MIRA
INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
V I P INDUSTRIES LIMITED |
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Registered Office : |
78-A, M.I.D.C. Estate, Satpur, Nashik – 422 007, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.01.1968 |
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Com. Reg. No.: |
11-013914 |
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Paid-up Capital : |
Rs. 282.600 Millions |
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CIN No.: [Company
Identification No.] |
L25200MH1968PLC013914 |
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Legal Form : |
Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of plastic moulded suitcase and briefcase |
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No. of Employees : |
2000 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 6800000 |
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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.
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
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Name : |
Mr. Hetan Jain |
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Designation : |
Account Departments |
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Date : |
31.05.2011 |
LOCATIONS
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Registered Office/ Factory 1 : |
78-A, M.I.D.C. Estate, Satpur, Nashik – 422 007, |
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Tel. No.: |
91-253-6603000/ 2350876 |
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Fax No.: |
91-253-4306022/ 2350756 |
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E-Mail : |
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Website : |
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Corporate Office : |
DGP House, 88C, |
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Tel. No.: |
91-22-66539000 |
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Fax No.: |
91-22-66608393 |
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E-Mail : |
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Factory 2 : |
A-7, MIDC, Sinnar - 422 103, |
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Factory 3 : |
Plot No 8, Sector 12, SIDCUL Area, Haridwar - 249 403, |
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Factory 4 : |
L-4, MIDC, Hingna, |
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Factory 5 : |
E-5/2 Additional MIDC Area, Jalgaon - 425 016, |
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Factory 6 : |
D/4 Paithan Industrial Area, MIDC, Paithan - 431 107, |
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Branch Office : |
Located at: North Zone
South Zone
East Zone
West Zone
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DIRECTORS
As On 31.03.2010
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Chairman |
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Name : |
Ms. Radhika Piramal |
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Designation : |
Managing Director (from 01.05.2010) |
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Name : |
Mr. Nirmal Gangwal |
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Designation : |
Director |
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Name : |
Mr. D. K. Poddar |
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Designation : |
Director |
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Name : |
Mr. Sudhir Jatia |
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Designation : |
Managing Director (upto 30.04.2010) |
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Name : |
Mr. G. L. Mirchandani |
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Designation : |
Director |
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Name : |
Mr. Vijay Kalantri |
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Designation : |
Director |
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Name : |
Mr. Vivek Nair |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Manoj Tulsian |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Shreyas Trivedi |
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Designation : |
Company Secretary and Head-Legal |
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Name : |
Mr. Hetan Jain |
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Designation : |
Account Departments |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
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Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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12,415,945 |
43.93 |
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12,415,945 |
43.93 |
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Total shareholding of Promoter and Promoter Group (A) |
12,415,945 |
43.93 |
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(B) Public Shareholding |
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5,414 |
0.02 |
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5,150 |
0.02 |
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181,358 |
0.64 |
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1,943,530 |
6.88 |
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2,135,452 |
7.56 |
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3,718,957 |
13.16 |
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4,724,839 |
16.72 |
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4,597,431 |
16.27 |
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670,839 |
2.37 |
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212,787 |
0.75 |
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26,344 |
0.09 |
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31,727 |
0.11 |
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391,981 |
1.39 |
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1,000 |
- |
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7,000 |
0.02 |
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13,712,066 |
48.52 |
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Total Public shareholding (B) |
15,847,518 |
56.07 |
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Total (A)+(B) |
28,263,463 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
28,263,463 |
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(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer of plastic moulded suitcase and briefcase |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity ** |
Actual
Production |
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Injection / Vaccum Moulded Plastic Goods (in ‘000) |
Tonnes |
34 |
15 |
3209 Nos. |
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Flexible Luggage (in ‘000) |
Numbers |
420 |
-- |
-- |
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Moulds, Tools, Jigs and Fixtures |
Numbers |
520 |
520 |
87 |
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Element Panels (in ‘000) |
M.T. |
3 |
2 |
-- |
Notes:
* Licensed
Capacity includes capacities enhanced by the Industrial Entrepreneur’s
Memorandum (IEM) submitted under the New Industrial Policy.
** Installed Capacity has been certified by a Director and relied upon
by the Auditors.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
2000 (approximately) |
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Bankers : |
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Facilities : |
Notes : 1. ECB from Axis
Bank Limited is secured by first charge on pari passu basis on all the
movable and immovable fixed assets of the company located at Haridwar. 2. The Foreign
currency loan and Corporate Rupee Term loan from State Bank of 3. Term loan
from Axis Bank is secured against exclusive charge on specific movable fixed
asset at 4. Working
Capital facilities from banks are secured by hypothecation of Inventories and
assignment of Book Debts ranking pari passu inter-se and by second charge on
the fixed assets of the Company located at
1. Amount payable
within one year Rs.Nil (previous year Rs. 110.000 millions) 2. Amount payable within one year Rs.150.000 millions (previous
year Rs. 225.000 millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. L. Bhuwania and Company Chartered Accountants |
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Joint Venture : |
V.I.P. Nitol Industries Limited |
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Wholly Owned Subsidiary : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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49300000 |
Equity Shares |
Rs.10/- each |
Rs.493.000 millions |
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1000 |
9% Redeemable Cumulative Preference shares |
Rs.1000/- each |
Rs.1.000 million |
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Total
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Rs.494.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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28263463 |
Equity Shares |
Rs.10/- each |
Rs.282.600
millions |
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Notes:
Of the above
Equity Shares:
a. 30,000 Equity
Shares (previous year 30,000) of Rs. 10/- each were allotted as fully paid-up
shares, pursuant to a contract for consideration other than cash,
b. 35,25,000
Equity Shares (previous year 35,25,000) of Rs. 10/- each were allotted as fully
paid-up Bonus Shares by way of capitalisation of reserves,
c. 1,68,00,000
Equity Shares were allotted as fully paid-up pursuant to Scheme of Amalgamation
of Blow Plast Limited with the Company and
d. 28,01,650
Equity Shares were allotted as fully paid-up pursuant to Scheme of Amalgamation
of Aristocrat Luggage Limited with the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
282.600 |
282.600 |
282.635 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1439.000 |
1100.800 |
1045.297 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1721.600 |
1383.400 |
1327.932 |
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LOAN FUNDS |
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1] Secured Loans |
723.100 |
846.300 |
965.228 |
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2] Unsecured Loans |
150.000 |
513.800 |
331.203 |
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TOTAL BORROWING |
873.100 |
1360.100 |
1296.431 |
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DEFERRED TAX LIABILITIES |
6.200 |
28.100 |
35.851 |
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TOTAL |
2600.900 |
2771.600 |
2660.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
808.300 |
882.500 |
885.069 |
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Capital work-in-progress |
4.300 |
13.300 |
24.669 |
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INVESTMENT |
20.100 |
26.700 |
38.084 |
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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 |
801.200
|
676.700
|
789.448 |
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Sundry Debtors |
913.900
|
1064.100
|
1120.208 |
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Cash & Bank Balances |
167.200
|
96.700
|
71.396 |
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Other Current Assets |
91.500
|
104.900
|
91.476 |
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Loans & Advances |
513.600
|
611.300
|
410.923 |
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Total
Current Assets |
2487.400
|
2553.700
|
2483.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
309.200 |
499.700 |
542.939 |
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Other Current Liabilities |
273.500
|
237.900
|
232.649 |
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Provisions |
136.500
|
60.900
|
125.334 |
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Total
Current Liabilities |
719.200
|
798.500
|
900.922 |
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Net Current Assets |
1768.200
|
1755.200
|
1582.529 |
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MISCELLANEOUS EXPENSES |
0.000 |
93.900 |
129.863 |
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TOTAL |
2600.900 |
2771.600 |
2660.214 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6345.800 |
5145.700 |
5520.003 |
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Other Income |
22.000 |
176.800 |
44.705 |
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TOTAL (A) |
6367.800 |
5322.500 |
5564.708 |
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Less |
EXPENSES |
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Cost of Materials |
2640.700 |
2389.400 |
2776.578 |
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Payments to and Provisions for Employees |
632.400 |
575.300 |
526.986 |
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Administrative, Selling and Other Expenses |
2137.900 |
1890.100 |
1659.867 |
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Extraordinary items |
93.900 |
104.400 |
75.811 |
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TOTAL (B) |
5504.900 |
4959.200 |
5039.242 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
862.900 |
363.300 |
525.466 |
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Less |
FINANCIAL
EXPENSES (D) |
79.600 |
128.200 |
132.146 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
783.300 |
235.100 |
393.320 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.800 |
140.700 |
147.801 |
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PROFIT BEFORE
TAX (E-F) (G) |
610.500 |
94.400 |
245.519 |
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Less |
TAX (I) |
110.000 |
5.300 |
44.526 |
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PROFIT AFTER TAX
(G-I) (J) |
500.500 |
89.100 |
200.993 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
325.100 |
279.000 |
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Less |
APPROPRIATIONS |
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General Reserve |
299.200 |
10.000 |
NA |
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Interim Dividend |
56.500 |
0.000 |
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Proposed Dividend |
84.800 |
28.200 |
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Corporate Dividend Tax |
24.000 |
4.800 |
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BALANCE CARRIED
TO THE B/S |
361.100 |
325.100 |
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EARNINGS IN
FOREIGN CURRENCY |
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Exports of Finished Goods, Components & Other Items (on F.O.B.
basis) |
470.200 |
645.400 |
845.632 |
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Interest |
12.900 |
9.600 |
0.011 |
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Insurance |
0.100 |
0.000 |
0.090 |
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Freight |
15.700 |
35.000 |
30.569 |
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TOTAL EARNINGS |
498.900 |
690.000 |
876.302 |
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IMPORTS |
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Raw Materials & components |
169.600 |
106.100 |
118.771 |
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Capital Goods |
9.700 |
11.400 |
8.620 |
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Stores & Spares |
8.300 |
1.300 |
1.573 |
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TOTAL IMPORTS |
187.600 |
118.800 |
128.964 |
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Earnings Per
Share (Rs.) |
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- Basic/Diluted
Earnings Per Share excluding Extraordinary Items |
19.90 |
6.51 |
10.04 |
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- Basic/Diluted
Earnings Per Share including Extraordinary Items |
17.71 |
3.15 |
7.60 |
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Particulars |
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|
31.03.2011 |
|
Sales Turnover |
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|
7410.000 |
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The above information has been parted by Mr. Hetan Jain
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th
Quarter) |
|
Net Sales |
2365.000 |
1464.00 |
1948.00 |
1661.00 |
|
Total Expenditure |
1903.000 |
1285.000 |
1611.000 |
1411.000 |
|
PBIDT (Excl OI) |
462.000 |
179.000 |
337.000 |
250.000 |
|
Other Income |
0.000 |
1.000 |
0.000 |
4.000 |
|
Operating Profit |
462.000 |
180.000 |
337.000 |
254.000 |
|
Interest |
12.000 |
5.000 |
8.000 |
6.000 |
|
Exceptional Items |
0.000 |
0.000 |
(285.000) |
(2.000) |
|
PBDT |
450.000 |
175.000 |
44.000 |
246.000 |
|
Depreciation |
38.000 |
37.000 |
38.000 |
35.000 |
|
Profit Before Tax |
412.000 |
138.000 |
6.000 |
211.000 |
|
Tax |
90.000 |
24.000 |
(25.000) |
57.000 |
|
Profit After Tax |
322.000 |
114.000 |
31.000 |
154.000 |
|
Net Profit |
322.000 |
114.000 |
31.000 |
154.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.86
|
1.67
|
3.61 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.62
|
1.83
|
4.45 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.52
|
2.75
|
7.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.07
|
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
1.56
|
1.65 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.46
|
3.20
|
2.76 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
309.200 |
499.700 |
542.939 |
HISTORY:
Formerly Aristo Plast, VIP Industries was incorporated in Jan.'68. In
1971, it became a wholly-owned subsidiary of Blow Plast. Promoted by Dilip G
Piramal, the company manufactures moulded luggage (from high-density polyethylene),
soft luggage (from nylon, polyester, jupolene, printed polyester) and ABS
luggage (from acrylonitrile butadiene styrene plastic) including briefcases,
suitcases, handbags, carry bags and vanity cases. The installed capacity for
flexible luggage is 3,60,000 pa. The company came out with a rights issue in
Nov.'93 for expansion, modernisation and balancing its plants located at
OVERALL PERFORMANCE AND OUTLOOK:
Income from
Operations and Other Income during the financial year ended 31.03.2010 was at
Rs. 6367.800 Millions as against Rs.5322.500 Millions representing an increase
of approximately 20% over the corresponding period of previous year. Profit
after Tax for the year amounted to Rs. 500.500 Millions after considering the
Extra ordinary Items of Rs. 93.900 Millions (previous year Rs.104.400 Millions)
as against Rs. 89.100 Millions in the previous year representing an increase of
more than 461% over the previous year. The increase in profits during the year
was on account of increased sales, better margins, reduction in input costs,
interest costs and overall efficiency in operations at all levels. With the
surge in demand coupled with better marriage season, softening of key raw
material prices and the stimulus package offered by the Government helped the
Company in improving the margins significantly during the year. As on
31.03.2010, the Reserves and Surplus of the Company was at Rs.1439.000
Millions.
EXPORTS AND INTERNATIONAL OPERATIONS
Exports for the
year ended 31.03.2010 was at Rs.470.200 Millions as against Rs.645.400 Millions
in the previous year, a drop of approximately 27% over the previous year. The
global economy has still not shown a sign of robust recovery and the Company
has also felt the pressure in certain countries including European markets.
Despite this, exports to
CARLTON TRAVEL GOODS LIMITED
Carlton Travel
Goods Limited (CTGL), the wholly owned subsidiary of the Company which sells
and distributes brand “
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
LUGGAGE
DOMESTIC MARKETS
The year saw a
strong recovery in the demand across all segments after a recessionary previous
year which had led to major setbacks in the global economy. The GDP growth rate
is estimated at around 6.5% for the year with the last quarter showing a
significant jump. The Economists project that
The total Luggage
industry is estimated at Rs. 31000.000 Millions and is estimated to be growing
at a healthy rate of around 15% per annum with unbranded luggage growing faster
than branded luggage. With overall economy doing better and with increased
travel, the category has shown good turnaround as compared to the last year. Due
to continued inflationary pressures, value price segments continue to do better
as compared to other price segments. Further, with rural economy relatively
less impacted due to overall recession, the demand mainly for value offerings
continued to be buoyant. These factors have helped the unorganised market
estimated at Rs. 21500.000 Millions grow at a healthy rate. The number of
Chinese imported labels has remained more or less the same. The total market
size for the organized sector has remained around Rs. 9500.000 Millions. The
number of major players remained more or less the same with the Company
maintaining its leadership position. In the organized segment, while both the
price segments – value segments (below Rs. 3000) and premium segment (over Rs.
3000) have grown, the value segment has grown faster at 23%. Premium segment
has grown by 14 % over last year.
The modern
organized retail segment has shown signs of recovery. The pace of expansion has
improved with opening of new departmental stores and hypermarkets. The store
level profitability has been the focus of the players in this segment. From a
consumer point of view, hypermarkets and departmental stores are becoming more
and more important for luggage purchase. There is an increased focus from hypermarkets
and departmental stores towards Private labels and in-store brands.
While soft luggage
segment continues to grow faster than hard luggage, there are signs of revival
in hard luggage category. This is mainly due to multiple successful launches in
premium, light weight and stylish ranges in polycarbonate etc. Within soft
luggage segment, business satchels and backpacks are the fastest growing
segments, driven by the increasing penetration of laptop usage in professional
office use.
INTERNATIONAL MARKETS
During the year,
the market growth was negative. The International market has registered a
decline for the second consecutive year. This is excluding the
The Company’s
aggressive foray into retail market took a beating and as a result, the retail
expansion plan in the
International
market had to be revisited during the year. In fact the Company closed down all
the retail shops of its wholly owned subsidiary, Carlton Travel Goods Limited
(CTGL) in
For future, focus
is on cost control, building operational efficiencies and improving the profitability
of the international business. To achieve this, several decisions are being
taken viz. cut down international warehousing, defer expansion plan in small
European countries and transition to direct sales to distributors from the
factories. The focus on product development and marketing will remain in order
to continue to build the
MOULDED FURNITURE
The year witnessed
the furniture market remaining stagnant. Like the luggage market, the furniture
market also has a huge unorganized market which is growing very fast every
year. The Company has a very small presence in the organized market which is
mainly because of its high prices but persistently managing the quality
standards. The Company’s brand “Moderna” is considered as a premium brand in
the Industry. Because of it being accepted in the premium category, the Company
has seen an opportunity in this business and continues to focus towards its
growth.
SEGMENT / PRODUCT WISE PERFORMANCE
LUGGAGE
Due to the persistent
efforts in the last financial year, the Company has been able to grow all
brands in the portfolio. The Company did much better than the industry by
clocking a robust growth in top line sales and continues to maintain leadership
position in the organized segment.
The Company with
the combined portfolio of Delsey, VIP, Aristocrat, Skybags and Alfa, promises
to be a formidable offering with presence across all major price segments of
the market.
The Company has
invested significantly towards brand building activity for ‘VIP’ and
‘Aristocrat’. ‘VIP’ continued to use Shahid Kapoor in its TV commercials and
other branding communications. For VIP, the Company also invested to highlight
unique and relevant innovations like “Water and stain resistant bags” through
various branding initiatives. The Company also invested on branded media
properties such as ‘VIP City Tour’ during cricket matches on TV, Jet security
tags and conveyor belts at all prominent airports in the country. For
Aristocrat brand, the Company has signed well-known film actress, Bipasha Basu
as the brand ambassador.
The Company
believes that this will help modernize the brand. Further the Company has
invested in improving the in-store branding across key multi-brand outlets
across the country. The Company has been able to capitalize on faster growths
in value segments and hypermarket segments. Consistent efforts in Alfa and
Skybags brands have helped in doing so. With new launches and through various
promotion initiatives in Canteen Stores Department (CSD) during last year
across all the brands, the Company has been able to further strengthen its
position especially in the soft luggage segment. Delsey and VIP have
contributed and grown in the premium segment.
The Company
strengthened its distribution hold by significantly increasing its market
presence through opening of new shops for all brands across the country. These
counters will contribute significantly in the coming years.
MOULDED FURNITURE
With the renewed
focus on this business, the business showed a growth of over 20% during the
year. Over and above the same, the Company has changed the highly credit
oriented business to a cash and carry model which has severely de-risked the
business. The Company continued to get good Institutional orders during the
year. During the year, the Company also worked on the network expansion and is
very buoyant with the response from the trade.
OUTLOOK
LUGGAGE
Having identified
the threats, opportunities and its strengths, the task at hand for the Company
is to gain market share from the competition, especially in the premium and
mass popular segment.
The Company has
put in place a robust plan to offer strongly differentiated/innovative products
at aggressive prices offered through well diversified and covered distribution
channel to counter competition at all levels. At the
premium end,
‘Delsey’ and ‘VIP’ brands would be the focus area and in the mass popular and
economy segment,
‘Aristocrat’ and
‘Alfa’ brands would be in offering. Growth in the fast growing hypermarket
channel is through the promotion of the ‘Skybags’ brand.
The Company’s
strength and capability in hard luggage gives it a head start over competition
in tapping the trend of consumers in the premium segment moving to hard
luggage. The Company now also has a full- fledged capacity to produce
polycarbonate products and is already exploring possibilities of launching
products with
differentiated
textures and styles at competitive price points.
In the soft
luggage category, the Company has identified faster growing sub-categories
within soft luggage and has planned launches accordingly during the year. The
Company believes that this will help to modernize the brands alongwith giving
additional growth for the brands.
In Canteen Strores
Department too, the Company plans to introduce new range of products and gain
market share from compititors. Also steps are being undertaken to build
visibility for the brands and highlight their key differentiators.
The Company
believes that its underlying core strength is in the quality of its products,
strength of distribution and the trust of its brands with consumers across
MOULDED FURNITURE
The Company’s
renewed focus on this segment will certainly help to register good growth in
this segment in next few years. The Company is working on the initiatives like
network expansion, introduction of new products, addition of new territories
which will surely help the business to grow at a rapid pace. Since the market
share is very miniscule, the opportunity to grow at a good two digit number is
highly realistic.
Contingent Liabilities not provided for in respect
of :
Rs. In Millions
|
|
31.03.2010 |
31.03.2009 |
|
a. Disputed
Income Tax liability |
26.700 |
39.900 |
|
b. Disputed
Sales Tax liability |
132.800 |
128.900 |
|
c. Disputed Property
Tax |
100.800 |
84.300 |
|
d. Bills
discounted with Bank |
163.500 |
14.900 |
|
e. Bonds issued
under EPCG scheme |
55.500 |
54.700 |
|
f. Disputed
Excise duty liability |
1.100 |
1.100 |
|
g. Claims
against the Company not acknowledged as Debts |
0.300 |
3.000 |
|
h. Disputed
Employees State Insurance Corporation dues |
0.800 |
0.800 |
UNAUDITED FINANCIAL RESULTS FOR THE YEAR
ENDED 31.03.2011
(Rs. in millions)
|
Particulars |
For the Quarter Ended |
For the Year Ended |
|
31.03.2011 |
31.03.2011 |
|
|
Standalone |
||
|
1. (a) Net Sales / Income from Operations |
16.530 |
74.130 |
|
(b) Other Operating Income |
0.0800 |
0.170 |
|
Total Income (a+b) |
16.610 |
74.300 |
|
2. Expenditure |
|
|
|
(a) (Increase)/decrease in stock in trade and work in progress |
(2.9100) |
(3.540) |
|
(b) Consumption of raw materials |
4.6100 |
16.410 |
|
(c) Purchase of traded goods |
5.690 |
21.360 |
|
(d) Employees cost |
1.800 |
7.240 |
|
(e) Depreciation |
0.350 |
1.480 |
|
(f) Rebates, Discounts and Commission |
1.170 |
5.490 |
|
(g) Other Expenditures |
3.750 |
15.070 |
|
(h) Total |
14.460 |
63.510 |
|
3. Profit from
Operations before Other Income, Interest and Exceptional Items (1-2) |
2.150 |
10.790 |
|
4. Other Income |
0.040 |
0.050 |
|
5. Profit before
Interest and Exceptional Items (3+4) |
2.190 |
10.840 |
|
6. Interest |
0.060 |
0.310 |
|
7. Profit after
Interest but before Exceptional Items (5-6) |
2.130 |
10.530 |
|
8. Exceptional Items |
(0.020) |
(2.870) |
|
9. Profit (+)/ Loss
(-) from Ordinary Activities before fax (7+8) |
2.110 |
7.660 |
|
10. Tax expenses |
0.570 |
1.460 |
|
11. Net Profit (+)/
Loss (-) from Ordinary Activities after tax (9-10) |
1.540 |
6.200 |
|
12. Extraordinary items (net of tax expense) |
-- |
-- |
|
13. Net Profit (+)/
Loss (-) for the period (11-12) |
1.540 |
6.200 |
|
14. Paid-up Equity Share Capital (Face Value of Rs. 10/- each) |
2.830 |
2.830 |
|
15. Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
- |
- |
|
16. Earning Per Share (EPS) |
|
|
|
(a) Basic and diluted EPS before extraordinary items |
5.5 |
21.9 |
|
(b) Basic and diluted EPS after extraordinary items |
5.5 |
21.9 |
|
17. Public shareholding |
|
|
|
— Number of shares |
15847518 |
15847518 |
|
— Percentage of shareholding |
56.1 |
56.1 |
|
18. Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged I Encumbered |
|
|
|
— Number of shares |
Nil |
Nil |
|
— Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
— Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non - encumbered |
|
|
|
— Number of shares |
12415945 |
12415945 |
|
— Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
100 |
100 |
|
— Percentage of shares (as a % of the total share capital of the company) |
43.9 |
43.9 |
STATEMENT
OF ASSETS AND LIABILITIES AS AT 31.03.2011
Rs.
In Millions
|
|
Standalone
|
|
Particulars |
31.03.2011
(Unaudited) |
|
Shareholders Funds |
|
|
a) Capital |
2.830 |
|
b) Reserves and Surplus |
19.600 |
|
Loan Funds |
10.650 |
|
|
|
|
Deferred Tax Liability/ (Asset) |
(0.700) |
|
|
|
|
Total |
32.380 |
|
|
|
|
Fixed Assets |
8.520 |
|
|
|
|
Investments |
0.040 |
|
|
|
|
Current Assets,
Loans and Advances |
|
|
a) Inventories |
11.900 |
|
b) Sundry Debtors |
13.930 |
|
c) Cash and Bank Balances |
0.870 |
|
d) Other Current Assets |
0.970 |
|
e) Loans and Advances |
4.170 |
|
Less: Current
Liabilities and Provisions |
|
|
a) Current Liabilities |
7.650 |
|
b) Provisions |
0.380 |
|
Net Current
Assets |
23.820 |
|
|
|
|
Total |
32.380 |
Notes:
- The above
results were reviewed by the Audit Committee and approved by the Board of
birectors at their respective meetings held on 13.03.2011
- The above
standalone results for the year ended 31.03.2011 have been reviewed by the
Statutory Auditors of the Company.
- The Earning
Per Share for the year ended 31.03.2011 is for the whole year, whereas for
the quarter ended period(s) it is only for that period.
- During the
year. the Board has approved the write off (subject to approval from the
Reserve Bank of India) of the trade debtors due from its wholly owned
Subsidiary At/s Canton Travel goods Limited to the extent of Rs 270.000
millions and a provision for diminution in value of Investment in the said
Subsidiary to the extent of Rs 17.000 millions. The Company has applied to
the RBI seeking approval for the write off of the trade debtors. Pending
the some, the Company has made a provision for the same. Accordingly an
amount of Ps 2870.000 millions is shown as Exceptional item in the
Standalone results.
- There were no
Investor Complaints pending at the beginning of the quarter. During the
quarter, 45 complaints were received which have been resolved. As on
31.03.2011, there were no complaints pending.
- The Company
is engaged primarily in the luggage business and therefore, there is only
one reportable segment in accordance with the Accounting Standards on
Segment Reporting (AS 17).
- Generally,
the luggage business is seasonal in nature and accordingly, financial
results for the quarter are not representative of the whole year.
- Figures of
previous year / period(s) have been regrouped wherever necessary.
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Data Processing Machines
- Moulds and Dies
- Furniture, Fixture and Equipments
- Vehicles
Intangible Assets:
- Patents and Trademarks
- Computer Software
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.46.75 |
|
|
1 |
Rs.66.99 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.