MIRA
INFORM REPORT
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Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
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Name : |
EMMBI POLYARNS LIMITED |
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Registered
Office : |
Unit No. 601-604, 6th Floor, Hari Om Chambers, Off New Link
Road, Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
11-083322 |
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Capital
Investment / Paid-up Capital : |
Rs. 164.903 millions |
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CIN No.: [Company Identification
No.] |
L17120MH1994PLC083322 |
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IEC No.: |
0303054930 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02122B |
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PAN No.: [Permanent Account No.] |
AAACE3423G |
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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, Exporter and Importer of Jumbo Bags and Woven Sacks and
various Woven Polymers based products. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1788000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Piyuesh |
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Designation : |
Vice President |
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Contact No.: |
91-9320271711 |
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Date : |
22.06.2011 |
LOCATIONS
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Registered Office/ Factory : |
Unit No. 601-604, 6th Floor, Hari Om Chambers, Off New Link
Road, Andheri (West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-67845555 |
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Mobile No.: |
91-9320271711 (Mr. Piyuesh) |
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Fax No.: |
91-22-67845555/ 67845506 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft |
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Location : |
Rented |
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Branch Office : |
Located at:
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Factory : |
191/2/4, |
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Tel. No.: |
91-260-3200831 |
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Location : |
Owned |
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Factory(s) |
99/1/2, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa-396 230,Gujarat, India |
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Tel. No.: |
91-260-3200948 |
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Location : |
Owned |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Makarand Appalwar |
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Designation : |
Executive and Non-independent Chairman and Managing Director |
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Address : |
703/ 704, Indradarshan Complex II, Building No.14, Andheri (West),
Mumbai – 400 053, |
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Date of Birth/Age : |
21.11.1969 |
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Qualification : |
B.E |
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Date of Appointment : |
29.11.1994 |
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DIN No : |
00171950 |
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Name : |
Mr. Sanjay R. Rathi |
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Designation : |
Non-Executive and Independent Director |
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Address : |
C-6 Kaveri - Mahima, Bangur Nagar , Goregaon (West), Mumbai – 400 090,
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Date of Birth/Age : |
06.05.1965 |
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Date of Appointment : |
22.02.2007 |
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DIN No : |
00022432 |
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Name : |
Mrs. Rinku M. Appalwar |
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Designation : |
Executive and Non-independent Director - Finance |
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Address : |
703/ 704, Indradarshan Complex II, Building No.14, Andheri (West)
Mumbai, |
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Date of Birth/Age : |
19.08.1972 |
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Date of Appointment : |
29.11.1994 |
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DIN No : |
00171976 |
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Name : |
Dr. Venkatesh G. Joshi |
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Designation : |
Non-Executive and Independent Director |
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Address : |
Gorai Sangli CHS Limited, Opposite Status Hotel 37/4, Gorai, Borivali,
Mumbai – 400 092, |
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Date of Appointment : |
15.06.2007 |
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Date of Ceasing : |
31.05.2010 |
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Name : |
Mr. Ashesh Y. Garg |
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Designation : |
Non-Executive and Independent Director |
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Address : |
C-55, Anand Nagar, |
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DIN No : |
02716719 |
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Name : |
Dr. Mitravinda Appalwar |
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Designation : |
Non-Executive and Non-Independent Director |
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Address : |
703/ 704, Indradarshan Complex II, Building No.14, Andheri (West)
Mumbai, |
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Date of Birth/Age : |
03.10.1945 |
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Date of Appointment : |
29.11.1994 |
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DIN No : |
02716731 |
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Name : |
Mr. Prashant Lohiya |
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Designation : |
Non-Executive and Independent Director (w.e.f. 31st May,
2010) |
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DIN No : |
02990858 |
KEY EXECUTIVES
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Name : |
Mr. Bharat Mohite |
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Designation : |
Purchase Department |
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Name : |
Ms. Ashvini Godbole |
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Designation : |
Company Secretary |
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E-Mail : |
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PAN No : |
AKJPG9030B |
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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4910800 |
29.78 |
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2675000 |
16.22 |
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217450 |
1.32 |
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Any Other |
217450 |
1.32 |
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7803250 |
47.32 |
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Total shareholding
of Promoter and Promoter Group (A) |
7803250 |
47.32 |
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(B) Public
Shareholding |
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1686307 |
10.23 |
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4252922 |
25.79 |
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265712 |
16.11 |
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90599 |
0.55 |
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90599 |
0.55 |
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8687000 |
52.68 |
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Total Public
shareholding (B) |
8687000 |
52.68 |
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Total (A)+(B) |
16490250 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
-- |
-- |
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Total
(A)+(B)+(C) |
16490250 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags and Woven Sacks and various
Woven Polymers based products. |
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Products : |
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Exports : |
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Products : |
HDPE Circular Woven Packs |
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Countries : |
·
USA ·
UK ·
Germany ·
Australia |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Polymer based finished Products |
MT |
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5000 |
4612.108 |
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* Installed capacity is as certified by the management.
GENERAL INFORMATION
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
Punjab National Bank, Branch - Cama Industrial Estate, Goregaon
(East), Mumbai, |
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Facilities : |
Notes: 1. (a) Secured by way of deposit of the title
deed in respect of all the immovable properties of the Company situated at plot
no. 194/2/4 at village Masat, Taluka Silvassa within UT of Dadara and Nagar
Haveli plot no. 191/2/4 at village Masat and at plot no. 99/2/1, Madhuban
Ind. Estate, Rakholi, Taluka Silvassa within UT of Dadara and Nagar Haveli
Dadara and Nagar Haveli (b) Secured by
way of hypothecation of movables including movable machinery, machinery
spares, tools and accessories, present and future. (c) Secured by
hypothecation of all inventories, book debts and other current assets. 2. The Company
has purchased cars and transport vehicles under hire purchase scheme and the
said loan is secured by the
hypothecation of vehicles acquired under the loan. 3. Rupee term loan repayable within twelve months Rs.17.150 millions
(Previous year Rs.18.066 millions).
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.J. Shah and Associates Chartered Accountants |
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Address : |
Shop No.D-11,Sai Darshan-B, |
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Associate
Company : |
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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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18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
16490250 |
Equity Shares |
Rs.10/- each |
Rs.164.903
millions |
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Note:
Of the above:
i) 46,99,530 Equity
Shares of Rs.10 Each fully paid up were allotted on Dated: 20.08.2009 by way of
bonus shares by capitalizing free reserves of the company.
ii) 50,000 Pref.
Shares fully converted to Equity shares of Rs. 10 each during the year ended 31st
March, 2007.
iii) 86,57,700
Equity Shares of Rs.10/- each were issued during the year ended 31st
March, 2010 for cash as initial public offer in February, 2010
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
164.903 |
31.330 |
26.230 |
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2] Share Application Money |
0.000 |
0.000 |
5.100 |
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3] Reserves & Surplus |
282.076 |
47.113 |
34.418 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
446.979 |
78.443 |
65.748 |
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LOAN FUNDS |
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1] Secured Loans |
122.456 |
189.745 |
174.624 |
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2] Unsecured Loans |
17.403 |
14.092 |
16.951 |
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TOTAL BORROWING |
139.859 |
203.837 |
191.575 |
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DEFERRED TAX LIABILITIES |
13.320 |
7.476 |
5.236 |
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TOTAL |
600.158 |
289.756 |
262.559 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
151.739 |
141.776 |
134.661 |
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Capital work-in-progress |
10.224 |
0.000 |
0.000 |
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INVESTMENT |
125.463 |
0.125 |
0.125 |
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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 |
115.795
|
75.755 |
58.532 |
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Sundry Debtors |
120.683
|
70.523 |
61.128 |
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Cash & Bank Balances |
7.626
|
5.020 |
2.881 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
117.340
|
23.983 |
24.417 |
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Total
Current Assets |
361.444
|
175.281 |
146.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.684 |
8.497 |
11.412 |
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Other Current Liabilities |
18.014
|
11.635 |
4.552 |
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Provisions |
10.355
|
7.689 |
3.671 |
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Total
Current Liabilities |
49.053
|
27.821 |
19.635 |
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Net Current Assets |
312.391
|
147.460 |
127.323 |
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MISCELLANEOUS EXPENSES |
0.341 |
0.395 |
0.450 |
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TOTAL |
600.158 |
289.756 |
262.559 |
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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 |
518.362 |
397.386 |
296.358 |
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Other Income |
0.604 |
0.078 |
0.071 |
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TOTAL (A) |
518.966 |
397.464 |
296.429 |
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Less |
EXPENSES |
|
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Cost of
Materials |
345.306 |
240.119 |
183.027 |
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Manufacturing
Expenses |
59.957 |
50.332 |
39.800 |
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Payment to and provisions for employees |
20.086 |
20.191 |
15.800 |
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Selling and administrative expenses |
36.105 |
37.889 |
22.296 |
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TOTAL (B) |
461.454 |
348.531 |
260.923 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.512 |
48.933 |
35.506 |
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Less |
FINANCIAL
EXPENSES (D) |
20.522 |
23.809 |
18.203 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.990 |
25.124 |
17.303 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.538 |
7.855 |
7.036 |
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PROFIT BEFORE
TAX (E-F) (G) |
28.452 |
17.269 |
10.267 |
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Less |
TAX (H) |
10.739 |
4.573 |
3.955 |
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PROFIT AFTER TAX
(G-H) (I) |
17.713 |
12.696 |
6.313 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
204.946 |
224.900 |
149.633 |
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TOTAL EARNINGS |
204.946 |
224.900 |
149.633 |
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IMPORTS |
|
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|
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|
Raw Materials |
38.937 |
2.452 |
NA |
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TOTAL IMPORTS |
38.937 |
2.452 |
NA |
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Earnings Per
Share (Rs.) |
2.04 |
1.62 |
2.41 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.41
|
3.19 |
2.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.49
|
4.35 |
3.46 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.54
|
5.45 |
3.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.22 |
0.16 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
2.95 |
3.21 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
7.37
|
6.30 |
7.48 |
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 - Raw Materials |
18.910 |
2.242 |
5.021 |
|
Sundry Creditors - Others Material |
1.774 |
6.255 |
6.391 |
|
Sundry Creditors - Micro, Small and Medium enterprises |
-- |
-- |
-- |
|
|
20.684 |
8.497 |
11.412 |
INITIAL PUBLIC
OFFER:
During the year,
the Company had successfully completed its initial Public Offer for raising its
Equity for an amount of Rs. 389.500 millions. The proceeds of this IPO will be
used for the capacity expansion programme of the Company and other objects as
stated in the Prospectus. The shares were listed on 24th February,
2010 on Bombay Stock Exchange and National Stock Exchange.
EXPANSION:
The Company is
under implementation to enhance its manufacturing capacity from present level
of 5000 M/Ts per year with addition of around 13000 M/Ts per year. The final
installed capacity of the Company will be around 18,000 M/Ts. per year.
OVERVIEW OF
OPERATIONS:
The year was under
the shadow of last years global economic down turn. Considering the above fact
Company has focused to develop the business into the domestic market. Company
continued to improve its operational profitability by conserving costs and
improving efficiencies.
The Company has
the philosophy of long term partnerships with clients while addressing their
packaging requirements. The focused customer-centric approach of the Company has
resulted in high levels of client satisfaction and retention even during the
difficult period of global recession.
The management
decided to increase the product base of the Company in order to fight the wave
of global showdown. The Company was able to maintain the 95% of its sale in the
field of Export vis a vis previous year There was also a steep growth in the
Domestic market that was achieved by launching new products range of "AquaSave"
in the Domestic market. They have created large network retail distributors
for their new product range.
The Company
continues to see growth in Sales as well as in Profit for the Financial Year
2009-2010 across all markets in existing business. For the year ended 31st
March, 2010, the Company earned a total income of Rs.519.000 millions, posting
an increase of 31% over the previous year of Rs.397.500 millions.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW:
Polymer Based
Packaging Industry has now matured over past 25 years in this country. The
industry was initially progressed in 1970 era in the developed economies like
US and EL). Many fold increase in the cost of wages has forced the industry to
shift its base to the satellite countries like
This was the same
period when
SCOPE AND GLOBAL
In the past three
years Company has set a very strong base across the globe and has reached a
level where the Company can reap the fruits for all the hard work put in
developing the product line and distributor network across the world. The
global demand of the raffia sector, which is a principal focus product line of
the Company, will show a tremendous growth in years to come.
NEW PRODUCTS:
This was one of
the most fruitful year in the field of the Launch of New products for the
Company. "Aqua Save” the Product range specially focused on the water
conservation based products was one of the big success.
Company has
commissioned a pilot project for its most innovative product “Canal Liner” in
the Goki Irrigation Project in the State of
Company was able
to main the sale of its bags through the Rural weekly markets also secured the
sale of 0.5 % of total domestic revenue through its rural initiative.
The base product
produced by the Company remains as the “Technical Textile”. For this Base
Product, value added usages are under development by the Company and may be
developed along with the users as well. Presently, the Company is involved in
producing various types of packaging material for the Domestic as well as
Export Markets. In Domestic market, the Company remains one of the most active players
for the packaging needs of the FMCG products such as Detergent Powder, Branded
Salt and Branded Wheat flour etc. In recent years, the Company has acquired
substantial share in the export markets for the various packaging needs for
products like Construction Aggregates, Chemicals, Seeds, Fertilizers, and
Cement and Food Grains etc.
Few of the most
value added products, the Company make are Car/Automobile Covers, Container
Liners, Anti Corrosive Packaging, Electrically conductive polymer based packaging
etc.
ACHIEVEMENTS/RECOGNITIONS:
Member of European
FIBC Manufacturing Association
The Company has honour to be a
First Non European FIBC Manufacturing Company to be part of European FIBC
Manufacturing Association. This affiliation would help the Company to gain
much higher confidence in the products of the Company from European
Customers.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Guarantee given by the Company to Electricity Department |
2.850 |
|
Income tax Penalty demanded for A.Y. 2001-02 |
-- |
|
L.C. |
10.416 |
|
|
|
FORM 8
|
Corporate
identity number of the company |
L17120MH1994PLC083322 |
|
Name of the
company |
EMMBI
POLYARNS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
309/ 310, 3RD Floor, Kuber Complex, Village Oshivara,
Andheri (W), Mumbai – 400 053, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Export-Import
Bank of India Centre
One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
|
Nature of
instrument creating charge |
Unattested
Deed of Hypothecation dated October 29, 2010 ("the Deed") executed
by Emmbi Polyarns Limited ("the Company") in favour of Export import
Bank of India ("Exim Bank"), a copy whereof attached hereto.. |
|
Date of
instrument Creating the charge |
29.10.2010 |
|
Amount secured by
the charge |
Rs. 150.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Margin Pre-cum-post
shipment credit: 10% Working
Capital Term Loan: 25% Extent and
operation of the charge The
charge created under the Deed in favour of Exim Bank shall operate as a continuing
security by way of a first pari passu charge on Company's entire current
assets and second pari passu charge on Company's movable fixed assets, both
present and future. Other The
loan may be availed by the Company by way of Pre-cum-post shipment credit
limit (in INR and/or US$) and/or a Working Capital Term Loan subject to the
condition that the Loan shall not exceed Rs. 150.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
The
whole of moveable fixed assets and current assets of the Company, both
present and future |
FIXED ASSETS:
·
Land: Freehold
·
Building
·
Compound Wall
·
Office premises
·
Plant and Machinery
·
Electrical
Installation
·
Furniture and
Fixture
·
Crates
·
Office Equipment
·
Other Equipment
·
Vehicles
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Audited |
|
|
|
Year
Ended 31.03.2011 |
|
1. |
Gross
Sales / Income |
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
754.020 |
|
|
b. Other Operating Income |
-- |
|
|
Total
Income (a+b) |
754.020 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
(50.693) |
|
|
b) Consumption of Raw Materials (Net) |
327.804 |
|
|
c) Purchase of Traded Goods |
248.260 |
|
|
d) Employee Cost |
34.174 |
|
|
e) Depreciation |
10.369 |
|
|
f) Other Expenditure |
57.872 |
|
|
g) Manufacturing Expenses |
66.198 |
|
|
g) Total
Expenditure (a to f) |
693.984 |
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
60.036 |
|
|
|
|
|
4. |
Other Income |
4.068 |
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
64.105 |
|
|
|
|
|
6. |
Interest |
18.830 |
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
45.274 |
|
|
|
|
|
8. |
Exceptional Items |
0.920 |
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
44.355 |
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
a) Current tax |
8.428 |
|
|
b) Deferred tax |
1.557 |
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
34.369 |
|
|
|
|
|
12. |
Tax Expenses |
8.683 |
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
25.687 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
164.903 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
303.919 |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
1.56 |
|
|
b) Basic and diluted EPS after extraordinary items |
1.56 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
8657700 |
|
|
- Percentage of Shareholding |
52.50% |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
7832550 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
47.50% |
Notes :
1.
The above results have been reviewed by Audit
Committee and approved by Board of Directors in its meeting held on 30th
May, 2011.
2.
No. of complaints received from investors /
shareholders for the quarter ended 31st March, 2011.
Pending at the beginning of the quarter Nil
Received during the quarter
Nil
Disposed during the quarter
Nil
Pending at the ending of the quarter Nil
3.
Subject to approval of Shareholders at the Annual
General Meeting the Board of Directors have recommended a dividend of Rs. 0.20
per equity share for the financial year ended March 31, 2011.
4.
Audited Statement of Assets and Liabilities as at
31st March, 2011.
|
SOURCES OF FUNDS |
31.03.2011 (Rs. In
Millions) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
164.903 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
303.919 |
|
|
4] (Accumulated Losses) |
0.000 |
|
|
NETWORTH |
468.822 |
|
|
LOAN FUNDS |
|
|
|
1] Secured Loans |
291.102 |
|
|
2] Unsecured Loans |
4.410 |
|
|
TOTAL BORROWING |
295.512 |
|
|
DEFERRED TAX LIABILITIES |
23.556 |
|
|
|
|
|
|
TOTAL |
787.890 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
220.478 |
|
|
Capital work-in-progress |
108.810 |
|
|
|
|
|
|
INVESTMENT |
3.677 |
|
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
203.420 |
|
|
Sundry Debtors |
159.160 |
|
|
Cash & Bank Balances |
26.647 |
|
|
Other Current Assets |
0.000 |
|
|
Loans & Advances |
109.866 |
|
Total
Current Assets |
499.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Other Current Liabilities |
21.347 |
|
|
Provisions |
23.107 |
|
Total
Current Liabilities |
44.454 |
|
|
Net Current Assets |
454.639 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.286 |
|
|
|
|
|
|
TOTAL |
787.890 |
|
5.
Entire operation of the Company relate to only one
segment viz. Polymer based.
6.
Details of fund utilization of IPO proceeds.
|
No |
Particulars |
Amount
to be utilized as per Prospectus (Rs. In Millions) |
Amount
Utilized Till 31st March, 2011 (Rs. In Millions) |
|
1 |
Machinery purchased (including advance paid) |
173.915 |
151.678 |
|
2 |
Land and Building (including advance paid) |
90.007 |
71.443 |
|
3 |
Electrification and Plumbing |
12.600 |
1.622 |
|
4 |
Market development expenses |
10.000 |
7.589 |
|
5 |
Contingencies |
11.696 |
10.030 |
|
6 |
Working Capital Margin |
62.500 |
67.500 |
|
7 |
Issue and other miscellaneous expenses |
32.879 |
38.775 |
Pending Utilization, the funds are temporarily held in bank accounts
7.
The figures of previous year have been regrouped /
reclassified wherever necessary to correspond with those of the current year.
WEBSITE DETAILS:
PROFILE:
They are engaged in manufacture and sale of FIBC (Jumbo
Bags) and Woven Sacks and various woven polymer based products like Container
Liners, Protective irrigation system, Canal Liners, Flexi Tanks, Car covers
etc. Their Company is promoted by the first-generation entrepreneurs, Mr.
Makrand Appalwar and Mrs. Rinku Appalwar in November 1994. They are
one of the well established brands in the field of woven polyethylene and
polypropylene product manufacturing industry. They have a track record of
business in the field of woven sacks and Flexible Intermediate Bulk Container
(FIBC) container liners, Canal Liners, Protective Irrigation Systems, Flexi
Tanks, Car Covers which find large scale application in the segments like
cement and fertilizer. Their manufacturing facility is located at
Silvassa.
They have been awarded SME 2 Rating by CRISIL Limited
which indicated 'High' level of credit worthiness adjudged in
relation to other SMEs. They have constantly shown growth in production
and sales. The production has increased from 961 MT in 2000-01 to 3857 MT
in 2008-09. They are amongst the first few companies in
In addition to FIBC they manufacture various woven
polypropylene products including Small bags, Box woven bags,
Roofing underlayment fabric, Courier bags, Ground covers, Silt fence and
Geotextiles. They offer woven bags and fabrics in both PP and HDPE.
Their products are UV stabilized and pre-conditioned against shrinkage.
They specialize in high strength, low GSM FIBC with high
safety factor. They are among the first few global manufacturers to offer
Jumbo Bags (FIBCs) with 130 GSM Bags, 5:1 Safety factor for 1000 KG Safe
Working Load and 160 GSM Bags, 6:1 Safety Factor for 1500 KG Safe Working Load,
Their Extrusion machinery is capable of
producting tapes with very high linear tenacity. This ensures that
their woven plastic products are of the highest strength. They produce
FIBCs of U+2 panel, Circular Jumbo bags, Baffle bags, All panel bags,
Conductive FIBC and Static dissipative FIBCs.
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.71.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.