MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT PRESS LIMITED |
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Registered Office : |
L-31 and 32, MIDC, Tarapur Industrial Area, Boisar, Tarapur,
Thane-401506, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
11-042083 |
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Capital
Investment / Paid-up Capital : |
Rs.80.750 Millions |
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CIN No.: [Company
Identification No.] |
L22219MH1987PLC042083 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
Stock Exchange. |
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Line of Business : |
Printing
and Distributing of Public Stationary and Packing Food Products |
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No. of Employees
: |
650 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business in 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Ganesh Rana |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-23061251 |
|
Date : |
24.05.2012 |
LOCATIONS
|
Registered Office / Factory 1: |
L-31 and 32, MIDC, Tarapur Industrial Area, Boisar, Tarapur,
Thane-401506, Maharashtra, India |
|
Tel. No.: |
91-2525-272976 |
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Fax No.: |
91-2525-273393 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office / Share Department : |
20, Pragati Industrial Estate, N.M Joshi Marg, Lower Parel,
Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-23061251/ 52/53/ 40285828 |
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Fax No.: |
91-22-23090265/ 40285870 |
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E-Mail : |
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Factory 2 : |
Flexible and
Packaging G-73, M.I.D.C, Tarapur Industrial Area, Boisar, Thane-401506, |
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Factory 3 : |
Multicolour
Paper Board Cartons, Printing and Flexible Packaging Survey No. 297/1/2, Village Sayali, Silvassa-396240, U.T of Dadra and
Nagar Haveli |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Ramvilas Maheshwari |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajaram Maheshwari |
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Designation : |
Executive Director |
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Name : |
Mr. Sanjay Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. Prakash Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. B. L. Kankani |
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Designation : |
Director |
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Name : |
Mr. R Kannan |
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Designation : |
Director |
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Name : |
Mr. Ghanshyamdas Mundra |
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Designation : |
Director |
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Name : |
Mr. Vilas Dighe |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Rana |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
2859078 |
35.41 |
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|
4414750 |
54.67 |
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|
7273828 |
90.08 |
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|
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Total
shareholding of Promoter and Promoter Group (A) |
7273828 |
90.08 |
|
(B)
Public Shareholding |
|
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|
|
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|
2250 |
0.03 |
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|
1550 |
0.02 |
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|
3800 |
0.05 |
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|
|
|
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|
92293 |
1.14 |
|
|
|
|
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|
635836 |
6.64 |
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|
89399 |
1.11 |
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|
79844 |
0.99 |
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|
2953 |
0.04 |
|
|
54958 |
0.68 |
|
|
21933 |
0.27 |
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|
797372 |
9.87 |
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Total
Public shareholding (B) |
801172 |
9.92 |
|
Total
(A)+(B) |
8075000 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
-- |
-- |
|
(1)
Promoter and Promoter Group |
-- |
-- |
|
(2)
Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total
(A)+(B)+(C) |
8075000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Printing
and Distributing of public stationary and packing food products |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
PACKAGING ACTIVITIES
a)
Flexible Packaging Material
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Flexible Packaging Material |
M.T. |
4465 * |
3930.952 ** |
|
Rotogravure Printing Cylinder |
Nos. |
3000 |
270 |
Notes:
* The Company also
have installed capacity of 1800 M.T. (P.Y. 1800 M.T.) of flexible packaging material
at one of its units comprising of hotmelt coating, slitting and finishing
process and in the view of technical director, the same falls within the
capacity described under the heading “Other Packing Containers” in
acknowledgement issued by the Secretariat for Industrial Approvals.
** Includes 18.726 M.T. (P.Y. 2.574 M.T.) produced on job basis for
other parties.
b)
Paper Board Carton
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paper Board Carton |
Pcs in lacs |
2400 |
1295.328 * |
Notes:
* Includes NIL Pcs (P.Y. 64.238 lacs Pcs) of other than carton
manufactured for Printing Business.
c)
Corrugated Carton/Sheets
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Corrugated Carton / Sheets |
Pcs in lacs |
Not Applicable |
6.982 |
|
Corrugated Sheets |
M.T. |
Not Applicable |
10.550 |
Notes :
Installed capacities are as certified by the
technical director and being a technical matter accepted by the Auditors as
correct without verification.
GENERAL INFORMATION
|
No. of Employees
: |
650 (Approximately) (In Office + In Factory) |
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Bankers : |
·
ICICI Bank Limited, Boisar West ·
State Bank of |
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Facilities : |
Notes: i) Cash Credit
and Packing Credit facility are secured by first charge on current assets of the
company and on the land, building and machinery of its Silvassa unit and
collaterally secured by second charge on movable fixed assets and negative
lien on immovable fixed assets of the Company other than those of its
Silvassa unit and also guaranteed by Promoters. ii) Vehicle loans are secured by hypothecation of Motor vehicles.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.L. Sarda and Associates Chartered Accountants |
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Associates : |
·
Orient Fincorp Limited ·
Orient Share Stock Brokers Limited |
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Subsidiaries : |
·
Orient Printers ·
Fortune Couriers Limited ·
N.L. Packaging |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
Rs. 10/- each |
Rs. 135.000 Millions |
|
300000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs.
165.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8075000 |
Equity Shares |
Rs. 10/- each |
Rs.80.750 millions |
|
|
Total |
|
Rs.80.750 millions |
Note:
(Out of the above 4,96,500 Equity Shares of Rs.10/- each alloted as
fully paid Bonus Shares by capitalisation of General Reserve.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.750 |
80.750 |
80.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
366.089 |
254.643 |
200.873 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
446.839 |
335.393 |
281.623 |
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LOAN FUNDS |
|
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|
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|
1] Secured Loans |
125.545 |
2.318 |
2.972 |
|
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2] Unsecured Loans |
221.346 |
233.140 |
240.941 |
|
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TOTAL BORROWING |
346.891 |
235.458 |
243.913 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
793.730 |
570.851 |
525.536 |
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
340.494 |
321.938 |
315.093 |
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Capital work-in-progress |
28.126 |
17.423 |
15.315 |
|
|
|
|
|
|
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INVESTMENT |
8.583 |
8.600 |
8.605 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
216.734
|
136.048
|
117.488 |
|
|
Sundry Debtors |
338.664
|
270.508
|
303.411 |
|
|
Cash & Bank Balances |
16.774
|
26.441
|
122.084 |
|
|
Other Current Assets |
0.665
|
1.305
|
8.426 |
|
|
Loans & Advances |
90.058
|
92.093
|
86.307 |
|
Total
Current Assets |
662.895
|
526.395
|
637.716 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
183.095 |
238.506 |
369.083 |
|
|
Current Liabilities |
49.882
|
53.672
|
79.210 |
|
|
Provisions |
13.391
|
11.327
|
2.900 |
|
Total
Current Liabilities |
246.368
|
303.505
|
451.193 |
|
|
Net Current Assets |
416.527
|
222.890
|
186.523 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
793.730 |
570.851 |
525.536 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1500.156 |
672.934 |
1619.993 |
|
|
|
Other Income |
42.361 |
38.055 |
63.463 |
|
|
|
TOTAL (A) |
1542.517 |
710.989 |
1683.456 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
1373.185 |
633.616 |
1458.632 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1.349) |
(9.396) |
15.085 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(20.007) |
|
|
|
TOTAL (B) |
1371.836 |
624.220 |
1453.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.681 |
86.769 |
229.746 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.328 |
6.669 |
23.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
151.353 |
80.100 |
206.653 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.863 |
21.166 |
79.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
111.490 |
58.934 |
127.012 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.033 |
0.000 |
(41.706) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
111.457 |
58.934 |
168.718 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
254.643 |
200.874 |
(396.921) |
|
|
|
|
|
|
|
|
|
Less |
Short Provision for
Fringe Benefit Tax for earlier years |
0.011 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment
consequent to adoption of Accounting Standard - 15 |
0.000 |
5.165 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision
for Fringe Benefit Tax for earlier years written back |
0.000 |
0.000 |
0.060 |
|
|
|
|
|
|
|
|
|
Add |
Transfer from
capital restructuring account |
0.000 |
0.000 |
429.016 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
366.089 |
254.643 |
200.874 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
260.998 |
110.245 |
276.758 |
|
|
TOTAL EARNINGS |
260.998 |
110.245 |
276.758 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.968 |
5.266 |
26.113 |
|
|
|
Stores & Spares |
3.609 |
1.287 |
3.437 |
|
|
|
Capital Goods |
12.265 |
9.160 |
111.546 |
|
|
TOTAL IMPORTS |
28.842 |
15.713 |
141.096 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.80 |
7.30 |
53.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 1st
quarter |
30.09.2011 2nd
quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
|
374.090 |
413.210 |
417.810 |
|
Total Expenditure |
|
334.140 |
376.950 |
376.570 |
|
PBIDT (Excl OI) |
|
39.950 |
36.260 |
41.240 |
|
Other Income |
|
1.370 |
0.440 |
0.260 |
|
Operating Profit |
|
41.320 |
36.700 |
41.500 |
|
Interest |
|
4.940 |
4.320 |
3.930 |
|
Exceptional Items |
|
0.000 |
57.050 |
0.000 |
|
PBDT |
|
36.380 |
89.430 |
37.570 |
|
Depreciation |
|
8.700 |
9.630 |
9.970 |
|
Profit Before Tax |
|
27.680 |
79.790 |
27.600 |
|
Tax |
|
0.010 |
0.010 |
0.010 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
|
27.670 |
79.780 |
27.600 |
|
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 |
|
27.670 |
79.780 |
27.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
7.23
|
8.16
|
7.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.43
|
8.76
|
7.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.11
|
6.95
|
13.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.18
|
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.61
|
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
1.73
|
1.41 |
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 |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
MANAGEMENT
DISCUSSION AND ANALYSIS
INTRODUCTION:-
The Company is
involved in manufacturing activities of printing of Capital Market stationery,
Commercial printing like Text books, Annual Reports etc., Security Printing
like MICR Cheques, Dividend Warrants, Shares and Debenture Certificates,
Railway Tickets and Coupons etc., Computer Stationery, Telephone Cards (Scratch
Cards), Smart Cards, Recharge Coupons and Note Books etc. in Printing Segment
and Packaging materials of all kinds i.e. Flexible Packaging material of multi
layer film laminates, paper board mono cartons, liner carton, display cartons
and outer corrugated boxes etc. in Packaging Segment.
The performance of
the Company during the year under Report was satisfactory. However inspite of
improvement of Capital Market, Company could not earn higher net profits due to
lower contribution by Packaging segment, higher interest payment and increase
in overhead due to inflation. The printing division performance was better and
contributed good margin. Company has also introduced various new products in
Printing segment to compensate the loss of Business of Capital Market in
future. In the Packaging Segment the performance of Flexible Packaging Division
was on similar lines compared to the previous period, while turnover almost
equal if considered annualized. The Company was able to maintain the Turnover
level at same level but margin of profits reduced due to high input cost,
therefore profits of the division could not maintain in commensurate with the
turnover. Paper Board Carton Division turnover was increased compared to previous
period but not yet reached at expected level, however turnover of the Division
is increasing gradually and expected to achieve the set targets in coming
years.
REVIEW
OF OPERATIONS:-
The Company earned a
net profit of Rs.111.490 Millions in the year as against a net profit of
Rs.58.934 Millions in the previous period (6 months).
The Turnover of the
Company was higher at Rs.1568.600 Millions for the year as against Rs.699.000
Millions for the period of 6 months in the previous period, registering an
increase of 12%.
Segment
wise Performance: The Business of Company falls under two Segment viz.
·
Printing
·
Packaging
Printing Division :
The Turnover of
Printing Division increased by 15.69% compared to previous period on annualized
basis and the operating profits increased by 36.59% on annualized basis due to
improvement in Capital Market which contributed better margin in printing
business of Capital Market Stationery.
Packaging:
Flexible Packaging :
The turnover of
Flexible Packaging Division of the Company was almost equal compared to the
previous period on annualized basis. During the period the Division operated
its full production capacity inspite of severe competition and low demand.
However, the profit margin could not increase in commensurate with the turnover
due to thin margin because of high input cost.
Paper Board Carton Division :
The turnover of
the Paper Board Carton Division increased by 61.86% on annualized basis
compared to previous period. However the profit margin could not increase due
to thin margin because of competition.
The operating
Profit of the packaging segment of the Company (Flexible and Paper Board Carton
Divisions) decreased by 93.79% on annualized basis compared to previous period.
It can be
summarized that the printing segment of the Company has earned more profits
because of improved capital market. The Packaging segment has earned less
profits compared to previous period. The Company is also exploring to develop
Export market not only in Packaging Segment but also in the Printing Segment,
where Company is receiving good response globally resulting increase in Sales
which will contribute to increase in Profits in coming years. The export
turnover of the Company increased by 18.42% from Rs.220.400 Millions to
Rs.261.000 Millions in the year under report on annualized basis compared to
previous period.
The Company is
keenly interested to induct new technology and upgrade the existing technology
to remain as one of the leading player in the printing and packaging industry.
The Company’s main thrust now is in paper and paperboard related printing and
packaging business to safeguard its business interest against any government
legislation to curb plastic related packaging on pollution ground. The Company
is committed itself with eco friendly packaging for that Company had installed
automatic Board to Kraft fluting Lamination Machines. All these machineries and
equipments will help the Company to enhance its business opportunity in value
added printing and packaging sector and export market.
FUTURE
PROSPECTS/OUTLOOK:
The present
scenario of printing industry is fragmented and is governed by few big and end numbers
medium and small business enterprises. The printing and packaging Industry has
lately improved after receiving initial shock of financial crisis in the year
2008-09. There is strong belief that this business improvement will sustain in
future too. Printing and packaging industry is a service industry and it is
co-related with GDP growth of the country as well as the growth of country’s
educational sector. Since the GDP growth of the country is pegged at 8%, it
provides lot of encouragement for growth of printing and packaging industry. In
the present business scenario and GDP growth, the company is expecting 10% to
15% growth in its business at least for the coming three years. Besides this,
India’s Printing and packaging industry has upgraded to International standard
in last five years and thus provides lot of export business opportunity of
printing and packaging material. India is gradually established itself as
business sourcing hub of printing and packaging material of developed
countries. Initially it was China and now India is competing with China in this
sector. Today, Printing and packaging industry export growth is phenomenal as
compared to last five years. Orient Press has also increased its share of
business in export and will continue to do so in next few years. They expect at
least 10% growth in this field. Orient Press is constantly upgrading its
technology to cater to this market and they expect that in three years time
their 20% to 25% earnings will be from export sector which today stands at 17%.
Orient Press has also received the “Export House” status from the Govt. of
India for its consistent performance in this sector
Industry structure:
Though Printing and
packaging industry is one of the biggest employers of the Country, the nature
of the industry is not organized and it has not been termed as an “Unorganized
Industry” by the Government of India. The number of players in their industry
is close to 1,30,000 units from highly organized sector to a very small
personal entrepreneur organization. Due to this structure of the Industry,
there is always a fierce competition in the industry and the growth of the
Industry is always hampered due to un-healthy competition.
The demand of the
Packaging Industry is always getting higher and higher and to satisfy this
demand, the packaging and converting industry has to invest huge sums to induct
new technology and to automate most of the manual operations. This extra
investment and capital cost is really not recovered by the Industry due to the
fragment nature of the Industry. The customers are always taking advantage of
unhealthy competition and as a result, the industry growth is not taking place
in a structured manner. However, there is silver lining since the demand from
the customers is consistently increasing and retailing is gradually taking
shape in India, the packaging industry has bright future and consistent demand
from the related industry. This will help to grow the organized sector of the
Packaging Industry than the unorganized sector.
CONTINGENT
LIABILITIES
Contingent liabilities not provided for in
the books of accounts:-
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
a) Tax Liabilities and interest thereof demanded
by theIncome Tax Department towards fringe benefit tax not accepted and
disputed. |
0.043 |
0.043 |
|
b) Outstanding Letter of Credit
|
24.678 |
8.053 |
|
c) Guarantees given by Company's
Banker |
17.063 |
7.377 |
|
d) Bonds executed in favour of excise
authorities |
0.855 |
1.191 |
|
e) In respect of Custom Duty benefits
availed on imports of capital goods under EPCG Scheme against Export
obligations. |
28.109 |
24.173 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2011
(Rs. in Millions)
|
Particulars |
31.12.2011 3 Months ended (Unaudited) |
30.09.2011 3 Months ended (Unaudited) |
31.12.2011 Year to date figures for current period ended (Unaudited) |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
396.797 |
405.536 |
116.919 |
|
b) Other Operating Income |
21.015 |
7.670 |
35.190 |
|
Total Operating Income |
417.812 |
413.206 |
1205.109 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(19.003) |
(4.240) |
(24.982) |
|
(b) Consumption of Raw Materials |
280.883 |
272.563 |
794.659 |
|
(c) Purchase of traded goods |
-- |
-- |
0.613 |
|
(d) Employees Cost |
26.856 |
27.485 |
76.816 |
|
(e) Depreciation |
9.971 |
9.632 |
28.299 |
|
(f) Other Expenditure |
87.833 |
81.143 |
240.568 |
|
Total Expenditure |
386.539 |
386.584 |
1115.973 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
31.273 |
26.621 |
89.136 |
|
Other Income |
0.259 |
0.440 |
2.071 |
|
Profit/(Loss) before Interest and Exceptional items |
31.532 |
27.062 |
91.207 |
|
Interest |
3.929 |
4.323 |
13.189 |
|
Profit / (Loss) after interest before Exceptional items |
27.603 |
22.739 |
78.018 |
|
Exceptional Items |
-- |
57.054 |
57.054 |
|
Profit / (Loss) From
Ordinary activities before Tax |
27.603 |
79.793 |
135.072 |
|
Income Tax |
|
|
|
|
- Income Tax |
-- |
-- |
-- |
|
- Wealth Tax |
0.006 |
0.012 |
0.026 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
27.597 |
79.781 |
135.046 |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit/(Loss) for the period |
27.597 |
79.781 |
135.046 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
80.750 |
80.750 |
80.750 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
|
Earning Per Share |
|
|
|
|
Basic and Diluted Before Extraordinary Items |
3.42 |
9.88 |
16.72 |
|
Basic and Diluted After Extraordinary Items |
3.42 |
9.88 |
16.72 |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
801172 |
801172 |
801172 |
|
- Percentage of shareholding |
9.92% |
9.92% |
9.92% |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (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) Non-encumbered |
|
|
|
|
- Number of Shares |
7273828 |
7273828 |
7373828 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
90.08 |
90.08 |
90.08 |
UNAUDITED SEGMENT WISE REVENUE RESULTS NAD CAPITAL EMPLOYED 31.12.2011
|
Particulars |
31.12.2011 3 Months ended (Unaudited) |
30.09.2011 3 Months ended (Unaudited) |
31.12.2011 Year to date figures for current period ended (Unaudited) |
|
1. SEGMENT REVENUE |
|
|
|
|
Printing |
124.716 |
172.825 |
445.381 |
|
Packaging |
293.097 |
240.442 |
759.947 |
|
Total |
417.812 |
413.267 |
1205.327 |
|
Less : Inter Segment Revenue |
0.000 |
0.061 |
(0.218) |
|
Net Sales/Income
from operations |
417.812 |
413.206 |
1205.109 |
|
|
|
|
|
|
2. SEGMENT RESULT :
Profit/(loss) Before tax and interest from each segment |
|
|
|
|
Printing |
8.192 |
24.653 |
58.924 |
|
Packaging |
23.081 |
1.969 |
30.212 |
|
Total |
31.273 |
26.622 |
89.136 |
|
Interest |
3.929 |
4.323 |
13.189 |
|
Other un-allocated expenditure net off un-allocated income |
(0.259) |
(57.494) |
(59.125) |
|
Total Profit Before
Tax |
27.603 |
79.793 |
135.072 |
|
|
|
|
|
|
3. CAPITAL EMPLOYED (Segment
Assets-Segment Liabilities) |
|
|
|
|
Printing |
386.264 |
372.249 |
386.264 |
|
Packaging |
462.868 |
434.274 |
462.868 |
|
Unallocated |
36.492 |
34.641 |
36.492 |
|
Total |
885.623 |
841.164 |
885.623 |
Notes :
1. The above unaudited Financial Results for the
quarter ended 31° December 2011 were reviewed by the Audit Committee and have
been considered and approved by the Board of Directors at its meeting held on
14thFebruary 2012. The Auditors of the Company have carried out the limited
review.
2. In the sanctioned Rehabilitation Scheme,
the Board for Industrial & Financial Reconstruction (BIFR) had directed the
Income Tax Authorities to consider granting relief U/S.115JB and other reliefs under the Income Tax
Act, 1961 to the Company. The company has in response submitted all the details
sought by the Tax Authorities and the matter Is pending for disposal before
them. The company has been opined by the expert that in view of no rejection of
the relief by Tax Authorities which was directed by the BIFR, provision for
taxation u/s.H5JBofthe said Act is not required to be made and accordingly no
provision has been made.
3. Other Operating income includes waiver
from unsecured creditors of Rs. 8.997 Millions during the 3 months ended
31" December, 2011 (Rs. Nil during corresponding 3 months ended 31"
December, 2010), Rs. 1.948 Millions during previous 3 months ended 30*
September, 2011 and Rs. 12.429 Millions during year to date current period
ended 31"December,2011 (Rs.NIL during year to date previous period ended
31"December,2010) and Rs. 6.032 Millions during the previous
accountingyearended31*March 2011.
4. Exceptional Items for the 3 months ended
30* September, 2011 and year to date figures for the current period ended
31" December, 2011 represents profit on sale of certain fixed assets.
5. No investor complaints we repenting at the
beginning of the quarter nor received during the quarter.
On behalf of the Board of Directors For
subject.
Fixed Assets:
·
·
·
BUILDINGS
·
Plant and Machinery
·
Furniture and Fixture
·
Air Conditioners
·
Office Equipments
·
Computers
·
Electrical Fittings
·
Vehicles
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.56.29 |
|
|
1 |
Rs.88.26 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.