above. These are further secured by personal
guarantees of the Directors of the
Company. - Hire Purchase
Facilities are secured by hypothecation of respective vehicles financed and
are further secured by personal guarantees of the Directors of the Company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
31, Nutan Bharat Society, Alkapuri, Vodadora – 390007, |
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Tel. No.: |
91-265-2333776 |
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Fax No.: |
91-265-2339729 |
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Pan No. : |
AADFD2337G |
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Associates/Subsidiaries : |
v Panax Appliances Private Limited v Shaily-IDC India Private Limited v SunidoTextilesLimited v StallionTextilesLimited v Stanford Leasing and Finance Limited v
Shah Kanji Raichand and Company |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
16000000 |
Equity Shares |
Rs.10/- each |
Rs. 160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7318430 |
Equity Shares |
Rs.10/- each |
Rs. 73.184
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
73.184 |
73.184 |
142.176 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
158.705 |
137.542 |
84.124 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
231.889 |
210.726 |
226.3 |
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LOAN FUNDS |
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1] Secured Loans |
506.098 |
445.772 |
335.032 |
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2] Unsecured Loans |
14.860 |
23.729 |
32.067 |
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TOTAL BORROWING |
520.958 |
469.501 |
367.099 |
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DEFERRED TAX LIABILITIES |
1.326 |
0.000 |
12.958 |
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TOTAL |
754.172 |
680.227 |
606.357 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
459.603 |
448.018 |
308.294 |
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Capital work-in-progress |
0.000 |
24.024 |
3.053 |
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INVESTMENT |
8.041 |
18.235 |
80.825 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
100.859
|
68.049 |
78.900 |
|
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Sundry Debtors |
243.946
|
157.163 |
140.870 |
|
|
Cash & Bank Balances |
30.806
|
18.409 |
35.653 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
90.751
|
62.979 |
68.429 |
|
Total
Current Assets |
466.362
|
306.600 |
323.852 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
161.600
|
109.974 |
85.861 |
|
|
Other Current Liabilities |
13.749
|
6.737 |
5.426 |
|
|
Provisions |
8.086
|
4.096 |
23.094 |
|
Total
Current Liabilities |
183.435
|
120.807 |
114.381 |
|
|
Net Current Assets |
282.927
|
185.793 |
209.471 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
3.601 |
4.157 |
4.714 |
|
|
|
|
|
|
|
|
TOTAL |
754.172 |
680.227 |
606.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
947.824 |
633.713 |
595.038 |
|
|
|
Other Income |
5.430 |
8.145 |
7.100 |
|
|
|
TOTAL (A) |
953.254 |
641.858 |
602.138 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
553.600 |
360.046 |
338.453 |
|
|
|
Manufacturing and other expenses |
183.632 |
153.709 |
124.266 |
|
|
|
Remuneration and benefits to employees |
95.993 |
74.390 |
64.514 |
|
|
|
Increase/Decrease in stocks |
(9.218) |
11.454 |
(6.428) |
|
|
|
TOTAL (B) |
824.007 |
599.599 |
520.805 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.247 |
42.259 |
81.333 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.419 |
40.542 |
28.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.828 |
1.717 |
53.059 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.294 |
37.821 |
32.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
22.534 |
(36.104) |
20.127 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.370 |
(12.194) |
7.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
21.164 |
(23.910) |
12.484 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.350 |
40.787 |
36.775 |
|
|
|
|
|
|
|
|
|
|
Reversal of
appropriation of proposed dividends of previous year |
0.000 |
8.473 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on preference shares |
0.000 |
0.000 |
4.333 |
|
|
|
Corporate dividend tax on preference
shares |
0.000 |
0.000 |
0.736 |
|
|
|
Proposed dividend on equity shares |
0.000 |
0.000 |
2.909 |
|
|
|
Corporate dividend tax on equity shares |
0.000 |
0.000 |
0.494 |
|
|
BALANCE CARRIED
TO THE B/S |
45.614 |
25.350 |
40.787 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
691.693 |
141.347 |
|
|
|
|
Export sales compensation |
0.000 |
5.681 |
|
|
|
TOTAL EARNINGS |
691.693 |
147.028 |
|
|
|
|
|
|
|
NA |
|
|
|
IMPORTS |
|
|
|
|
|
|
|
For Purchase of plant, machinery and moulds |
32.692 |
105.825 |
|
|
|
|
For purchase of raw materials |
121.638 |
78.145 |
|
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
1.48 |
(5.54) |
1.27 |
|
|
|
- Diluted |
1.48 |
(5.54) |
1.71 |
|
Expected Sales (2010-2011): Rs. 1200.000 Millions
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
|
Net Sales |
|
286.330 |
333.110 |
|
Total Expenditure |
|
254.620 |
287.720 |
|
PBIDT (Excl OI) |
|
31.710 |
45.390 |
|
Other Income |
|
0.950 |
1.810 |
|
Operating Profit |
|
32.660 |
47.200 |
|
Interest |
|
14.840 |
16.910 |
|
PBDT |
|
17.820 |
30.290 |
|
Depreciation |
|
12.620 |
12.790 |
|
Profit Before Tax |
|
5.190 |
17.500 |
|
Profit After Tax |
|
5.190 |
17.500 |
|
Net Profit |
|
5.190 |
17.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.22
|
(3.72)
|
2.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.38
|
(5.70)
|
3.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.43
|
(4.78)
|
3.17
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.17)
|
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
2.80
|
2.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
2.54
|
2.83
|
LOCAL AGENCY FURTHER INFORMATION
The Details Of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
161.600 |
109.974 |
85.861 |
HISTORY
Subject was incorporated on 13th December, 1985
at Halol in
The group was formed in 1987 to provide service excellence
in plastic technologies.
Subject was set up at Halol by Mr. Mike Sanghvi, a Plastic
Technologist with over 20 years of experience in the North American Plastic
Industry.
Subject became closely held public limited liability company
with effect from 07.04.1994.
Business
Performance:
The current year has been a year of consolidation for the company. The
company’s performance in terms of sales and profit has shown remarkable
improvement over the F.Y. 2009.
The total income increased by Rs. 307.300 Millions or 45% over the F.Y.
2009. The Company’s Profit Before Tax was Rs. 22.500 Millions for the F.Y.
2009. Export sales increased substantially during the F.Y. 2010 with export
increasing by Rs. 412.500 Millions or 141.46% in the F.Y. 2010.
All significant accounting policies and material transactions have been
disclosed in notes on accounts to the Balance Sheet as on 31.03.2010.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Subject
was in the process of expansion of its manufacturing facilities to meet with
its domestic and overseas customers demand. Subject has separate 100% EOU Plant
and has been exporting 70% of its total sales over the last two years. It would
be the endeavour of subject to stick to is quality standard as the prime mover
and shaker of growth. Subject is under obligation to create more efficiency and
quality in products for customer satisfaction.
Indian Plastic
Scenario
The Plastics Industry in India has made significant achievements ever
since it made a modest but promising beginning by commencing production of
injection moulded plastic components for various industries such as Pharma,
Automobiles, Textile, Electrical appliances, kitchen ware items, etc. The
potential Indian market has motivated Indian entrepreneurs to acquire technical
expertise, achieve high quality standards and build capacities in various
facets of the booming plastic industry. Phenomenal developments in the plastic
machinery sector coupled with matching developments in the petrochemical
sector, both of which support the plastic processing sector, have facilitated
the plastic processors to build capacities to service both the domestic market
and the markets in the overseas.
The historical growth of the plastics industry over the last few decades
is at an impressive 12-14%, which is twice the GDP growth. The major driver of
this growth is the increased standard of living of people in
The Indian plastics industry is quite upbeat about the future potential
of plastics in
Subject strengths
Subject has consolidated technology platform, allows to develop new
products and improving existing products with new technology and support them
by providing total solution for customer’s need(s) and problems. Subject
believes that its strength lies in the product portfolio, which are innovative
and cater to growing segments of global economy allowing improving and
maintaining its presence in the market in which it is established.
Subject focuses on maintaining and establishing long-term relationships
with the customers and believes that they have the ability to address the
varied and expanding requirements of there customers.
SUBJECT has quality certificates like ISO 9001: 2001, ISO TS 16949.
There sourcing
ability – Polymers comprise the major part of there product costs and polymers
experience volatility in pricing. Over the years they have developed
understanding of polymer price and market trends and have built relationships with
polymer suppliers in
Positioned as
Total Solution Provider – Subject has a long-term strategy of developing
long-term relationships instead of being mere suppliers. Hence Subject
associates itself with the client at all the stages i.e. product design,
development, cost reduction, value addition, production etc. SUBJECT has
positioned itself to be a “Total Solution Provider” to its clients. This helps
in eliminating competition, which does not have the integrated capabilities
possessed by Subject.
Integrated
facilities help in lowering response time - Subject is able to design moulds for better
life due to its in-house expertise in intricate designs and knowledge of
materials. It has competitive advantage in terms of time required to develop
the moulds and to manufacture these mould in house as well as source it
overseas from
Focus of Subject:
_ Sophisticated and world-class higher capacity machines;
_ Enhanced design capabilities, moulds, tools and dies and technological
know-how;
_ Increasing use of intelligent manufacturing to improve productivity
and asset utilization;
_ Global practices in manufacturing excellence, quality management and
design; and
_ Development of new products and applications.
Overall they at Subject look forward for a substantial growth of the
Company in near future.
Outlook on
Opportunities
Subject’s domestic as well as overseas business is developing very fast
and they are getting more and more enquiring for there capability to
manufacture parts for them due to its commitment of standard quality of goods
to its present customers and therefore sustaining operations and growing in
even tough time.
If production capacities are added now, companies will be ready when the
good times roll in, which they are bound to. Continuous improvement in
productivity should become a standard practice and these tough times should
make companies learn to do this on a regular basis. This will have regular
monetary benefits on a continuous basis, rather than thinking short or long
term.
The Electronics, Automobile, Packaging, Healthcare, Consumer Durables
and Telecommunication are fast growing sectors of Indian economy offering
growth for plastic utilization; Subject also provides services for these
sectors.
There is enormous scope for expansion and development in the Indian
Plastics Industry. The processing industry in fact offers a huge potential for
up gradation in terms of innovative technological advances.
Outlook on
Threats, Risk and Concerns
The Company’s business depends on customer requirements as the Company
is an OEM supplier and any fluctuation in the customers demand can affect the
Company’s performance. The Company is also exposed to project risks due to
delays in project implementation/cost escalation, risks on account of
fluctuation and in FX rates and fluctuation in raw material prices.
Segment-wise Performance
The Company is exclusively into manufacturing moulded plastics
components and moulds etc.
Financial
performance
The total income increased by Rs. 307.300 Millions or 45% over the F.Y.
2009. The Company’s Profit Before Tax was Rs. 22.500 Millions for the F.Y.
2009. Export sales increased substantially during the F.Y. 2010 with export
increasing by Rs. 412.500 Millions or 141.46% in the F.Y. 2010.
Form 8:
|
Corporate
identity number of the company |
L51900MH1980PLC022531 |
||||||
|
Name of the
company |
SHAILY
ENGINEERING PLASTICS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
51 Dariya Sthan Stgr Floor Vadgadi, Mumbai – 400003, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Movable Property 1st pari passu charge over mov. fixed assets |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of instrument
creating charge |
Supplemental to unattested
memorandum of hypothecation |
||||||
|
Date of
instrument Creating the charge |
10.06.2010 |
||||||
|
Amount secured by
the charge |
Rs. 40.688
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- as per facility advice letter dated 27.01.2010 to be amended from time to
time Terms of
Repayment - as per facility advice letter dated 27.01.2010 to be amended from
time to time Margin - as per
facility advice letter dated 27.01.2010 to be amended from time to time Extent and
Operation of the charge - pari passu charge |
||||||
|
Particulars of
the property charged |
Hypothecation by way
of first pari passu charge over all machinery stored or to be stored at
company's premises located at survey #366, at post rania taluka savli, distt.
|
||||||
|
Particulars of
the present modification |
Bank's first pari
passu charge over all machinery stored or to be stored at company's premises
located at survey #366, at post rania taluka savli, distt. All other terms
and conditions remaining the same. |
FIXED ASSETS:
- Land/ Site Development (Freehold)
- Building
- Plant and Machinery
- Electrical Installation
- Tools and Equipments
- Furniture and fixtures
- Vehicles
- Office Equipments
- Computers Hardwares
- Computer Softwares
Trade References:
- Snider Electrics
- L and T
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALD YEAR ENDED 30.09.2010
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 |
Half year ended 30.09.2010 |
|
Gross Sales/Income from operations |
339.471 |
632.414 |
|
Less: Excise duty and education cess on sales |
6.360 |
12.975 |
|
Net Sales / Income from Operations |
333.111 |
619.439 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
6.125 |
7.326 |
|
(b) Consumption of Raw Materials |
208.126 |
393.394 |
|
(c) Employees Cost |
28.202 |
56.487 |
|
(d) Depreciation |
12.790 |
25.413 |
|
(e) Other Expenditure |
45.280 |
85.570 |
|
Total Expenditure |
300.523 |
568.190 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
32.588 |
51.249 |
|
Other Income |
1.814 |
3.187 |
|
Profit/(Loss) before Interest and Exceptional items |
34.402 |
54.436 |
|
Interest |
16.907 |
31.747 |
|
Profit / (Loss) after interest before Exceptional items |
17.495 |
22.689 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
17.495 |
22.689 |
|
Tax expenses |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
17.495 |
22.689 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
17.495 |
22.689 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
73.184 |
73.184 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earnings per share
(EPS) |
|
|
|
-Basic (not annualized) |
0.98 |
1.69 |
|
-Diluted (not annualized) |
0.98 |
1.69 |
|
Public Share Holding |
|
|
|
- Number of Shares |
3005300 |
3005300 |
|
- Percentage of shareholding |
41.06% |
41.06% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
596295 |
596295 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
13.83% |
13.83% |
|
- Percentage of shares(as a % of the total share capital of the company) |
8.15% |
8.15% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
3716835 |
3716835 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
86.17% |
86.17% |
|
- Percentage of Share (as a % of the total share capital of the company) |
50.79% |
50.79% |
Notes:
1.
Statement of Assets and Liabilities
Rs. In
Millions
|
Particulars |
30.09.2010
(Unaudited) |
|
Shareholders funds |
|
|
a) Capital |
73.184 |
|
b) Reserves and Surplus |
181.394 |
|
Loan Funds |
583.258 |
|
Deferred tax liability |
1.326 |
|
Total |
839.162 |
|
|
|
|
Fixed Assets |
444.631 |
|
Investments |
8.041 |
|
Current assets, Loans and
advances |
0 |
|
a) Inventories |
109.911 |
|
b) Sundry Debtors |
336.550 |
|
c) Cash and Bank Balances |
33.192 |
|
d) Loans and advances |
99.108 |
|
Less: Current Liabilities and
Provisions |
|
|
a) Liabilities |
160.213 |
|
b) Provision |
35.381 |
|
Miscellaneous Expenditure (Not
Written Off or Adjusted) |
3.323 |
|
Profit and Loss Account |
|
|
Total |
839.168 |
2. Provision for current and
deferred tax liability has not been made and will be made if applicable at the
end of the year.
3. Figures for previous year have
been regrouped / rearranged wherever necessary.
4. Provision for foreign exchange impact
on outstanding assets/liabilities has not been made and would be made at the
end of the year.
5. As the company operates in a
single primary business segment, disclosure requirement as per accounting
standard 17(AS-17) on segmental reporting are not applicable.
6. The company had received Nil
complaints from shareholders during the quarter and complaints at the starting
of the quarter is Nil.
7. The above results have been
subject to limited review by the statutory auditors and have been reviewed by the
audit committee and approved and taken on record by the Board of Directors at
their meeting held on 13.11.2010.
WEBSITE DETAILS:
PROFILE:
Subject had humble beginning in 1987. When Mr. Mike Sanghvi
(A plastics technologist with over 20 Years of rich experience in demanding
north American Plastics Industries) started Halol plant to provide service
excellence in plastics Injection Molding. Mr. Laxman Sanghvi a Chartered
Accountant and Lawyer continues to provide financial acumen to the company.
Mr. Hasmukh Shah is the Chairman of the company and hardly
needs an introduction. Mr. Hasmukh Shah (Ex. Chairman and Managing Director of
IPCL) has been the guiding spirit behind plastics age in
Subject’s corporate goal is to provide total plastics
solutions incorporating principles of
v
Product Design
v
Mould Design
v
Optimum Material Selection
v
Mould Procurement
v
Product Testing.
At subject they have been putting lots of emphasis on
application development and have demonstrated cost effective solutions to their
valued partners.
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
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 |
YES |
|
--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 |
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.