MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CAPRIHANS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Block-D,
Shivsagar Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.04.1946 |
|
|
|
|
Com. Reg. No.: |
11-004877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 131.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29150MH1946PLC004877 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00097G |
|
|
|
|
Legal Form : |
Public Limited Company. The Company's shares are listed on the Stock
Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and
marketing of rigid and flexible PVC sheets, plastic extruded sheets, polythene
sheets and films, phenolic and melamine laminates, paper of all sorts
including AB kraft and base paper for coating and hollow plastic corrugated
boxes. |
|
|
|
|
No. of Employees
: |
392 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported as
fair. Business is 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Corporate Office : |
Block-D,
Shivsagar Estate, |
|
Tel. No.: |
91-22-24921900 –
05/ 40001800 / 40001818/ 30478664/ 30478665/ 30478711 |
|
Fax No.: |
91-22-24939284 /
29450594 / 29460693/ 24934042 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
5640 Sq. ft. |
|
|
|
|
Factory 1: |
Plot Nos.
C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane – 400 604, |
|
|
|
|
Factory 2: |
Plot Nos. 76/77,
MIDC Industrial Estate, |
|
|
|
|
Factory 3: |
Plot Nos. 157 and
158-A, Akbar Cap Road, Kolshet, Thane – 400 601, |
|
|
|
|
Factory 4 : |
Plot No. 111,
MIDC Industrial Estate, Roha, District Raigad – 402 116, Maharashtra, India |
|
|
|
|
Regional Sales
Offices : |
Located at : ·
·
·
Tamil
Nadu ·
Karnataka ·
Andhra
Pradesh ·
Kerala ·
|
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Mofatraj P.
Munot |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
04.10.1944 |
|
Qualification
: |
Higher Secondary |
|
Experience : |
Mr. Munot,
Chairman of the Company became a Director in 1 986 and was Managing Director from
1992 to 1997. An eminent industrialist with 40 years of business experience,
he is the guiding force behind the Kalpataru Group of companies engaged in
real estate and construction activities, Power Transmission Towers and
Pharmaceuticals. |
|
Date of
Appointment : |
28.05.1986 |
|
Other
Directorships : |
·
Kalpataru
Homes Limited ·
Sharyans
Resources Limited ·
Rajratan
Global Wire Limited ·
Kalpataru
Power Transmission Limited ·
Associated
Luggage Co. Limited |
|
Committee
positions held in other companies : |
Audit
Committee Kalpataru Power
Transmission Limited —- Member Remuneration
Committee Sharyans
Resources Limited — Chairman Rajratan Global
Wire Limited — Member Shareholders/Investor
Grievance Committee Sharyans
Resources Limited — Member |
|
|
|
|
Name : |
Mr. R.
Balasubramanian |
|
Designation : |
Managing Director |
|
Qualification
: |
B.Com, A.I.C.,
A.C.A., A.C.S. |
|
|
|
|
Name : |
Mr. Suresh A.
Gandhi |
|
Designation : |
Director |
|
Date of
Birth/Age : |
25.09.1950 |
|
Qualification
: |
Chartered
Accountant |
|
Experience : |
Mr. Gandhi became
a Director in 1983 and was Managing/Jt. Managing Director from 1984-1997. Mr.
Gandhi has vast experience and knowledge in the field of plastics. He is an
active member of various committees related to plastic industry. He is also
involved in construction activity, export and trading. |
|
Date of
Appointment : |
01.08.1983 |
|
|
|
|
Name : |
Mr. Rakesh Khanna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rahul G. Divan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. dhaval K. Vussonji |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. R.
Viswanathan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
707579 |
5.39 |
|
|
1598013 |
12.17 |
|
|
2305592 |
17.55 |
|
|
|
|
|
|
6698325 |
51.00 |
|
|
6698325 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5016 |
0.04 |
|
|
483370 |
3.68 |
|
|
450 |
-- |
|
|
488836 |
3.72 |
|
|
|
|
|
|
895400 |
6.82 |
|
|
|
|
|
|
1620640 |
12.34 |
|
|
632106 |
4.81 |
|
|
493072 |
3.75 |
|
|
91228 |
0.69 |
|
|
25113 |
0.19 |
|
|
376731 |
2.87 |
|
|
3641218 |
27.72 |
|
Total Public shareholding (B) |
4130054 |
31.45 |
|
Total (A)+(B) |
13,133,971 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
13,133,971 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
marketing of rigid and flexible PVC sheets, plastic extruded sheets,
polythene sheets and films, phenolic and melamine laminates, paper of all
sorts including AB kraft and base paper for coating and hollow plastic
corrugated boxes. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Rigid and Flexible PVC Sheet |
M.T. Per Annum |
21720 (a) |
24360 |
17938 |
|
Plastic Extruded Sheets and Films |
M.T. Per Annum |
420 (b) |
--(e) |
8 |
|
Hollow Plastic Corrugated Boards |
M.T. Per Annum |
1050 |
1050 |
810 |
NOTES
(a) Includes 20400
(20400) M.T. per annum exempted from the licensing provisions.
(b) Single Shift
basis.
(c) As certified by
Works Manager
(d) Figures in
brackets denote figures for previous year.
(e) Machinery sold during the year
GENERAL INFORMATION
|
No. of Employees : |
392 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of Maharashtra ·
HDFC Bank Limited ·
State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and
Company Chartered
Accountants |
|
|
|
|
Holding Company:
Upto 31st August,2010 : |
·
INEOS Films GmbH ·
INEOS Films Deutschland GmbH ·
INEOS Films Deutschland GmbH and Company KG ·
INEOS Films Limited ·
INEOS Vinyls Limited ·
INEOS Vinyls Holdings Limited ·
Hawkslease Finance Company Limited ·
INEOS Vinyls Group Limited ·
INEOS Holdings Limited ·
INEOS Group Holdings Plc ·
INEOS Intermediate Holdings Limited ·
INEOS Investment Holdings Limited ·
INEOS Group Limited |
|
|
|
|
Holding Company:
After 31st August, 2010 : |
·
Bilcare Research GmbH ·
Bilcare Germany Management GmbH and Company KG ·
Bilcare Germany Management GmbH ·
Films Germany Holding GmbH ·
Bilcare AG ·
Bilcare Mauritius Limited ·
Bilcare Limited |
|
|
|
|
Related parties
with whom the Company had transactions including Fellow subsidiaries : |
·
INEOS Films GmbH ·
INEOS Films Limited ·
INEOS Films Staufen GmbH ·
INEOS Vinyls Sales GmbH ·
INEOS Melamines ·
Bilcare Research GmbH ·
Bilcare Research S R L ·
Bilcare Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13133971 |
Equity Shares |
Rs.10/- each |
Rs. 131.340
Millions |
|
|
|
|
|
Notes:
Of the above
(1)
25,000 Equity Shares are allotted as fully paid-up
pursuant to a contract without payment being received in cash
(2)
35,44,199 Equity Shares are allotted as fully
paid-up by way of Bonus Shares by Capitalisation of Share Premium and General
Reserve
(3)
66,98,325 Equity Shares are held by Bilcare
Research GmbH, the holding company (Previously held by Ineos Films GmbH)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
131.340 |
131.340 |
131.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
841.798 |
791.704 |
780.967 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
973.138 |
923.044 |
912.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
10.300 |
8.400 |
5.700 |
|
|
|
|
|
|
|
|
TOTAL |
983.438 |
931.444 |
918.007 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
238.792 |
265.321 |
300.717 |
|
|
Capital work-in-progress |
0.528 |
0.614 |
1.487 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
307.115
|
215.576
|
238.061
|
|
|
Sundry Debtors |
534.916
|
474.707
|
437.040
|
|
|
Cash & Bank Balances |
117.886
|
237.567
|
232.752
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
87.640
|
54.137
|
53.971
|
|
Total
Current Assets |
1047.557
|
981.987 |
961.824 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
249.508
|
242.931
|
276.642
|
|
|
Other Current Liabilities |
13.352
|
17.679
|
14.247
|
|
|
Provisions |
40.579
|
55.868
|
55.132
|
|
Total
Current Liabilities |
303.439
|
316.478 |
346.021 |
|
|
Net Current Assets |
744.118
|
665.509
|
615.803
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
983.438 |
931.444 |
918.007 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1873.119 |
1664.180 |
1580.869 |
|
|
|
Other Income |
35.886 |
37.852 |
27.751 |
|
|
|
Transfer from Revaluation Reserve |
1.200 |
1.200 |
1.200 |
|
|
|
TOTAL (A) |
1910.205 |
1703.232 |
1609.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1317.648 |
1111.648 |
1074.576 |
|
|
|
Expenses |
458.334 |
425.022 |
379.593 |
|
|
|
Increase/ decrease in Work in Process |
(15.627) |
(2.277) |
62.404 |
|
|
|
TOTAL (B) |
1760.355 |
1534.393 |
1516.573 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
149.850 |
168.839 |
93.247 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.041 |
0.041 |
0.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
149.809 |
168.798 |
93.089 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.618 |
38.373 |
41.895 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
113.191 |
130.425 |
51.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.000 |
80.200 |
17.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
74.191 |
50.225 |
33.494 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
111.857 |
105.420 |
97.475 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.500 |
2.500 |
|
|
|
Proposed Dividend |
19.701 |
32.835 |
19.701 |
|
|
|
Corporate tax on Dividend |
3.196 |
5.453 |
3.348 |
|
|
BALANCE CARRIED
TO THE B/S |
158.151 |
111.857 |
105.420 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
234.948 |
234.457 |
256.000 |
|
|
|
Marketing Services |
5.038 |
5.189 |
0.000 |
|
|
TOTAL EARNINGS |
239.986 |
239.646 |
256.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
384.913 |
328.606 |
265.397 |
|
|
|
Stores & Spares |
2.456 |
0.577 |
1.509 |
|
|
|
Capital Goods |
3.046 |
0.505 |
1.449 |
|
|
|
Goods Purchased |
0.000 |
0.000 |
2.610 |
|
|
TOTAL IMPORTS |
390.415 |
329.688 |
270.965 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
5.65 |
3.62 |
2.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
510.270 |
498.340 |
471.540 |
|
Total Expenditure |
473.280 |
458.280 |
443.750 |
|
PBIDT (Excl OI) |
36.990 |
40.060 |
27.790 |
|
Other Income |
0.320 |
0.360 |
0.390 |
|
Operating Profit |
37.310 |
40.420 |
28.180 |
|
Interest |
0.010 |
0.010 |
0.010 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
37.300 |
40.410 |
28.170 |
|
Depreciation |
8.340 |
8.720 |
8.560 |
|
Profit Before Tax |
28.960 |
31.690 |
19.610 |
|
Tax |
10.000 |
11.000 |
7.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
18.960 |
20.670 |
12.610 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
18.960 |
20.670 |
12.610 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.88
|
2.95
|
2.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.04
|
7.84
|
3.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.80
|
10.47
|
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.34
|
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45
|
3.12
|
2.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
History:
1946 - The Company was incorporated
on 11th April as a Private Limited Company and was converted into a Public
Limited Company on 16th September 1975. It was mainly a trading company and
imported various consumer items.
- The main objective of the
company is to manufacture PVC films and sheets (SUNFLEX) leather cloth (SUNTEX)
rigid PVC sheets (SUNVIC) decorative surfacing (SUNGLOSS) phenolic laminates
(SUNLAM) high impact polystyrene sheets (SUNSTRENE) and art paper chromo paper
and art card (LUSTRACOTE).
1955 - The company decided to
enter into the manufacturing field and obtained a license for the manufacture
of flexible and rigid polyvinyl chloride films and sheets.
1961 - A new factory was
started at Kurla Mumbai for the manufacture of decorative and industrial
laminates.
1962 - A new plant for the
manufacture of extruded acrylic and high impact polystyrene sheet for the
refrigeration industry.
1965 - The Company also
started manufacturing leather cloth by lamination of PVC film or sheet to
various fabrics.
- The Company started a
partnership firm called Sun Coated Paper Company. for the manufacture of a
range of papers such as art paper Chromo Paper art card black centered art card
etc. The Plant was orginally located at MIDC Estate Thane.
1967 - 2 500 shares issued
without payment in cash. Bonus shares were issued as follows: 4 500 shares in
May
1962 (prop. 9:1) and 15 750
shares in March 1966 (Prop. 1:1).
1968 - 15 750 bonus shares
issued in prop. 1:2.
1969 - In order to expand the
capacity a new unit was set up in the MIDC estate at Thane which went into
production.
- From 1st April Sun Coated
paper Company became a division of the company consequent upon the dissolution
of the partnership. With the increase in demand in the Industrial Estate Satpur
Nasik and the existing plant was shifted to
1971 - A new factory was set
up in Kolshet-Thane and the old plant at Kurla was also shifted to
Kolshet. - 80 325 bonus shares issued in
prop. 17:10.
1974 - The company undertook
to set up a paper mill in the MIDC Industrial Area at Roha Maharashtra.
1975 - Shares subdivided
during 1973-74. 5 42 193 bonus shares issued in prop. 17:40.
1978 - The company obtained an
industrial licence for the manufacture of 1 050 tonnes of plastic hollow
corrugated boards. This project was being set up in the MIDC Industrial Estate
at Satpur Nasik.
- During November the existing
shareholders of the company were offered 10 90 800 No. of equity shares of Rs.
10 each of the company at par.
1981 - Letter of intent was
received to increase the production capacity of PVC sheets to 9 000 tonnes per
annum. Due to circumstances beyond its control the company could not take steps
to implement this scheme and the letter of intent was surrendered to Government
in 1984.
- As a measure of
diversification the company installed at
- The company converted its
fixed assets consisting of land at Roha and Sewri into Stock-in-Trade of real
estate business.
1982 - It was proposed to
carry out the paper manufacturing activity as a separate entity and transfer
the same to a wholly-owned subsidiary.
1985 - Subsequently the
company again revalued its land and buildings at factory premises and certain
plant and machinery as on 30th June.
1989 - The performance on the
domestic as well as exports front improved and turnover and sales stood higher.
- The Company issued 2 00
000-14% secured non-convertible debentures of Rs. 100 each on private placement
basis with financial institutions. These debentures are redeemable at 5%
premium in three annual installments commencing from 25th March 1996.
1992 - The company installed
two additional calendaring units with a combined capacity of 8 400 tonnes for
manufacturing PVC films and sheetings.
- The company issued 9 53
612-18% secured partly convertible debentures of Rs. 240 each for cash at par
(along with detachable equity warrants entitling the holder to be allotted one
equity share of Rs. 10 each at a premium of Rs. 80 per equity share. 8 91 010
warrants were taken up). Out of which 9 08 972 debentures were offered on right
basis to the shareholders in the proportion of One debenture: Two equity shares
(all were taken up). Remaining 44 640 debentures were offered to the employees
(only 2 275 debentures were taken up).
- Each debentures of Rs. 240
was divided into Part-A (Convertible) of Rs. 70 and Part-B (Non-convertible) of
Rs. 170. Rs. 70 of Part-A of each debenture was to be converted into one equity
shares of Rs. 10 each at a premium of Rs. 60 per share on the date of allotment
of debentures. Accordingly 9 11 247 shares were allotted and 8 91 010 shares
were allotted against warrants. Part-B of Rs. 170 will be redeemed in three
equal annual installments at the end of 6th 7th 8th year from the date of
allotment of debentures.
- During the year the company
has undertaken Internal Energy Audit system.
- During the last year the
Company has developed Anti-radar Camouflage Net for the Ministry of Defence and
the same has been approved by the Defence Research Laboratory.
1993 - The company entered
into the field on Real Estate. The company developed a property for the
construction of multi storeyed residential-cum-commercial complex at Mumbai.
- During the year the Company
made a Right Issue of 18% Secured Partly Convertible Debentures (PCDs) in the
ratio of One PCD for every two shares held.
- The Camouflage Net has been
successfully launched and repeat orders have been received from the Government.
A special type of PVC film is being developed for rescue boats which can
respond to radar signals.
1994 - The company proposed to
set up PVC foam leather cloth plant at
- The company privately placed
6 40 000 No. of equity shares with financial institutions at a premium of Rs.
250 per share in November. The company also issued 5 63 000 warrants to
promoters and their associates.
- The warrant holders are
entitled to subscribe to one equity share per warrant at a price of Rs. 210 per
share before 1st May. Accordingly 3 36 690 shares were issued.
- During the year the company
introduced Voluntary Retirement Scheme for its employees at is Laminates Unit
to reduce the surplus employee strength in the Unit and paid compensation
aggregating to Rs.11.700 millions.
1995 - However margins were
under pressure due to increase in input cost without corresponding increase in
the prices of finished goods on account of severe competition.
- 3 36 690 shares allotted on
conversion of Warrants at a price of Rs. 210 per share.
1996 - The profitability was
adversely affected due to weak prices for PVC films low productivity and
capacity utilisation and availability of superior products.
- The Company re-appraised the
plan to set up PVC foam leather plant and decided not to proceed with the same.
- The Company has entered into
a technical and financial collaboration agreement with VKW a wholly owned
subsidiary of EVC international NV on 7th June 1997.
- 18 36 756 bonus shares
allotted in prop. 2:5.
1997 - 66 98 325 No. of equity
shares of Rs 10 each at a prem. of Rs 47 per share allotted on preferential
basis.
- The Company has entered into
a technical and financial collaboration with Vereinigte Kunststoffwerke GmbH
(VKW) the details of which are given under Item No. 4.
- The Board has selected VKW a
wholly owned subsidiary of EVC International NV for a technical and financial
collaboration and has entered into an agreement dated June 7 1997 with VKW.
1998 - During the year the
Company installed a Calendering Unit at
- The Company introduced a
Voluntary Retirement Scheme for its employees at Head Office and Branches. The
Company also successfully offered the Voluntary Retirement Scheme for its
employees at Thane Factory after the close of the year.
- The Company has also
restructured its organisation to provide considerable emphasis on Quality and
Customer service leading to better customer satisfaction.
- The Company has computerised
several areas of operations leading to speed accuracy and customer
satisfaction.
- The Company continued to be
affected by low capacity utilisation due to competition in the market and general
slow down in the economy. Further the Company's exports were adversely affected
due to the Russian and Asian economic crisis.
- Mr. C. P. Gaspar was
appointed as a Director of the Company by the Board of Directors. Mr. M. Uberti
and Mrs. A. Van der Zwalmen were appointed as Additional Directors of the
Company on 26th February 1999.
1999 - The Company's
profitability was adversely affected due to an unprecedented increase in the
price of PVC resin and other polymers in both the domestic and international
markets.
- During the year the Company
has entered into 3 years wage settlements with its employees at Thane and
- During the year the Company
was presented the GOLDEN STATUS CERTIFICATE from the Ministry of Commerce India
for its continuous performance for last three terms as Export House (i.e. Nine
years) and the Best Export Performance Award for the year 1997-98 and 1998-99
(1st position) for Rigid PVC films from the Plastics Export Promotion Council
(PLEX CONCIL).
2000 - Crisil has revised the
rating for company's 18% NCD of Rs 1 54.910 millions to BBB from BBB+.
2001 - K.C. Holdings Private
Limited has bought 2 94 893 No. of equity shares of the company from Mr.
Mofatraj P. Munot. Mr. Parag Munot has bought 2 94 893 No. of equity shares of
the company from Mr. Mofatraj P. Munot.
2002- the company has informed that Mr. P.M. Nadig the Managing
Director of the Company has resigned from the services of the company with
effect from November 26 2002.
PERFORMANCE:
The Company’s turnover
for the year amounted to Rs. 2030.000 Millions as compared to Rs. 1780.000
Millions in the previous year. The Company earned a profit (before tax) of Rs.
113.200 Millions as compared to Rs. 130.400 Millions in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company is one
of the largest manufacturers of Flexible and Rigid Packaging Films in India and
a prominent
name in pharma/non
pharma packaging industry in India and abroad and produce high quality
products. The Company currently operates from its two plants located at Thane
and Nasik, Maharashtra, falling under Octroi zone.
The Company is
engaged in the processing of plastic polymers and manufactures Rigid and
Flexible PVC films by
Calendering
process, PVDC coated Rigid PVC film and certain plastic products through
extrusion process. Rigid PVC film is largely used for packaging in the
Pharmaceutical, Food and FMCG industries. Flexible PVC film and plastic
extruded products are used for a variety of industrial and consumer
applications. Overall growth rate of the market size is estimated to be 5% to
10% annually.
The image of the
Company, built through decades of quality products and efficient customer
service is the major strength of the Company. The Company has a significant
share of the Rigid PVC film market and is the Quality Leader in the Flexible
PVC film market.
OPPORTUNITIES, THREATS AND OUTLOOK
The Company
foresees ample opportunity of growth in coming years whether in India or
developing nations like Brazil Latin America, Africa and Middle east. With the
growing trend of mass consumerism and better living standards in these
Countries, demand for Company’s products are expected to grow at new height.
Though the Company
is a major player over decades, it faces severe competition in domestic market,
as similar products being made available by many local players belonging to the
unorganised sector. However, Company always remained as a preferred supplier in
respective segments being a consistent and quality supplier. The overall
capacity in the industry is significantly more than the overall demand leading
to price-cuts and volume discounts. Company also faces severe competition in
international market being dominated by countries like China.
SEGMENT PERFORMANCE
Company’s business is covered under single business segment and
continued to grow in 2010-11.
FINANCIAL PERFORMANCE
Company’s Gross
Sales for the year stood at Rs. 2030.000 Millions compared to Rs.1780.000
Millions during the previous year. Raw material and other input costs increased
during the year. Profit before tax for the year was Rs. 113.200 Millions
compared to the previous year’s profit of Rs. 130.400 Millions.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2011 Rs. In Millions |
|
a) i) Demands of
Excise authorities which are disputed in appeals by the company |
45.306 |
|
ii) Appeals filed
by Excise authorities in the Supreme court of India against orders passed by
CESTAT in favour of the company |
84.542 |
|
iii) Other excise
commands |
28.314 |
|
b) Demands of
Income tax authorities which are disputed in appeals by the company and not
provided for |
-- |
|
c) Claims against
the company not acknowledged as debts- estimated |
33.197 |
Fixed assets
·
·
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Office
Equipments
·
Vehicle
·
Computer
Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
471.541 |
498.339 |
1480.148 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
0.561 |
(13.750) |
(6.136) |
|
|
b) Consumption of Raw Materials |
318.675 |
347.137 |
1010.316 |
|
|
c) Employees Cost |
33.795 |
33.987 |
101.745 |
|
|
d) Depreciation |
8.564 |
8.715 |
25.614 |
|
|
e) Other Expenditure |
90.713 |
90.941 |
269.418 |
|
|
f) Total |
452.308 |
467.030 |
1400.957 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
19.233 |
31.309 |
79.191 |
|
|
|
|
|
|
|
4. |
Other Income |
0.386 |
0.364 |
1.071 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
19.619 |
31.673 |
80.262 |
|
|
|
|
|
|
|
6. |
Interest |
0.010 |
0.008 |
0.026 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
19.609 |
31.665 |
80.236 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
19.609 |
31.665 |
80.236 |
|
|
|
|
|
|
|
10. |
Tax Expense |
7.000 |
11.000 |
28.000 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
12.609 |
20.665 |
52.236 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
12.609 |
20.665 |
52.236 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
131.340 |
131.340 |
131.340 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.96 |
1.57 |
3.98 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.96 |
1.57 |
3.98 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
4130054 |
4206054 |
4130054 |
|
|
- Percentage of Shareholding |
31.45 |
32.02 |
31.45 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
6698325 |
6698325 |
6698325 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
74.39 |
75.03 |
74.39 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
51.00 |
51.00 |
51.00 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
2305592 |
2229592 |
2305592 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
25.61 |
24.97 |
25.61 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
17.55 |
16.98 |
17.55 |
NOTES:
1.
THE Company
is engaged mainly in processing of plastic polymers and its products are
covered under a single reportable segment as per Accounting Standard on Segment
Reporting (AS 17) issued by ICAI
2.
Information on investor complaints / requests for
the quarter - (Nos.): Opening Balance – 0, New – 3, Disposals – 3, Closing
Balance – 0.
3.
The above results were approved by the Board of
Directors at its meeting held on 1st February, 2012 and a ‘Limited
Review’ of the same has been carried out by the Auditors of the company.
WEBSITE DETAILS
PROFILE
Subject
is one of the largest manufacturers of PVC Films in India and has got expertise
of more than 35 years in this field. It manufacturers a wide variety of PVC
films both Flexible and Rigid and also Sheets/Boards made from other polymers
like ABS, PP, HDPE and Rigid PVC. The films are calendared while the
sheets/Boards are extruded.
Subject is a
Public Limited company and became a part of EVC group in 1997. EVC was acquired
by the INEOS group in 2001. The INEOS Films business was acquired by Bilcare in
2010. Subject is today part of Bilcares´ Solutions Division.
The company has 4
calendaring lines, 3 extruder lines, 2 lamination and coating lines as also
printing and embossing lines at its production units at Thane and Nasik, near
Mumbai.
A series of
computerized in-process controls ensures a high level of quality products to
their customers. This along with continuous modernization and know-how exchange
with Bilcare Research group companies ensures that their customers get expert
application support backed by experience and expertise of multi disciplinary
teams.
The entire organization is focused towards customer satisfaction. This is ensured by an extensive network of branches and warehouses spread out at different geographical locations all over India and through agents in other countries.
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. 51.20 |
|
|
1 |
Rs. 81.50 |
|
Euro |
1 |
Rs. 67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
yes |
|
--AFFILIATION |
YES/NO |
yes |
|
--LISTED |
YES/NO |
yes |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
45 |
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.