MIRA INFORM REPORT
|
Report Date : |
31.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JUMBO BAG LIMITED |
|
|
|
|
Registered
Office : |
S. K. Enclave New No.4 [Old No.47], |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
29.11.1990 |
|
|
|
|
Com. Reg. No.: |
18-019944 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 83.737 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36991TN1990PLC019944 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ00416D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Flexible Intermediate Bulk Containers |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 720900 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
seems to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ (Long Term rating) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
23.01.2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
S. K. Enclave New No.4 [Old No.47], |
|
Tel. No.: |
91-44-26451722/ 26461415/ 26452325 |
|
Fax No.: |
91-44-26451720/ 24347433 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office/ Factory1 : |
No.75, Thatchur Kootu Road, Panjetty Village, Ponneri Taluk,
Tiruvallur District - 601 204 |
|
Tel. No.: |
91-44-27984336/ 37/ 38 |
|
Fax No.: |
91-44-27984245 |
|
|
|
|
Factory 2 : |
No.106, G.N.T. Road, Athipedu Village, Alinjivakkam P.O., Ponneri
Taluk, Tiruvallur District - 600 067 |
|
|
|
|
Branch Office: |
TA2, 3rd Floor, Lake City Mall, Kapurbawdi
Junction, Thane – 400607, Tel :
91-22 -25412210 / 11 / 12 Fax :
91-22-25412213 |
|
|
|
|
Overseas Office: |
2150-A, Tel : 1
770 295 0031 Toll Free : 1
866 587 8682 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. N. D. Prabhu |
|
Designation : |
Chairman * |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. K. J. M. Shetty |
|
Designation : |
Director ** |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. G Sudhakar |
|
Designation : |
Vice Chairman |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. G P N
Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G Radhakrishna |
|
Designation : |
Director |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. M. Rama Rao |
|
Designation : |
Director |
|
Other Directorship : |
Suryachandra Paper Mills Limited |
|
|
|
|
Name : |
Dr. Gaddam Kumar Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Krishnamurthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.V Ananthakrishna [w.e.f.
31.05.2010] |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. B. Surender |
|
Designation : |
Director *** |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. G. S. Anil Kumar |
|
Designation : |
Director - Finance |
|
|
|
|
Name : |
Mr. G. P. Ramraj |
|
Designation : |
Director – Marketing |
* has retired from Chairmanship and Directorship w.e.f 1st September
2010.
** has been elected as the Chairman w.e.f 1st September 2010.
*** has retired from Directorship w.e.f 28th January 2011.
KEY EXECUTIVES
|
Name : |
Mr. Jayanth Viswanathan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1002752 |
11.98 |
|
|
2632200 |
31.43 |
|
|
3634952 |
43.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3634952 |
43.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15600 |
0.19 |
|
|
100 |
0.00 |
|
|
15700 |
0.19 |
|
|
|
|
|
|
497790 |
5.94 |
|
|
|
|
|
|
2711293 |
32.38 |
|
|
1373147 |
16.40 |
|
|
140818 |
1.68 |
|
Clearing Members |
1543 |
0.02 |
|
Hindu Undivided
Family |
115706 |
1.38 |
|
Non Resident Indians |
23569 |
0.28 |
|
|
4723048 |
56.40 |
|
Total Public shareholding (B) |
4738748 |
56.59 |
|
Total (A)+(B) |
8373700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
8373700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Intermediate Bulk Containers |
||||
|
|
|
||||
|
Products : |
·
Regular Jumbo Bags ·
Conductive Jumbo Bags ·
Dissipative Jumbo Bags ·
Liners with or without Tabbing ·
Models of Jumbo Bags ·
Speciality Jumbo Bags - Clean Room Bags ·
UN Bags - All Types and Model Bags |
PRODUCTION STATUS (As on 31.03.2011)
|
Capacity and
Production |
Unit (2010-11) |
|
Class of Goods : Intermediate Flexible Containers, Fabric, Components
of Jumbo, Liner and Small Bags |
|
|
Licensed Capacity (in MT) |
8870.000 |
|
Installed Capacity (in MT) |
6070.000 |
|
Actual Production (in MT) |
4894.795 |
|
|
|
The Installed Capacity is technically
evaluated as certified by the management and accepted by auditors (per year on
a continuous shift basis)
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
·
State Bank of ·
State Bank of ·
Indian Overseas Bank |
|||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors |
|
|
Name : |
M.Srinivasan and Associates Chartered Accountants |
|
Address : |
No.5, 9th Floor, B Wing Parsn Manere, 602, Anna Salai, Chennai
– 600 006, |
|
|
|
|
Associate
Company: |
·
Stanpacks ( ·
JBL Saks Private Limited, |
|
|
|
|
Subsidiary
Company: |
·
Jumbo Bag LLC |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,40,00,000 |
Equity Share |
Rs.10/- each |
Rs. 140.000 Millions |
|
6,00,000 |
Redeemable cumulative preference Shares |
Rs.100/- each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,73,700 |
Equity Share |
Rs.10/- each |
Rs. 79.737
Millions |
|
|
Add: Shares Forfeited Account |
|
Rs. 4.080
Millions |
|
|
Total |
|
Rs. 83.817 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 |
83.817 |
83.817 |
68.137 |
|
|
2] Share Warrant Account |
0.000 |
0.000 |
10.700 |
|
|
3] Reserves & Surplus |
96.412 |
89.974 |
72.307 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
180.229 |
173.791 |
151.144 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
351.954 |
253.767 |
229.351 |
|
|
2] Unsecured Loans |
16.110 |
4.510 |
14.967 |
|
|
TOTAL BORROWING |
368.064 |
258.277 |
244.318 |
|
|
DEFERRED TAX LIABILITIES |
40.471 |
39.134 |
38.040 |
|
|
|
|
|
|
|
|
TOTAL |
588.764 |
471.202 |
433.502 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
241.648 |
250.712 |
253.592 |
|
|
Capital work-in-progress |
0.000 |
0.000
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.227 |
0.228 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
154.378
|
146.627
|
130.164 |
|
|
Sundry Debtors |
189.542
|
100.905
|
80.144 |
|
|
Cash & Bank Balances |
15.814
|
8.206
|
9.518 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
69.453
|
58.434
|
54.088 |
|
Total
Current Assets |
429.187
|
314.172
|
273.914 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
64.395
|
67.894
|
71.997 |
|
|
Other Current Liabilities |
6.786
|
6.999
|
2.041 |
|
|
Provisions |
11.117
|
19.017
|
20.467 |
|
Total
Current Liabilities |
82.298
|
93.910
|
94.505 |
|
|
Net Current Assets |
346.889
|
220.262
|
179.409 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.501 |
|
|
|
|
|
|
|
|
TOTAL |
588.764 |
471.202 |
433.502 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover net |
1028.222 |
674.800 |
754.762 |
|
|
|
Operational Income |
1.099 |
11.356 |
0.903 |
|
|
|
Other Income |
10.748 |
3.565 |
6.458 |
|
|
|
TOTAL (A) |
1040.069 |
689.721 |
762.123 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
918.404 |
600.806 |
646.441 |
|
|
|
Administrative Expenses |
29.620 |
26.245 |
27.836 |
|
|
|
Selling Expenses |
44.841 |
31.777 |
36.609 |
|
|
|
Misc. Expenses Written off |
0.000 |
0.501 |
0.501 |
|
|
|
(Increase) / Decrease in Stock |
(19.520) |
[26.595] |
[19.773] |
|
|
|
TOTAL (B) |
973.345 |
632.734 |
691.614 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.724 |
56.987 |
70.509 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.907 |
27.963 |
31.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.817 |
29.024 |
38.545 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.793 |
18.410 |
17.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.024 |
10.614 |
21.471 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.926 |
4.702 |
7.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.098 |
5.912 |
14.351 |
|
|
|
|
|
|
|
|
|
Add |
Prior period
adjustments |
0.340 |
0.155 |
0.136 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.621 |
30.554 |
21.665 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
4.785 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.813 |
|
|
BALANCE CARRIED
TO THE B/S |
43.059 |
36.621 |
30.554 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
318.245 |
199.439 |
278.829 |
|
|
|
|
|
|
|
|
|
IMPORTS |
193.118 |
194.108 |
149.813 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.76 |
0.75 |
2.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
225.720 |
207.740 |
219.790 |
199.490 |
|
Total Expenditure |
207.970 |
188.130 |
199.650 |
76.470 |
|
PBIDT (Excl
OI) |
17.750 |
19.610 |
20.140 |
23.020 |
|
Other Income |
0.050 |
0.630 |
0.270 |
0.000 |
|
Operating
Profit |
17.800 |
20.240 |
20.410 |
23.020 |
|
Interest |
10.460 |
12.550 |
13.270 |
16.330 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
7.340 |
7.690 |
7.130 |
6.690 |
|
Depreciation |
4.790 |
5.150 |
4.530 |
4.860 |
|
Profit
Before Tax |
2.550 |
2.520 |
2.600 |
1.830 |
|
Tax |
0.920 |
0.910 |
0.930 |
0.120 |
|
Reported PAT |
1.640 |
1.600 |
1.670 |
1.710 |
|
Extraordinary Items |
(0.100) |
0.100 |
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 |
1.530 |
1.700 |
1.670 |
1.710 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.58
|
0.86
|
1.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.87
|
1.57
|
2.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34
|
1.88
|
4.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.49
|
2.03
|
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.21
|
3.34
|
2.90 |
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 |
Yes |
|
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 |
Yes |
|
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] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
BUSINESS PERFORMANCE
The consolidated
revenue of Jumbo Bag Limited is Rs.1040.000 Millions for the financial year
ended 31st March 2011 as compared to the revenue of Rs 690.000 Millions for
previous year. The consolidated Net Profit for the fiscal year ended 31st March
2011 stood at Rs 6.400 Millions as against the previous year’s consolidated Net
Profit of Rs 6.100 Millions
MANAGEMENT
DISCUSSION AND ANALYSIS:
Global Economy
Outlook
World growth is
projected at about 4.25 percent in 2011.
(Source: IMF)
There is underlying
uncertainty in the global economy. US has still not recovered from the
recession and there are repeated problems about crisis in some European
countries.
INDIAN ECONOMY:
The Indian
economy, on the back of improved agricultural output, strong private
consumption, robust investment, and a pick-up in exports, has rebounded
strongly with a GDP growth of 8.6 per cent in 2010- 11. However, inflation has
emerged as a major concern. While the GDP has shown a slight increase during
the year 2010-11 as compared to the year 2009-10, the overall expectations of
attaining the double digit GDP growth is still eluding India. The Ministry of
Finance indicates that a growth of 9% is expected during the year 2011-12.
Taking into consideration the continued tightening of monetary policy and
further escalation in global oil prices, it is expected that India will be able
to achieve a GDP growth rate of 8 to 8.5% during the financial year 2011-12.
The Indian manufacturing industry had registered an overall growth of only 7.8%
during April-February 2010-11 as against 10% seen during April-February
2009-10.
The increase in
inflation from 8.31% in February 2011 to 8.98% in March 2011, will affect the
performance of most companies. The high interest rate regime is a compromise
for high growth and not enough is being done to control inflation through
supply side interventions.
OVERALL INDUSTRY
OUTLOOK AND FIBC MARKET OUTLOOK:
The $500 billion
global packaging industry is multi-technology, multi product and multi process
industry. The company is focused on the $5 Billion FIBC segment. The company
has a market share of about 7% of domestic demand (Source: Crisil). The FIBC
industry is set to grow at about 5% globally and 13-15% per annum domestically
over the next five years basically on account of growing demand for FIBC in
end-use industry and growing acceptance of FIBC over other forms of packaging.
DEMAND FROM
END-USE INDUSTRIES TO GROW SIGNIFICANTLY
60% of the
domestic FIBC demand is due to the petrochemical and mineral industries. The
petrochemical industry, which accounts for 40% of the company’s sales, is
expected to be one of the fastest growing end-use segments for FIBCs.
FIBC IS BEING
PREFERRED TO OTHER FORMS OF PACKAGING
Packing materials
made from textiles include wrapping fabric, polyolefi n woven sacks, hessian
(commonly known as jute) bags and FIBCs. Industries that predominantly use
packaging textiles are increasingly switching to FIBC as it offers benefits
over the hessian bags, such as lower cost, better protection of contents, ease
in procurement of the required polymer grades and more convenient handling.
Further, FIBCs are finding newer applications such as UN bags (for hazardous
goods) and clean room bags (used for food products such as milk powder, starch,
spices and bulk drugs). These are a small but growing proportion of the total
domestic FIBC consumption.
REVIEW OF
OPERATIONS:
Though the
company’s top line performance had increased by 51% from Rs. 690.000 Millions
to Rs. 1040.000 Millions, it did not result in increase in the bottom line due
to high manufacturing cost and volatile raw material prices. Although the order
positions have never been a problem, the major concern for the company remains
shortage of labour and power.
SEGMENT WISE
PERFORMANCE:
Manufacturing
The manufacturing
industry in
Trading
They had in the
previous annual report reported that the company had been appointed by Indian
Oil Corporation Limited (IOCL) as one of its
FINANCIAL ANALYSIS:
The interest and
financial charges have gone up by Rs. 12.000 Millions, partially due to
increase in rate of interest and partially due to reduction in TUF benefits for
the year 2010-11. The bank charges have gone up substantially from Rs. 4.979 Millions
to Rs. 8.601 Millions, primarily due to bank guarantee and sanction fee for
IOCL business.
The performance
for the financial year 2010-11 was adversely affected largely due to
1. Power situation
in Tamil Nadu.
2. Shortage of
labour
3. High and volatile
raw material prices
Company has been
purchasing power from private parties at rates higher than the grid power.
Though this is cheaper than diesel cost it is still hurting company’s bottom
line. The labour shortage is a problem across the country and company is
initiating several HR measures to retain and attract people. The company is
trying to hedge the raw material costs to the extent possible but sudden
fluctuation in prices makes it difficult to pass on the entire increase to
customers.
STATEMENT
OF AUDITED RESULTS FOR THE YEAR ENDED 31.03.2012
|
Particulars |
3 months ended (31.03.2012) |
Preceding 3 months ended (31.12.2011) |
Year Ended (31.03.2012) |
|
|
Unaudited |
Audited |
|
|
1. Income from operations |
|
|
|
|
(a) Net sales/income from operations (Net of excise duty) |
197.398 |
217.954 |
814.679 |
|
(b) Other operating income |
2.091 |
6.874 |
18.797 |
|
Total income from operations (net) |
199.489 |
224.828 |
833.476 |
|
2. Expenditure |
|
|
|
|
(a) Cost of materials consumed |
84.432 |
148.000 |
535.909 |
|
(b) Purchases of stock-in-trade |
|
|
|
|
(c) Changes in inventories of finished goods, work-in progress and
stock-in-trade |
24.223 |
(11.032) |
(20.048) |
|
(d) Employee benefits expense |
17.951 |
159.747 |
62.917 |
|
(e) Depreciation and amortization expense |
4.860 |
4.526 |
19.326 |
|
(f) Other expenses(Any item exceeding 10% of the total expenses
relating to continuing operations to be shown separately) |
49.869 |
(97.058) |
170.086 |
|
Total expenses |
181.335 |
204.183 |
768.190 |
|
3. Profit from Operations before
Other income, interest and Exceptional Items (12) |
18.154 |
20.645 |
65.286 |
|
4. Other Income |
-- |
|
0.000 |
|
5. Profit before Interest and
Exceptional Items (3+4) |
18.154 |
20.645 |
65.286 |
|
6. Interest |
16.330 |
18.044 |
55.588 |
|
7. Profit after Interest but
before exceptional |
1.824 |
2.601 |
9.698 |
|
8.Exceptional Items |
-- |
-- |
-- |
|
9. Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
1.824 |
2.601 |
9.698 |
|
10. Tax expense |
0.119 |
0.933 |
2.883 |
|
11. Net Profit after tax (9-10) |
1.705 |
1.668 |
6.815 |
|
12. Extraordinary items |
-- |
-- |
-- |
|
13. Net Profit (+)/ Loss (-) for the period (11-12) |
1.705 |
1.668 |
6.815 |
|
14. Paid - Up equity share capital
(Face value of the share IS Rs. 10) |
83.737 |
83.737 |
83.737 |
|
15. Reserves excluding Revaluation
Reserves as per balance sheet of previous accounting year |
--- |
-- |
-- |
|
Earnings per share Basic & Diluted |
0.21 |
0.20 |
0.83 |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17. Public shareholding |
|
|
|
|
- Number of shares |
4738748 |
4738848 |
4738748 |
|
- Percentage of shareholding |
56.59 |
56.59 |
56.59 |
|
18. Promoters and Promoters' Group
Shareholding |
|
|
|
|
- (a) Pledged/Encumbered |
|
|
|
|
-
No. of Shares |
-- |
-- |
-- |
|
-
Percentage of Shares (as a % of the total outstanding of Promoters and
Promoters' groups) |
-- |
-- |
-- |
|
-
Percentage of Shares (as a % of the total share capital of the
Company) |
-- |
-- |
-- |
|
- (b) Non-Encumbered |
|
|
|
|
-
No. of Shares |
3634952 |
3634852 |
3634952 |
|
- Percentage of Shares (as a % of the total
outstanding of Promoters and Promoters' groups) |
100.00 |
100.00 |
100.00 |
|
-
Percentage of Shares (as a % of the total share capital of the
Company) |
43.41 |
43.41 |
43.41 |
|
Investor Complaints |
Particulars 3
months ended (31.03.2012) |
|
Pending at the beginning of the quarter. |
Nil |
|
Received during the quarter. |
Nil |
|
Disposed of during the quarter. |
Nil |
|
Remaining unresolved at the end of the quarter. |
Nil |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
31.03.2012 |
|
EQUITY
AND LIABILITIES |
|
|
Shareholders' funds |
|
|
(a) Share capital |
87.817 |
|
(b) Reserves and surplus |
109.627 |
|
(c) Money received against share warrants |
|
|
Sub-total - Shareholders' funds |
197.444 |
|
Share application money pending allotment |
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
28.601 |
|
(b) Deferred tax liabilities (net) |
41.572 |
|
(c) Other long-term liabilities |
5.001 |
|
(d) Long-term provisions |
0.421 |
|
Sub-total - Non-current liabilities |
75.595 |
|
Current
liabilities |
|
|
(a) Short-term borrowings |
372.370 |
|
(b) Trade payables |
88.796 |
|
(c) Other current liabilities |
25.009 |
|
(d) Short-term provisions |
27.707 |
|
Sub-total - Current liabilities |
513.882 |
|
TOTAL
- EQUITY AND LIABILITIES |
786.921 |
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
241.952 |
|
(b) Non-current investments |
0.227 |
|
(c) Deferred tax assets (net) |
|
|
(d) Long-term loans and advances |
16.020 |
|
(e) Other non-current assets |
1.781 |
|
Sub-total - Non-current assets |
259.980 |
|
Current
assets |
|
|
(a) Current investments |
|
|
(b) Inventories |
225.228 |
|
(c) Trade receivables |
246.102 |
|
(d) Cash and cash equivalents |
16.955 |
|
(e) Short-term loans and advances |
38.093 |
|
(f) Other current assets |
0.563 |
|
Sub-total - Current assets |
526.941 |
|
TOTAL
- ASSETS |
786.921 |
SEGMENT
WISE REPORTING FOR THE YEAR ENDED 31.03.2012
(Rs. in Millions)
|
Particulars |
3 months
ended 31.03.2012 |
Previous 3 months ended 31.12.2011 |
Year ended 31.03.2012 |
|
|
Unaudited |
Audited |
|
|
1. Segment Revenue |
|
|
|
|
(Net Sales / Income from each segment
should be disclosed under this head) |
|
|
|
|
(a) Segment A - Manufacturing Business |
190.058 |
208.745 |
797.404 |
|
(b) Segment B - Trading Business |
9.431 |
16.083 |
36.072 |
|
(c) Unallocated |
-- |
-- |
-- |
|
Total |
199.489 |
224.828 |
833.476 |
|
Less:
Inter Segment Revenue |
-- |
|
-- |
|
Net Sales / Income from Operations |
199.489 |
224.828 |
833.476 |
|
2. Segment Results - Profit (+) / Loss (-)
before tax and interest from each segment |
|
|
|
|
(a) Segment A - Manufacturing Business |
11.404 |
13.608 |
41.732 |
|
(b) Segment B - Trading Business |
2.458 |
2.267 |
7.779 |
|
(c) Unallocated |
|
|
|
|
Total |
13.862 |
15.875 |
49.511 |
|
Less: (i) Interest |
12.038 |
13.274 |
39.813 |
|
(ii) Other Un-allocable Expenditures Net
off |
-- |
-- |
-- |
|
(iii) Unallocable Income |
-- |
-- |
-- |
|
Total Profit before tax |
1.824 |
2.601 |
9.698 |
|
3. Capital Employed |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
(a) Segment A |
197.444 |
195.739 |
197.444 |
|
(b) Segment B* |
-- |
-- |
-- |
|
(c) Unallocated |
-- |
-- |
-- |
|
Total |
197.444 |
195.739 |
197.444 |
*There is no Long Term Fixed Capital Employed, only Short Term Working
Capital is employed and this is of fluctuating nature
1. The above
audited results were reviewed by the Audit Committee on its meeting held on
29.05.2012 and were taken on records by the Board at its meeting held on
29.05.2012
2. The Board has
recommended to skip the dividend for the year 2011-12
3. The company is
currently focusing on two business segments viz, manufacturing of FIBC Bags and
Trading in Raw Materials. The Organizational structure is designed for
effective management of segment while retaining focus on each one of them.
4. Previous year
Figures have been regrouped/ restated wherever necessary
5. Figures for the
quarter ended March 31, 2012 and March 31,2011 are the balancing figure between
audited figures in respect of full financial year and published year to date
figures upto third quarter of the relevant financial year
Contingent Liabilities
(Rs. in millions)
|
PARTICULARS |
|
|
Contingent Liabilities not
provided for |
31.03.2011 |
|
a. In respect of guarantees given by the Company b. Letter of credit for purchase of raw-materials c. Claims not acknowledged as debts d. Estimated amount of contracts remaining to be executed on Capital accounts, not
provided for e. Disputed amount of Sales Tax f. Disputed amount of Central Excise g. Disputed interest on Income Tax h. Disputed TDS |
40.562 19.475 Nil 46.500 0.211 5.069 3.364 0.514 |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Vehicles
- Electrical and Electronics Equipment
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.55.44 |
|
|
1 |
Rs.87.12 |
|
Euro |
1 |
Rs.68.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.