MIRA
INFORM REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CAMLIN LIMITED |
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Registered Office : |
Unit No. 9B, Nanddeep Industrial Estate, Kondivita Lane, J.B Nagar, Andheri
(East), Mumbai-400059, Maharashtra, India |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.12.1946 |
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Com. Reg. No.: |
11-005434 |
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Capital Investment/
Paid-up Capital: |
Rs.60.254
millions |
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CIN No.: [Company
Identification No.] |
L24223MH1946PLC005434 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11127E |
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PAN No.: [Permanent
Account No.] |
AAACC1647E |
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Legal Form : |
Public Limited Liability Company. The Company's shares are listed on the Stock Exchange. |
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Line of Business : |
Manufacturer of Stationery Articles. |
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No. of Employees: |
Approximately 1000 (Ofice-100, Factory-900) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2500000 |
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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. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
LOCATIONS
|
Registered Office : |
Unit No. 9B, Nanddeep Industrial Estate, Kondivita Lane, J.B Nagar,
Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28216687 / 28360302 |
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Fax No.: |
91-22-28353231 |
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E-Mail : |
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Website : |
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Corporate Office : |
Hilton House, 48/2, |
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Factory 1 : |
M.I.D.C. Boisar, Tarapur, District Thane 401 506, |
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Factory 2 : |
M.I.D.C. Taloja, Navi Mumbai 410208, |
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Factory 3 : |
101, Gangyal Industrial Area, Phase II, |
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Factory 4 : |
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Factory 5 : |
Rajprabha Udyog Nagar, Walive, Vasai (East), District Thane 401 308, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Subhash Dandekar |
|
Designation : |
Chairman Emeritus |
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|
Name : |
Mr. Dilip D. Dandekar |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajiv M. Dandekar |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. Shriram S. Dandekar |
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Designation : |
Executive Director |
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Name : |
Mr. Deepak M. Dandekar |
|
Designation : |
Executive Director |
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Name : |
Mr. Ashish S. Dandekar |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Shishir S. Shirgaokar |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Dhananjay N. Mungale |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Vijay Paranjpe |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Ramanathan Sriram |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Anil Singhvi |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Deepak Ghaisas |
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Designation : |
Non Executive/ independent Director |
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Name : |
Mr. Shishir Desai |
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Designation : |
Non Executive/ independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Chetan R Badal |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. Ravindra V. Damle |
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Designation : |
General Manager (Corporate) and Company Secretary |
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Name : |
Mr. Amol |
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Designation : |
Manager |
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Name : |
Ms. Chaya |
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Designation : |
Assistant CFO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.05.2011
|
Names of Shareholders |
No.
of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
15,567,220 |
25.49 |
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6,362,460 |
10.42 |
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21,929,680 |
35.91 |
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1,355,000 |
2.22 |
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|
1,355,000 |
2.22 |
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Total shareholding of Promoter and Promoter Group (A) |
23,284,680 |
38.13 |
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(B) Public Shareholding |
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|
58,855 |
0.10 |
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7,506,769 |
12.29 |
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7,565,624 |
12.39 |
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9,664,280 |
15.83 |
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12,885,849 |
21.10 |
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7,436,663 |
12.18 |
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227,441 |
0.37 |
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227,291 |
0.37 |
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|
150 |
- |
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30,214,233 |
49.48 |
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Total Public shareholding (B) |
37,779,857 |
61.87 |
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Total (A)+(B) |
61,064,537 |
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) |
61,064,537 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stationery Articles. |
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Products : |
·
Camlin Crylin Ultra-Soft Acrylic Colours ·
Camel Grass Colours (Water Based) ·
Camel Wax Crayons ·
Camel Student’s Water Colour Cakes ·
Camel Student’s Water Colour Tubes |
PRODUCTION STATUS (As on 31.03.2010):-
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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|
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(Quantity) |
|
Manufactured
Items |
|
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|
Chemical and Chemical Products *** |
Ltrs./Kgs. |
63.95 |
73.09 |
|
Stationary items (A) |
Ltrs. |
45.12 |
8.00 |
|
Stationary items (B) |
Nos./Pks. |
6006.16 |
1530.74 > |
|
Trading Items |
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Chemical and Chemical Products |
Nos./Pks |
---- |
249.56 |
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Stationary items |
Nos./Pks |
---- |
2606.43 |
Notes:-
·
*** Installed capacity worked out on the basis of
existing product mix.
·
> Includes captive consumption - 65,370 Ltrs.
and 16,830 kgs. (2007-08 - 71,631 Ltrs. and 21,600 Kgs.).
·
The quantities mentioned in nos./packs comprise of
heterogeneous packings.
GENERAL INFORMATION
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No. of Employees : |
Approximately 1000 (Ofice-100, Factory-900) |
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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 : |
B. K. Khare and Company Chartered Accountants |
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Address : |
Mumbai, |
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Subsidiaries: |
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Associates: |
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CAPITAL STRUCTURE
As on 29.06.2010
Authorised Capital : Rs. 100.000 Millions
Paid-up Capital : Rs. 61.065 Millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Re.1/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60253525 |
Equity Shares |
Re.1/- each |
Rs.60.254
millions |
Out of these shares:
(i)
60,000 Equity Shares allotted to vendors as fully paid up shares pursuant to contract
without payment thereof being received in cash.
(ii)
3,63,45,000 Equity Shares allotted as fully paid up by way of Bonus Shares by
capitalisation of General Reserve and Share Premium.
(iii)
50,00,000 Equity Shares Issued by way of Conversion of Debentures.
(iv)
1,20,00,000 Equity Shares issued by way of Preferential Allotment.
(v)
2,53,525 Equity Shares allotted under “Camlin Employees Stock Option Scheme
2008”.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
60.254 |
60.000 |
60.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
563.587 |
474.608 |
426.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
623.841 |
534.608 |
486.828 |
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LOAN FUNDS |
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1] Secured Loans |
425.776 |
393.738 |
202.501 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.890 |
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TOTAL BORROWING |
425.776 |
393.738 |
204.391 |
|
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DEFERRED TAX LIABILITIES |
16.271 |
11.961 |
3.440 |
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|
|
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TOTAL |
1065.888 |
940.307 |
694.659 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
555.605 |
459.896 |
215.095 |
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Capital work-in-progress |
18.903 |
22.478 |
47.405 |
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INVESTMENT |
12.635 |
7.735 |
9.891 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
586.110
|
439.412
|
392.865
|
|
|
Sundry Debtors |
482.966
|
347.539
|
264.182
|
|
|
Cash & Bank Balances |
20.281
|
23.613
|
36.010
|
|
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Other Current Assets |
0.000
|
0.000
|
0.729
|
|
|
Loans & Advances |
128.813
|
115.606
|
74.695
|
|
Total
Current Assets |
1218.170
|
926.170
|
768.481
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
519.079
|
322.397 |
|
|
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Other Current Liabilities |
165.913
|
131.535
|
|
|
|
Provisions |
54.433
|
38.748
|
36.222
|
|
Total
Current Liabilities |
739.425
|
492.680
|
379.719
|
|
|
Net Current Assets |
478.745
|
433.490
|
388.762
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
16.708 |
33.506 |
|
|
|
|
|
|
|
|
TOTAL |
1065.888 |
940.307 |
694.659 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
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Income |
3306.979 |
2835.068 |
2240.300 |
|
|
|
Other Income |
1.738 |
1.618 |
5.800 |
|
|
|
TOTAL (A) |
3308.717 |
2836.686 |
2246.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials & Goods traded-in |
2192.186 |
1899.090 |
|
|
|
|
Employee Cost |
291.554 |
224.987 |
|
|
|
|
Manufacturing & Other Expenses |
630.237 |
524.195 |
2117.300 |
|
|
|
Amortization of VRS Cost |
16.708 |
16.798 |
|
|
|
|
(Increase)/Decrease in Stocks |
(97.681) |
(20.361) |
|
|
|
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TOTAL (B) |
3033.004 |
2644.709 |
2117.300 |
|
|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
275.713 |
191.977 |
128.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
58.294 |
52.920 |
26.100 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
217.419 |
139.057 |
102.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.680 |
43.520 |
37.700 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
165.739 |
95.537 |
65.000 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
45.316 |
45.522 |
26.700 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
120.423 |
61.147 |
38.300 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98.306 |
65.718 |
NA |
|
|
|
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|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
30.127 |
18.000 |
NA |
|
|
|
Corporate Tax on Dividend |
5.120 |
3.059 |
NA |
|
|
|
General Reserve |
20.000 |
7.500 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
163.482 |
98.306 |
65.718 |
|
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|
|
|
|
|
|
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|
EARNINGS IN FOREIGN
CURRENCY |
57.703 |
50.015 |
35.336 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.909 |
16.440 |
|
|
|
|
Stores & Spares |
164.930 |
146.879 |
|
|
|
|
Capital Goods |
32.871 |
81.959 |
81.345 |
|
|
|
Purchase of Traded Products |
4.433 |
16.949 |
|
|
|
TOTAL IMPORTS |
229.143 |
262.227 |
81.345 |
|
|
|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.00 |
1.02 |
0.71 |
|
|
|
Dilutee |
1.99 |
1.02 |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1208.600 |
787.700 |
692.470 |
894.400 |
|
Total Expenditure |
1051.390 |
741.440 |
672.030 |
849.390 |
|
PBIDT (Excl OI) |
157.210 |
46.260 |
20.440 |
45.010 |
|
Other Income |
0.010 |
0.210 |
0.000 |
[0.010] |
|
Operating Profit |
157.220 |
46.460 |
20.440 |
45.010 |
|
Interest |
15.270 |
15.360 |
19.120 |
23.360 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
[10.670] |
|
PBDT |
141.950 |
31.100 |
1.320 |
10.980 |
|
Depreciation |
14.670 |
16.420 |
16.030 |
17.660 |
|
Profit Before Tax |
127.280 |
14.680 |
[14.710] |
[6.680] |
|
Tax |
31.9600 |
5.820 |
[8.400] |
5.320 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
95.320 |
8.860 |
[6.310] |
[12.000] |
|
Extraordinary Items |
0.0000 |
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 |
95.320 |
8.860 |
[6.310] |
[12.000] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.64
|
2.16 |
1.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.01
|
3.37 |
1.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.34
|
6.89 |
6.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.18 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
1.66 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.88 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 Rs.
in Millions |
31.03.2009 Rs.
in Millions |
31.03.2008 Rs.
in Millions |
|
Sundry Creditors and Letter of Acceptance |
519.079 |
322.397 |
NA |
Company
History:
Incorporated to take over the business of Dandekar and
Company, subject got its present name in 1988. Starting with stationery
products, it has diversified into art materials and pharmaceuticals. Its
products are marketed under the popular Camel and Camlin brands. Its stationery
division has a wide range of products like fountain pen inks, rubber stamp
inks, duplicating inks, adhesives, writing instruments and gift sets,
fountain-pen nibs and ball-point pens, erasers, stamp pads, scales, carbon
paper, etc. The art material division supplies water colours, oil colours,
poster colours, drawing inks, crayons, oil pastels, fabric colours, painting
brushes, canvas, wooden and mechanical pencils, lead, markers; mathematical,
engineering and biological instruments, etc. Bulk drugs like diloxanide
fuorate, mebendazole, diazepam, etc, as well as a wide range of formulations
(used in treating asthma, skin diseases, rheumatism, etc) are manufactured by
the pharmaceutical division. Subject started commercial production of high
polymer lead in Mar.'90, in technical collaboration with Pilot Corporation,
OPERATING
PERFORMANCE:
The
performance of the Company during the year registered an improvement over the
previous ear. Sales at Rs. 3303.376 Millions and Profit t before Tax at
Rs.165.739 Millions during the year ended 31st March, 2010 represent an
increase of 16.68% and 73.48% respectively, over the previous year. This increase
was mainly on account of higher capacity utilization, effective working capital
management, and reduction in material cost and marketing initiatives,
undertaken during the year. Profit t after tax at Rs.120.423 Millions was
higher by 96.94% compared to the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMIC
OVERVIEW:
Post a
challenging 2008-09, there was a distinct turnaround in the economic climate in
2009-10. According to the Union Finance Minister, the economy in 2009-10 should
grow by 7.2%, an impressive growth by global standards. Industrial production
has also exhibited strong growth during the year. It was up 10.1% in the period
April-February for 2009- 10. The corresponding figure for 2008-09 was 3%.
INDUSTRY
OVERVIEW:
In the
recent past, the Government has been paying increasing emphasis on the
education sector with significant investments. The biggest boost has been the
historic Right of Children to Free and Compulsory Education Act, 2009 which
came into force on April 1, 2010. The Act legalises the right to free and
compulsory schooling for all children between the ages of 6 and 14.
The
above factors are expected to be major growth drivers for Camlin’s business in
the future years. Experts estimate the size of the fiercely price competitive
Indian stationery market, comprising notebooks, paper, writing instruments,
geometry boxes, sharpeners and erasers, at Rs.100000 Millions.
Of
this, writing instruments segment comprises approximately Rs.40000 Millions.
There is a growing consciousness among schools to patronise safe products from
reputed companies which puts Camlin at the distinct advantage over its peers.
The market for colour products is valued at approximately Rs.5000 Millions in
which Camlin has a sizeable share. This segment is expected to exhibit robust
growth going forward, given the changing scenario where art and creativity are
assuming greater significance.
BUSINESS
OVERVIEW:
The
Company is one of
in the
Consumer Products broadly categorized as:
·
Technical and Drawing instruments
·
Writing instruments
·
Office stationery
·
Adhesives
·
Notebooks
·
Fine art
·
Hobby art
·
Scholastic art
Company’s
manufacturing facilities are spread across 4 locations – Tarapur, Vasai and
Taloja in Maharashtra and Samba,
OPPORTUNITIES:
According
to a recent survey conducted by FICCI, the Indian economy is projected to grow
at a robust 8.9% in Q1FY11. The Prime Minister has also stated that the economy
can get back to 9% growth by the end of the 11th Five-Year Plan (2007-2012) and
perform even better thereafter.
This
growth is likely to have a direct impact on per capita income and spending
especially in the education sphere. As education levels and the leisure time of
the people in the country increases, there will be a significant growth in the
demand for stationery, fine art and hobby products. Emphasis and exposure to
arts, crafts and hobbies is already being observed as a growing trend. A big
chunk of the demand is expected from rural areas as rising rural incomes boost
purchasing power.
As the
expanding middle class puts greater emphasis on quality education, the Indian
education sector, pegged at US$86 billion, is likely to see heavy investments over
the next couple of years. Eight million people are added to the organised
workforce every year and 250-300 million people would be added over the next 25
years.
There
exists a need to upgrade the skills of the 200 million that constitute the
existing workforce as well. School education is expected to reach a market size
of US$29 billion, tutoring would touch around US$9 billion and private
professional colleges would account for nearly US$12 billion by 2012.
This
is the size of the opportunity for Camlin. All the above mentioned factors are
expected to propel Camlin towards considerable growth in the future.
OUTLOOK:
The
opportunities are aplenty and will only multiply in the coming years. Camlin
believes that given its expertise and experience, it is well poised to maximise
these opportunities in the coming years.
Company
envisions surpassing Rs.10000 Millions in revenues within the next five years.
This will be achieved by increasing the portfolio of products through line
extensions, strengthening sales activity in Tier II towns and expanding the
retail distribution network by 25% each year. Company will continue to incur
fixed asset investment in automation and capacity expansion. The Company plans
to increase its production from the
The
Company has made investment to the extent of Rs.15.000 Millions by way of
equity and loans to its wholly owned subsidiary viz Camlin Alpha Kids Limited.
The said subsidiary plans to open two new schools in Navi Mumbai and Thane in
the coming year. The targeted intake for the next academic year for all this
pre-schools is 300 students. In addition to the preschool activity the subsidiary
also plans to start various activities viz Art and Crafts, Hobby activities,
Diwali and Summer Camps. Camlin believes that this is just the beginning of the
Strong, sustainable growth for the years ahead.
AWARDS
/ RECOGNITIONS:
·
The Permanent Marker TV Commercial (of Rudali with Bindi fame) was selected to be shown as one of the world
greatest TV Commercial by NTV Channel, biggest TV Network of
·
The Company was awarded the title of
“Edge Winner” for its successful SAP implementation by Network Computing; one
of the leading IT magazines in
·
The Company’s plant in Tarapur,
·
The Brand Camlin was adjudged as ‘Power
Brand’ of the year 2009-2010 in the stationery category by planman.
Contingent
Liabilities:
i. In respect of Guarantees issued on behalf of the Company by its
Bankers to the extent of Rs. 0.210 Million (2008 - 2009 Rs. 0.160 Million).
ii. Corporate Guarantees given to Col Art Camlin Canvas Private Limited
Rs. 15.000 Millions (2008-2009 Rs. 15.000 Millions).
iii. Demands against the Company, either disputed or not acknowledged as
debts and not provided
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH SEPTEMBER. 2010
(Rs. In Millions)
|
Particulars |
Three Months Ended |
Six Months Ended |
|
30.09.2010 (Unaudited) |
30.09.2010 (Unaudited) |
|
|
|
|
|
|
(a) Net Sales / Income from operations |
785.881 |
1991.218 |
|
(b) Other Operating Income |
1.815 |
5.078 |
|
Total Income |
787.696 |
1996.296 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
(88.104) |
(11.085) |
|
b) Consumption of raw materials |
323.877 |
673.224 |
|
c) Purchase of traded goods |
250.340 |
625.849 |
|
d) Employees cost |
79.093 |
156.229 |
|
e) Depreciation |
16.424 |
31.089 |
|
f) Other expenditure |
176.235 |
348.615 |
|
Total |
757.867 |
1623.922 |
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
29.829 |
172.374 |
|
Other income |
0.207 |
0.212 |
|
Profit before interest and exceptional Items |
30.036 |
172.586 |
|
Interest |
15.357 |
30.623 |
|
Profit
after Interest but before Exceptional Items |
14.679 |
141.963 |
|
Exceptional Items being VRS Compensation |
- |
- |
|
Profit
Before Tax from Ordinary Activities |
14.679 |
141.963 |
|
Tax
expense |
|
|
|
Current income Tax |
6.300 |
33.100 |
|
Deferred Tax |
(3.429) |
1.734 |
|
Prior Year- Income Tax |
2.946 |
2.946 |
|
Net
Profit from Ordinary Activities after tax |
8.862 |
104.183 |
|
Extraordinary
Items |
- |
- |
|
Net Profit for the year period |
8.862 |
104.183 |
|
Paid up equity share capital (Face value of Rs.1/- per
share) |
60.630 |
60.630 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
- |
- |
|
Earning per share (EPS) |
|
|
|
a)
Basic |
0.15 |
1.72 |
|
B)
Diluted |
0.14 |
1.70 |
|
Public shareholding |
|
|
|
Number of
shares |
37324995 |
37324995 |
|
Percentage
of shareholding |
61.56 |
61.56 |
|
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
200000 |
200000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.86 |
0.86 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.33 |
0.33 |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
23105180 |
23105180 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
99.14 |
99.14 |
|
Percentage of shares (as a % of total share capital of the
company) |
38.11 |
38.11 |
Note:
·
As the entire operations of the company relate to
products categorized under Consumer products as the single primary reportable
segment no separate segment reporting is required under accounting standard -17
issued by the institute of chartered accountants of
·
Previous period figure have been reclassified in
conformity with the classifications of the current period results.
·
During the quarter, company has allotted 333800
equity shares of Rs.1/ each at a price of Rs.16/- per share to its employees
under camlin employee’s stock option scheme 2008.
·
There were no investor complaints pending at the
beginning of the current quarter. During the end of the quarter, the company
has received 1 complaint which was unresolved.
·
The above results have been review by the statutory
auditors and Audit committee and have been taken on record at the meeting of
the Board of directors held on 18.10.2010
Statement of Assets and Liabilities (Unaudited)
(Rs. In Millions)
|
Particulars |
Current period
ended 30.09.2010 |
|
|
(Unaudited) |
|
Shareholders
Funds |
|
|
Paid-up
Capital |
60.630 |
|
Share
Application Money- ESOP (Pending Alignment) |
1.993 |
|
Reserves
and surplus |
673.396 |
|
Loan
funds |
469.993 |
|
Deferred
tax liability |
18.005 |
|
Total |
1224.017 |
|
|
|
|
Fixed
Assets |
639.318 |
|
Investments |
13.108 |
|
Current
Assets, loans and advances |
|
|
a)
Inventories |
619.540 |
|
b)
Sundry debtors |
544.686 |
|
c)
Cash and Bank balances |
35.522 |
|
d)
Loans and advances |
113.417 |
|
Less
: Current Liabilities and provisions |
|
|
Current
liabilities |
716.541 |
|
Provision
|
25.033 |
|
Miscellaneous
expenditure (to the extent not written off of adjusted) |
- |
|
Total |
1224.017 |
FIXED ASSETS
·
·
·
Site Development
·
Building Shed
·
Plant and Machinery and Equipment
·
Vehicles
·
ERP Hardware/ Software Cost
·
Furniture and Fittings
·
Intellectual Property Rights (IPRs)
HISTORY AND HERITAGE:
1931
Started operations with
Horse Brand Ink Powders and Tablets. Followed shortly by Camel Ink. The “Camel” was chosen as a
symbol due to its capacity to endure long periods of difficulty in the trips
across deserts. “Camel” was also easy to write and pronounce in all the Indian
languages and was acceptable to all the religions of the land.
1946
Dandekar and Company was
re-christened as Camlin (a combination of Camel and Ink)
Private Limited.
1947
From inks, their activities expanded into a range of
products, such as pain balms, chalks, rubber stamp pads, gums, adhesives and so
on. To take these products across the length and breadth of the country, a
distribution network was set up.
1958
Their silver jubilee year was
celebrated in the factory and office at Andheri, (the most industrialised
suburb of Mumbai), which is now the Head Office for all divisions.
1962
Entry into the art material market with
products such as artists' and students' oil and water colours, poster colours,
geometry boxes, wax crayons, oil pastels and water colour cakes.
1974
Wooden pencils were introduced. A
fully integrated factory was started in Tarapur (100 kms from Mumbai) for
manufacture of wooden pencils.
1982
They held their very first All
India Camel Colour Contest.
1984
A year of diversification
The Camlin Fine Chemicals and Pharmaceuticals Division were
born. A new integrated ultra-modern
plant was started in the Tarapur factory to drug intermediates and
antioxidants for the global market.
1987
Camlin became a public
limited company and was listed on the Bombay Stock Exchange.
1989
Technical collaboration was
established with Pilot Corporation,
1995
Camlin started
a brand new, state of the art manufacturing facility at Taloja M.I.D.C. near
Mumbai for synthetic emulsion and adhesives. Marketing collaboration was with
world leaders Winsor and Newton (U.K.) in artists’ colours.
1997
Saw the restructuring of the organisation to meet the
challenges of the new millennium.
1998
The All India Camel Colour Contest (AICCC), the most popular child-art contest for school children, that blazed new trails, with a staggering 30 lakh entries received for the contest.
1999
Glass colours were
introduced in the hobby range. The All
India Camel Colour Contest featured in the Limca Book of Records, for
the highest number of entries received.
2002
Launch of speciality ink group to engage the R and D expertise
in ink development and manufacturing.
2003
Launch of Camlin Exam brand, the premium quality school
stationery brand.
2005
Saw the introduction of the new, state-of-the-art, plastic
body marker range.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.05 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
|
65 |
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.