MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASTRAL
POLY TECHNIK LIMITED (w.e.f. 29.09.2006) |
|
|
|
|
Formerly Known
As : |
ASTRAL POLY TECHNIK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Astral House”, 207/1, Behind Rajpath Club, Off |
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
25.03.1996 |
|
|
|
|
Com. Reg. No.: |
04-029134 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.112.381
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200GJ1996PLC029134 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA00853G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9566C AABCA2951N |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are listed on the
Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer
of CPVC Plumping Systems. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7400000 |
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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 good for normal 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 |
|
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 |
Bank Guarantee = A1 |
|
Rating Explanation |
Very strong degree of safety. It carry lowest credit risk. |
|
Date |
04.08.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Term Loan = A |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
04.08.2011 |
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 / Corporate Office : |
“Astral House”, 207/1, Behind Rajpath Club, Off S.G. Highway,
Ahmedabad-380059, Gujarat, India |
|
Tel. No.: |
91-79-30112100 / 30112139 |
|
Fax No.: |
91-79-30112139 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
Plot No. 1253 and 1264, Village Santej, Taluka Kalol, District
Gandhinagar, |
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Factory 2 : |
Survey No. 149/1, Dholka-Kheda Road, Rampur, Dholka,
Gujarat, India. |
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Factory 3 : |
Khasra No. 67-72, Village: Bated, P.O. Barotiwala,
District Solan, Tehsil: Kasauli, Himachal Pradesh, India |
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|
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|
Branch Office : |
Located at: · New Delhi · Hyderabad · Mumbai · Bangalore · Chennai |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. K R Shenoy |
|
Designation : |
Chairman (Independent Director) |
|
|
|
|
Name : |
Mr. Sandeep P. Engineer |
|
Designation : |
Managing Director |
|
Address : |
59, Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.E. (Chemical) |
|
Experience : |
28 Years |
|
Date of Appointment : |
25.03.1996 |
|
|
|
|
Name : |
Mrs. Jagruti S. Engineer |
|
Designation : |
Executive Director |
|
Address : |
59, |
|
Date of Birth/Age : |
15.07.1965 |
|
Date of Appointment : |
25.03.1996 |
|
|
|
|
Name : |
Mr. Pradip N. Desai |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Kyle A. Thompson |
|
Designation : |
Non Executive Director |
|
Address : |
102, |
|
Date of Appointment : |
01.12.1997 |
KEY EXECUTIVES
|
Name : |
Ms. Zankhana V. Trivedi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Hiranand A. Savlani |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6562964 |
29.20 |
|
|
3151634 |
14.02 |
|
|
1464152 |
6.51 |
|
|
1464152 |
6.51 |
|
|
11178750 |
49.74 |
|
|
|
|
|
|
3164482 |
14.08 |
|
|
3164482 |
14.08 |
|
Total shareholding of Promoter and Promoter Group (A) |
14343232 |
63.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
40148 |
0.18 |
|
|
1861603 |
8.28 |
|
|
1901751 |
8.46 |
|
|
|
|
|
|
1390610 |
6.19 |
|
|
|
|
|
|
2548270 |
11.34 |
|
|
1662610 |
7.40 |
|
|
629639 |
2.80 |
|
|
14432 |
0.06 |
|
|
433884 |
1.93 |
|
|
27597 |
0.12 |
|
|
153726 |
0.68 |
|
|
6231129 |
27.72 |
|
Total Public shareholding (B) |
8132880 |
36.18 |
|
Total (A)+(B) |
22476112 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22476112 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of CPVC Plumping Systems. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
INSTALLED
CAPACITY: 48432 (In MT)
|
Particulars |
Unit |
Actual
Production |
|
Pipes |
Mtrs. |
47605360 |
|
Fittings |
Pcs. |
101158364 |
|
Others |
Mtrs./ Pcs. |
15110621 |
GENERAL INFORMATION
|
Customers : |
Hospitals · Krishna Heart Hospital – Ahmedabad · Kidney Hospital, Civil Hospital · National Hospital · Kims Hospita - Trivendrum · Kailash Cancer Hospital (Muni Seva Ashram) – Baroda Industries · Hindustan Zinc Limited · Atul Limited - Valsad · Cadila Pharmaceuticals Limited - Ahmedabad · Essar Steel Limited - Surat · Grasim Industries Limited - Nagda (MP) · Hindustan Newsprint Limited - Kottayam · Hindustan Zinc Limited - Vizag./Udaipur · IPCL - Nagothana · Iron Exchange Limited - Ahmedabad / Goa Corporate Houses · Wipro Limited - Kolkata · Indian Oil Limited - Delhi · Tata Consultancy Services – Chennai |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage', 3rd Floor, Near Gujarat Vidhyapith, Off |
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|
|
|
Subsidiaries : |
· Astral Biochem Private Limited · Advanced Adhesives Limited |
|
|
|
|
Associates : |
· Kairav Chemicals Limited · Saumya Polymers Private Limited · Astral Technologies Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.5/- each |
Rs.150.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22476112 |
Equity Shares |
Rs.5/- each |
Rs.112.381
Millions |
|
|
|
|
|
a) The Company has issued only one class of shares referred to as equity shares having a par value of Rs.5/-. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
b) The Company has issued Nil (Previous Year : 19,67,108 Equity Shares) Bonus Shares during the period of 5 years immediately preceding the Balance Sheet date.
c) The amount of per share dividend recognised as distributions to equity shareholders during the year ended 31st March, 2012 is Rs.1.125 (Previous Year: Rs.1.125), subject to approval by shareholders in the ensuing Annual General Meeting.
d) The details of shareholders holding more than 5% shares as at 31st March, 2012 and 31st March, 2011 is set out below.
|
Name of
Shareholders |
No. of Shares |
% of Shares Held |
|
Sandeep Pravinbhai Engineer |
47,34,282 |
21.06 |
|
Specialty Process LLC. |
31,64,482 |
14.08 |
|
Saumya Polymers Private Limited |
31,51,634 |
14.02 |
|
Jagruti Sandeep Engineer |
18,28,682 |
8.14 |
|
Hansa Pravinbhai Engineer |
13,34,092 |
5.94 |
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 |
112.381 |
112.381 |
112.381 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1743.653 |
1375.494 |
1068.992 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1856.034 |
1487.875 |
1181.373 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
620.227 |
311.337 |
404.006 |
|
|
2] Unsecured Loans |
15.262 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
635.489 |
311.337 |
404.006 |
|
|
DEFERRED TAX LIABILITIES |
16.900 |
16.900 |
16.900 |
|
|
|
|
|
|
|
|
TOTAL |
2508.423 |
1816.112 |
1602.279 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1550.544 |
1040.094 |
878.381 |
|
|
Capital work-in-progress |
123.717 |
80.986 |
61.554 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.170 |
0.952 |
0.527 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1255.173
|
861.849 |
697.267
|
|
|
Sundry Debtors |
1024.907
|
784.131 |
674.311
|
|
|
Cash & Bank Balances |
350.068
|
101.512 |
37.740
|
|
|
Other Current Assets |
8.202
|
4.973 |
0.000
|
|
|
Other Non-Current Assets |
1.076
|
19.302 |
0.000 |
|
|
Loans & Advances |
417.736
|
371.050 |
258.838 |
|
Total
Current Assets |
3057.162
|
2142.817 |
1668.156 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1692.391
|
1132.643 |
509.625
|
|
|
Other Current Liabilities |
501.844
|
284.250 |
473.564
|
|
|
Provisions |
47.935
|
31.844 |
23.150
|
|
Total
Current Liabilities |
2242.170
|
1448.737 |
1006.339 |
|
|
Net Current Assets |
814.992
|
694.080 |
661.817
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2508.423 |
1816.112 |
1602.279 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5793.181 |
4108.248 |
2901.880 |
|
|
|
Other Income |
38.977 |
12.690 |
52.281 |
|
|
|
TOTAL (A) |
5832.158 |
4120.938 |
2954.161 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4133.741 |
2685.573 |
|
|
|
|
Purchase of Stock In Trade |
199.662 |
260.772 |
|
|
|
|
Changes in Inventories of Finished Goods, and Stock In Trade |
(228.016) |
(3.428) |
2482.419 |
|
|
|
Employee Benefits Expenses |
146.064 |
105.029 |
|
|
|
|
Other Expenses |
723.433 |
500.383 |
|
|
|
|
TOTAL (B) |
4974.884 |
3548.329 |
2482.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
857.274 |
572.609 |
471.742 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
219.843 |
43.470 |
48.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
637.431 |
529.139 |
423.321 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
133.775 |
107.192 |
86.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
503.656 |
421.947 |
337.278 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
106.110 |
86.014 |
56.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
397.546 |
335.933 |
280.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
641.805 |
409.778 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
35.000 |
22.000 |
|
|
|
Interim Dividend |
NA |
11.238 |
11.238 |
|
|
|
Proposed Final Dividend |
NA |
14.048 |
11.238 |
|
|
|
Corporate Dividend Tax |
NA |
4.145 |
3.777 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
913.307 |
641.805 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
65.913 |
65.676 |
54.440 |
|
|
TOTAL EARNINGS |
65.913 |
65.676 |
54.440 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
88.522 |
28.449 |
33.391 |
|
|
|
Resin, Pipes & Fittings |
2050.585 |
1538.333 |
1038.047 |
|
|
TOTAL IMPORTS |
2139.107 |
1566.782 |
1071.438 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.69 |
14.95 |
12.47 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1526.560 |
2009.820 |
|
Total Expenditure |
|
1328.370 |
1770.730 |
|
PBIDT (Excl OI) |
|
198.190 |
239.090 |
|
Other Income |
|
7.280 |
3.410 |
|
Operating Profit |
|
205.470 |
242.500 |
|
Interest |
|
21.180 |
17.230 |
|
Exceptional Items |
|
(22.040) |
(53.820) |
|
PBDT |
|
162.250 |
171.450 |
|
Depreciation |
|
42.930 |
44.520 |
|
Profit Before Tax |
|
119.330 |
126.930 |
|
Tax |
|
23.870 |
25.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
95.450 |
101.540 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
95.450 |
101.540 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.82
|
8.15 |
9.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.69
|
10.27 |
11.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.93
|
13.26 |
13.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.55
|
1.18 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.48 |
1.66 |
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 |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
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 |
FINANCIAL AND
OPERATIONAL REVIEW
· During the year, the Company has continued its growth momentum and has crossed a land mark figure of Rs.6000.000 Millions in Sales (Gross).
· Net sales amounted to Rs.5793.200 Millions as compared to Rs.4108.200 Millions in the previous year, recording a growth of 41%.
· The EBDITA has increased by 48% from Rs.566.300 Millions to Rs.837.300 Millions.
· Net Profit has increased by 18% from Rs.335.900 Millions to Rs.397.500 Millions.
· Export Sales of the Company during the year amounted to Rs.65.913 Millions.
· Earnings per share (basic) amounted to Rs.17.69 per Share, as against Rs.14.95 per Share in the previous year.
PROJECT IMPLEMENTATION
AND PERFORMANCE REVIEW
During the year -
· The Company has increased its installed Capacity by 35.23% from 48,432 M.T. to 65,496 M.T. by creating an additional Capacity at its Dholka Plant involving a Capex outflow of Rs.534.300 Millions.
· The Company has utilized its Capacity to the tune of 38,824 M.T. as against the last year’s figure of 28,289 M.T. which shows a growth of 37%.
· The Company has incurred Capital Expenditure to the tune of Rs.110.600 Millions towards the Corporate Office and purchase of new Office at Satyam Corporate Square situated just opposite to Company’s Corporate House, in the Registration District-Ahmedabad and Sub-District of Ahmedabad-3 (Memnagar).
· The Company has commenced the trial commercial production of Bendable Pipes for the first time in the world with the technical support of Lubrizol during the month of May-2012 with Capacity of 1,100 M.T.
MANAGEMENT DISCUSSION
AND ANALYSIS STATEMENTS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
According to All India Plastic Manufacturers Association (AIPMA), India's plastic consumption in 2010 stood at 9mn tonnes and has been growing at an annual average rate of 12%. With its true potential, consumption is all set to reach 12.5mn tonnes in 2012, which will make India the 3rd largest consumer of plastics by 2012 after US and China (expected consumption by then – USA: 39mn tonnes and China: 31mn tonnes). Further, the consumption is expected to reach 18.9mn tonnes by 2015.
As far as global consumption is concerned, Asia has been the world's largest consumer for several years, accounting for about 30% of global consumption. Next to Asia is North America with 26%, followed by Western Europe with 23%. Worldwide plastic consumption is expected to grow at an average rate of 5% until 2015.
OUTLOOK:
As per the AIPMA India's per capita plastic consumption has increased from 1 kg to 8 kgs in 2010 which will double to 16 kg by 2015 considering 15% CAGR growth. From this they can estimate that if the Country's consumption is going to double in next five years, the Company will grow faster than the Country's growth as thier base is still very low looking to the over-all consumption of the Country.
As per Cushman and Wakefield research, the pan India cumulative residential demand is estimated to stand at approximately 4.25mn units in FY14, a CAGR of 15% from FY11-FY14. About 60% of estimated demand is expected to be spread across the top 7 cities of NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad and Kolkata, with metropolitan cities of NCR and Mumbai accounting for 40% of total demand. This fast paced growth trajectory in construction sector will automatically create a constant and growing demand for plumbing Products such a CPVC, PVC, bendable and other Products.
The Management of the Company further opines that not only the new construction, which will create a lot of demand for plumbing pipes but also the replacement demand, which is growing at a good pace, will help the Company to expand rapidly. Metallic pipes will become a thing of the past over a period of time and polymer will dominate most of the market because of plenty of advantages compared to the metal Products.
The Company which manufactures world class CPVC Products at its NSF approved plants has immense opportunities for accelerated growth. The Company always endeavors to achieve a rate of growth which is superior to that of its competitors and the market in general. The Company has a bouquet of Products which are not restricted to only few applications so much so that it is in a position to provide the complete solution to any construction scheme. The Company's product range covers Under Ground, Above Ground, Hot Water, Cold Water, Waste Water, Solar Water, Sewage Water, Rain Water etc. In short, for all applications of water, Astral has a Product available. Once the Fire Application is introduced during the current financial year, as now it is already approved by BIS, the Company will be the first Company in the Country to provide all solutions from one source.
Further they are happy to introduce the Bendable (CPVC Aluminum CPVC) pipe for the first time in the world for commercial application. The production of the said pipe has already started at the Santej Plant of the Company and they are quite confident that this pipe will be widely accepted by the Multi Storied Buildings segment and for the Solar Application
The Company has Clients from different Sectors which include Hospitals, Academic Institutes, Resorts, Clubs, Government Sectors, Construction Houses, Technology Parks, Industries, Hotels, Commercial Complexes, Corporate Houses etc.
The Company believes in increasing the efficiency in operations and bringing innovative Products in the market thereby building sustainable competitiveness and edge over others. The main thrust of the Company is on Product innovation and diversification. Besides it, the Company also tries to reduce cost of production to make its Products more competitive without sacrificing the quality of product. As a part of cost reduction efforts, the Company is continuously increasing the production of value added Products at its Himachal Pradesh Unit which is enjoying the benefits of Excise Duty, Concessional Power and Income Tax
International alliance with various Companies always helps the Company to bring new and innovative Products to India at competitive price. The Company has already put up a facility for manufacturing the Solvent Cement by its Subsidiary Company “Advanced Adhesives Limited”. During the year, the Advanced Adhesives Limited has commenced commercial production of PVC Solvent Cement through Royalty sharing arrangement with IPS-Corporation of USA. This being the first year of operation, the Company's growth will be seen from current financial year onwards.
The Company has successfully commenced commercial production at its Dholka Manufacturing Unit and is planning to manufacture PVC-SWR Products and PVC Foam Core Products at its Plant.
Looking to ASTRAL's growth and potentiality of the plumbing market, ASTRAL is exploring new areas for setting up its production facilities to enhance production volume in the market
Distribution Network is very important in their Industry. The Company is continuously focusing on it and is gradually expanding the same. The Company plans to reach its Products to every nook and corner of the Country. The Company's Products command great respect due to its superior quality, range and service.
Their Joint Venture Company at Kenya has already started production recently and will slowly pick up the sales in East Africa and in turn Astral India will also increase its sales of fittings in coming days. This will add to their present export revenues from the neighboring Countries.
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Bank Guarantees |
15.518 |
10.996 |
|
Letters of Credit for Purchases |
3.800 |
0.000 |
|
Income tax matters under appeal |
77.253 |
7.779 |
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER
2012
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30/09/2012 |
30/06/2012 |
30/09/2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
a. Net Sales (Net of excise duty) |
2009.579 |
1526.144 |
3535.723 |
|
|
b. Other Operating Income |
0.242 |
0.421 |
0.663 |
|
|
Total Income from
Operations (Net) |
2009.821 |
1526.565 |
3536.386 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of Materials Consumed |
1204.691 |
1203.358 |
2408.049 |
|
|
b. Purchase of Stock-in-Trade |
95.005 |
110.788 |
205.792 |
|
|
c. Changes in Inventories of Finished Goods & Stock in trade |
151.132 |
(272.965) |
(121.833) |
|
|
d. Employee Benefits Expenses |
44.082 |
47.327 |
91.409 |
|
|
e. Depreciation and amortisation Expense |
44.515 |
42.926 |
87.441 |
|
|
f. Other Expenses |
275.815 |
239.859 |
515.675 |
|
|
Total Expenses |
1815.240 |
1371.293 |
3186.533 |
|
3 |
Profit from
Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
194.581 |
155.272 |
349.853 |
|
4 |
Other Income |
3.407 |
7.280 |
10.687 |
|
5 |
Profit Before
Finance Costs & Exceptional Items (3+4) |
197.988 |
162.552 |
360.540 |
|
6 |
Finance Costs |
17.231 |
21.183 |
38.415 |
|
7 |
Profit after
Finance Cost but before exceptional items (5-6) |
180.757 |
141.369 |
322.125 |
|
8 |
Exceptional Items |
(53.823) |
(22.042) |
(75.865) |
|
9 |
Profit before Tax
(7+8) |
126.934 |
119.327 |
246.260 |
|
10 |
Tax expense |
25.397 |
23.874 |
49.271 |
|
11 |
Net Profit for the
period (9-10) |
101.537 |
95.453 |
196.989 |
|
12 |
Paid up Equity Share Capital (Face Value of Rs.5/- Each) |
112.381 |
112.381 |
112.381 |
|
13 |
Reserves excluding Revaluation Reserves |
|
|
|
|
14 |
Basic & Diluted Earnings Per Share (Rs.) (Not Annualised) |
4.52 |
4.25 |
8.76 |
|
|
|
|
|
|
|
A |
Particulars of
Shareholding: |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
8,132,880 |
8,132,880 |
8,132,880 |
|
|
Percentage of Shareholding |
36.18% |
36.18% |
36.18% |
|
2 |
Promoters and Promoter group Shareholding a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter) |
-- |
-- |
-- |
|
|
Percentage of Shares (as a % of the total Share) |
-- |
-- |
-- |
|
|
b) Non - Encumbered |
|
|
|
|
|
- Number of Shares |
14,343,232 |
14,343,232 |
14,343,232 |
|
|
- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of Shares (as a % of the total Share) |
63.82% |
63.82% |
63.82% |
|
|
|
|
|
|
|
B |
INVESTOR (COM PLAINTS |
Quarter Ended 30th September 2012 |
|
|
|
|
- Pending at the beginning of the quarter |
Nil |
|
|
|
|
- Received during the quarter |
1 |
|
|
|
|
- Disposed of during the quarter |
1 |
|
|
|
|
- Remaining unresolved at the end of the |
Nil |
|
|
1. Standalone
Statement of Assets and Liabilities
Rs. In Millions
|
Sr. No |
Particulars |
As At 30/09/2012 (Unaudited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Fund |
|
|
|
Share Capital |
112.381 |
|
|
Reserve and Surplus |
1927.584 |
|
|
Sub-total -
Shareholders' Funds |
2039.965 |
|
2 |
Non-Current
Liabilities |
|
|
|
Long Term Borrowings |
582.672 |
|
|
Deferred Tax Liabilities (Net) |
16.900 |
|
|
Sub-total - Non
Current Liabilities |
599.572 |
|
3 |
Current Liabilities |
|
|
|
Trade Payables |
1451.411 |
|
|
Other Current Liabilities |
409.352 |
|
|
Short Term Provisions |
5.697 |
|
|
Sub-total - Current
Liabilities |
1866.460 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
4505.997 |
|
B |
ASSETS |
|
|
1 |
Non-Current Assets |
|
|
|
Fixed Assets |
1784.147 |
|
|
Non-Current Investments |
33.774 |
|
|
Long Term Loans and Advances |
92.729 |
|
|
Other Non-Current Assets |
1.076 |
|
|
Sub-total - Non
Current Assets |
1911.726 |
|
2 |
Current Assets |
|
|
|
Inventories |
1220.376 |
|
|
Trade Receivables |
907.084 |
|
|
Cash and Cash Equivalents |
140.122 |
|
|
Short Term Loans and Advances |
324.114 |
|
|
Other Current Assets |
2.575 |
|
|
Sub-total - Current
Assets |
2594.271 |
|
|
TOTAL - ASSETS |
4505.000 |
2. The above results have been reviewed by the Audit Committee, and approved by the Board in their meeting held on November 9, 2012 and reviewed by the auditors.
3. The Board of Directors has recommended an Interim Dividend of Rs. 0.50 per equity share of Rs. 5/- each.
4. Exceptional items comprises of loss due to changes in foreign exchange rates on repayment of borrowings, which have been accounted
5. In view of prevailing volatility in the foreign exchange market, in respect of foreign currency borrowings and corresponding forward contracts, loss arising on foreign exchange rate fluctuation on outstanding balances, as at the end of the quarter has not been given effect in the above results as the Company will account for the same at the end of the financial year. Such Gain for the quarter is Rs. 121.633 Millions (loss of Rs. 78.767 Millions in the corresponding quarter of the previous year) and loss for the half year is Rs. 1.900 Millions (loss of Rs. 79.903 Millions in the corresponding half year of the previous year).
6. Dividend of Re 0.625 per equity share of Rs. 5/- each for the year ended March 31, 2012 was paid to shareholders.
7. Other Income includes Gain on Sale of investments.
8. Figures have been regrouped/rearranged where necessary.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is the first licensee of Lubrizol of USA (formerly known as BF Goodrich a fortune 500 company) and have equity joint venture with Specialty Process LLC of USA (manufacturing CPVC plumbing system since 28 years) to manufacture and market the most advanced CPVC plumbing system for the first time in India.
Subject was established in 1999 with a single minded purpose to manufacture absolutely the best plumbing system in India. Astral today manufactures CPVC plumbing systems for both residential and industrial applications, and also ASTM solvent weld lead free PVC plumbing system.
Subject is equipped with state of art production facilities at Ahmedabad and Himachal Pradesh to manufacture plumbing systems from ˝” to 6”with all kinds of necessary fittings. The company has tie up with Specialty Process LLC of USA to incorporate latest technology and quality control programs which are widely accepted at global level and to develop CPVC plumbing systems as per Indian plumbing market.
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
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
65 |
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.