MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
JUMBO BAG LIMITED |
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Registered
Office : |
S. K. Enclave New No.4 [Old No.47], |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation / Year of Establishment
: |
29.11.1990 |
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Com. Reg. No.: |
18-19944 |
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Capital Investment
/ Paid-up Capital : |
Rs.79.737 Millions |
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CIN No.: [Company Identification
No.] |
L36991TN1990PLC19944 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ00416D |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture of Flexible Intermediate Bulk Containers |
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No. of Employees
: |
276 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B [29] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 695000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an estabilshed company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The Company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office : |
S. K. Enclave New No.4 [Old No.47], |
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Tel. No.: |
91-44-26451722/ 26461415/ 26452325 |
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Fax No.: |
91-44-26451720/ 24347433 |
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E-Mail : |
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Website : |
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Marketing Office/ Factory 1: |
75, |
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Tel. No.: |
91-44-6451722/ 27984336/ 37/ 38 |
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Fax No.: |
91-44-27984245 |
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Factory 2: |
106, G.
N. T. Road, Athipedu Village, Alinjivakkam P. O., Ponneri, Ponneri Taluk, Thiruvallur
District – 600067, Tamilnadu, India |
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Factory 3: |
New.
No.F/172, Old 4/95 D, Mela Arasadi Village, Ottapidaram Panchayat, Tutocorin
– 628401, Tamilnadu, India |
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Branch Office : |
Malad
Office 302/3, Marigold Apartment, Opposite to Shakti Motors, New Tel :
91-22 -2876 3515 Fax :
91-22-2875 0119 Email: ramraj@blissgroup.com Thane
Office TA2, 3rd Floor, Lake City Mall, Kapurbawdi
Junction, Thane – 400607, Tel :
91-22 -25412210 / 11 / 12 Fax :
91-22-25412213 2150-A, Tel : 1
770 295 0031 Toll Free : 1
866 587 8682 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. N. D. Prabhu |
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Designation : |
Chairman |
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Other Directorship : |
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Name : |
Mr. G Sudhakar |
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Designation : |
Vice Chairman |
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Other Directorship : |
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Name : |
Mr. G P N
Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. G Radhakrishna |
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Designation : |
Director |
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Other Directorship : |
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Name : |
Mr. M. Rama Rao |
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Designation : |
Director |
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Other Directorship : |
Suryachandra Paper Mills Limited |
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Name : |
Mr. M.V Ananthakrishna [w.e.f.
31.05.2010] |
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Designation : |
Additional Director |
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Name : |
Mr. K. J. M. Shetty |
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Designation : |
Director |
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Other Directorship : |
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Name : |
Mr. Gaddam Kumar Reddy |
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Designation : |
Director |
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Name : |
Mr. B. Surender |
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Designation : |
Director |
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Other Directorship : |
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Name : |
Mr. G. S. Anil Kumar |
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Designation : |
Director - Finance |
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Name : |
Mr. G. P. Ramraj |
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Designation : |
Director – Marketing |
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Name : |
Mr. G. Krishnamurthy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayanth Viswanathan |
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Designation : |
Company Secretary & Compliance
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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996.302 |
12.49 |
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2232200 |
27.99 |
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3228502 |
40.49 |
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Total shareholding of Promoter and Promoter Group (A) |
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(B) Public Shareholding |
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15600 |
0.20 |
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|
100 |
-- |
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15700 |
0.20 |
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|
919296 |
11.53 |
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|
2508751 |
31.46 |
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1163734 |
14.59 |
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137717 |
1.73 |
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Clearing Members |
6511 |
0.08 |
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Hindu Undivided
Family |
107878 |
1.35 |
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Non Resident Indians |
23328 |
0.29 |
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|
4729498 |
59.31 |
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Total Public shareholding (B) |
4745198 |
59.51 |
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Total (A)+(B) |
7973700 |
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) |
7973700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacture of Flexible Intermediate Bulk Containers |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Intermediate Flexible Containers, Fabric, Components of Jumbo, Liner
and Small Bags |
MT |
8870.000 |
6070.000 |
4558.161 |
GENERAL INFORMATION
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No. of Employees : |
276 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Srinivasan and Associates Chartered Accountant |
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Address : |
No.5, 9th Floor, B wing Parson Manere , 602
Anna Salai, Chennai - 600006, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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14,000,000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
|
600,000 |
Preference Shares |
Rs.100/- each |
Rs.60.000 Millions |
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Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7973700 |
Equity Shares |
Rs.10/-each |
Rs.79.737 millions |
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Shares Forfeited Account [equity shares of Rs.10/- Each] |
|
Rs. 4.080 millions |
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Total |
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Rs.83.817
Millions |
(of above includes 11,60,000 equity shares of 10 each alloted during the
year by convertion of share warrants)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
83.817 |
68.137 |
68.137 |
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2] Share Warrant Account |
0.000 |
10.700 |
10.700 |
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3] Reserves & Surplus |
89.974 |
72.307 |
63.418 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
173.791 |
151.144 |
142.255 |
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LOAN FUNDS |
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1] Secured Loans |
253.767 |
229.351 |
229.047 |
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2] Unsecured Loans |
4.510 |
14.967 |
10.093 |
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TOTAL BORROWING |
258.277 |
244.318 |
239.140 |
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DEFERRED TAX LIABILITIES |
39.134 |
38.040 |
37.166 |
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TOTAL |
471.202 |
433.502 |
418.561 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
250.712 |
253.592 |
251.063 |
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Capital work-in-progress |
0.000
|
0.000 |
0.000 |
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INVESTMENT |
0.228 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
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0CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
146.627
|
130.164 |
94.539 |
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Sundry Debtors |
100.905
|
80.144 |
120.387 |
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Cash & Bank Balances |
8.206
|
9.518 |
5.278 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
58.434
|
54.088 |
33.695 |
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Total
Current Assets |
314.172
|
273.914 |
253.899 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
67.894
|
71.997 |
68.455 |
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Other Current Liabilities |
6.999
|
2.041 |
4.284 |
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Provisions |
19.017
|
20.467 |
16.802 |
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Total
Current Liabilities |
93.910
|
94.505 |
89.541 |
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Net Current Assets |
220.262
|
179.409 |
164.358 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.501 |
3.140 |
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TOTAL |
471.202 |
433.502 |
418.561 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover net |
674.800 |
754.762 |
568.838 |
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Operational Income |
11.356 |
0.903 |
0.000 |
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|
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Other Income |
3.565 |
6.458 |
4.323 |
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TOTAL (A) |
689.721 |
762.123 |
573.161 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
600.806 |
646.441 |
451.789 |
|
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|
Administrative Expenses |
26.245 |
27.836 |
30.015 |
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|
Selling Expenses |
31.777 |
36.609 |
21.375 |
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|
Misc. Expenses Written off |
0.501 |
0.501 |
0.501 |
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|
|
(Increase) / Decrease in Stock |
[26.595] |
[19.773] |
5.784 |
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|
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TOTAL (B) |
632.734 |
691.614 |
509.464 |
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|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.987 |
70.509 |
63.697 |
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
27.963 |
31.964 |
28.866 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.024 |
38.545 |
34.831 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.410 |
17.074 |
16.321 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.614 |
21.471 |
18.510 |
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Less |
TAX (I) |
4.702 |
7.120 |
4.257 |
|
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|
|
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PROFIT AFTER TAX
(G-I) (J) |
5.912 |
14.351 |
14.253 |
|
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|
|
|
|
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|
Add |
Prior period
adjustments |
0.155 |
0.136 |
0.107 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.554 |
21.665 |
11.291 |
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
4.785 |
3.407 |
|
|
|
Tax on Dividend |
0.000 |
0.813 |
0.579 |
|
|
BALANCE CARRIED
TO THE B/S |
36.621 |
30.554 |
21.665 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
199.439 |
278.829 |
177.269 |
|
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TOTAL EARNINGS |
199.439 |
278.829 |
177.269 |
|
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IMPORTS |
194.108 |
149.813 |
63.714 |
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|
|
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|
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|
Earnings Per
Share (Rs.) |
0.76 |
2.11 |
2.09 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
226.630 |
246.140 |
254.910 |
283.490 |
|
Total Expenditure |
217.040 |
226.730 |
240.230 |
263.20 |
|
PBIDT (Excl
OI) |
9.590 |
19.410 |
14.680 |
20.290 |
|
Other Income |
2.020 |
[0.420] |
1.160 |
0.000 |
|
Operating
Profit |
11.610 |
18.990 |
15.840 |
20.290 |
|
Interest |
6.120 |
11.470 |
9.400 |
11.910 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
5.480 |
7.520 |
6.440 |
8.380 |
|
Depreciation |
4.500 |
5.150 |
4.240 |
4.900 |
|
Profit
Before Tax |
0.980 |
2.370 |
2.200 |
3.480 |
|
Tax |
0.340 |
0.830 |
0.770 |
0.990 |
|
Reported PAT |
0.640 |
1.540 |
1.430 |
2.490 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.640 |
1.540 |
1.430 |
2.490 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.86
|
1.88 |
2.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.57
|
2.84 |
3.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.88
|
4.07 |
3.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
2.24 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.34
|
2.90 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
Contingent Liabilities
Rs. in millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
Contingent Liabilities not
provided for |
|
|
|
a. In respect of guarantees given by the Company b. Letter of credit for purchase of raw-materials c. Claims not acknowledged as debts d. Estimated amount of contracts remaining to be executed on Capital accounts, not provided for e. Disputed amount of Sales Tax f. Disputed amount of Central Excise g. Disputed interest on Income Tax |
10.462 20.388 0.000 4.500 0.211 5.069 3.364 |
1.840 30.623 0.000 181.700 0.211 5.069 3.364 |
HISTORY:
Incorporated as a private limited company in Nov.'90, Subject was converted into a public limited company on 24 Oct.'91. It was promoted by G Sudhakar, G P N Gupta, G V Chalapathi, G Muralidhar and G Radhakrishna.
Company entered into a technical collaboration with Structure Flex (SFL),
The company came out with a public issue in Jun.'94 to finance the manufacture
of flexible intermediate bulk containers. JBL set up a 100% EOU to manufacture
flexible intermediate bulk containers (FIBC) (inst. cap.: 7 lac bags pa).
Production, expected to commence in Oct.'94, began only in Feb.'95.
During 1999-2000, the company has signed a long term agreement with a Japanese
company for supply of hygiene bags which will help the company to establish its
credentials for further export.
MANAGEMENT DISCUSSION AND ANALYSIS
World Economy:
The economic
crisis that they all anticipated would come to an end in the year 2009-10,
seems to be imaginary as it has still significantly impacted global economic
growth. According to World Economic Outlook update published by the
International Monetary Fund the advanced economies were projected to record a 2
percent decline in output in 2009, while India’s growth projections has been lowered
from 6.3 to 5.1 percent and that of China from 8.5 to 6.75 percent.
IMF had projected
that trade volume would reduced by 11.9% in the year 2009. It has also
projected that imports into advanced countries would fall by 13.7% and exports
from emerging economies would decline by 7.2% in the year 2009. WTO had
projected that the global trade would fall 10% in the year 2009.
In the year 2010,
world output is expected to rise by 4 percent. Growth in emerging and developing
economies is expected to rise to about 6 percent in 2010, following a modest 2
percent in 2009. IMF informed in its world economic outlook that Indian economy
is likely to register a growth of 6.5 percent in the year 2010 while
In most of the
advanced economies, the recovery is expected to remain sluggish by the past
standards, whereas in many emerging and developing economies, activity is
expected to be relatively vigorous, largely driven by buoyant internal demand.
According to the
International Monetary Fund, the global growth is projected at an impressive by
4 percent in the year 2010. Meanwhile,
INDIAN ECONOMY:
The impact of the
global economic and financial crisis on
The financial channel which diminished the ability
of Indian Companies to mobilize equity and debt in foreign and domestic market;
The trade channel which operated by eroding the
import demand in developed economies and
The collapse of business and consumer confidence in
the developed economies, which depressed sentiments worldwide, unfortunately
including
Indian economy is
impacted by the slow recovery of export demand from the developed economies.
The principal risk that emanates from global economy for
Today the Indian
economy is also primarily constrained by a shortage of physical infrastructure,
of which the single most important item is electricity. Shortage of electric
power not only leads to direct loss of production, but also results in
inefficiencies in a broad range of areas impacting profitability and
competitiveness. Government being the largest and the most important player in
production, transmission and distribution of power needs to take immediate
corrective action to set it in the right path.
Industry Outlook:
With the world and
the Indian economy taking a hit, packaging industry is no exception to it. The
major consumption centers are Europe and
The Indian
industry which depends highly on exports to
As for exports,
with gradual rejuvenation of global economy, the export is expected to show a
remarkable growth in the first half year of 2010. However, with the uncertainty
of global economy’s recovery gone, consumption behavior and demand is expected
to undergo a sea change in the next few years.
FIBC Market
Flexible
Intermediate Bulk Containers (FIBC) are widely used in the package of products
such as powder. Granule and block for transportation, cement, chemicals, mineral
products etc.
Indian FIBC
Industry is the third largest producer in the world. Indian producers are
supplying to virtually every country across the globe. While the primary mode
of selling overseas is through resellers, direct supply to end users is
increasing. Indian companies are now participating in worldwide bids for supply
across continents.
There are clear
trends emerging towards migration of FIBC production to
Both of them have been able to produce bags of
quality, matching the stringent requirement of the west.
The significant cost advantages compared to
manufacturing in developed countries.
Since
SYNOPSIS OF JUMBO
BAG LIMITED
Synopsis on growth
of JBL:
Jumbo Bag Limited
(JBL), a unit of BLISS Group of companies, was incorporated in the year 1991-92
and came into operations in the year 1994-95. JBL was established primarily for
manufacture of Flexible Intermediate Bulk Containers called Jumbo Bags. JBL
produces variety of bags to cater to the bulk industrial packaging requirement.
These products are custom-made to meet customer’s specific requirements. The
bags are flexible as they are made out of Polypropylene and weighs between 1-5
kgs and can handle weights ranging from 500 kgs to 2,000 kgs . The bags are
used in various industries and come with various options based on usage and
material handled.
Over the years JBL
has made significant strides in product development and currently produces
several varieties of Jumbo Bags in various section namely; Regular, Value Added
and Specialty. Besides, JBL also produces Container liners which are used for
bulk transportation.
JBL has been
making rapid strides in the recent years and has been growing steadily since
its inception. The introduction of several value added and specialty products
in the recent past has enabled JBL to make inroads into several new markets
besides placing JBL in a strategic position to achieve substantial growth.
Among various
Jumbo Bags, the company has developed ground able bag with in-house technology
successfully tested in European laboratories.
The company has
also installed equipments to match European design. Apart from this the company
has also developed dissipative products in association with a European company
for the U.S dissipative market.
As Jumbo bags
gains prominence in the existing markets in
Tapping High
Potential Markets
Cement: Infrastructure
is growing at a phenomenal rate in
Food: Several food and
related products are being packed and transported in Jumbo Bags. These include
Organic and Regular Rice exported in Jumbo Bags. Other significant developments
are Sugar, Cashew, Coffee, Gelatin, which are also exported in Jumbo Bags, and
has the potential to reach huge volumes.
Alumina: The Country is
today producing surplus alumina, which is being exported. This trend is likely
to continue with the establishment of green field export oriented alumina
refineries.
Diverse Markets:
JBL’s market is
diversified in terms of Geography, Product Categories and Usage Industries. JBL
has already supplied many products for usage in several industries to more than
30 countries in 5 continents of the world. JBL has a very good mix of these
three constituents to provide diversity in the market such that the downturn in
any particular geography will limit the impact on its operations.
Review of
Operations:
The company’s
performance has suffered a decline in the year due to recession. Both the
export sector as well as the domestic market suffered a hit as their domestic
sector market is also export dependent. While the order position improved from
the 3rd quarter onwards, the company was constrained to utilize the
capacity due to continued power problems and shortage of labor.
The West Bengal
State Electricity Transmission Committee (WBSETC) wanted to acquire a major
portion of the land purchased by the company. After protracted persuasion and
discussion that WBSETC has agreed to release all but 1.4 Acres of the land.
Despite submission
of their application for conversion of land along with the release letter and
the final drawing, they are yet to receive the Conversion Certificate from the
district Magistrate, Midnapore District.
In view of the
same the company’s expansion project at Kharagpur has been deferred.
However, things
have turned positive with good order flow, improvement in orders for value
added bags.
The company is
focused therefore on extending its export reach into newer markets as broad
based market would make the company less vulnerable to market forces.
DCA Cum CS For Indian
Oil Corporation Limited
The company is
pleased to inform you that it has been appointed by IOCL as one of its
Discussion on
Financial Performance
The Profit before
tax of the Company for the year 2009-10 has reduced to Rs. 5.919 millions. The
Broad reasons for reduced financial performance are:
Lower sales due to recession in the Global Market.
High incidence of Fuel cost to a large extent due
to power shortage in the state.
Lower utilization in the second half of the year
due to lack of power supply and shortage of skilled labours.
AUDITED
FINANCIALS RESULTS FOR THE YEAR ENDED 31.03.2011
Rs. in millions
|
Particulars |
3 months ended
31.03.2011 Unaudited |
Year Ended
31.03.2011 Audited |
|
|
|
|
|
1. (a) Gross Sales/ Income from
Operation |
257.654 |
891.038 |
|
(b) Operating Income |
9.119 |
10.748 |
|
(C ) Sale of Traded Goods |
16.718 |
137.184 |
|
2. Expenditure |
|
|
|
a. Increase /decrease in stock in
trade and work in progress |
12.846 |
(19.519) |
|
b. Consumption of raw materials |
1,44.490 |
589.588 |
|
c. Purchase of traded goods |
15.938 |
125.009 |
|
d. Duties and Taxes |
32.936 |
69.225 |
|
e. Employees cost |
14.476 |
46.217 |
|
f. Depreciation |
4.901 |
18.793 |
|
g. Other expenditure |
42.513 |
1,62.823 |
|
Total |
268.100 |
992.136 |
|
3. Profit from Operations before
Other income, interest and Exceptional Items (12) |
6.272 |
46.834 |
|
4. Other Income |
- |
1.099 |
|
5. Profit before Interest and
Exceptional Items (3+4) |
15.391 |
47.933 |
|
6. Interest |
11.913 |
38.908 |
|
7. Profit after Interest but
before exceptioi |
33.678 |
9.025 |
|
8.Exceptional Items |
- |
- |
|
9. Profit (+)/ Loss (-) from Ordinary
Activities before tax (7+8) |
3.478 |
9.025 |
|
10. Tax expense |
0.985 |
2.927 |
|
11. Net Profit (+)/ Loss (-)
from** Ordinary Activities after tax (9-10) |
2.492 |
6.098 |
|
12. Extraordinary items |
- |
- |
|
13. Net Profit (+)/ Loss (-) for the
period (11-12) |
2.492 |
6.098 |
|
14. Paid - Up equity share capital
(Face value of the share IS Rs. 10) |
79.737 |
79.737 |
|
15. Reserves excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
16. Earnings Per Share (EPS) a)
Basic and diluted EPS before extradordinary items for the period for the year
to date and for the previous year (not to be annulaised) |
0.31 |
0.76 |
|
b) Baic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year (not to be annualised) |
|
|
|
17. Public shareholding - Number
of shares |
4,745,198 |
4,745,198 |
|
- Percentage of shareholding |
59.51% |
60.00% |
|
18. Promoters and Promoters' Group
Shareholding |
|
|
|
- (a) Pledged/Encumbered |
-- |
-- |
|
-
No. of Shares |
-- |
-- |
|
-
Percentage of Shares (as a % of the total outstanding of Promoters and
Promoters' groups) |
-- |
-- |
|
-
Percentage of Shares (as a % of the total share capital of the
Company) |
-- |
-- |
|
- (b) Non-Encumbered |
|
|
|
-
No. of Shares |
3228502 |
3228502 |
|
-
Percentage of Shares (as a % of the total outstanding of Promoters and
Promoters' groups) |
100 |
100 |
|
-
Percentage of Shares (as a % of the total share capital of the Company) |
40.49 |
40.49 |
Segment wise
Reporting as per Revenue and Capital Employed for the Twelve Months Ended 31st
March 2011
Rs. In millions
|
Particulars |
3 months
ended 31.03.2011 Unaudited |
Year Ended
31.03.2011 Audited |
|
1. Segment Revenue |
|
|
|
(a) Segment A -
Manufacturing Business |
257.654 |
891.038 |
|
(b) Segment B - Trading
Business |
16.718 |
137.184 |
|
Total |
274.372 |
1028.222 |
|
Less: Inter Segment
Revenue |
- |
- |
|
Sales / Income from
Operations |
274.372 |
1028.222 |
|
2. Segment Results -
Profit (+) / Loss (-) before |
|
|
|
tax and interest from
each segment (a) Segment A - Manufacturing Business |
14.709 |
40.081 |
|
(b) Segment B - Trading
Expenses |
0.682 |
7.852 |
|
Total |
15.391 |
47.933 |
|
Less: (i) Interest |
11.913 |
38.908 |
|
Total Profit before tax |
3.478 |
9.025 |
|
3. Capital Employed |
|
|
|
(Segment Assets - Segment
Liabilities) |
|
|
|
(a) Segment A (b) Segment B* |
180.228 |
180.228 |
|
Total |
180.228 |
180.228 |
Assets and
Liabilities Statement as per Clause 41 (V) h of Listing Agreement
Rs. In millions
|
PARTICULARS |
31.03.2011
Audited |
|
SHAREHOLDERS' FUNDS: |
|
|
(a) Capital |
83.800 |
|
(b) Reserves and Surplus |
96.400 |
|
LOAN FUNDS |
368.100 |
|
DEFERRED TAX LIABILITIES |
40.500 |
|
MINORITY INTEREST |
- |
|
TOTAL |
588.800 |
|
FIXED ASSETS |
241.600 |
|
INVESTMENTS |
0.200 |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
(a) Inventories |
154.400 |
|
(b) Sundry Debtors |
189.500 |
|
(c) Cash and Bank balances |
15.800 |
|
(d) Other current assets |
|
|
(e) Loans and Advances |
78.600 |
|
LESS: CURRENT LIABILITIES AND
PROVISIONS |
|
|
(a) Liabilities |
80.200 |
|
(b) Provisions |
11.100 |
|
MISCELLANEOUS EXPENDITURE |
|
|
(TO THE EXTENT NOT WRITTEN OFF OR
ADJUSTED) |
|
|
TOTAL |
588.800 |
*There
is no Long Term Fixed Capital Employed, only Short Term Working Capital is
employed and this is of fluctuating nature.
1.
The above results were reviewed by the Audit Committee at the meeting held on
May, 28 2011 and approved and taken on record by the Board of Directors at its
meeting held on May 28, 2011
2.
The company is currently focusing on two business segments viz, manufacturing
of FIBC Bags and Trading in Raw Materials. The Organizational structure is
designed for effective management of segment while retaining focus on each one
of them. Since there is was no two separate segment, the previous year figures
in this regards shall be NIL.
3.
Previous Year figures have been regrouped or re-arranged wherever necessary
4.
The Board has recommended to skip the dividend for the year 2010-11.
5.
Details of Investors Complaints: Beginning - Nil, Received - 2, Disposed 2 and
Ending - Nil
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Vehicles
- Electrical and Electronics Equipment
WEBSITE DETAILS:
PROFILE:
Bliss Group, established in the year 1966 is built on values
that come from a tradition of leadership spanning 4 decades and 3 generations.
Over the years, entrepreneurial family values, nursed by the Late Mr. Gorantla
Ramalingaiah the man whose dream was an index to the groups’ success. It has
now evolved into a culture of professional excellence across their group. This
rich inheritance is now being driven by a professional team of directors, to
help enhance value not just for the company, but for all present and future
customers.
Bliss Group manufactures variety of industrial packaging
with different capacities ranging from 2 to 24,000 kgs. It was Bliss Group’s
Standard Packaging that introduced the first of its kind Jumbo Bags (FIBC)
Flexible Intermediate Bulk Containers concept in the Indian market and we also
played a crucial role in creating awareness for the product.
What started as a company with just two employees and one
administrative facility, with a net sales of Rs.1.7 million, now has a net
sales of Rs.980 million with eight administrative offices spread across the
country.
Touching various industrial fields with new front-line
production levels, we have set up eight manufacturing facilities, four of which
are vertically integrated, in key locations in the country. The in-house
Research and Development (RandD) department was set up in 1984, in order to
innovate and optimize cost effective packaging.
They are the market leaders, with the packaging division contributing to over
90% of the group’s net sales. The group also has to its credit a number of patented
products. Their initiatives especially in the area of RandD are recognized
world over and they have been successful in receiving various national and
International awards.
Bliss Group has diversified into Agriculture, Consulting,
Construction, Development and Trading.
PRESS RELEASE :
Jumbo Bag drops the proposal of setting-up of a unit at
Kharagpur,
Accord Fintech (
[What follows is the full text of the news story.]
PRESS RELEASE
Jumbo Bag drops the proposal of setting-up of a unit at
Kharagpur,
Accord Fintech (
[What follows is the full text of the news story.]
PRESS
RELEASE
Outcome of Board Meeting
Accord Fintech (
[What follows is the full text of the news story.]
PRESS RELEASE
Hawkhurst votes not to turn down grit next time
Kent &
[What follows is the full text of the news story.]
HAWKHURST residents have lost out on receiving gritting salt amid fears over its distribution and storage.
Kent Highways Services offered a large bag of salt to each parish council. However, Hawkhurst Parish Council declined the offer.
Councilors at their December meeting heard that the offer of a jumbo bag of salt had been declined due to fears over distribution and storage.
Councilor Barbara Weeden, who was chairing the meeting,
asked who would use it and distribute it, to which John Hunt said:
"Volunteers. They cleared the High Street when it snowed and I think this
would have been nice to have to help. If we were to put it in the space by the
library (in
"Could we not accept this offer next time? Hawkhurst was the only parish that didn't."
Clerk Andrew McTrusty said: "I don't agree that was the case.
Left out "And if it is left out, then members of the public will take it."
Councilor Keith Brown said: "This is salt paid for by ratepayers. If they want to take some to use, then it is all well and good."
It was agreed to accept the offer if it was made again.
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.