MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEO CORP INTERNATIONAL LIMITED (w.e.f. 29.01.2008) |
|
|
|
|
Formerly Known
As : |
NEO SACK LIMITED |
|
|
|
|
Registered
Office : |
220, Mahavir Industrial Estate, |
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|
|
|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
15.02.1985 |
|
|
|
|
Com. Reg. No.: |
11-223220 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.140.222 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24132MH1985PLC223220 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLN00154A |
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|
|
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PAN No.: [Permanent Account No.] |
AAACN6513A |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacture of technical textiles. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3763000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed 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) |
|
|
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/ Regional Marketing Office 1 : |
220, Mahavir Industrial Estate, |
|
Tel. No.: |
91-22-26879510 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
|
|
Corporate Office : |
Trivedi Chambers 2, Maharani Road, Indore-452007, Madhya Pradesh,
India |
|
Tel. No.: |
91-731-4211900 |
|
Fax No.: |
91-731-4211944 |
|
|
|
|
Factory : |
Sector 1, Plot No.62/63/64-A, Industrial Area, Pithampur–454775,
Madhya Pradesh, India |
|
Tel. No.: |
91-7292-410400 |
|
Fax No.: |
91-7292-420499 |
|
|
|
|
Regional Marketing Office : |
Also located at: v v Kolkata v Mumbai v Ahmedabad v v v Mangalore |
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|
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|
International Office : |
Located at: v v v |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. K S Trivedi |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sunil Trivedi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. P Sharma |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. D. Trivedi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Shrawan Kumar Patodi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sanjay Trivedi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ladharam Patel |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rolland Coderre |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Swati Gangrade |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,833,998 |
27.34 |
|
Bodies Corporate |
799,984 |
5.71 |
|
Sub Total |
4,633,982 |
33.05 |
|
(2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4,633,982 |
33.05 |
|
|
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
5,600 |
0.04 |
|
Financial Institutions / Banks |
200 |
- |
|
Foreign Institutional Investors |
713,129 |
4.75 |
|
|
718,929 |
4.79 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
4,825,849 |
32.12 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100
million |
2,489,944 |
16.58 |
|
|
2,011,590 |
13.39 |
|
|
341,904 |
2.28 |
|
NRIs/OCBs |
317,809 |
2.12 |
|
Clearing Members |
24,095 |
0.16 |
|
Sub Total |
9,669,287 |
64.37 |
|
|
10,388,216 |
69.15 |
|
|
15,022,198 |
100 |
|
|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
23,000,000 |
- |
|
|
23,000,000 |
- |
|
Total (A)+(B)+(C) |
38,022,198 |
- |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of technical textiles. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Agrotech |
Kg |
2000000 |
1930414 |
|
Packtech |
Kg |
21000000 |
20085218 |
|
Geotech |
Kg |
600000 |
137054 |
|
RP Granuals / Master Batch |
Kg |
1500000 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
700 (Approximately) |
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Bankers : |
v
State Bank of v State Bank of Travancore v
State Bank of v Punjab National Bank v IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
A.P. Garg and Company Chartered Accountant |
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Address : |
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Subsidiaries : |
Ř Euro Plast
Limited, Ř Sacos Indigo
Private Limited |
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|
|
|
Associates : |
Ř Panam Packers
Private Limited Ř Synergy
Education International (Private) Limited Ř Vishwkarma
Creations (Private) Limited Ř Olympain Investors
and Traders Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs. 170.000 Millions |
|
1000000 |
Cumulative Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 180.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14022198 |
Equity Shares |
Rs.10/- each |
Rs. 140.222
Millions |
|
|
|
|
|
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.10/- each |
Rs. 700.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38022198 |
Equity Shares |
Rs.10/- each |
Rs. 380.222
Millions |
|
|
|
|
|
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 |
140.222 |
158.088 |
112.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
800.542 |
426.220 |
339.107 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
940.764 |
584.308 |
451.457 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
991.148 |
722.842 |
459.813 |
|
|
2] Unsecured Loans |
130.321 |
23.891 |
17.619 |
|
|
TOTAL BORROWING |
1121.469 |
746.733 |
477.432 |
|
|
DEFERRED TAX LIABILITIES |
37.092 |
25.686 |
22.995 |
|
|
|
|
|
|
|
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TOTAL |
2099.325 |
1356.727 |
951.884 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
482.878 |
295.802 |
251.345 |
|
|
Capital work-in-progress |
231.248 |
101.340 |
170.459 |
|
|
|
|
|
|
|
|
INVESTMENT |
185.777 |
81.110 |
58.149 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
573.997
|
295.626 |
311.402 |
|
|
Sundry Debtors |
647.169
|
495.792 |
510.615 |
|
|
Cash & Bank Balances |
42.581
|
57.542 |
25.214 |
|
|
Other Current Assets |
501.021
|
602.571 |
21.243 |
|
|
Loans & Advances |
80.245
|
57.765 |
99.395 |
|
Total
Current Assets |
1845.013
|
1509.296 |
967.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
494.404
|
503.213 |
343.485 |
|
|
Other Current Liabilities |
104.376
|
95.151 |
120.763 |
|
|
Provisions |
47.116
|
32.770 |
32.175 |
|
Total
Current Liabilities |
645.896
|
631.134 |
496.423 |
|
|
Net Current Assets |
1199.117
|
878.162 |
471.446 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.305 |
0.313 |
0.485 |
|
|
|
|
|
|
|
|
TOTAL |
2099.325 |
1356.727 |
951.884 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2285.935 |
1756.227 |
1278.184 |
|
|
|
Other Income |
37.304 |
4.798 |
6.984 |
|
|
|
TOTAL (A) |
2323.239 |
1761.025 |
1285.168 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1944.947 |
1319.610 |
1023.866 |
|
|
|
Excise Duty on Closing Stock |
5.141 |
4.690 |
1.756 |
|
|
|
Manufacturing Expenses |
167.554 |
100.526 |
106.912 |
|
|
|
Administrative & Selling
Expenses |
85.928 |
68.443 |
60.072 |
|
|
|
Preliminary Expenses W/Off |
0.039 |
0.039 |
0.039 |
|
|
|
Prior Period Expenses |
(0.182) |
(0.140) |
0.052 |
|
|
|
Income Tax for Previous years |
0.000 |
0.287 |
0.000 |
|
|
|
Increase / (Decrease) in Stock |
(208.984) |
59.370 |
(55.322) |
|
|
|
TOTAL (B) |
1994.443 |
1552.825 |
1137.375 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
328.796 |
208.200 |
147.793 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
136.885 |
64.130 |
29.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
191.911 |
144.070 |
118.240 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.226 |
26.372 |
20.545 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
166.685 |
117.698 |
97.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.825 |
25.523 |
33.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
141.860 |
92.175 |
63.948 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
272.017 |
187.404 |
131.018 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
2.500 |
2.500 |
|
|
|
Dividend |
7.011 |
4.327 |
|
|
|
|
Tax on Dividend |
1.191 |
0.735 |
|
|
|
BALANCE CARRIED
TO THE B/S |
403.175 |
272.017 |
187.404 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
873.027 |
499.680 |
550.805 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
77.267 |
51.232 |
20.560 |
|
|
|
Stores & Spares |
0.000 |
0.466 |
0.000 |
|
|
|
Capital Goods |
86.547 |
69.507 |
61.067 |
|
|
TOTAL IMPORTS |
163.814 |
121.205 |
81.627 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.04 |
10.65 |
7.39 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4TH
Quarter |
|
Net Sales |
599.920 |
800.110 |
674.700 |
765.360 |
|
Total Expenditure |
503.060 |
684.580 |
624.770 |
644.810 |
|
PBIDT (Excl OI) |
96.860 |
115.530 |
49.930 |
120.550 |
|
Other Income |
4.370 |
38.210 |
17.220 |
0.000 |
|
Operating Profit |
101.230 |
153.740 |
67.150 |
120.550 |
|
Interest |
33.470 |
54.100 |
37.760 |
60.210 |
|
Exceptional Items |
0.000 |
(0.010) |
(0.120) |
0.140 |
|
PBDT |
67.760 |
99.630 |
29.270 |
60.480 |
|
Depreciation |
7.980 |
9.570 |
8.660 |
11.170 |
|
Profit Before Tax |
59.780 |
90.060 |
20.610 |
49.310 |
|
Tax |
16.630 |
33.560 |
3.070 |
0.720 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
43.150 |
56.510 |
17.540 |
48.590 |
|
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 |
43.150 |
56.510 |
17.540 |
48.590 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.11
|
5.23 |
4.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.29
|
6.70 |
7.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.16
|
6.52 |
8.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.20 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.40 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86
|
2.39 |
1.95 |
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 |
No |
|
8. No. of Employees |
Yes |
|
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 |
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 |
No |
FINANCIAL PERFORMANCE
During the year, the Company has recorded a turnover of Rs. 2285.935 Millions as against Rs. 1756.227 Millions in the previous year. The Net profit (after tax and extra ordinary items) for the financial year ended 31st March 2011 increased to Rs. 141.861 Millions from Rs. 92.175 Millions in the previous year representing an increase of 53.80% profit after tax.
Indian economy has been witnessing a phenomenal growth since the last decade. The Indian economy, characterized by strong macro-economic fundamentals, has grabbed the world's attention as one of the fastest growing economies with future promise. The country is still holding its ground in the midst of the current global financial crisis.
The technical textiles industry has immense potential in the
developing countries.
Further, Indian Textile Industry contributes about 14% of
the total industrial production of
India Textile Industry involves around 35 million workers
directly and accounts for 21% of the total employment generated in the economy,
the second largest provider of employment after agriculture. Thus, Technical
textiles holds significant potential in
INCREASE IN THE SHARE CAPITAL
The Company has increased its Authorized Share Capital from Rs.180.000 Millions to Rs.700.000 Millions divided into 69000000 equity shares of Rs.10/- each and 1000000 Cumulative Compulsorily Convertible Preference Shares (CCCPs) of Rs. 10/- each in the Extraordinary General Meeting held on 11th April, 2011.
ACQUISITION
The Company has acquired shares of M/s Neoflex Infracon
Limited on 28th May, 2011, which became the Subsidiary of the
Company by virtue of acquisition of shares. Neoflex Infracon Limited is engaged
in the infrastructure development business. NCIL has acquired
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERALL REVIEW
Worldwide,
Technical Textiles are the fastest growing segment of Textile sector. In the
developed countries, the share of such textile products has now reached 60% of
all textiles. The key demand drivers are the growth in GDP and the growth in
infrastructure and overall quality of living.
The company is all
geared to get an opportunity to enter into larger market in the value added
market of FlBC (Flexible Intermediate Bulk Container) and other technical textiles.
The Company embarked on a vigorous growth phase with more concentration in the
manufacture of high quality environment friendly technical textiles falling
under Packtech, Geotech, Agrotech and Oekotech segments.
The company's
growth graph with respect to the financials showed a steep upward trend on
account of diversification into the value added Packtech products likes FIBC's
for packaging of food products; leno bags and additions of Agrotech products.
SYNOPSISON GROWTH
OF NCIL
Subject was incorporated
in Year 15th February 1985. Subject, since its inception in 1985, is
dedicated in making tailor designed products under Packtech. Subject reached
the status of a fore-runner internationally as a reliable supplier of Packtech
products. With its current growth initiative, Subject has entered into other
technical textile segments like Geotech and Agrotech.
Subject is a
listed Public Limited Company with an equity base of Rs.380.200 millions. It is
listed on the Bombay Stock Exchange, Madhya Pradesh Stock exchange. It
approached public for subscription in 1992 and went through Rights issue in
1996. Subject acquired two
COMPANY'S OUTLOOK
The technical textile
business is one of the most promising and faster growing areas for global and
Indian textile industry. With consistent modernization and expansion with
machinery of latest technology, it is expected that the Company will be able to
improve efficiency and successfully face global competition and will be one of
the leading players in the domestic as well as international markets.
As a strategy,
they always wanted to be one-stop shop for all woven packaging needs of their
customers. To this end, they have developed ourselves as a multi-product,
multi-location and multi-market company serving to the needs of their
customers. Going forward, they propose to add value added products in their
product portfolio. They also propose to further invest in forward and backward
integration.
STATEMENT OF
STANDALONE AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2012
(Rs. in millions)
|
Sr. No. |
Particular |
3 Months Ended |
Preceding 3 Months Ended |
Year Ended |
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Audited) |
|
1. |
Net Sales/Income
from Operations |
765.357 |
674.704 |
2839.884 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of materials consumed |
631.010 |
558.094 |
2284.107 |
|
|
Purchases of stock-in-trade |
2.276 |
0.962 |
18.109 |
|
|
Changes in inventory |
(66.297) |
(32.749) |
(148.632) |
|
|
Employee benefits expense |
27.287 |
11.378 |
75.227 |
|
|
Depreciation and amortisation expense |
11.172 |
8.662 |
37.378 |
|
|
Other expenses |
50.524 |
87.085 |
228.399 |
|
|
Total expenses |
655.972 |
633.432 |
2494.589 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
109.385 |
58.491 |
405.302 |
|
|
|
|
|
|
|
4. |
Other Income |
-- |
-- |
-- |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
109.385 |
58.491 |
405.302 |
|
|
|
|
|
|
|
6. |
Interest |
60.209 |
37.758 |
185.530 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
49.176 |
20.732 |
219.772 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
(0.135) |
0.122 |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
49.310 |
20.611 |
219.772 |
|
|
|
|
|
|
|
10. |
Tax Expense |
0.718 |
3.067 |
53.978 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
48.592 |
17.543 |
165.794 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
48.592 |
17.543 |
165.794 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
380.222 |
380.222 |
380.222 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic |
1.28 |
0.46 |
4.36 |
|
|
b) Diluted |
1.28 |
0.46 |
4.36 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
33388216 |
33388216 |
33388216 |
|
|
- Percentage of Shareholding |
87.81 |
87.81 |
87.81 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
2910860 |
2910860 |
2910860 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
62.82 |
62.82 |
62.82 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
7.66 |
7.66 |
7.66 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
1723122 |
1723122 |
1723122 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
37.18 |
37.18 |
37.18 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
4.53 |
4.53 |
4.53 |
|
Particulars
|
3
Months ended on March 31, 2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1.
The above audited financial results were considered
and adopted by Board of Directors at its meeting held on 30.05.2012
2.
The company operates in a single business segment
i.e. Technical Textiles. Hence the disclosure under Accounting Standard 17 is
not applicable.
3.
Figures of previous period/year have been regrouped/
re‐arranged wherever necessary.
4.
Figures of the last quarter are the balancing
figures between audited figures in respect of the full financial year and
published year to date figures up to third quarter of the current financial
year.
5.
The accounts have been prepared as per Revised
Schedule VI prescribed under the Companies Act, 1956, which had a significant
impact on presentation of accounts.
6.
Board of Directors has recommended dividend at the
rate of Rs. 0.50 per share(5%) on equity shares of the Company for the
financial year ended on 31.03.2012 subject to the approval of the shareholders
at the ensuing Annual General Meeting.
7.
The consolidated audited financial Results includes
the results of subsidiary companies M/s Euro Plast Limited, U.K.,M/s Poly
Logic International Private Limited, M/s
Sacos Indigo Private Limited, M/s Polybase (H.K.) Limited H.K, and M/s Neoflex
Infracon Limited.
|
PARTICULARS |
31.03.2012
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
380.222 |
|
Reserve &
surplus |
1813.270 |
|
Sub-total - Shareholders' funds |
2193.492 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
608.727 |
|
Deferred tax
liability (net) |
82.820 |
|
Long term
provisions |
5.385 |
|
Sub-total - Non-current liabilities |
696.932 |
|
Current
liabilities |
|
|
Short term
borrowings |
929.955 |
|
Trade payables |
711.296 |
|
Other current
liabilities |
297.486 |
|
Short term
provisions |
73.191 |
|
Sub-total - Current liabilities |
2011.928 |
|
Total - Equity & Liabilities |
4902.353 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
1114.411 |
|
Non-current
investment |
468.495 |
|
Long term loans
& advances |
928.384 |
|
Other
non-current assets |
35.045 |
|
Sub-total - Non-current Assets |
2546.335 |
|
Current assets |
|
|
Inventories |
878.389 |
|
Trade
receivables |
640.135 |
|
Cash & bank
balances |
107.714 |
|
Short term loans
& advances |
71.447 |
|
Other current
assets |
658.333 |
|
Sub-total - Current Assets |
2356.017 |
|
Total – Assets |
4902.353 |
FIXED
ASSETS:
v Land and Site Development
v Plant and Machinery
v Building
v Electricity Installation
v Office Equipment
v Vehicles
v Fire Extinguisher
v Furniture and fixture
v Weighing Scales
v Computer
WEB SITE DETAILS
Subject is engaged in manufacture of technical textiles. The Company
provides services in four sectors, which include Packtech, Geotech, Agrotech and
Oekotech. Its range of Packtech products provides solutions for storage
carriage and protection requirements of industrial, agricultural and other
goods. It ranges from relatively heavyweight woven fabrics used for bags, sacks
and carpets to lightweight woven used as leno bags and other food and
industrial product wrappings. Its technical textiles are used for packaging,
apparel, home textiles and automotive manufacturing. The sectors sports
equipments, industrial end-use, as well as medical and sanitary consumables.
Applications for technical textiles in the Agrotech sector include activities
concerned with growing and harvesting of crops and animals. It has Geotextiles
having a range of end uses in pavements and roads; coastal engineering/defense;
landfill, and industrial and contaminated land reclamation. For the nine months
ended 31 December 2010, Subject's revenues increased 58% to RS2.11B. Net income
increased 28% to Rs.115.700 Millions. Revenues reflect an increase in income
from operations and a rise in other income. the presence other income. Net
income was partially offset by an increase in consumption of raw materials, a
rise in employees cost, increased depreciation charge, higher other expenditure
and increased interest expenses.
MANAGEMENT
KAILASH CHANDRA.
S. TRIVEDI - EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Kailash Chandra. S. Trivedi is Executive Chairman of the Board of
Subject. He has done his graduation in arts and has more than 50years of
experience in industry. He has also served the Gujarati Samaj Trust for 40
years at different honorary posts and the last being as the President of the
Trust. During this tenure, the trust built several educational institutions.
ROLLAND CODERRE -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Rolland Coderre is Non-Executive Independent Director of Subject.
Mr. Rolland Coderre is an entrepreneur from Cananda having experience in number
of fields like packaging, construction etc.
LADHARAM PATEL -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Ladharam Patel is Non-Executive
Independent Director of Subject. Mr. Ladharam Patel, B.com has around 40 years
of experience in the business of manufacture and trading of marbles and timber.
PRADHUMAN SHARMA -
WHOLE-TIME DIRECTOR
Shri. Pradhuman Sharma is Whole-Time
Director of Subject. He is DTE, M.A (Economics) and MBA (Finance) gold medalist
and having working experience of over 15 years in various fields of the
industry. He is also a visiting faculty of the DAW for the past 8 years.
DASHRATH BHAI
TRIVEDI - NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Dashrath Bhai Trivedi is Non-Executive
Independent Director of Subject. He has B.A., B.Com. L.L.B has had working
experience in the areas of export, import, share broking and business
experience of almost 20 years in timber.
SANJAY TRIVEDI -
EXECUTIVE DIRECTOR
Shri. Sanjay Trivedi is Executive Director
of Subject. He has done his M.Com and post graduation in management from the
Education
·
M,
SUNIL KUMAR
TRIVEDI - MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Shri. Sunil kumar Trivedi is Managing
Director, Executive Director of Subject is founder of the Company and
associated since incorporation. Shri. Sunil Kumar Trivedi is a matured Business
Personality. He is a graduate in chemical engineering from B.I.T.S., Pilani and
holds a Postgraduate degree in business management. He has a experience in
various business activities and more particularly thorough practical experience
in all the facets of the plastic Industry. He carries a vision of growth of the
Company and has made invaluable contributions to the success and performance of
the Company over the years. Moreover, he is instrumental in moving the company
into export and has developed an export distribution network. He has done his
engineering and post graduation in management with specialization in finance.
Education
·
Chemical Engineering, Birla Institute of Technology
and Science, Pilani
SHRAWAN KUMAR
PATOD - NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Shrawan Kumar Patodi is Non-Executive Independent Director of
Subject. He has B. Com. M.A., LL.B. and D.H.B. He has experience of 7 years as
Export Executive. He has experience of over two decades in the various fields.
THE MILESTONES
|
1985: Incorporation |
|
1993: Became a Public Limited Company |
|
1994: Status of Export House, Recognized By Government of |
|
1995: Second Best Exporter Award by C Ministry of Commerce Govt. of |
|
1996: Right Issue |
|
1997: Broadening of Product Mix by adding FIBC’s |
|
1998: Best Exporter Award by Plexcouncil |
|
1999: Best Exporter Award by AIFTMA |
|
2000-2001: Company got the 2nd Best Exporter’s Award from the Plastic Exporter
Promotion Council (Sponsored by Ministry of Commerce and
Industry, Govt. of India 2001: Awarded Status on “Golden Export House
Certificate “ from the Additional Director of Foreign Trade, Directorate
General of Foreign Trade Ministry of Commerce. |
|
2002-2003 Certificate of Compliance on Quality Management System (ISO
9001-2000) from the International Certificate services ( |
|
2002-2003: Company got Exporter’s Performance Award from All India Flat Tape
Manufacturer Association, |
|
2004-2005: Company got Exporter’s Performance Award from All India Flat Tape
Manufacturer Association, |
|
2005-2006: Expansion Project for setting up of clean room facility and
enhancement of big bag capacity to 3.5 Million bags per annum. |
|
2006-2007: Implementation of 1S0-22000 and HACCP Systems. |
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. 54.55 |
|
|
1 |
Rs. 85.47 |
|
Euro |
1 |
Rs. 68.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.