MIRA
INFORM REPORT
|
Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TCPL PACKAGING LIMITED [w.e.f. 25.09.2008] |
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|
|
|
Formerly Known
As : |
TWENTY FIRST CENTURY PRINTERS LIMITED |
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|
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|
Registered
Office : |
Shiv Smriti Chambers, 49, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.08.1987 |
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|
|
|
Com. Reg. No.: |
11-44505 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.93.875
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22210MH1987PTC044505 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09495D |
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PAN No.: [Permanent Account No.] |
AAACT1406 |
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Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business
: |
Company is in engaged in publishing, printing and reproduction of recorded media |
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|
|
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No. of Employees
: |
285 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
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|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Head Office : |
Shiv Smriti Chambers, 49, Dr. Annie Besant Road, Worli,
Mumbai - 400018, |
|
Tel. No.: |
91-22-56606006 / 24921943 / 24935893 / 94 / 24606006 |
|
Fax No.: |
91-22-24935893 |
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E-Mail : |
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Website : |
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Factory 1 : |
Offset Printing
Unit: Plot No. 17/18/21A/22, Government Industrial Estate, Masat, Silvassa-396230, Union Territory of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2640259 / 91-260-2640067 |
|
Fax No.: |
91-260-2640066 |
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|
|
|
Factory 2 : |
Gravure Printing
Unit : 12/13D/3A and
3B, Government Industrial Estate, Masat, Silvassa-396230, Union Territory of
Dadra and Nagar Haveli |
|
|
|
|
Factory 3 : |
Plot No. 1 and 2, Sector 6A, Integrated Industrial
Estate, BHEL, Haridwar-249403, Uttaranchal, India |
|
Tel. No.: |
91-1334-239176 |
|
Fax No.: |
91-1334-239175 |
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|
|
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Branch 1 : |
702-703, |
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Tel. No.: |
91-11-26481350 / 51 |
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Fax No.: |
91-11-26481352 |
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|
|
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Branch 2 : |
B-57, Second Floor, Kalkaji, |
|
Tel. No.: |
91-11-26441480 / 11 |
|
Fax No.: |
91-11-26442531 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Saket Kanoria |
|
Designation : |
Managing Director |
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|
Name : |
Mr. C.M. Maniar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sudhir Merchant |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Atul Sud |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K.K. Kanoria |
|
Designation : |
Whole-Time Director |
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|
|
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.G. Nanavati |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
S.G. Nanavati |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
868,271 |
9.98 |
|
|
3,368,458 |
38.72 |
|
|
4,236,729 |
48.70 |
|
|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
4,236,729 |
48.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,600 |
0.04 |
|
|
750,000 |
8.62 |
|
|
753,600 |
8.66 |
|
|
|
|
|
|
1,407,994 |
16.18 |
|
|
|
|
|
|
1,499,383 |
17.23 |
|
|
654,129 |
7.52 |
|
|
148,165 |
1.70 |
|
|
6,812 |
0.08 |
|
|
33,885 |
0.39 |
|
|
102,440 |
1.18 |
|
|
3,128 |
0.04 |
|
|
1,900 |
0.02 |
|
|
3,709,671 |
42.64 |
|
Total Public shareholding (B) |
4,463,271 |
51.30 |
|
Total (A)+(B) |
8,700,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
8,700,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Company is in engaged in publishing, printing and reproduction of recorded media |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Installed
capacity (in impressions) |
11482 lakhs |
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|
Production of
Printed Shells / Blanks & other material |
( In lakhs ) |
||||
|
On Sales basis |
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||||
|
On Conversion
basis |
|
NOTE:
·
Licensed Capacity is not applicable in view of
existing Licensing Policy.
·
Installed capacities are as certified by the
Management and relied upon by Auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
285 [Approximately] |
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Bankers : |
· Dena Bank · Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah Gupta and Company Chartered Accountants |
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|
|
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Enterprises in which control / Significant influence exist : |
·
Accura ReproTech Private Limited ·
Narmada Fintrade Limited ·
Genus Trading and Mercantile Private Limited ·
TCPL Helios India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8350000 |
Equity Shares |
Rs.10/- each |
Rs.83.500
Millions |
|
|
Share Application Money |
|
Rs.10.375
Millions |
|
|
Total |
|
Rs.93.875 Millions |
NOTE: Share Application money represent amount received against 9,00,000
warrants (Previous Year 7,00,000 Warrants) issued on preferential basis out of
which 3,50,000 can be converted into equity shares at the option of the holders
on or before 15-06-2011 and 5,50,000 warrants may be converted on or before
20-06-2012.
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 |
93.875 |
87.000 |
76.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
504.092 |
445.279 |
407.942 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
597.967 |
532.279 |
484.442 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
844.648 |
762.202 |
659.179 |
|
|
2] Unsecured Loans |
10.000 |
0.000 |
0.950 |
|
|
TOTAL BORROWING |
854.648 |
762.202 |
660.129 |
|
|
DEFERRED TAX LIABILITIES |
75.617 |
64.017 |
67.539 |
|
|
|
|
|
|
|
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TOTAL |
1528.232 |
1358.498 |
1212.110 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1095.131 |
1041.755 |
907.250 |
|
|
Capital work-in-progress |
105.551 |
15.317 |
10.338 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
291.597
|
248.600 |
235.806
|
|
|
Sundry Debtors |
372.703
|
296.418 |
226.235
|
|
|
Cash & Bank Balances |
8.171
|
30.990 |
55.588
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
61.670
|
69.385 |
65.813
|
|
Total
Current Assets |
734.141
|
645.393 |
583.442 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
216.007
|
175.132 |
|
|
|
Other Current Liabilities |
141.988
|
127.687 |
251.115
|
|
|
Provisions |
48.596
|
41.148 |
37.805
|
|
Total
Current Liabilities |
406.591
|
343.967 |
288.920
|
|
|
Net Current Assets |
327.550
|
301.426 |
294.522
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1528.232 |
1358.498 |
1212.110 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2368.946 |
1861.196 |
1572.224 |
|
|
|
Other Income |
33.140 |
23.600 |
21.594 |
|
|
|
TOTAL (A) |
2402.086 |
1884.796 |
1593.818 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1379.335 |
1049.190 |
882.227 |
|
|
|
Manufacturing & Other Expenses |
535.549 |
436.550 |
400.293 |
|
|
|
Employees' Remuneration and Benefits |
152.128 |
115.455 |
95.489 |
|
|
|
Foreign Exchange Fluctuation (Net) |
6.209 |
8.510 |
4.963 |
|
|
|
Increase / (Decrease) in Inventories |
(12.645) |
9.374 |
(22.287) |
|
|
|
TOTAL (B) |
2060.576 |
1619.079 |
1360.685 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
341.510 |
265.717 |
233.133 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.375 |
66.278 |
72.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
243.135 |
199.439 |
160.205 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.254 |
120.910 |
111.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
96.881 |
78.529 |
48.804 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.011 |
24.849 |
14.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
62.870 |
53.680 |
34.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX ADJUSTMENT
FOR EARLIER YEARS |
0.000 |
9.350 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.771 |
65.434 |
144.179 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
90.000 |
100.000 |
|
|
|
Proposed Dividend |
12.525 |
12.000 |
11.475 |
|
|
|
Corporate Dividend Tax |
2.032 |
1.993 |
1.950 |
|
|
BALANCE CARRIED
TO THE B/S |
4.084 |
5.771 |
65.434 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
310.139 |
233.700 |
208.863 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
53.335 |
10.306 |
35.659 |
|
|
|
Capital Goods |
105.144 |
163.286 |
13.558 |
|
|
|
Consumables |
39.583 |
36.294 |
26.398 |
|
|
TOTAL IMPORTS |
198.062 |
209.886 |
75.615 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
7.69 |
5.66 |
4.49 |
|
|
|
Diluted |
7.65 |
5.62 |
4.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
586.430 |
685.530 |
779.470 |
782.030 |
|
Total Expenditure |
497.420 |
583.690 |
652.960 |
652.810 |
|
PBIDT (Excl OI) |
89.010 |
101.840 |
126.510 |
129.220 |
|
Operating Profit |
89.010 |
101.840 |
126.510 |
129.220 |
|
Interest |
28.610 |
26.780 |
34.300 |
29.960 |
|
Exceptional Items |
0.000 |
(11.270) |
(22.060) |
0.000 |
|
PBDT |
60.400 |
63.790 |
70.150 |
99.260 |
|
Depreciation |
40.280 |
42.960 |
47.000 |
49.430 |
|
Profit Before Tax |
20.120 |
20.830 |
23.150 |
49.830 |
|
Tax |
5.490 |
4.880 |
6.810 |
19.600 |
|
Profit After Tax |
14.630 |
15.950 |
16.340 |
30.230 |
|
Net Profit |
14.630 |
15.950 |
16.340 |
30.230 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.62
|
2.85 |
2.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.09
|
4.22 |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.30
|
4.65 |
3.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
2.08 |
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.88 |
2.02 |
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 |
Yes |
|
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) |
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 |
WORKING REVIEW AND
PERFORMANCE
WORKING REVIEW:
During the year 2010-11,
the gross turnover of the Company has increased to Rs.2510.300 Millions as
against Rs.1960.900 Millions for the previous year ended 31st March 2010
representing a growth of 28.02%. The company has also converted 30984 M.T of
paperboard as against 26989 M.T in the previous year. As usual, the Company
continues to do significant share of its business by the conversion route.
However, had all the products been sold on sales basis, the turnover would have
been Rs.2856.700 Millions as against Rs.2230.400 Millions, representing a
growth of 28.08%.
During the year,
the Company has earned an EBIDTA of Rs.347.700 Millions as compared to
Rs.274.200 Millions, an increase of 26.80% over the previous year. The Profit
before tax however is Rs.96.900 Millions, an increase of 23.34% over the
previous year.
During the year,
the Company has suffered foreign exchange losses on account of its foreign
exchange transactions with respect to import and export of materials and
forward exchange contracts towards term loans. The total losses in this respect
amount to Rs.6.209 Millions as compared to Rs.8.510 Millions in the previous
year. Though the Directors have tried to minimize these risks, the volatility
of exchange rates during the year has been quite considerable and unusual given
the trend over the past many years.
PERFORMANCE:
SILVASSA FACTORY
As explained in
the Directors Report last year, the Company is now operating three independent
units at Silvassa. The oldest of its units called OPU (Offset printing unit) is
equipped with three six colour offset presses along with a host of ancillary
equipments for finishing and conversion of printed sheets into cartons. During
the year, the unit installed a new six colour MAN Roland Offset press which was
commissioned in August, 2010. The capacity utilization of the unit has been
increasing for the past few months and the unit has also added several new
customers to its portfolio. The Second unit operated at Silvassa is called GPU
(Gravure printing unit) is equipped with three 10 colour gravure presses; all
with inline die cutting facility. This unit is focused mainly on printing and
conversion of cigarette blanks. This unit was also audited and approved by
world renowned cigarette manufacturers, Phillip Morris International for
printing of packaging material of their products. The Company has been in
negotiation with them ever since and are hopeful of printing cartons for their
world famous cigarette brands in the near future. Apart from this, the
performance of the unit has been satisfactory and bulk of the Company’s exports
are contributed by products manufactured by this unit. The third unit at
Silvassa is called FCU (Fluted Corrugation unit) and is also performing
satisfactorily and is producing E/F/N fluted cartons for a variety of customers
in the FMCG and Food industries.
HARIDWAR FACTORY
Haridwar plant of
the Company continues to achieve high levels of capacity utilization. The
products of the plant have been well received by its customers and the
Directors are pleased to state that the levels of capacity utilization and
business generated at this plant have surpassed expectations and are at a
satisfactory level. At present, the Haridwar plant of the Company is undergoing
major expansion as the Company is in the process of installing a third line of
printing press at this plant along with other ancillary equipment. The
Directors expect to commence production of this enhanced capacity by September,
2011. The Directors are quite confident that with the increase in capacities as
well as re-organization of the plant, the prospects of the same are very
encouraging and the company shall reap its benefits in the coming years.
FUTURE PROSPECTS:
The Company is
today, one of the largest independent manufacturer of folding cartons in India
with a turnover that has surpassed Rs.2500.000 Millions and board consumption
of over 30000 MT per annum. During the current year, the Company is adding one
more printing machine at Haridwar thereby considerably adding to its capacity.
This will be the ninth printing line set-up by the Company and thereby the
installed capacity will be quite considerable. The Directors are confident that
with the growth in economy and particularly the growth in the consumer product
industries, the Company shall be able to take benefit of this higher capacity
by achieving higher levels of capacity utilization in the current year and in
the years ahead. Besides adding a new machine at Haridwar, the Company has also
been allotted one more plot of land in Haridwar, where it intends to set-up a
corrugation facility besides a warehouse for storage of raw materials and
finished goods. During the year, the Company’s exports have witnessed
remarkable increase over the previous year. The Company’s exports for the year
ended 31st March, 2011 has increased to Rs.310.100 Millions as compared to
Rs.233.700 Millions for the previous year, representing a growth of 32.69 %.
Since the economies in the West have improved considerably, the Directors are
confident that there will be further growth in exports, which will also
contribute to higher levels of capacity utilization and thereby better
profitability for the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW:
During the year
2010-11, the Company’s sales have increased from Rs.1961.000 Millions to
Rs.2510.300 Millions. The factories at Silvassa and Haridwar have converted
30984 M.T of board as compared to 26989 M.T in the previous year. The Company
is continuously increasing its clientele and several of the large multinational
companies operating in India are our customers. The Company has commissioned a
new six color offset press along with other ancillary equipments at its
Silvassa plant during the year. Its products are well accepted by customers and
its utilization is satisfactory. During the year, the Company has also
completed shifting plant, machinery and equipments of its Gravure plant from
the old unit to the new unit and the same are functioning smoothly.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The year 2010-11
continued to witness growth in the FMCG industry. Despite the economic crisis
in the rest of the world, growth is expected to continue in the foreseeable
future in India. Therefore the packaging industry in India has a very
optimistic outlook, particularly in terms of volume growth though the margins
continue to be under pressure due to increased competition.
FINANCIAL
PERFORMANCE:
During the year,
the performance of the Company has improved over the previous year. While the
turnover has increased by 28.01 %, the EBIDTA has also gone up to Rs.347.700
Millions as against Rs.274.200 Millions during the previous year 2009- 10. The
cash profit has also gone up to Rs.243.100 Millions as against Rs.199.400
Millions during the previous year. A brief summary of the financial performance
has already been explained in the Directors Report. As the Company is engaged
in the business of printing and packaging, which is a single business segment,
providing segment wise information is not relevant.
CONTINGENT LIABILITIES:
a) Counter
Guarantees given to the banks in respect of:
i) Bank Guarantees
of Rs.5.328 Millions given to the Electricity Department/various Government
Authorities (Previous Year Rs.4.808 Millions)
ii) The Bonds
given to Customs and Excise Authorities - Rs.399.789 Millions towards export
obligation fulfillment of Rs.1145.017 Millions (since fulfilled Rs.838.448
Millions for licences issued under Export Promotion Capital Goods Scheme
(Previous Year Rs.372.803 Millions) and for other matters Rs.37.125 Millions
(Previous Year Rs.85.351 Millions)
b) Disputed
demands of Rs.11.941 Millions in respect of various orders passed by Central
Excise / Income Tax authorities (Previous year Rs.12.998 Millions) for which
appeals are made.
FIXED ASSETS:
- Land – Leasehold
- Building
- Plant and Machineries
- Furniture and Fixtures
- Vehicles
- Software
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31ST MARCH, 2012
Rs. in Millions
|
Particular |
Previous 3 Month Ended |
3 Months Ended |
Year to date figures for the year ended |
|
|
31.12.2011 |
31.03.2012 |
31.03.2012 |
|
|
Unaudited |
Audited |
Audited |
|
|
|
|
|
|
Gross
sales/ income from operations |
814.335 |
814.602 |
2956.787 |
|
Less:
Excise duty |
44.043 |
43.838 |
165.066 |
|
Net
Sales / Income from operations |
770.292 |
770.764 |
2791.721 |
|
Other
Operating Income |
9.173 |
11.269 |
41.744 |
|
Total
Income |
779.465 |
782.033 |
2833.465 |
|
Expenditure |
|
|
|
|
(Increase)
/ Decrease in stock in trade and work in progress |
(9.759) |
(8.716) |
(29.430) |
|
Consumption
of raw materials |
467.435 |
424.256 |
1624.316 |
|
Employees
cost |
45.912 |
44.609 |
178.202 |
|
Depreciation |
47.003 |
49.426 |
179.665 |
|
Other
expenditure |
149.365 |
190.644 |
611.775 |
|
Loss/
gain on account of exchange rate differences |
22.058 |
2.021 |
35.346 |
|
Total |
722.014 |
702.240 |
2599.874 |
|
Profit
from operations |
57.451 |
79.793 |
233.591 |
|
Interest |
34.297 |
29.963 |
119.650 |
|
Profit before tax |
23.154 |
49.830 |
113.942 |
|
Tax
expense |
|
|
|
|
A provision for tax including
wealth tax (current) |
4.500 |
7.264 |
19.746 |
|
A provision for deferred tax |
2.311 |
12.335 |
17.146 |
|
Net
profit / loss from ordinary activities after tax |
16.343 |
30.231 |
77.050 |
|
Cash
profit |
70.157 |
99.256 |
293.607 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
87.000 |
87.000 |
87.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
577.709 |
|
Earnings
per share (EPS) |
|
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
1.88 |
3.47 |
8.93 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year to
date and for the previous year (not to be
annualised) |
1.88 |
3.47 |
8.93 |
|
Public
shareholding |
|
|
|
|
Number of shares |
446137.100 |
429590.100 |
429590.100 |
|
Percentage of shareholding |
51.28 |
49.38 |
49.38 |
|
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
|
a)
Pledged /Encumbered |
|
|
|
|
Number
of shares |
-- |
-- |
-- |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
Percentage
of shares (as a % of total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
Number
of shares |
423862.900 |
440409.900 |
440409.900 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.000 |
|
Percentage
of shares (as a % of total share capital of the company) |
48.72 |
50.62 |
50.62 |
STATEMENT OF ASSETS AND
LIABILITIES
Rs. in Millions
|
PARTICULAR |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS’ FUNDS |
|
|
Share Capital |
87.000 |
|
Reserves and Surplus |
577.709 |
|
Money received against share warrants |
6.875 |
|
Total |
671.584 |
|
|
|
|
Non-Current Liabilities |
|
|
Long-Term Borrowings |
695.460 |
|
Deferred Tax Liabilities (Net) |
92.763 |
|
Other Long Term Liabilities |
4.244 |
|
Long-Term Provision |
15.258 |
|
Total |
807.725 |
|
|
|
|
Current Liabilities |
|
|
Short-Term Borrowings |
400.605 |
|
Trade Payables |
282.805 |
|
Other Current Liabilities |
259.372 |
|
Short-Term Provisions |
47.236 |
|
Total |
990.018 |
|
TOTAL EQUITY AND LIABILITIES |
2469.327 |
|
|
|
|
ASSETS |
|
|
Non Current Assets |
|
|
Fixed Assets |
1490.157 |
|
Long-Term Loans and Advances |
67.518 |
|
Other Non-Current Assets |
23.387 |
|
Total |
1581.062 |
|
|
|
|
Current Assets |
|
|
Inventories |
364.996 |
|
Trade Receivables |
469.528 |
|
Cash and Cash Equivalents |
5.646 |
|
Short-Term Loans and Advances |
33.881 |
|
Other Current Assets |
14.214 |
|
Total |
888.265 |
|
TOTAL ASSETS |
2469.327 |
NOTE:
1. The above results have been adopted at the meeting of the board of directors held on 19.05.2012.
2. The company is engaged in the segment of printing and packaging
3. Loss/ gain on account of exchange rate differences previously considered in exceptional item have been reclassified as above.
4. The board has recommended a dividend of Rs.2.00 per equity share.
5. The figures of 3 months ended on 31.03.2012 are the balancing figures between audited figures in respect of the financial year ended 31.03.2012 and published year to date figures upto 3rd quarter ended on 31.12.2011 of the current financial year.
6. Investor complaints pending at the beginning of the quarter Nil, received during the quarter: 1, disposed off: 1 and lying unresolved at the end of the quarter were: Nil.
WEBSITE DETAILS:
HISTORY
Subject (formerly Twenty-First Century Printers Limited) is
an ISO 9001:2000 and BRC/IoP certified packaging unit. It is one of leading and
largest manufacturers of folding cartons in
Subject offers a complete range of printing technologies combined with every conceivable finishing technology. Continuous investment guarantees high performance and greater flexibility
PROFILE:
Subject (formerly known as Twenty-First Century Printers
Limited) was promoted by the Kanoria family, and began commercial production in
April 1990. It is one of
Today, Subject operates out of its four manufacturing units,
three at Silvassa, 180 kms from Mumbai in Western India and the fourth at
Haridwar, 200 kms from
Subject is one of the largest exporters of printed cartons
from
For the financial year ended 31st March 2010, Subject revenues were Rs.1950.000 Millions equivalent to approx. US$ 44 million registering a CAGR in excess of 20% over the past five years. Subject is currently converting approx. 2500 Tons of paperboard every month and based on the planned capacity expansions undertaken in the year 2010, the capacity to convert will be in excess of 3200 tons per month.
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 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.55.26 |
|
|
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.