MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT PRESS LIMITED |
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Registered Office : |
L - 31, MIDC, Tarapur Industrial Area, Boisar, Tarapur, Thane -
401506, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
11-42083 |
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Capital
Investment / Paid-up Capital : |
Rs.80.750 Millions |
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CIN No.: [Company
Identification No.] |
L22219MH1987PLC042083 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
Stock Exchange. |
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Line of Business : |
Printing
and Distributing public stationary and packing food products |
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No. of Employees
: |
500 [Approximately] |
RATING & COMMENTS
|
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 1340000 |
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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 in 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.
INFORMATION PARTED BY
|
Name : |
Mr. Pramod Sikharia |
|
Designation : |
Account Department |
|
Date : |
07.06.2011 |
LOCATIONS
|
Registered Office / Factory 1: |
L-31 and 32, MIDC, Tarapur Industrial Area, Boisar, Tarapur,
Thane-401506, |
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Tel. No.: |
91-2525-272976 |
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Fax No.: |
91-2525-273393 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
20, Pragati Industrial Estate, N.M Joshi Marg, Lower Parel, Mumbai-400011,
Maharashtra, India |
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Tel. No.: |
91-22-23061251/ 52/53/ 40285828 |
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Fax No.: |
91-22-23090265/ 40285870 |
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E-Mail : |
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Factory 2 : |
Flexible and
Packaging G-73, M.I.D.C, Tarapur Industrial Area, Boisar, Thane-401506, |
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Factory 3 : |
Multicolour Paper
Board Cartons, Printing and Flexible Packaging Survey No. 297/1/2, Village Sayali, Silvassa-396240, U.T of Dadra and
Nagar Haveli |
DIRECTORS
As on 28.08.2010
|
Name : |
Mr. Ramvilas Maheshwari |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajaram Maheshwari |
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Designation : |
Executive Director |
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Name : |
Mr. Sanjay Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. Prakash Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. B L Kankani |
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Designation : |
Director |
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Name : |
Mr. Balkrishna Agar |
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Designation : |
Director |
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Name : |
Mr. Kannan Veersamy Ramamritham |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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2,859,078 |
35.41 |
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4,414,750 |
54.67 |
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7,273,828 |
90.08 |
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|
-- |
-- |
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Total
shareholding of Promoter and Promoter Group (A) |
7,273,828 |
90.08 |
|
(B)
Public Shareholding |
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|
|
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|
3,500 |
0.04 |
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|
300 |
- |
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|
3,800 |
0.05 |
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|
75.675 |
0.94 |
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|
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|
521847 |
6.46 |
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|
114.456 |
1.42 |
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|
85394 |
1.06 |
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|
8340 |
0.10 |
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|
54958 |
0.68 |
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|
22096 |
0.27 |
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|
797,372 |
9.87 |
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Total
Public shareholding (B) |
801,172 |
9.92 |
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Total
(A)+(B) |
8,075,000 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
8,075,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Printing
and Distributing public stationary and packing food products |
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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 |
Installed
Capacity |
Actual
Production |
|
Paper Board Carton |
Pcs in lacs |
2400 |
543.427* |
|
Flexible Packaging Material |
M.T |
4465* |
2247.620** |
|
Rotogravure Printing Cylinder Nos. |
Nos. |
3000 |
143 |
|
Corrugated Carton / Sheets |
Pcs in lacs |
NA |
365.451 |
|
Corrugated Sheets |
M.T |
NA |
2.770 |
Notes:
* The Company also
have installed capacity of 1800 M.T. (P.Y. 1800 M.T.) of flexible packaging
material at one of its units comprising of hotmelt coating, slitting and finishing
process and in the view of technical director, the same falls within the
capacity described under the heading "Other Packing Containers" in
acknowledgement issued by the Secretariat for Industrial Approvals.
** Includes 2.574 M.T. (P.Y.23.908 M.T.) produced on job basis for other
parties.
* Includes NIL PCS (P.Y. 64.238 lacs PCS) of other than carton
manufactured for Printing Business.
GENERAL INFORMATION
|
No. of Employees
: |
500 [Approximately] |
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Customers : |
·
Others ·
Retailers
·
Reliance
Industries Limited (RIL) ·
Hindustan
Petroleum Corporation Limited (HPCL) ·
Bharat
Petroleum Corporation Limited (BPCL) ·
Indian
Oil Corporation Limited (IOCL) ·
Industrial
Development Bank of |
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Bankers : |
·
ICICI Bank Limited, Boisar West ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.L. Sarda and Associates Chartered Accountant |
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Associates : |
·
Orient Fincorp Limited ·
Orient Share Stock Brokers Limited |
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Subsidiaries : |
·
Orient Printers ·
Fortune Couriers Limited ·
N.L. Packaging |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
13500000 |
Equity Shares |
Rs. 10/- each |
Rs. 135.000 Millions |
|
300000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Total |
|
Rs.
165.000 Millions |
(During the
previous period ended 30/09/2009 face value of Rs.10/- per share deemed to have
become Rs.5/- per share and simultaneously back to Rs.10/- per share in order
to give effect to reduction in capital by reducing the face value to Rs. 51- per share and
simultaneously consolidation of two shares of face value of Rs.5/- each into
one share of face value of Rs.10/- each having consequential effects on number
of shares pursuant to sanctioned scheme of BIFR *)
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8075000 |
Equity Shares |
Rs. 10/- each |
Rs.80.750 millions |
|
|
Total |
|
Rs.80.750 millions |
Note:
During the
previous period ended 30/09/2009 pursuant to the sanctioned scheme of BIFR * :
a) 61,50,000 Equity
Shares reduced to 30,75,000 Equity
Shares on effecting reduction in capital by reducing face value from
Rs.10/- per share to Rs.5/- per share and simultaneous consolidation of two
shares of Rs. 51- each into Rs.10/- per share.
b) 50,00,000 Equity
Shares of Rs.10/- each fully paid up allotted to Promoters/promoter group at
par.
Out of the
above ,96,500 Equity Shares of Rs.10/-
each allotted as fully paid Bonus Shares by capitalisation of General Reserve
(9,93,000 Equity Shares reduced to 4,96,500 on reduction and consolidation
pursuant to the sanctioned Scheme of BIFR*)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.750 |
80.750 |
77.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
254.643 |
200.873 |
315.619 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(396.921) |
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NETWORTH |
335.393 |
281.623 |
(3.802) |
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LOAN FUNDS |
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1] Secured Loans |
2.318 |
2.972 |
112.709 |
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2] Unsecured Loans |
233.140 |
240.941 |
177.893 |
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TOTAL BORROWING |
235.458 |
243.913 |
290.602 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
570.851 |
525.536 |
286.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
321.938 |
315.093 |
258.155 |
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Capital work-in-progress |
17.423 |
15.315 |
4.618 |
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INVESTMENT |
8.600 |
8.605 |
8.621 |
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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 |
136.048
|
117.488 |
74.781
|
|
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Sundry Debtors |
270.508
|
303.411 |
196.209
|
|
|
Cash & Bank Balances |
26.441
|
122.084 |
25.469
|
|
|
Other Current Assets |
1.305
|
8.426 |
0.346
|
|
|
Loans & Advances |
92.093
|
86.307 |
101.630
|
|
Total
Current Assets |
526.395
|
637.716 |
398.435 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
53.672
|
76.770 |
127.477
|
|
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Sundry Creditors |
238.506 |
369.083 |
252.802 |
|
|
Provisions |
11.327
|
5.340 |
2.750
|
|
Total
Current Liabilities |
303.505
|
451.193 |
383.029 |
|
|
Net Current Assets |
222.890
|
186.523 |
15.406 |
|
|
|
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|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
570.851 |
525.536 |
286.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
672.934 |
1619.993 |
1412.705 |
|
|
|
Other Income |
38.055 |
63.463 |
21.961 |
|
|
|
TOTAL (A) |
710.989 |
1683.456 |
1434.666 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
633.616 |
1458.632 |
1232.155 |
|
|
|
Increase/(Decrease) in Finished Goods |
(9.396) |
15.085 |
(15.705) |
|
|
|
Waiver of interest by Lenders |
0.000 |
0.000 |
(167.104) |
|
|
|
Exceptional Items |
0.000 |
(20.007) |
0.000 |
|
|
|
TOTAL (B) |
624.220 |
1453.710 |
1049.346 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
86.769 |
229.746 |
385.320 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.669 |
23.093 |
36.404 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
80.100 |
206.653 |
348.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.166 |
79.641 |
67.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
58.934 |
127.012 |
281.414 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(41.706) |
0.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
58.934 |
168.718 |
280.464 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
200.874 |
(396.921) |
NA |
|
|
|
|
|
|
|
|
|
Less |
Adjustment
consequent to adoption of Accounting Standard - 15 |
5.165 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision
for Fringe Benefit Tax for earlier years written back |
0.000 |
0.060 |
NA |
|
|
|
|
|
|
|
|
|
Add |
Transfer from
capital restructuring account |
0.000 |
429.016 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
254.643 |
200.874 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
110.245 |
276.758 |
132.465 |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.266 |
26.113 |
18.223 |
|
|
|
Stores & Spares |
1.287 |
3.437 |
3.432 |
|
|
|
Capital Goods |
9.160 |
111.546 |
1.062 |
|
|
TOTAL IMPORTS |
15.713 |
141.096 |
22.717 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.30 |
53.48 |
45.60 |
|
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 |
378.170 |
390.270 |
434.080 |
335.460 |
|
Total Expenditure |
336.060 |
341.610 |
378.290 |
315.450 |
|
PBIDT (Excl OI) |
42.110 |
48.660 |
55.790 |
20.010 |
|
Other Income |
1.310 |
1.300 |
1.030 |
1.090 |
|
Operating Profit |
43.420 |
49.960 |
56.820 |
21.100 |
|
Interest |
3.970 |
4.350 |
5.980 |
5.250 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
39.450 |
45.610 |
50.840 |
15.850 |
|
Depreciation |
11.250 |
11.310 |
9.220 |
8.080 |
|
Profit Before Tax |
28.190 |
34.300 |
41.620 |
7.770 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
28.190 |
34.300 |
41.620 |
7.770 |
|
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 |
28.190 |
34.300 |
41.620 |
7.770 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.16
|
7.54 |
19.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.76
|
7.84 |
19.92
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95
|
13.33 |
42.86
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.45 |
[74.02]
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
2.47 |
[177.18]
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.41 |
1.04
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Due to Micro, Small
and Medium |
0.000 |
0.007 |
0.007 |
|
Due to Other
than Micro, Small and Medium |
238.506 |
369.076 |
252.795 |
|
Total |
238.506 |
369.083 |
252.802 |
Contingent
Liabilities (Rs. in millions)
Contingent liabilities not provided for in
the books of accounts:-
|
Particulars |
31.03.2010 |
31.03.2009 |
|
a) Tax Liabilities and interest thereof
demanded by theIncome Tax Department towards fringe benefit tax not accepted
and disputed. |
0.043 |
0.00 |
|
b) Sales Tax matter in dispute ( net of
part payment) |
0.000 |
3.744 |
|
c) Outstanding Letter of Credit
|
8.053 |
97.745 |
|
d) Guarantees given by Company's
Banker |
7.377 |
9.205 |
|
e) Claims against the Company not
acknowledged as debts
|
0.000 |
2.258 |
|
f) Liability for partly paid up equity
shares. |
0.000 |
0.100 |
|
g) Bonds executed in favour of excise
authorities |
1.191 |
0.330 |
|
h) In respect of Custom Duty benefits
availed on imports of capital goods under EPCG Scheme against Export
obligations. |
24.173 |
24.173 |
HISTORY:
Incorporated in Jan.'87, Orient Press (OPL) went public in 1990. It is a
subsidiary of Madhuban Lending and Holdings. OPL prints public issue
stationery. It also has facilities for converting paper rolls into continuous
stationery for computer printing and printing share certificates, dividend
warrants, etc. It diversified into rotogravure printing and lamination of films
to be used in flexible packaging and manufacture of rotogravure cylinders.
Printed BOPP and multi-layer laminated and printed films are used in wrappers,
bags and pouches for packing a variety of items processed foods, pan masala,
tea, coffee, spices, confectionery, soaps, detergents, pharmaceuticals and
cosmetics. The company came out with a public issue in Nov.'93 to finance its
diversification programme of setting up a paper board carton manufacturing unit
for which major machines comprising state-of-the-art computer-controlled
machinery from world renowned manufacturers have been identified and finalised.
A project for multi-colour paper board cartons with an outlay of Rs 163.500
Millions at Silvassa has commenced production from Jan.'97. The company has
become a Sick Company under SICA and has made reference to BIFR.
MANAGEMENT
DISCUSSION AND ANALYSIS
(i) INTRODUCTION:-
The Company is involved in
manufacturing activities of printing of Capital Market stationery, Commercial
printing like Text books, Annual Reports etc., Security Printing like MICR
Cheques, Dividend Warrants, Shares and Debenture Certificates, Railway Tickets
and Coupons etc., Computer Stationery, Telephone Cards (Scratch Cards), Smart
Cards, Recharge Coupons and note Books etc. in Printing Segment and Packaging
materials of all kinds i.e. Flexible Packaging material of multi layer film
laminates, paper board mono cartons, liner carton, display cartons and outer
corrugated boxes etc. in Packaging Segment.
The performance of the Company
during the period was better due to improvement in Capital market, however
in-spite of improvement of Capital Market, Company could not earn a higher net
profits before exceptional/ extra-ordinary items due to lower contribution by
Packaging segment. The printing division performance was better and contributed
good margin due to improvement in Capital Market as compared to the previous period,
however Company explored various new products in Printing segment to compensate
the loss of Business of Capital Market in future. In the Packaging Segment the
Flexible Packaging Division not performed to the mark compared to the previous
period, while turnover almost equal if considered annulised. However Company
was able to maintain the Turnover level at par but margin of profits reduced
due to sale of materials with thin margin, therefore profits of the division
did not maintain in commensurate with the turnover. Paper Board Carton Division
turnover was increased compared to previous year but not yet reached at
expected level, however turnover of the Division is increasing gradually and
expecting to achieve the set targets during the current year.
(ii) REVIEW OF OPERATIONS:-
The Company earned a net profit of Rs.58.934 Millions in the
six months period as against a net profit of Rs.107.004 Millions in the
previous year (18 Months). After considering extra-ordinary items the net
profit was Rs.58.934 Millions compared to Rs.168.718 Millions in the previous
year.
The Turnover of the Company was Rs.699.000 Millions for the period of six
months as against Rs.1712.800 Millions in the previous year (18 Months).
The Turnover of different divisions of the Company was as
under:-
(Rs In Millions)
|
Particulars |
Current
Year |
Previous
year |
|
Printing Division |
265.700 |
551.600 |
|
Flexible Packaging Division |
358.700 |
1072.700 |
|
Paper Board Carton Division |
74.600 |
88.500 |
(iii)
Segment wise Performance: The Business of Company falls under two Segment
viz.
(a) Printing (b) Packaging
a) Printing Division : The Turnover
ol Printing Division increased by 44.52% compared to previous period on annualized
basis and the operating profits increased by 26.26% on annualized basis due to
improvement in Capital Market which contributed better margin in printing
business of Capital Market Stationery.
b) Packaging:
(i) Flexible Packaging : The turnover of Flexible Packaging Division of the Company
almost equal compared to the previous period on annualized basis. During the
period the Division operated its full production capacity in spite of severe
competition and low demand. However, the profit margin could not increase in
commensurate with the turnover due to thin margin because of low demand of
products.
(ii) Paper Board Carton Division :
The turnover of the Paper Board Carton
Division increased by 152.88% on annualized basis compared to previous period.
However in previous year production was stopped about 11 months period due to
major fire occurred in the Division. However, the Company rebuilted the
Division with latest technology and the operation started in the month of
March, 2009 in view of that figures are not comparable.
The operating Profit of the
packaging segment of the Company (Flexible and Paper Board Carton Divisions)
decreased by 161.14% on annualized basis compared to previous period,
It can be summarized that the
printing segment of the Company has earned profits because of improved capital
market. The Packaging segment has incurred marginal loss compared to previous
year. However during the year Paper Board Division expected to contribute good
turnover and profit margin due to good order position as on date. The Company
is also exploring to develop Export market not only in Packaging Segment but
also in the Printing Segment, where Company is receiving good response globally
resulting increase in Sales which will contribute to increase in Profits in
coming years. The export turnover of the Company increased by 19.46% from
Rs.184.500 millions to Rs.220.400 millions in the period under report on
annualized basis compared to previous period.
The Company is keenly interested
to induct new technology and upgrade the existing technology to remain as one
of the leading player in the printing and packaging industry. The Company's
main thrust now is in paper and paperboard related printing and packaging
business to safeguard its business interest against any government legislation
to curb plastic related packaging on pollution ground. The company is committed
itself with eco friendly packaging and the first step in this direction is to
install and commission automatic Board to Kraft fluting lamination machine.
Next step is to introduce environment friendly automatic lamination machine.
All these machineries and equipments will help the Company to enhance its
business opportunity in value added printing and packaging sector and export
market.
(iv)
FUTURE PROSPECTS/OUTLOOK:
The present scenario of printing
industry is fragmented and is governed by few big and end numbers medium and
small business enterprises. The printing and packaging Industry has lately
improved after receiving initial shock of financial crisis in the year 2008-09.
However, during the financial year 2009-10 it is improving gradually and there
is strong belief that this business improvement will sustain in future too.
Printing and packaging industry is a service industry and it is co-related with
the growth of GDP of the country as well as the educational growth of the
country. Since the GDP growth of the country is pegged at 9%, it provides lot
of encouragement for growth of printing and packaging industry. In the present
business scenario and GDP growth, the company is expecting 12% to 15% growth in
its business at least for the coming three years. Besides this,
Industry structure:
Though Printing and packaging industry is one of the biggest employers of the
country, the nature of the industry is not organized and it has not been termed
as an 'organized industry' by the Government of India. The number of players in
the industry is close to 130,000 units from highly organized sector to a very
small personal entrepreneur organization. Due to this nature of the industry
there is always a fierce competition in the industry and the growth of the
industry is always hampered due to this un-healthy competition.
The demand of the packaging industry is always getting higher and higher and to
satisfy this demand, the packaging and converting industry has to invest huge
sums to induct new technology and automate most of the manual operations. This
extra investment and capital cost is really not recovered by the industry due
to the fragment nature of the industry. The customers are always taking
advantage of this unhealthy competition and as a result, the industry growth is
not taking place in a structured manner. However, there is silver lining since
the demand from the customers is consistently increasing and retailing is
gradually taking shape in
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010
(Rs. in Millions)
|
Particulars |
30.09.2010 3 Months ended (Unaudited) |
30.09.2010 Year to data figures for current period ended (Unaudited) |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
387.244 |
749.768 |
|
b) Other Operating Income |
3.033 |
18.680 |
|
Total Operating Income |
390.277 |
768.448 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(11.536) |
(5.197) |
|
(b) Consumption of Raw Materials |
252.468 |
489.312 |
|
(c) Purchase of traded goods |
- |
- |
|
(d) Employees Cost |
25.303 |
47.284 |
|
(e) Depreciation |
11.311 |
22.563 |
|
(f) Other Expenditure |
75.379 |
146.281 |
|
Total Expenditure |
352.925 |
700.243 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
37.352 |
68.205 |
|
Other Income |
1.296 |
2.606 |
|
Profit/(Loss) before Interest and Exceptional items |
38.648 |
70.811 |
|
Interest |
4.348 |
8.322 |
|
Profit / (Loss) after interest before Exceptional items |
34.300 |
62.489 |
|
Exceptional Items |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
34.300 |
62.489 |
|
Provision for Taxation |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
34.300 |
62.489 |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
34.300 |
62.489 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
80.750 |
80.750 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earning Per Share |
|
|
|
Basic and Diluted Before Extraordinary Items |
4.25 |
7.74 |
|
Basic and Diluted After Extraordinary Items |
4.25 |
7.74 |
|
Public Share Holding |
|
|
|
- Number of Shares |
801172 |
801172 |
|
- Percentage of shareholding |
9.92 |
9.92 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
7273828 |
7273828 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
90.08 |
90.08 |
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2010
|
Particulars |
Rs
in Millions |
|
Quarter ended |
|
|
As on 30.09.2010
|
|
|
(Unaudited) |
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
Share Capital |
80.750 |
|
Reserves & Surplus |
317.132 |
|
|
|
|
LOAN FUNDS |
287.080 |
|
|
|
|
TOTAL |
684.962 |
|
|
|
|
FIXED ASSETS |
346.488 |
|
|
|
|
INVESTMENT |
8.598 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
172.550 |
|
Sundry Debtors |
336.958 |
|
Cash & Bank Balances |
43.929 |
|
Other Current Assets |
0.675 |
|
Loans & Advances |
101.380 |
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
311.077 |
|
Provisions |
14.539 |
|
|
|
|
Net
Current Assets |
329.876 |
|
|
|
|
TOTAL |
684.962 |
UNAUDITED SEGMENT WISE REVENUE RESULTS NAD CAPITAL EMPLOYED
|
Particulars |
30.09.2010 3 Months ended (Unaudited) |
30.09.2010 Year to data figures for current period ended (Unaudited) |
|
1. SEGMENT REVENUE |
|
|
|
Printing |
167.038 |
317.294 |
|
Packaging |
223.239 |
451.168 |
|
Total |
390.277 |
768.462 |
|
|
|
|
|
Less : Inter Segment Revenue |
0.000 |
0.014 |
|
|
|
|
|
Net Sales/Income
from operations |
390.277 |
768.448 |
|
|
|
|
|
2. SEGMENT RESULT :
Profit/(loss) Before tax and interest from each segment |
|
|
|
Printing |
37.801 |
80.785 |
|
Packaging |
(0.449) |
(12.580) |
|
Total |
37.352 |
68.205 |
|
|
|
|
|
Less : |
|
|
|
Interest |
4.348 |
8.322 |
|
Other un-allocated expenditure net off un-allocated income |
(1.296) |
(2.606) |
|
|
|
|
|
Total Profit Before
Tax |
34.300 |
62.489 |
|
|
|
|
|
3. CAPITAL EMPLOYED (Segment
Assets-Segment Liabilities) |
|
|
|
Printing |
301.677 |
301.677 |
|
Packaging |
347.810 |
347.810 |
|
Unallocated |
35.475 |
35.475 |
|
Total |
684.962 |
684.962 |
Notes :
- The above unauditcd Financial Results
were reviewed by the Audit Committee and have been considered and approved
by the Board of I)irectors at its meeting held on 13th Novembcr’2010. The
Auditors of the Company have carried out the limited review of the results
for the quarter ended 30th September, 2010.
- The company has significant amount of
unabsorbed losses and unabsorbed depreciation under the Income Tax Act,
1961. in view of this and in view of Company’s pending application with
the Income Tax Authorities for granting exemption from applicability of
section 11 5J13 of the Income Tax Act, 1961, provision for taxation, if
any, shall be made at year end.
- Deferred tax assets are recognized arid
carried forward only to the extent that there is a virtual certainty of
its realization in future.
- Other operating income includes:
a)
Rs.Nil and Rs.5.406 millions being waiver of interest on sales tax
dues granted by Sales Tax department during the current quarter ended 30th
September 2010 and year to date period ended September 2010 respectively.
b)
Rs.11.578 millions being waiver from unsecured creditors during
the previous accounting penod ended 31st March 2010.
- Information on investors complaints for
the quarter-Nos); Opening-Nil; New-Nil, Disposal-Nil, Closing-Nil.
- The previous period/year figures have
been regrouped and rearranged wherever necessary.
- Previous accounting year of the Company
was for a period of 6 months from 1st October 2009 to 31 March 2010 and
hence corresponding figures for quarter/half year ended 3O September 2009
are not available.
Fixed Assets:
·
·
·
Factory Premises
·
Office Premises
·
Residential Flats
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Cars
·
Delivery Vans
·
Scooter and Motor Cycles
·
Air Conditioners
·
Office Equipments
·
Computers
·
Bicycles
·
Electrical Fittings
·
Software
AS PER WEBSITE
Profile:
The journey which started with a small step by installing a
letter press machine in 1980 is now galloping to become one of the finest
printers in
The fact that they have been rated by Prime as numero uno
for printing of Capital Issues for the 12th consecutive year proves the
strength and market leadership.
Subject is a public limited Company and is listed on Bombay
Stock exchange and National Stock Exchange of India. The company was promoted
by Mr. R.V. Maheshwari and R. R. Maheshwari who was first generation
entrepreneur.
With the same quality and dedication they are now foraying
into the international market to make them one of the global leaders in the
Printing Industry.
Infrastructure:
The printing facilities are world class and state of art.
The corporate HQ is located in Mumbai, the financial capital of
·
The Mumbai unit is spread over approx
15,000 sq. feet
·
The Tarapur unit is spread over approx
2,50,000 sq. feet
·
The Silvassa unit is spread over approx
3,50,000 sq. feet
SECURITY ARRANGEMENTS
·
Closed circuit TV surveillance system
installed.
·
Photo identity cards system for the
workers is introduced for exhibiting while entering and leaving the Press.
·
Single point entrance to the factory to
maintain strict vigil on unauthorized entry to the Press.
·
Physical search and naked body search
to workers randomly.
·
Along with security personnel's,
Trained dogs kept vigilance in the premise
Achievements:
The
major achievements are as listed below
·
Over 400 million Cheques.
·
Over 350 million Share/Bond
Certificates
·
Over 3500 million Share/Bond application
forms.
·
Over 500 million Tickets/Coupons for
Railways.
·
Over 10 million Cards per month
·
Only IPO pre issue printer accredited
with ISO 9001: 2000 Certification.
·
Registered with IBA (Indian Banks
Association) for printing of MICR cheques, drafts etc.
·
Registered with Technical Specification
Evaluation Certificate for printing Telephone
·
Handled over 85% - Number of Book-Built
Equity Issues and over 95% Issue Amount of Book-Built Issues which have hit
Capital Market till date.
·
Pioneered the Concept of Holograms for
Securitizing Financial instruments.
·
Printed approximately 6 million Text
Books for Chattisgarh Text book Corporation
·
Printed approximately 9 million Text
Books for Maharashtra Text Book
·
Printed approximately 10 million HPCL connection
vouchers.
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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
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 |
NO |
|
--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.