1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Kalpena
Industries Limited |
Principal Name 1 |
Mr. D C Surana |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Narendra S. Surana |
|
|
|
Registration # |
21-039431 |
|
Street Address |
2 B, Pretoria
Street, Kolkata-700071, West Bengal, India |
||
|
Established Date |
03.09.1985 |
SIC Code |
-- |
|
Telephone# |
91-33-22823744/ 45/ 8818 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-22823739 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
PVC Compound |
|
|
# of employees |
Not Available |
Product Name 2 |
XLPE Compound. |
|
Paid up capital |
Rs.184,946,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group-73.63%, Public Shareholding- 26.37% |
Banking |
Dena Bank |
|
Public Limited Corp. |
Yes |
Business Period |
27 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,367,956,000 |
Current Liabilities |
561,328,000 |
|
Inventories |
752,093,000 |
Long-term Liabilities |
1,657,127,000 |
|
Fixed Assets |
964,796,000 |
Other Liabilities |
302,044,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,520,499,000 |
|
Invest& other Assets |
239,750,000 |
Retained Earnings |
1,615,950,000 |
|
|
|
Net Worth |
1,804,096,000 |
|
Total Assets |
4,324,595,000 |
Total Liab. & Equity |
4,324,595,000 |
|
Total Assets (Previous Year) |
3,151,013,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
8,430,648,000 |
Net Profit |
191,322,000 |
|
Sales(Previous yr) |
7,188,042,000 |
Net Profit(Prev.yr) |
299.063,000 |
MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
KALPENA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
2 B, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
21-039431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.184.946 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L19202WB1985PLC039431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK03269A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK2239D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of PVC Compound and XLPE Compound. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7220000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. There
appears dip in the profitability in the current year. However, networth of
the company appears to be good. Directors are reported to be experience and
respectable businessman. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. Company can be considered normal for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
2 B, Pretoria Street, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22823744/ 3745/ 8818 |
|
Fax No.: |
91-33-22823739 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Kolkata Works I Kandua, Vill. + P.O. – Chatubhujkathi, P.S. – Sankrail, Howrah –
711302, West Bengal, India |
|
|
|
|
Factory 2 : |
Kolkata Works II Village – Bhasa,
No.14,P.O.and P.S. Bishnupur, Dimond Harbour Road, South 24 Parganas -
743503, West Bengal, India. |
|
|
|
|
Factory 3 : |
Daman Works 168/151-158,
Dhabel Industrial Co- Operative Soceity Limited, Dhabel, Daman – 396215,
India |
|
|
|
|
Factory 3 : |
Dadra Work I Survey No.24/3,
Village – Demini, Demini Road, Dadra, Dadra and Nagar Haveli – 396230, |
|
|
|
|
Factory 5 : |
Bhiwadi Works A/1163, RIICO
Industrial Area – IV, District – Alwar, Bhiwadi – 301019, Rajasthan, India |
|
|
|
|
Factory 7 : |
Falta Works Falta Special
Economic Zone, Plot No.29, Sector I, Village – Simulberia, Mouza – Bisra, District
South 24 PGS. |
|
|
|
|
Mumbai Office : |
106, Laxmi
Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-67021470-2 |
|
Fax No.: |
91-22-67021473 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. D C Surana |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Narendra S. Surana |
|
Designation : |
Vice Chairman Cum Managing Director |
|
Qualification : |
B.Com (Hons.), and L.L.B from |
|
|
|
|
Name : |
Mr. Rajesh Kumar Kothari |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Nirmalendu Guha |
|
Designation : |
Non-Executive Director |
|
Qualification : |
M. Tech (P. Eng
and Mgt.), C. Eng, FIE ( |
|
|
|
|
Name : |
Dr. Rupak Dasgupta |
|
Designation : |
Non-Executive Director |
|
Qualification : |
B.Sc. (Hons), M.Sc.(Tech)
and Phd from |
|
|
|
|
Name : |
Mr. Indranil Dasgupta |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Tiwari |
|
Designation : |
Senior President |
|
|
|
|
Name : |
Mr. I. C. Dakalia |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. A. B. Chakrabartty |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2012)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
152,972 |
0.81 |
|
|
13,700,703 |
72.82 |
|
|
13,853,675 |
73.63 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
13,853,675 |
73.63 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9,700 |
0.05 |
|
|
9,700 |
0.05 |
|
|
|
|
|
|
|
|
|
|
3,018,970 |
16.05 |
|
|
|
|
|
|
|
|
|
|
1,472,991 |
7.83 |
|
|
349,924 |
1.86 |
|
|
|
|
|
|
109,326 |
0.58 |
|
|
96,671 |
0.51 |
|
|
12,655 |
0.07 |
|
|
4,951,211 |
26.32 |
|
|
|
|
|
Total Public
shareholding (B) |
4,960,911 |
26.37 |
|
|
|
|
|
Total (A)+(B) |
18,814,586 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
18,814,586 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Compound and XLPE Compound. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
* Installed Capacity |
Actual Production |
|
|
|
|
|
|
PVC Compound |
MT |
40000 |
36915 |
|
PE Compound |
MT |
87000 |
73110 |
|
PVC Sole and Hawai Chappal |
Pairs/kg |
8500000 |
-- |
|
**Agglomerate |
MT |
Nil |
3713 |
|
**Reprocessed Granules |
MT |
Nil |
481 |
|
Scrap |
MT |
NA |
1785 |
NOTE:
*Installed Capacity is certified by the Management and not verified by Auditors
being technical matter.
**Includes the Installed capacity of transferor Company.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Dena Bank ·
State Bank of ·
Standard Chartered Bank ·
HSBC Bank ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. C. Dharewa and Company Chartered Accountants |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30600000 |
Equity Shares |
Rs.10/- each |
Rs.306.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18814586 |
Equity Shares |
Rs.10/- each |
Rs.188.146
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30600000 |
Equity Shares |
Rs.10/- each |
Rs.306.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11553600 |
Equity Shares |
Rs.10/- each |
Rs.115.536
Millions |
|
|
Add: 60,00,000
Equity Shares of Rs.10/- each issued against Convertible Share Warrants |
|
Rs.60.000
Millions |
|
|
Add: 9,40,986
Equity Shares of Rs.10/- each issued pursuant to the Scheme of Arrangement
without payment being received in Cash. |
|
Rs.9.410
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.184.946 Millions |
NOTE:
(48,94,586 Equity Shares
of Rs.10/- each have been alloted as fully paid up pursuant to contract (Scheme
of Amalgamation/Arrangements) without payment being received in Cash)
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 |
184.946 |
115.536 |
115.536 |
|
|
2] Share Capital Suspense |
3.200 |
9.410 |
0.000 |
|
|
3] Reserves & Surplus |
1615.950 |
979.518 |
600.283 |
|
|
4] Share Warrants |
0.000 |
120.000 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1804.096 |
1224.464 |
715.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1597.973 |
962.939 |
789.543 |
|
|
2] Unsecured Loans |
59.154 |
403.672 |
426.952 |
|
|
TOTAL BORROWING |
1657.127 |
1366.611 |
1216.495 |
|
|
DEFERRED TAX LIABILITIES |
100.534 |
73.936 |
44.763 |
|
|
|
|
|
|
|
|
TOTAL |
3561.757 |
2665.011 |
1977.077 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
964.796 |
735.951 |
516.626 |
|
|
Capital work-in-progress |
214.386 |
47.590 |
32.997 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.361 |
20.911 |
0.882 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
752.093
|
558.779
|
377.724
|
|
|
Sundry Debtors |
1725.781
|
1281.014
|
1265.307
|
|
|
Cash & Bank Balances |
190.489
|
122.987
|
107.071
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
451.686
|
383.781
|
291.418
|
|
Total
Current Assets |
3120.049
|
2346.561
|
2041.520
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
328.868
|
216.894
|
225.552
|
|
|
Other Current Liabilities |
232.460
|
108.348
|
276.460
|
|
|
Provisions |
201.510
|
160.760
|
112.936
|
|
Total
Current Liabilities |
762.838
|
486.002
|
614.948
|
|
|
Net Current Assets |
2357.211
|
1860.559
|
1426.572
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3561.757 |
2665.011 |
1977.077 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8430.648 |
7188.042 |
6029.631 |
|
|
|
Other Income |
45.199 |
56.045 |
11.466 |
|
|
|
TOTAL (A) |
8475.847 |
7244.087 |
6041.097 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
7464.726 |
6332.082 |
5255.334 |
|
|
|
Administrative, Selling and Other Expenses |
443.007 |
331.485 |
316.696 |
|
|
|
Payment to and Provisions for Employees |
89.606 |
61.753 |
48.639 |
|
|
|
Prior Period Adjustment |
1.549 |
2.116 |
0.365 |
|
|
|
Increase/(Decrease) in Stock |
17.837 |
(42.210) |
15.792 |
|
|
|
TOTAL (B) |
8016.725 |
6685.226 |
5636.826 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
459.122 |
558.861 |
404.271 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.772 |
109.570 |
96.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
348.350 |
449.291 |
307.988 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.541 |
56.737 |
42.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
277.809 |
392.554 |
265.047 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
86.487 |
93.491 |
46.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
191.322 |
299.063 |
218.515 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
666.397 |
480.138 |
314.656 |
|
|
|
|
|
|
|
|
|
|
BALANCE BROUGHT
FORWARD FROM AMALGAMATING COMPANY |
(8.122) |
(3.164) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
40.000 |
80.000 |
26.000 |
|
|
|
Proposed Dividend |
41.392 |
25.418 |
23.106 |
|
|
|
Tax on Proposed Dividend |
6.715 |
4.222 |
3.927 |
|
|
BALANCE CARRIED
TO THE B/S |
761.490 |
666.397 |
480.138 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
625.693 |
265.452 |
275.040 |
|
|
TOTAL EARNINGS |
625.693 |
265.452 |
275.040 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2521.040 |
2036.183 |
1163.909 |
|
|
|
Stores & Spares |
0.205 |
0.561 |
0.305 |
|
|
|
Capital Goods |
41.753 |
69.731 |
17.362 |
|
|
TOTAL IMPORTS |
2562.998 |
2106.475 |
1181.576 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
- Basic |
11.71 |
25.88 |
18.91 |
|
|
|
- Diluted |
11.71 |
23.94 |
18.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2058.610 |
2226.910 |
2139.300 |
2768.060 |
|
Total Expenditure |
1909.190 |
2086.190 |
1995.000 |
2613.540 |
|
PBIDT (Excl OI) |
149.420 |
140.720 |
144.300 |
154.520 |
|
Other Income |
0.000 |
0.000 |
0.000 |
(15.280) |
|
Operating Profit |
149.420 |
140.720 |
144.300 |
139.240 |
|
Interest |
32.400 |
46.990 |
45.860 |
48.020 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
117.020 |
93.730 |
98.440 |
91.220 |
|
Depreciation |
16.060 |
20.070 |
24.990 |
20.270 |
|
Profit Before Tax |
100.960 |
73.660 |
73.450 |
70.950 |
|
Tax |
20.190 |
14.730 |
14.680 |
14.190 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
80.760 |
58.930 |
58.750 |
56.780 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
80.760 |
58.930 |
58.750 |
56.780 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.26
|
4.13
|
3.62
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.30
|
5.46
|
4.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.80
|
12.73
|
10.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.32
|
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.51
|
2.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.09
|
4.83
|
3.32
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
AMALGAMATION OF
BAVARIA POLY PRIVATE LIMITED WITH THE COMPANY
Bavaria Poly
Private Limited (BPPL) has been amalgamated with the Company. The Scheme of Amalgamation
was sanctioned by the Hon’ble High Court of Judicature at Kolkata vide order
dated 28st July, 2011 certified copy of the same was received on 2nd September,
2011. The scheme became effective on 5th September, 2011 and the appointed date
of the scheme being 1st April, 2010.
The Amalgamation
follows the Company’s philosophy of creating enduring value of all its
stakeholders. The amalgamation creates a platform for value enhancing growth
and reinforces the Company’s position as market leader.
OPERATIONS:
The company is
continuously moving towards its journey of excellence by maintaining benchmark
performance in polymer compounds segments. For the period, the company has achieved
a sales turnover of Rs.8475.800 Millions, against Rs.7244.100 Millions in the
previous year
However, the
current year seem to be challenging for the company, mainly due to high
inflation and series of interest rates hike. The profit after tax for the
current year is Rs.191.300 Millions as compared to Rs.299.100 Millions in the
previous year.
The Company’s
Production and Sales have recorded a significant growth over the previous year.
Capacity utilization was also higher as compared to industry’s average. The
Company has consciously been following a policy of steady growth in production
for last several years.
The Company has
recently commissioned a new production unit at Dullagarh, near Kolkata, West
Bengal. The new unit is producing various grade of Compounds which includes
XLPE, Filled PP for furniture and appliances, Filled PE Compounds for antifab
used for Woven Sack, white and black Master Batches, Rigid and Flexible PVC
Compound used for Cable Insulation, Footwear & Pipe Jointing and other value
added composition like Zero Halogen Fire Retardant Compound and Engineering
Plastics. The Company continued its on-going effort to increase all – round
efficiency and reduced cost.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GLOBAL ECONOMIC OVERVIEW:
The overall global
economic outlook remained “positive for India in the financial year 2010-2011”.
The recovery from recession which started in the second half of financial year
2009-10 continued for the most part of the Financial Year 2010-11.
The Indian economy
achieved GDP growth of 8.58 % in respect of Financial Year 2010-2011.
However, the
current financial year (2011-2012) does not depict encaursing since. USA is
almost under recession.
The European Union
is under alarming threat of “debt bubble bust”.
The Indian economy
is, today, fully integrated with that of the world economy. Any adverse
economic development, in any part of the world, will have direct impact on the
Indian economy. Analyst say predict that the GDP growth for 2011-2012 will not
even touch 8%, although the Government is optimistic of 9% GDP growth.
The inflation,
which has touched 9%, in the second quarter of the current financial year and
series of interest rate hike, will negatively impact the top line and bottom
line of companies across India. Moreover, since 12% of the total land areas of
USA is under drought, the world food prices and that of India also will remain
high. Thus the disposable income of people across the world will definitely
shrink.
Because of high
inflation the level of consumption will also go down.
INDUSTRY OVERVIEW
The products of
company find application mainly in cable industries, packaging industries and
footwear Industries. These industries had done fairly well in 2010-2011 and
consequently it positively impacted the top line of the company. However, the
current year seem to be challenging for the company, mainly due to high
inflation and series of interest rates hike. Moreover, the question of price
stability in polymer market across India is uncertain.
Company’s
Performance:
A. Financial Performance:-
· Gross turnover for the year is Rs.8460.000 Millions against Rs.7290.000 Millions in 2009 – 10.
· PBIDT for the year Rs.460.700 Millions as against 560.900 Millions in 2009-10.
· Profit after Tax for the year Rs.191.300 Millions against Rs.299.100 Millions in 2009-10.
· Capital Structure of the Company as at 31st March 2011 is Rs.184.900 Millions comprising of 18494586 nos. of equity shares of Rs. 10/- each.
· The Board of Directors has recommended an equity dividend of 22% i.e. Rs.2.20 per equity shares of Rs.10/- each.
B. Product wise operational performance:-
Product wise the
company is engaged in manufacturing of the following products, the performance
of which is discussed in the following lines-
PVC Compound and
Master Batches
The Production of
PVC Compound and Master Batches for the current year was 36915 MT as against
39216 MT for the previous year. The turnover from PVC Compound and Master
Batches was Rs.2530.500 Millions this year as against Rs.2290.700 Millions for
the last year.
PE Compounds
The production of PE Compound for the current year stood at 73110 MT as
against 60607 MT for the last year. Turnover was Rs. 4947.805 Millions this
year as against Rs.40700.160 Millions last year.
Agglomerates, Reprocessed Granules and Scraps
The production of the above items are 3713, 481 and 1785 MT
respectively. Turnover from these items are 1233 lacs, 162 lacs and 114 lacs
respectively.
FUTURE OUTLOOK
The Company
continued itself of being one of the market players in manufacturing of polymer
compounds. They have offered a range of products to domestic and industrial
users. In the years to come they will come up with more and more range of new
products to satisfy the needs of the Customers. Kalpena Industries Limited is
confident of accomplishing volume growth and consequently the market share in
very near future. The company, being the only local player for Medium Voltage
cables, enjoys possibility of achieving higher volumes and margins. The
marketing team is making incessant effort for increasing the presence in
overseas market. Increase application of polymers and Performance polymers in
the field of Consumer durable, Automobiles and also in Alternative and
Renewable Energy sector provide ample opportunity to Kalpena in the field of
polymer and performance polymer to enhance its business.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
Letter of Credit |
676.932 |
213.408 |
|
Bank Guarantee |
48.760 |
23.083 |
|
Excise duty demands pending in appeal with CEGAT |
1.330 |
1.330 |
|
Penalty Levied by Excise Authorities |
1.605 |
1.605 |
FIXED ASSETS
TANGIBLE ASSETS
· Free hold land
· Factory Building
· Plant and Machinery
· Furniture and Fixture
· Motor Car
· Scooter, Moped and Cycle
· Laboratory Equipment
· Electrical Installation
· Office Equipment
· Air Conditioner
· Computer
INTANGIBLE ASSETS
·
Technical Knowhow
WEBSITE DETAILS:
PROFILE:
Subject is part of a dynamic industrial house of Surana's. In last 3
decades it has attained the status of most respected Polymer Compounder in
India. During these 3 decades we have moved from Producer of commodity
Compounds like PVC Compounds to high performance compounds like Medium Voltage
Insulation and Semi Conducting grades.
Under the dynamic and able leadership of its promoters the company has moved
from annual capacity of 3000 tons to a level of 150000 tons plus. This could be
achieved due to investment in Modern Equipments and World Class R&D set up
under the supervision of highly competent and enabled personnel's in every
field be it Manufacturing, Marketing or R&D. Continuous improvements and
focus on new product developments along with use of most modern quality tools
have ensured that company keep pace with ever growing quality requirements of
the customers as well as industry in general.
Company have always focused in expanding its reach by servicing new
geographic's as well as developing new products continuously. Regular and
consistent exports to almost 24 countries of various products is testimony of
their capabilities. The customer's retention is their prime objective and they
have always worked hard to device tools to satisfy the customers apart from
offering unparalleled quality. This combination of good product quality and
superior services have allowed them to penetrate markets across the globe and
help them to retain and expand their customer base in the times of intensified
competition.
As in the past they have never settled with their past laurels and have tried
to improve their performance with every passing month, quarter and year. Even
today they are moving ahead with same vigor to maintain the high growth rate.
Company have already taken up major expansion plan to increase the capacity of
existing products like PVC Compounds, XLPE, Semi Conducting and Filled Master
Batches. Company is also working on launch of new products. The products in
pipeline are cross Linkable varity of Halogen Free Flame Retardant, Strippable
Semicon for cable industry, the engineering plastic products for automobile and
appliance industries. They are also working on the product areas meant for
alternative source of energy like Solar Energy etc.
The Pillars
Today, under the dynamic stewardship of Mr. D.C. Surana, Chairman and Mr.
Narrindra Suranna, Vice Chairman and M.D. the group has culminated to attain a
status of largest manufacture of polymer compounds in India with an installed
capacity of PVC compounds 30,000 MT, Silane based compound 40,000 MT, XLPE
compound 12,000 MT, PE and PP filled compound 36,000 MT, Semicon compound 6,000
MT for strippable and non-strippable applications. In additional to above, KIL
is manufacturing speciality compounds and master Batches each 6,000 MT per
annum. The quality of all products conforms to national and international
standards.
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.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.