MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANJUSHREE TECHNOPACK LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 143-C5, Bommasandra Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.11.1987 |
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Com. Reg. No.: |
08-32636 |
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Capital
Investment / Paid-up Capital : |
Rs. 137.186 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120KA1987PLC032636 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM15100B |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Pet Products, Packaging Bottles Jars,
Plastic and PVC PU Products. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long-Term Loan) |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
24.01.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bank Guarantee A2 + |
|
Rating Explanation |
Strong degree of safety. It carry low credit
risk. |
|
Date |
24.01.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Unit I : |
Plot No. 143-C5, Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-43436100 |
|
Mobile No.: |
91-9379913008 (Mr. Ankit) |
|
Fax No.: |
91-80-27833819 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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|
|
|
Innovation Division /Unit II : |
60-E and 60-F, Bommasandra Industrial Area, Hosur Road, Bangalore –
560099, Karnataka, India |
|
Tel. No.: |
91-80-43436200 |
|
Fax No.: |
91-80-27832245 |
|
E-Mail : |
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|
Location : |
Owned |
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|
Sales and
Marketing Offices : |
Located At :
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Vimal Kedia |
|
Designation : |
Managing Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
08.08.1956 |
|
Date of Appointment : |
25.09.2003 |
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|
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|
Name : |
Mr. Surendra Kedia |
|
Designation : |
Executive Director and Compliance Officer |
|
Address : |
179, Classic Orchards, |
|
Date of Birth/Age : |
15.04.1963 |
|
Date of Appointment : |
25.09.2003 |
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|
Name : |
Mr. R. P. Agarwal |
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Designation : |
Director |
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|
Name : |
Mr. J. K. Singhania |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. G. Vamanacharya |
|
Designation : |
Director |
|
Address : |
No.4, 7 Main Khm Block RT Nagar, P O Bangalore-560 030, |
|
Date of Birth/Age : |
14.07.1942 |
|
Date of Appointment : |
30.09.2003 |
|
|
|
|
Name : |
Mr. Rajat Kedia |
|
Designation : |
Whole time Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
23.01.1981 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. Ankit Kedia |
|
Designation : |
Whole time director |
|
Address : |
180, Classic Orchards, |
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Date of Birth/Age : |
07.04.1984 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. N. K. Sarawgi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Bansant Kumar Mohata |
|
|
Designation : |
Company Secretary |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2037819 |
15.04 |
|
|
6634541 |
48.97 |
|
|
8672360 |
64.01 |
|
|
|
|
|
Total
Shareholding of Promoter and Promoter Group (A) |
8672360 |
64.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100000 |
0.74 |
|
|
100000 |
0.74 |
|
|
|
|
|
|
|
|
|
|
903345 |
6.67 |
|
Sub Total |
903345 |
6.67 |
|
|
|
|
|
|
|
|
|
|
2165922 |
15.99 |
|
|
1620522 |
11.96 |
|
|
|
|
|
|
85551 |
0.63 |
|
|
22647 |
0.17 |
|
|
62904 |
0.46 |
|
|
|
|
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Sub Total |
4775340 |
35.25 |
|
|
|
|
|
Total Public Shareholding (B) |
4875340 |
35.99 |
|
|
|
|
|
Total (A+B) |
13547700 |
100.00 |
|
|
|
|
|
© Shares held by custodians and against which depository receipts have
been issued |
000 |
0.00 |
|
(1) Promoter and Promoter Group |
000 |
0.00 |
|
(2) Public |
000 |
0.00 |
|
Sub Total |
000 |
0.00 |
|
|
|
|
|
Total (A+B+C) |
13547700 |
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 and Exporter of Pet Products, Packaging Bottles Jars, Plastic
and PVC PU Products. |
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Products : |
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Brand Name : |
‘Manjushree Advanced Packaging Solution.’ |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Industrial Finance Branch, 61, Residency Plaza, Residency Road,
Bangalore – 560025, Karnataka, India |
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FACILITIES : |
(Rs.
In Millions)
|
|||||||||||||||||||||
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs Singhvi Dev and Unni Chartered Accountants |
|
Address : |
6th Floor, Trade Centre, # 29/4, Race Course Road, Bangalore – 560001,
Karnataka, India |
|
|
|
|
Enterprises Under Common Control of the Management: |
·
Mphinite Technologies Private Limited (MTPL) ·
Mphinite Solutions Private Limited (MSPL) ·
Manjushree Fincap Private Limited ·
Shruti Financial Services Private Limited ·
Hitech Creations Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13547700 |
Equity Shares |
Rs.10/- each |
Rs. 135.477
Millions |
|
|
Add: Forfeited Shares (239500 equity shares
have been forfeited on 30.09.1997 for non-payment of allotment money) |
|
Rs. 1.709
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 137.186 Millions |
Reconciliation of No.
of shares outstanding at the beginning and at the end of the current year:
|
Particular |
As on 31.03.2012 |
|
|
|
No. of Shares |
Amount |
|
Number of shares and amount at the beginning |
13547700 |
135.477 |
|
Add: Number of shares issued during the year |
- |
- |
|
Less: Number of shares bought back during the year |
- |
- |
|
Total Number of
share and amount at the end |
13547700 |
135.477 |
List of shareholders
holding more than 5% shares in the Company:
|
Name of the
Shareholder |
As on 31.03.2012 Number of Share % of Shares held held |
|
|
Hitech Creations Private Limited |
1722246 |
12.71 |
|
Manjushree Fincap Private Limited |
1758600 |
12.98 |
|
Shruti Financial Services Private Limited |
1696400 |
12.52 |
|
Mphinite Solutions Private Limited |
1163457 |
8.59 |
|
|
6340703 |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
137.186 |
137.186 |
135.477 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
868.682 |
679.384 |
548.965 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1005.868 |
816.570 |
684.442 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1158.662 |
952.452 |
511.429 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
198.436 |
|
|
TOTAL BORROWING |
1158.662 |
952.452 |
709.865 |
|
|
DEFERRED TAX LIABILITIES |
82.851 |
57.727 |
57.629 |
|
|
|
|
|
|
|
|
TOTAL |
2247.381 |
1826.749 |
1451.936 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1491.632 |
972.502 |
919.344 |
|
|
Capital work-in-progress |
43.586 |
146.705 |
0.637 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
0.678 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
344.177
|
509.379
|
200.886
|
|
|
Sundry Debtors |
457.568
|
327.440
|
269.230
|
|
|
Cash & Bank Balances |
62.624
|
11.994
|
79.417
|
|
|
Other Current Assets |
11.170
|
2.838
|
0.000
|
|
|
Loans & Advances |
400.528
|
194.990
|
154.993
|
|
Total
Current Assets |
1276.067
|
1046.641
|
704.526
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.692
|
113.938
|
121.535
|
|
|
Other Current Liabilities |
382.331
|
192.304
|
12.554
|
|
|
Provisions |
28.559
|
32.857
|
44.160
|
|
Total
Current Liabilities |
564.582
|
339.099
|
178.249
|
|
|
Net Current Assets |
711.485
|
707.542
|
526.277
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
5.678 |
|
|
|
|
|
|
|
|
TOTAL |
2247.381 |
1826.749 |
1451.936 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3097.792 |
2161.750 |
1490.324 |
|
|
|
Other Income |
17.174 |
6.525 |
4.921 |
|
|
|
TOTAL (A) |
3114.966 |
2168.275 |
1495.245 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1893.084 |
1387.185 |
817.259 |
|
|
|
Changes in inventories of finished goods |
80.106 |
(147.358) |
413.909 |
|
|
|
Employees’ benefit expenses |
140.140 |
114.426 |
68.376 |
|
|
|
Power and Fuel |
173.610 |
164.003 |
|
|
|
|
Other manufacturing expenses |
59.515 |
72.203 |
|
|
|
|
Public issue expenses written off |
2.838 |
2.838 |
2.838 |
|
|
|
Administrative and selling expenses |
141.948 |
97.964 |
(94.269) |
|
|
|
TOTAL |
2491.241 |
1691.261 |
1208.113 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
623.725 |
447.014 |
287.132 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
110.236 |
60.389 |
33.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
513.489 |
416.625 |
253.228 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
194.035 |
190.601 |
97.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
319.454 |
226.024 |
155.754 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL/
PRIOR PERIOD ITEMS |
16.149 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
98.258 |
78.098 |
50.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
205.047 |
147.926 |
105.726 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
275.852 |
143.724 |
62.848 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
9.000 |
|
|
|
Proposed Dividend |
15.746 |
15.798 |
13.548 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
2.302 |
|
|
BALANCE CARRIED
TO THE B/S |
465.153 |
275.852 |
143.724 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
150.945 |
98.502 |
55.237 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
228.881 |
147.260 |
103.683 |
|
|
|
Stores & Spares |
3.071 |
3.113 |
182.500 |
|
|
|
Capital Goods |
311.332 |
101.425 |
211.853 |
|
|
TOTAL IMPORTS |
543.284 |
251.790 |
498.036 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.14 |
10.92 |
7.80 |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs
in Millions)
|
PARTICULARS |
|
|
30.06.2012 |
|
Net Sales |
|
|
929.640 |
|
Total Expenditure |
|
|
732.780 |
|
PBIDT (Excl OI) |
|
|
196.860 |
|
Other Income |
|
|
6.150 |
|
Operating Profit |
|
|
203.010 |
|
Interest |
|
|
25.040 |
|
Exceptional Items |
|
|
(2.520) |
|
PBDT |
|
|
175.450 |
|
Depreciation |
|
|
69.600 |
|
Profit Before Tax |
|
|
105.850 |
|
Tax |
|
|
34.420 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
71.440 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
71.440 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.58 |
6.83 |
7.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.31 |
10.46 |
10.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.54 |
11.19 |
9.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.27 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71 |
1.58 |
1.30
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26 |
3.08 |
3.95
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
Overall installed capacity of plant has increased to 48505 MTPA in view of expansion project completed during the year, as compared to 36,650 MTPA as at the end of the previous year. The major expansion is for the manufacture of PET Performs and containers to the tune of 11855 MTPA by adding new machines. The actual production of containers and performs during the year amounted to 34518 MT (2011 – 32,955 MT) resulting in a capacity utilisation of 71% of year-end installed capacity. The turnover was 39212 MT (2011 – 27,547 MT). The Company continues to have a strong focus on innovation, research and development for sustained growth while enjoying a preferred supplier status with most of its esteemed clientele in FMCG, Pharma and allied sectors. It has a dedicated team of technically qualified / trained personnel and professionals controlling different operational segments in a decentralized environment.
FINANCE
During the year, the Company continued to avail financial assistance from State Bank of India, it’s esteemed Bankers, by way of Rupee Term Loans and Cash Credit limits on extremely competitive terms for operational and capital expenditure requirements. The Company has availed term/buyer’s credit loan of Rs. 415.200 Millions (sanctioned limit Rs. 1092.300 Millions) for the expansion project, out of which Rs. 283.000 Millions has since been repaid. The Directors confirm that the funds obtained by the Company by way of term loans / working capital borrowings have been duly utilized for the purposes for which the same are meant.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The packaging industry today is quite dynamic and moving towards unseen growth, specifically in the last 5 years.
Customers these days want their material to come from vendor partners who practice all GMPs and food safety. Manjushree, an ISO 22000:2005 certified company, is today one of the largest producers, accounting for 8% of India’s PET Consumption, manufactures PET Containers, Bottles (Bottles and Jars ranging from 30 ml to 15 Ltrs in various sizes and designs) in PET, PP, Multilayer, HDPE and other variety of polymers, employing state of the art Japanese, European and Candian technologies. The Company manufactures technologically advanced packaging materials for special applications in Liquor, Food Products, Beverages, Pharmaceuticals, Cosmetics, Agro-chemicals and allied sectors, which are different from conventional packaging in terms of performance and quality.
The Packaging industry is today growing with leaps and bounds in the country in terms of quantity as well as value. The growth in the plastic sector is projected at almost 15-20% per annum in the coming financial year. Currently, the Company caters to demand from reputed names such as Coca-Cola, Cadbury, Unilever, Tata Tea, Nestle, P&G, Glaxo Smithkline, Heinz, Britannia, Wrigley’s, PepsiCo, etc., just to name a few. This year some of the additions done to the clientele are L’Oreal, United Spirits Limited, Bacardi, Radico Khaitan and a lot of projects with various clients are under progress, which should materialize in the coming year
Manjushree’s business model is based on focused growth across all territories driven by continuously improving value propositions to customers, market expansion, which ensures the Company’s presence in varied product categories without any particular dependence. Almost all the segments that the Company is in at present are characterized by a large organised sector comprising of mainly institutional clients.
EXPANSION – BIDADI
PROJECT, BANGALORE
During the last Global Investors Meet (GIM) in Bangalore in 2010, the company had signed a MOU with the government of Karnataka to purchase 25 acres of land in Bidadi and Harohalli Industrial Area. As a part of Vision 2020, this is a step to set-up a world class facility to manufacture PET Performs and related products. The Company is leaving no stone unturned to make this of the best facilities in Asia, housing every modern facility, clean room, automation, lean management, material conveying systems, bar coding and green energy. The Company is looking to start operations from this plant in Q4 of FY 2012-13
AWARDS AND RECOGNITION
The Company was recognized by Coca-Cola as a Gold Supplier for second year in succession, for being their best supplier partner and was also awarded World Star awards for various packaging innovation, the highest recognition in the world for excellence in packaging design and ideas. This year the Company won 2 World star awards for Cadbury’s Bubbaloo Chewing Gum jar and Unilever’s Kissan Squeezo Ketchup Bottle. Mr. Vimal Kedia, Managing Director of the Company is also the recipient of President’s Award for outstanding entrepreneurship.
FINANCIAL PERFORMANCE
VIS-A-VIS OPERATIONAL PERFORMANCE
The turnover for FY 2012 was higher at Rs. 3607.800 Millions (2011 – Rs. 2418.600 Millions) reflecting an increase of 49%. The gross profit during FY 2012 was higher at Rs. 751.300 Millions (2011 – Rs. 571.300 Millions) reflecting an increase of 32%, while the operating profit showed a jump of 29% to Rs. 609.400 Millions (2011 – Rs. 473.300 Millions). The profit before tax during FY 2012 was also higher at Rs. 303.300 Millions (2011 – Rs. 226.000 Millions) reflecting an increase of 34%. After provision for taxation, the net surplus amounted to Rs. 205.000 Millions (2011 – Rs. 147.900 Millions) resulting in a fully diluted EPS of Rs. 1.514 (2011 – Rs. 1.092)
SEGMENTAL PERFORMANCE
The Company has only a single reportable segment, i.e. Manufacture of Plastics Containers in terms of AS - 17 issued by the Institute of Chartered Accountants of India.
OUTLOOK
Raw Material prices which had peaked in 2011 are expected to be at similar levels during the coming year as compared to the year. The new products’ performance is expected to provide a fillip to the turnover and volume growth, pushing it into double-digit percentage for the year. PBT / ROCE is also expected to grow in line with growth in the turnover, barring unforeseen operating, economic and other factors having bearing on the operations of the Company.
FIXED
ASSETS:
- Freehold lands
- Building and Civil works
- Plant and machinery
- Utility Installations
- Computer Systems
- Furniture and Fixtures
- Vehicles
- Other Equipment
- Leasehold Land
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. 54.34 |
|
|
1 |
Rs. 86.97 |
|
Euro |
1 |
Rs. 69.43 |
INFORMATION DETAILS
|
Report Prepared by
: |
UDS |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.