1. Summary Information
|
|
|
Country |
|
|
Company Name |
HITECH PLAST
LIMITED |
Principal Name 1 |
Mr. Ashwin S. Dani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rajnikant B. Desai |
|
|
|
Registration # |
11-168235 |
|
Street Address |
C-130, Solaris
1, Opposite L and T, Gate No.6, Powai, Mumbai - 400072, Maharashtra |
||
|
Established Date |
16.10.1991 |
SIC Code |
-- |
|
Telephone# |
91-22-40016500 |
Business Style 1 |
Manufacturer of Plastic Containers and Bottles Specially Catering to
Customers relating to paints, healthcare, Consumer Goods, Lube, Pesticides
and Industrial Packaging. |
|
Fax # |
91-22-28574665 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
1000
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
131,757,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate (64.26%) |
Banking |
Kotak Mahindra Bank Limited State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
21 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
Holding Company |
Country
|
Company
Name |
Geetanjali Trading and Investment Private Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
350,059,000 |
Current Liabilities |
147,367,000 |
|
Inventories |
208,725,000 |
Long-term Liabilities |
621,838,000 |
|
Fixed Assets |
557,953,000 |
Other Liabilities |
25,615,000 |
|
Deferred Assets |
000 |
Total Liabilities |
794,820,000 |
|
Invest& other Assets |
367,467,000 |
Retained Earnings |
557,627,000 |
|
|
|
Net Worth |
689,384,000 |
|
Total Assets |
1,484,204,000 |
Total Liab. & Equity |
1,484,204,000 |
|
Total Assets (Previous Year) |
1,147,670,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
2,039,249,000 |
Net Profit |
118,532,000 |
|
Sales(Previous yr) |
1,587,959,000 |
Net Profit(Prev.yr) |
137,481,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HITECH PLAST LIMITED |
|
|
|
|
Registered
Office : |
C-130, Solaris 1, Opposite L and T, Gate No.6, Powai, Mumbai - 400072,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.10.1991 |
|
|
|
|
Com. Reg. No.: |
11-168235 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.757 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28992MH1991PLC168235 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04390B/MUMH12662G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH5161N |
|
|
|
|
Legal Form : |
Public limited
liability company. The company's
shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Containers and Bottles Specially Catering to
Customers relating to paints, healthcare, Consumer Goods, Lube, Pesticides
and Industrial Packaging. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1560000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business 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 – 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 : |
C-130, Solaris 1, Opposite L and T, Gate No.6, Powai, Mumbai - 400072,
Maharashtra, India |
|
Tel. No.: |
91-22-40016500 |
|
Fax No.: |
91-22-28574665 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit 1 Sanaswadi: |
Gut Nos. 939 and 940, Village: Sanaswadi, Taluka- Shirur, District-
Pune, Maharashtra-412 208 |
|
|
|
|
Unit 2 Masat: |
|
|
|
|
|
Unit 3
Puducherry : |
RS No. 146/3/4/5, Ariyur Village, Villianur Commune, Puducherry- 605
102 |
|
|
|
|
Unit 4 Sri Perumbudur: |
F-16/Sipcot Industrial Park, Kancheepuram Sri Perumbudur, Tamil Nadu-
602 106 |
|
|
|
|
Unit 5 Multitech: |
Survey No.374/1, village Galonda, silvassa |
DIRECTORS
As on 30.07.2011
|
Name : |
Mr. Ashwin S. Dani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajnikant B. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rameshchandra S. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harish N. Motiwalla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranjan M. Kapur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwin R. Nagar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jalaj A. Dani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hasit A. Dani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Malav A. Dani |
|
Designation : |
Director in Casual Vacancy w.e.f.
31st January, 2009 |
|
|
|
|
Name : |
Mr. Ashok K. Goyal |
|
Designation : |
Managing Director (CEO) |
|
|
|
|
Name : |
Mr. Somasekhar Sundaresan |
|
Designation : |
Director |
|
|
|
|
AUDIT COMMITTEE: |
Mr. Rameshchandra S. Gandhi Chairman Mr. Harish N. Motiwalla Mr. Ranjan M. Kapur |
|
|
|
|
COMMITTEE OF
DIRECTORS: |
Mr. Ashwin S. Dani Chairman Mr. Jalaj A. Dani Mr. Hasit A. Dani Mr. Malav A. Dani Mr. Ashok K. Goyal |
|
|
|
|
REMUNERATION
COMMITTEE: |
Mr. Rameshchandra S. Gandhi Chairman Mr. Harish N. Motiwalla Mr. Ashwin R. Nagarwadia |
|
|
|
|
INVESTOR’S
GRIEVANCE & SHARE TRANSFER COMMITTEE : |
Mr. Ashwin S. Dani Chairman Mr. Jalaj A. Dani Mr. Hasit A. Dani Mr. Malav A. Dani Mr. Ashok K. Goyal |
|
|
|
|
MANAGEMENT TEAM: |
Mr. Ashok K. Goyal Mr. Harshad B. Desai Mr. Bhupendra P. Dusara Mr. Rajiv T. Gandhe Mr. Neeraj M. Munjal Mr. Gursharan S. Bhamra Mr. Nagaraj M. Khatavkar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Category of Shareholders |
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
317595 |
2.41 |
|
|
8467295 |
64.26 |
|
|
8784890 |
66.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8784890 |
66.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
494100 |
3.75 |
|
|
494100 |
3.75 |
|
|
|
|
|
|
366,989 |
2.79 |
|
|
|
|
|
|
1420388 |
10.78 |
|
|
1295256 |
9.83 |
|
|
814077 |
6.18 |
|
|
159,595 |
1.21 |
|
|
120180 |
0.91 |
|
|
534,302 |
4.06 |
|
|
3896710 |
29.57 |
|
Total Public shareholding (B) |
4390810 |
33.33 |
|
Total (A)+(B) |
13175700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
13175700 |
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 Plastic Containers and Bottles Specially Catering to
Customers relating to paints, healthcare, Consumer Goods, Lube, Pesticides
and Industrial Packaging. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual Production |
|
|
|
|
|
In
House |
Contract
Process |
|
Containers |
MT |
15875 |
13524 |
1906 |
Notes:
1. Installed capacities are as certified by the management on which auditor
have relied
2. All Manufacturing units
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Kotak Mahindra Bank Limited · Standard Chartered Bank ·
Citibank N.A. |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Shah and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Shashank Patki and Associates Chartered Accountant |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Name : |
J.V. Ramanujam and Company Chartered Accountant |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Holding Company : |
·
Geetanjali Trading and Investment Private Limited
|
|
|
|
|
Fellow Subsidiaries: |
·
Coatings Specialties (India) Limited ·
Rangudyan Insurance Broking Service Limited |
|
|
|
|
Subsidiaries: |
·
Clear Mipak Packaging Solution Limited |
|
|
|
|
Related Parties : |
·
Asian Paints Limited ·
Gujarat Organics Limited ·
Pragati Chemicals Limited ·
Resins and Plastics Limited ·
SC Dani Research Foundation Private Limited ·
Suryakant Paint Accessories Private Limited |
|
|
|
|
Employee benefit fund where control exists: |
·
Hitech Plast Employee’s Gratuity Trusts |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13175700 |
Equity Shares |
Rs.10/- each |
Rs.131.757
Millions |
|
|
|
|
|
Note:
[Include 28,96,995 Equity Shares of Rs.10/- each issued as fully paid,
pursuant to the Scheme of Amalgamation of Plastic and Precision Machine fabrik Limited,
without payment received in cash; [Out of the above, 80, 29,295 Equity Shares
of Rs.10/- each are held by Geetanjali Trading and Investments Private
Limited.]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
131.757 |
131.757 |
131.757 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
557.627 |
463.596 |
349.160 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
689.384 |
595.353 |
480.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
508.838 |
336.304 |
130.845 |
|
|
2] Unsecured Loans |
113.000 |
68.367 |
55.080 |
|
|
TOTAL BORROWING |
621.838 |
404.671 |
185.925 |
|
|
DEFERRED TAX LIABILITIES |
25.615 |
20.340 |
17.206 |
|
|
|
|
|
|
|
|
TOTAL |
1336.837 |
1020.364 |
684.048 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
557.953 |
323.817 |
230.759 |
|
|
Capital work-in-progress |
26.578 |
140.557 |
2.663 |
|
|
|
|
|
|
|
|
INVESTMENT |
340.889 |
280.554 |
191.170 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
208.725
|
128.076 |
90.754
|
|
|
Sundry Debtors |
269.686
|
187.758 |
155.125
|
|
|
Cash & Bank Balances |
23.468
|
32.505 |
24.341
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.488
|
|
|
Loans & Advances |
56.905
|
54.403 |
87.309
|
|
Total
Current Assets |
558.784
|
402.742 |
358.017 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
64.451
|
66.081 |
43.241 |
|
|
Other Current Liabilities |
52.384
|
33.509 |
35.238 |
|
|
Provisions |
30.532
|
27.716 |
20.082 |
|
Total
Current Liabilities |
147.367
|
127.306 |
98.561 |
|
|
Net Current Assets |
411.417
|
275.436 |
259.456
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1336.837 |
1020.364 |
684.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2039.249 |
1587.959 |
1343.787 |
|
|
|
Other Income |
11.281 |
13.561 |
17.451 |
|
|
|
TOTAL (A) |
2050.530 |
1601.520 |
1361.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
1275.574 |
946.018 |
836.667 |
|
|
|
Manufacturing Expenses |
229.563 |
175.088 |
142.585 |
|
|
|
Employee Expenses |
111.398 |
86.605 |
68.204 |
|
|
|
Administrative and Selling Expenses |
123.996 |
108.187 |
91.740 |
|
|
|
TOTAL (B) |
1740.531 |
1315.898 |
1139.196 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
309.999 |
285.622 |
222.042 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
90.990 |
50.412 |
65.895 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
219.009 |
235.210 |
156.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.302 |
34.594 |
31.793 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
161.707 |
200.616 |
124.354 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.175 |
63.135 |
31.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
118.532 |
137.481 |
92.579 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
343.830 |
236.269 |
162.961 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.890 |
6.874 |
2.315 |
|
|
|
Dividend |
21.081 |
19.764 |
14.493 |
|
|
|
Tax on Dividend |
3.420 |
3.282 |
2.463 |
|
|
BALANCE CARRIED
TO THE B/S |
428.971 |
343.830 |
236.269 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
326.509 |
188.277 |
279.912 |
|
|
|
Capital Goods |
0.011 |
0.483 |
0.888 |
|
|
|
Others |
1.571 |
1.867 |
1.354 |
|
|
TOTAL IMPORTS |
328.091 |
190.627 |
282.154 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.00 |
10.43 |
7.03 |
|
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
59.835 |
621.070 |
563.740 |
|
Total Expenditure |
50.632 |
522.230 |
485.790 |
|
PBIDT (Excl OI) |
92.030 |
98.840 |
77.950 |
|
Other Income |
0.910 |
2.490 |
4.180 |
|
Operating Profit |
92.940 |
101.330 |
82.130 |
|
Interest |
29.410 |
33.300 |
33.230 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
63.530 |
68.030 |
48.900 |
|
Depreciation |
15.840 |
16.900 |
172.900 |
|
Profit Before Tax |
47.680 |
51.130 |
31.610 |
|
Tax |
13.870 |
14.620 |
7.630 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
33.810 |
36.510 |
23.980 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
33.810 |
36.510 |
23.980 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.78
|
8.58 |
6.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.93
|
12.63. |
9.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.48
|
27.61 |
21.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.33 |
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
0.89 |
0.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
3.16 |
3.63
|
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)
Constitutions of the firm |
Yes |
|
4)
Premises details |
No |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
-- |
|
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 (if applicable) |
-- |
|
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 |
Yes
|
OPERATIONS
Net sales and operating income for the standalone entity increased Rs.2050.000 millions from Rs.1600.000 millions in the previous year – a growth of 28%. The operating profit (PBIDT) increased by 8.5%, from Rs.285.600 millions to Rs.310.000 millions. Despite volume growth of 18.3% over the previous year, operating margins were under pressure because of volatility in polymer prices, which are linked to crude oil prices. Polymer prices were 15% higher as compared to previous year and the entire increase in the prices of polymers could not be passed on to the customers because of lag effect and due to competition in the market place, resulting in profits after tax reduction to Rs.118.600 millions from Rs.137.500 millions
After commissioning of the Rohtak unit in April 2010, the total installed capacities stands at close to 15,875 MT. In the very first year of its operations, Rohtak unit produced as high as close to 2,900 MT.
The consolidated net sales and operating income increased to Rs.3460.000 millions from Rs.2640.000 million – a growth of 31%. The operating profit (PBIDT), increased by 15%, from Rs.416.200 millions to Rs.475.100 millions. Despite volume growth of 20.4% over the previous year, as mentioned above, due to volatility in polymer prices, operating margins were under pressure. Net profit after tax increased to Rs.161.300 millions from Rs.157.300 millions
In the past, initiatives taken by the Management, keeping in mind longer term perspective, of entering into food and pharma sector of FMCG had reaped the benefits with excellent performance reported by the subsidiary during the year. These initiatives have been continued by investing substantially in creating clean room facilities, one of the pre-requisite of food and pharma sector, for sustaining growth.
MANAGEMENT
DISCUSSION AND ANALYSIS
Indian Economic
Review
The financial year 2010-11 has come to close on a high note. The Government collected an all-time high direct tax of Rs.450.000 millions crore in this year - about Rs.40000.000 millions more than the revised budget estimate and 20% over the direct tax collection last year. The country’s GDP growth is likely to come in at 8.4% in the FY 2011 and expected to be sub-8% in FY 2012. The IIP numbers have shown increase of 7.4% in March 2011 compared to 6.8% in March 2010. To curb the rising inflation, the RBI has continuously increased interest rates latest being increase of 50 bps in May 2011.
Packaging Industry
The Company’s main products are rigid plastic containers and bottles specially catering to customers relating to Paints, Healthcare, Consumer Goods, Lube and Pesticides.
Presence of Hitech
Plast in Paint Industry and FMCG Industry
Hitech Plast has presence in supplying rigid packaging to Paint and Fast Moving Consumer Goods (FMCG) industry. The drivers of growth for both these industries have been highlighted herein below:
PAINT INDUSTRY
India’s industry size is estimated to be Rs.190 billion (~ 2 m kilolitres by volume), nearly one and a half times the size of next largest FMCG sub-category (biscuits which is at Rs.120 billion). Despite the large size, the paint industry has posted strong growth sales CAGR of 17.8% over FY05-10. Volume growth of the top-five organized players stood at 13.6% during the same period.
Decorative Paints to
grow faster
The paint market can be divided into two broad product segments – decorative and industrial. In India, decorative paints form the bulk of the market, both in value and volume terms.
Up-trading in
Decorative happening at a faster pace
In the past few years, water based emulsions, comprising nearly one-third of the market, have been increasingly substituting lower-end paints such as distempers, cement paints and enamels. As per the industry sources, growth in emulsions has been significantly higher than that of other paints. High durability, better looking finish in a wider colour-range, more environmental friendly and increasing affordability due to availability of economy emulsions at a relatively lower cost have been driving the shift to emulsions.
Decorative Paints
segmentation
FY12 – FY 13E Decorative paints are set for higher growth, given in-place demand drivers, which are 1) robust economic growth resulting in higher disposable income, 2) real estate boom in the past few years, translating into increase in demand for repainting, 3) continued growth in real estate, 4) launch of `affordable housing’, 5) change in perception towards painting, 6) shift in demographic profile resulting in increase in number of households and 7) various innovations by large players. In addition, it is expected that, apart from overall volume growth, significant up-trading – from cheaper distemper to interior emulsions, cement primers to exterior emulsions and low-end emulsions to premium emulsions, will take place.
FMCG INDUSTRY
The fast moving consumer goods (FMCG) industry, which accounts for 2.2 per cent of India’s GDP, is set to attain size of ` 1300 billion in FY 11. The FMCG industry in India has grown rapidly and the growth rates across different product categories are good indicators of how the Indian consumer has evolved. The sector witnessed a robust year-on-year growth of approximately 11 per cent in the last decade, almost tripling from Rs. 470 billion in FY 2001 to the current size.
The last five years have augured well for the industry with an annual growth rate of approximately 17 per cent since FY 2006. Even in the meltdown years of FY 2008 and FY 2009, the FMCG industry witnessed sustained growth rates of 14 per cent and 11 per cent, respectively, demonstrating that unlike other sectors, this sector was relatively recession-proof. Within the category of food products which account for nearly 45 per cent of the industry size, staple products like edible oils have grown at single digits given a high degree of penetration as well as established usage patterns. Fruit juices on the other hand have reported exponential growth, moving from near zero level in FY 2000 to ` 9 billion at present. Similar trends are visible in the personal products category with skin care creams outpacing the growth of more mundane product line such as toothpaste. Increased incomes, changing social habits and growing awareness of healthier and packaged beverages have contributed to these patterns as shown below, during the last five years.
There are well-identified three sets of players operating within a highly developed and intensely competitive landscape viz., a) Foreign players such as Unilever, Pand G, Nestle, RBL, ITC, GSK, SC Johnson, J and J, Cadbury, Amway etc., b) strong Indian players with established national presence such as Dabur, Marico, Pidilite, Godrej Consumer Products, Parle, Tata Tea, Emami, Paras Pharma, Future Group, etc. and c) regional or small domestic players such as Kevincare, Patanjali, Swan sweets, Ravalgaon, Amar Tea, Society Tea, etc. Growth (in terms of %) in paint and other top 10 FMCG categories in the last five years
GENERAL SCENARIO
Rising inflation has lead to monetary tightening: Inflationary pressures have risen sharply in the last couple of months, both with the rise in international commodity prices and the recent sharp rise in food prices. Inflation in the month of March has remained above 8% much ahead of the RBI’s target. RBI and the government had earlier expected the inflation to fall to 5% by the end of March. As a result the RBI was left with no option but to go for a higher than expected increase in policy rates. The RBI increased the REPO rates by 50 bps to 7.25% and the Reverse Repo to 6.25% to tackle higher inflation.
Growth will slip down in FY12 to sub-8%: RBI has downgraded the growth target for FY 12 to 8% as against the target of 9% by the government. This will have implications on the fiscal deficit front as the government’s fiscal deficit target of 4.6% assumes strong buoyancy in revenues which might suffer if there is lower growth.
Investment cycle failing to gain traction: The investment cycle, which was the biggest contributor to growth during FY03-08, has not yet returned to pre-crisis growth rates, even though demand growth has returned. Since the cyclical peak in FY08, India’s gross fixed-capital formation has stagnated at 32-33% of GDP in nominal terms. The slowdown in FY09 and early part of FY10 was understandable, given the global uncertainties, but the continued delay in a revival of growth is worrisome, and bodes ill for sustenance of high growth in the medium term.
CAUTIONARY
STATEMENT
The statements made are based on certain projections, estimates, expectations or outlook may be forward looking. Actual results may differ materially from those stated on accounts of factors such as change in government regulations, tax regimes, economic developments within India and outside influencing the related policies, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply. The Company assumes no responsibility to publicly amend, modify or revise statements, on the basis of any subsequent developments, information or events.
Business Description
Subject is an India-based company. The Company is engaged in
the manufacture of plastic containers and bottles specially catering to
customers relating to paints, healthcare, consumer goods, lube, pesticides and
industrial packaging. It provides polymer products to industries, such as
paint, personal care, agro chemicals, health care, confectionary, lube and
retail household products. The Company developed product centered packaging
solutions, which include paints; personal care and cosmetic packaging; agro
chemicals and lube; health and pharma products, and confectionary and retail
household products. The Company’s subsidiaries include Clear Mipak Packaging
Solutions Limited and Mipak Polymers Limited. For the nine months ended 31
December 2010, Subject revenues increased 31% to RS2.56B. Net income Decreased
6% to RS118.8M Revenues reflect an increase in income from operations and
higher other operating income. Net income was partially offset by an increase
in consumption of raw material , higher employee costs, rise in other
expenditure, higher depreciation expense and increased interest expense.
Contingent Liabilities
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Corporate guarantee issued by the company to
certain banks in behalf of its subsidiaries |
480.300 |
126.000 |
|
Bills Discounted (Since realized
Rs.226.077 millions Previous year
Rs.270.133 millions) |
369.421 |
271.470 |
|
Claim against the company not acknowledge as
debts tax matters in dispute under appeals |
6.602 |
0.000 |
|
Call Money |
0.000 |
60.334 |
|
TOTAL |
887.5541 |
489.035 |
Fixed Assets
·
Tangible Assets:
- Building
- Moulds
- Plant and Machinery
- Furniture
- Computers
- Office Equipments
- Vehicles
·
Tangible Assets:
- Computer Software
- Goodwill on Amalgamation
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTH ENDED 31.12.2011
.
(Rs.
In Millions)
|
|
Particulars |
31.12.2011 (Audited) |
30.09.2011 |
31.12.2011 (Audited) |
30.09.2011 |
|
|
|
Quarter
Ended |
Nine Month
Ended |
||
|
1 |
a) Net Sales / Income from operations |
560.786 |
617.727 |
1775.759 |
1522.751 |
|
|
(b) Other Operating Income |
2.958 |
3.344 |
7.401 |
6.313 |
|
|
Total Income
(a)+(b) |
563.744 |
621.071 |
1783.160 |
1529.064 |
|
2. |
Expenditure : |
|
|
|
|
|
|
a) (Increase)/Decrease in Stock in trade and work in progress |
6.121 |
(18.853) |
5.609 |
(47.763.) |
|
|
b) Consumption of Raw Materials |
350.574 |
402.508 |
1120.104 |
987.592 |
|
|
c) Purchase of traded goods |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
d) Employee's Cost |
33.846 |
33.402 |
100.087 |
82.391 |
|
|
e) Depreciation |
17.279 |
16.895 |
50.017 |
41.491 |
|
|
f) Other Expenditure |
95.264 |
105.176 |
288.558 |
265.988 |
|
|
g) Total
Expenditure (a + b + c + d + e +f ) |
503.084 |
539.128 |
1654.375 |
1329.699 |
|
3. |
Profit from operations before Other Income, Interes and Exceptional Items(1-2) |
60.660 |
81.943 |
218.785 |
199.365 |
|
4. |
Other Income |
4.184 |
2.487 |
7.577 |
2.680 |
|
5 |
Profit before Interest & Exceptional Items(3+4) |
64.844 |
84.430 |
226.362 |
202.045 |
|
6 |
Interest |
33.231 |
33.300 |
95.945 |
66.202 |
|
7 |
Profit after Interest but before Exceptional Items(5-6) |
31.613 |
51.130 |
130.417 |
135.843 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
9 |
Profit (+)/Loss(-) from Ordinary Activities before tax (7+8) |
33.613 |
51.130 |
130.417 |
135.843 |
|
10 |
Tax Expenses : |
|
|
|
|
|
|
a) Provision for Current Tax |
8.160 |
15.340 |
37.000 |
34.339 |
|
|
b) Provision for Tax - Deferred |
(0.527) |
(0.721) |
(0.882) |
2.302 |
|
11 |
Net Profit (+)/Loss(-) from Ordinary Activities after tax (9-10) |
23.980 |
36.511 |
94.299 |
99.202 |
|
12 |
Extraordinary Item (Net of Tax Expense Rs. NIL) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
13 |
Net Profit (+)/Loss(-) for the period (11-12) |
23.980 |
36.511 |
94.299 |
99.202 |
|
14 |
Paid-up Equity Share Capital (Face Value of Rs. 10 per Share) |
131.757 |
131.757 |
131.757 |
131.757 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet previous
accounting year) |
|
|
|
|
|
|
|
|
|
|
|
|
16 |
Earnings Per Share (EPS) (Rs.) |
|
|
|
|
|
|
(a) Basic & Diluted EPS before Extraordinary items for the period , for the year to date and for the
previous year |
1.82 |
2.77 |
7.16 |
7.53 |
|
|
(b) Basic & Diluted EPS after Extraordinary items for the period , for the year to date and for the
previous year |
1.82 |
2.77 |
7.16 |
7.53 |
|
17 |
Public Shareholding |
|
|
|
|
|
|
- Number of Shares |
4390810 |
4390810 |
4390810 |
4399310 |
|
|
- Percentage of Shareholding |
33.33 |
33.33 |
33.33 |
33.39 |
|
|
|
|
|
|
|
|
18 |
Promoters and promoter group Shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
a)
|
-Number of shares |
- |
- |
- |
- |
|
|
-Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
- |
- |
- |
- |
|
|
- Percentage of shares (as a% of the total share
capital of the company) |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
b)
|
b) Non-encumbered |
|
|
|
|
|
|
-Number of Shares |
8784890 |
8784890 |
8776390 |
8784890 |
|
|
-Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a% of the total
share capital of the company) |
66.67 |
66.67 |
66.61 |
66.67 |
Notes:
1. The above financial
results have been reviewed by the Audit Committee and approved by the Board of
Directors of the Company at their Meetings held on 4th February, 2012
2. As the
Company’s business activity falls within a single primary business segment
viz., "Plastic Containers", the disclosure requirements of Accounting
Standard (AS-17) "Segment Reporting", as prescribed in the Companies
(Accounting Standards) Rules, 2006, is not applicable. The capital employed in
the reportable segment was Rs.1596.948 Millions as on 31st December, 2011
3. During the
quarter ended 31st December, 2011, no investor complaints were received. No
investor complaints were pending at the beginning of the said quarter and no
complaints were lying unresolved at the end of the quarter.
4. The figures of the previous year / periods have been regrouped /
reclassified, wherever necessary.
Website Details:
Milestones
Year Particulars
1991 Incorporation
1992 Tech Collaboration with
1993 Public issue
1994 --
1995 --
1996 License agreement with
CHT design services Pty. Ltd for manufacturing L 20 containers, DG pail
1998 This walled tapered
pails for the first time in
1999 Commenced production of
DG Pails with unique Plifer Proof Design
2001 Acquired 51% in
Multitech Plast Containers Limited having its unit in Silvassa
2002 --
2003 Acquired shares in
Clear Plastics group of companies
2004 Setting up a new
manufacturing unit at puducherry and Baddi, Himachal Pradesh, through CPL
2005 Establishment of new
manufacturing unit at Sri Perumbudur in Tamil Nadu
2006 Acquired shares in
Mipak polymers Limited
2007 Establishment of new manufacturing unit at Sitargunj, Uttarakhand
Board of Director
ASHWIN S. DANI
NON-EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Ashwin S. Dani serves as Non-Executive Chairman of the
Board of Subject. He has graduated in the Technology of Pigments, Paints and Varnishes
from the University of Mumbai, followed by a Master's Degree in Polymer Science
from the University of Akron, Akron, Ohio, U.S.A. In 1968, he joined Asian
Paints Limited as a Senior Executive and worked in various capacities such as
Director R and D, Works Director and Vice-Chairman and Managing Director.
During his career span of over 40 years, Mr. Dani accumulated experience in the
fields of polymers, paints and plastic business.
MALAV A. DANI
NON-EXECUTIVE DIRECTOR
Mr. Malay A. Dani serves as Non-Executive Director of Subject. He is a MBA from Columbia University, New York. He worked for GE Corporate Treasury Insurance department in Fairfield, Connecticut, USA. Further, he has experience in the paints and plastic industry and has handled assignments involving industrial exposure and practical knowledge.
INA A. DANI
NON-EXECUTIVE DIRECTOR
Mrs. Ina A. Dani serves as Non-Executive Director of Hitech Plasts Limited. She is a Graduate in fine Arts from M S University, Baroda. She is also connected with social activities.
RAMESHCHANDRA S.
GANDHI NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Rameshchandra S. Gandhi serves as Non-Executive
Independent Director of Subject. He a Chartered Accountant by profession also
holds membership of the Institute of Company Secretaries of India and a Masters
degree in Business Administration from University of Columbia. He has a
experience in the field of corporate laws, accounts and corporate governance as
he was Finance Director for 10 years and Company Secretary of Bombay Burmah
Trading Corporation Limited for 19 years. He is also a Director of Botanium
Limited, Damascus Investment and Trading Company Limited, Macrofil Investments
Limited, Harvard Plantations Limited, Placid Plantations Limited and Kalabakan
Investments Company Limited.
RANJAN M. KAPUR
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Ranjan Kapur serves as Non-Executive Independent Director of Subject. Mr. Kapur is MA. in English from St. Stephens College, New Delhi. He started his career With Citibank, NA. And is a veteran of the advertising business having spent 40 years with Ogilvy and Mather India Private Limited. and held the position of Executive Chairman, India and Vice- Chairman Asia Pacific. He is currently Country Manager - India of WPR. He is also the Chairman of Strategic Planning Group at Bombay First, an NGD that works with Government and civic bodies.
HARISH N.
MOTIWALLA NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Harish N. Motiwalla serves as Non-Executive Independent Director of Subject. He is a practicing Chartered Accountant and has experience in the field of accounts, finance and corporate governance.
ASHWIN R.
NAGARWADIA NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Ashwin R. Nagarwadia serves as Non-Executive Independent Director of Subject. He holds B.Sc (Eng) and was also the Ex-Chairman and Managing Director of Ingersoll Rand(I) Limited.
SOMASEKHAR
SUNDARESAN NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Somasekhar Sundaresan serves as Non-Executive Independent Director of Subject. He holds a Law Graduate degree from Government Law College, University of Mumbai. Presently, he is a Partner at J Sagar Associates, Advocates and Solicitors (Firm) since year 2002. Mr. Somasekhar Sundaresan heads the Securities Law and Private Equity practice of the Firm. He has experience in dealing with foreign investments into India, both in the form of strategic direct investment and portfolio investment. Primarily a transactional lawyer, his practice covers Private Equity investments, hostile and friendly listed takeovers, delisting and court-overseen Mergers and Acquisitions. He is also actively involved in regulatory proceedings and contentious practice involving Securities Law and acts as counsel before the Securities Exchange Board of India (SEBI), Securities Appellate Tribunal (SAT) and the Supreme Court of India in such matters.
ASHOK K. GOYAL
CHIEF EXECUTIVE OFFICER, MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Mr. Ashok K. Goyal serves as Chief Executive Officer, Managing Director and Executive Director of Subject. He is a graduate in Mechanical Engineering from IIT, Kanpur, followed by Post Graduation in Business Management from I.I.M., Calcutta. He has work experience in the industry of about 33 years which includes 20 years at Asian Paints Limited and a stint abroad in the field of trading and distribution. He is also a director of Clear Plastics Limited and Mipak Polymers Limited. He is member of Committee of Directors, Investors Grievance and Share Transfer Committee and Chairman of Share Transfer Sub-Committee.
GURSHARAN S.
BHAMRA MANAGEMENT TEAM
Mr. Gursharan S. Bhamra serves as Management Team of Subject. Mr. Bhamra is a post graduate mechanical engineer from Indian Institute of Technology, Bombay. He has a total industrial experience of 29 years of which 12 years experience was as a General Manager –Technical with Eagle Flask, Pune since 1990. He has also worked as General Manager“Product development with Hawkins Cookers for 9 years.
PRESS RELEASE
Change
in Directorate
Accord Fintech (India)
04 August 2011
India, Aug. 04 -- Hitech Plast Limited has informed BSE that Mr. Somasekhar Sundaresan, who was appointed as an Additional Director w.e.f. September 26, 2010, has been regularized as a Director, liable to retire by rotation in theAnnual General Meeting of the Company held on July 30, 2011.Further note that, Mr. Ashwin R. Nagarwadia, who was appointed in casual vacancy, has been also been appointed as a Director, liable to retire by rotation, in the Annual General Meeting of the Company held on July 30, 2011.
Appointment
Accord Fintech (India)
03 August 2011
India, Aug. 03 -- Hitech Plast Limited has informed the Exchange that Mr. Somasekhar Sundaresan, who was appointed as an Additional Director w.e.f. September 28, 2010, has regularized as a Director, liable to retire by rotation in the Annual General Meeting of the Company held on July 30, 2011. Further, Mr. Ashwin R. Nagarwadia, who was appointed in casual vacancy, has been also been appointed as a Director, liable to retire by rotation, in the Annual General Meeting of the Company held on July 30, 2011.
CRISIL
assigns fundamental grade '3/5' to Hitech Plast
Accord Fintech (India)
16 May 2011
India, May 16 -- CRISIL has assigned fundamental grade '3/5' to Hitech Plast. The grade indicates that the Company's fundamentals are 'good' relative to other listed equity securities in India. Meanwhile, the company has informed that the CRISIL Equity has assigned a valuation grade of '5/5' indicating that market price of the company has 'strong upside' from the current levels.Hitech Plast (HPL) is engaged in the manufacturing and marketing of innovative polymer products to various industries paints, personal care and cosmetic packaging, agro chemicals and lube, health and pharma products, confectionary and retail household products.
Hitech
Plast Limited Files Patent Application for a Dispenser
Indian Patent News
17 December 2011
According to the Controller General of Patents, Designs and Trade Marks, "A dispenser adapted to store and dispense product contained in the dispenser is disclosed wherein a hollow canister is provided with a perforated face having a first set of perforations and a closed end. A lid having perforations of a second set is fitted over the perforated face of the canister. A lever is provided with a perforated tongue having a third set of perforations and a pusher. The perforated tongue 34 is adapted to be fitted between the lid and the perforated face. The dispenser of the present invention is easy to use."
About the Company
Hitech Plast Limited is engaged in the manufacture and sale of innovative polymer products to industries like paint, personal care, agro chemicals, health care, confectionary, lube and retail household products. HPL started its operations in December 1993, by manufacturing thin walled cylindrical, injection moulded, plastic containers referred as "BoCans" - a product invented and patented by a technocrat, Mr. Eric Bock of Denmark, primarily for paint customers. With a vision to grow HPL expanded its range of products to include tapered pails designed and manufactured in-house to cater to customer requirements. Currently, it offers containers in the size of 1/5 ltr to 20 ltrs. In the years that followed, HPL set up production facilities at five geographical different locations and thus established national presence.
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Information Gathered
by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.