MIRA
INFORM REPORT
|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WIM PLAST LIMITED |
|
|
|
|
Registered
Office : |
S. No. 324/4 to 7, Of Kachigam, Village Kachigam, Swami Narayan
Gurukul Road, Daman and Diu - 396210 |
|
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
07.10.1988 |
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|
Com. Reg. No.: |
001544 |
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Capital
Investment / Paid-up Capital : |
Rs.60.017 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209DD1988PLC001544 |
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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
: |
Manufacturing of Plastic Moulded Furniture and Extrusion Sheets. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 5000000 |
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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 a well established company having a good track record. Financially
company seems to be performing well. Liquidity position appears to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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.
INFORMATION DECLINED
Management Non – Cooperative (91-22-26863426)
LOCATIONS
|
Registered Office / Factory 1 : |
S. No. 324/4 to 7, Of Kachigam, Village Kachigam, Swami Narayan
Gurukul Road, Daman and Diu – 396210, India |
||
|
Tel. No.: |
91-260-3294 314 |
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|
Fax No.: |
Not Available |
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|
E-Mail : |
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Website: |
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Daman Factory 2 : |
Survey No. 327 / 1 to 4 and 7A of Kachigam, Swami Narayan Gurukul
Road, Nani Daman, Daman – 396210, India |
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||
|
Daman Factory 3 : |
Survey No. 666 / 3 and 4, Opposite Kachigam Sub Station, Dabhel, Daman
– 396210, |
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||
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Corporate Office / Head Office: |
Cello House, Corporate Avenue, 1st Floor, ‘B’ Wing,
Sonawala Road, Goregaon (E), Mumbai – 400063, Maharashtra, India |
||
|
Tel. No.: |
91-22-2686 3426 / 27,
2686 4630 |
||
|
Fax No.: |
91-22-2686 3681 |
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|
E-Mail : |
|||
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Factory Locations: |
Located at ·
Baddi ·
Chennai ·
Daman · Haridwar ·
Kolkata ·
Himachal Pradesh |
||
|
|
|
||
|
Company Depots: |
·
Ambala ·
Chennai ·
Hyderabad ·
Jodhpur ·
Kolkata ·
Muzzafarnagar ·
Vapi ·
Zirakpur |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ghisulal D. Rathod |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pradeep G. Rathod |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Pankaj G. Rathod |
|
Designation : |
Director [up to 26.06.2008] |
|
|
|
|
Name : |
Mr. Ashok D. Shah |
|
Designation : |
Director [up to 26.06.2008] |
|
|
|
|
Name : |
Mr. Fatechand M. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harilal Laxmichand Boolani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sohanraj Pukhraj Chhaject |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gulabchand P. Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra F Sundesha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra N Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Madhusudan Jangid |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Kapil Dhirajlal Joshi |
|
Designation : |
Company Secretary |
|
|
|
|
Remuneration Committee: |
·
Mr. Harilal L. Boolani (Chairman) ·
Mr. Ghisulal D. Rathod ·
Mr. S.M. Khinvesra ·
Mr. Mahendra F. Sundehsa |
|
|
|
|
Audit Committee: |
·
Mr. S.M. Khinvesra (Chairman) ·
Mr. Pradeep G. Rathod ·
Mr. Harilal L. Boolani ·
Mr. Mahendra F. Sundesha |
|
|
|
|
Investors’ Grievance Committee: |
·
Mr. Harilal L. Boolani (Chairman) ·
Mr. Ghisulal D. Rathod ·
Mr. Pradeep G. Rathod |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4501036 |
75.00 |
|
|
200 |
0.00 |
|
|
4501236 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4501236 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
1000 |
0.02 |
|
|
1200 |
0.02 |
|
|
|
|
|
|
68659 |
1.14 |
|
|
|
|
|
|
969065 |
16.15 |
|
|
424593 |
7.07 |
|
|
36927 |
0.62 |
|
|
9676 |
0.16 |
|
|
27251 |
0.45 |
|
|
1499244 |
24.98 |
|
Total Public shareholding (B) |
1500444 |
25.00 |
|
Total (A)+(B) |
6001680 |
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) |
6001680 |
0.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PROMOTER AND PROMOTER GROUP"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Pankaj G Rathod |
5,75,000 |
9.58 |
9.58 |
|
2 |
Pradeep G Rathod |
5,75,000 |
9.58 |
9.58 |
|
3 |
Pampuben G Rathod |
5,75,000 |
9.58 |
9.58 |
|
4 |
Ghisulal D Rathod |
4,42,056 |
7.37 |
7.37 |
|
5 |
Gaurav Pradeep Rathod |
4,00,000 |
6.66 |
6.66 |
|
6 |
Fatechand Mulchand Shah |
2,79,600 |
4.66 |
4.66 |
|
7 |
Motilal Mulchand Shah |
2,65,000 |
4.42 |
4.42 |
|
8 |
Babita P Rathod |
2,30,000 |
3.83 |
3.83 |
|
9 |
Sangeeta P Rathod |
2,30,000 |
3.83 |
3.83 |
|
10 |
Kavita Shah |
2,16,460 |
3.61 |
3.61 |
|
11 |
Jayesh Ashok Kumar Shah |
2,14,140 |
3.57 |
3.57 |
|
12 |
Chandu M Shah |
85,500 |
1.42 |
1.42 |
|
13 |
Laxmibai Fatehchand Shah |
80,640 |
1.34 |
1.34 |
|
14 |
Rishikesh Fatehchand Shah |
80,340 |
1.34 |
1.34 |
|
15 |
Nirmala Motilal Shah |
65,000 |
1.08 |
1.08 |
|
16 |
Akshay Motilal Shah |
35,000 |
0.58 |
0.58 |
|
17 |
Karishma Pradeep Rathod |
30,000 |
0.50 |
0.50 |
|
18 |
Sneha Pankaj Rathod |
30,000 |
0.50 |
0.50 |
|
19 |
Pankajkumar Ghisulal Rathod |
20,000 |
0.33 |
0.33 |
|
20 |
Ghisulal Dhanraj Rathod |
20,000 |
0.33 |
0.33 |
|
21 |
Pradeepkumar Ghisulal Rathod |
20,000 |
0.33 |
0.33 |
|
22 |
Ashish Motilal Shah |
20,000 |
0.33 |
0.33 |
|
23 |
Rishikesh F Shah |
11,700 |
0.19 |
0.19 |
|
24 |
Manisha Jayesh Shah |
600 |
0.01 |
0.01 |
|
25 |
Cello Household Appliances Limited |
100 |
0.00 |
0.00 |
|
26 |
Cello Thermoware Limited |
100 |
0.00 |
0.00 |
|
|
Total |
45,01,236 |
75.00 |
75.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Dolly Khanna |
61399 |
1.02 |
1.02 |
|
|
|
Total |
61399 |
1.02 |
1.02 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Plastic Moulded Furniture and Extrusion Sheets. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
·
IDBI Bank ·
Citi Bank N.A, ·
HDFC Bank ·
State Bank of India ·
Dena Bank ·
ICICI Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Bharat P. Shah and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Chief Internal Auditors : |
|
|
Name : |
Jeswani and Rathore Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Corporate Governance: |
HS Associates Company Secretaries |
|
|
|
|
Associate Company: |
·
Cello Writing Inst and Containers Private Limited ·
Cello Household Appliances Private Limited ·
Cello Pens and Stationary Private Limited ·
Cello International Private Limited ·
Cello Plastic Product Private Limited ·
Cello Stationary Product Private Limited ·
Pentek Pen and Stationary Private Limited ·
Cello Plast ·
Cello Plastotech ·
Cello Sales and Marketing ·
Cello World ·
Cello Home Products ·
Cello Houseware ·
Millenium Houseware ·
Cello Industries ·
Cello Oral Hygiene Product ·
Cello Plastic Industrial Works |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6001680 |
Equity Shares |
Rs.10/- each |
Rs. 60.017
Millions |
|
|
|
|
|
Note:
(i) There is no change in the Authorised,
Issued / Subscribed and Paidup Share Capital during the financial year.
(ii) Details of Shareholders holding 5% or
more shares in the Company.
|
PARTICULARS |
31.03.2013 |
|
|
Number of Shares
held |
% of holding in
that class of shares |
|
|
Ghisulal D. Rathod |
4,62,056 |
7.70 |
|
Pradeep G. Rathod |
5,95,000 |
9.91 |
|
Pankaj G. Rathod |
5,95,000 |
9.91 |
|
Pampuben G. Rathod |
5,75,000 |
9.58 |
|
Gaurav P. Rathod |
4,00,000 |
6.66 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
60.017 |
60.017 |
60.017 |
|
(b) Reserves & Surplus |
1187.167 |
960.802 |
775.163 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1247.184 |
1020.819 |
835.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
55.113 |
47.761 |
38.786 |
|
(c) Other long term liabilities |
1.377 |
1.377 |
1.377 |
|
(d) long-term provisions |
1.354 |
1.225 |
0.857 |
|
Total Non-current Liabilities (3) |
57.844 |
50.363 |
41.020 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
75.195 |
36.350 |
17.032 |
|
(c) Other current
liabilities |
80.713 |
43.670 |
36.206 |
|
(d) Short-term provisions |
60.271 |
44.863 |
39.974 |
|
Total Current Liabilities (4) |
216.179 |
124.883 |
93.212 |
|
|
|
|
|
|
TOTAL |
1521.207 |
1196.065 |
969.412 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
705.780 |
579.332 |
346.822 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.056 |
11.307 |
36.310 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
723.836 |
590.639 |
383.132 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
391.051 |
299.980 |
255.186 |
|
(c) Trade receivables |
267.682 |
208.721 |
170.383 |
|
(d) Cash and cash
equivalents |
26.697 |
18.487 |
13.535 |
|
(e) Short-term loans and
advances |
111.941 |
78.238 |
146.613 |
|
(f) Other current assets |
0.000 |
0.000 |
0.563 |
|
Total Current Assets |
797.371 |
605.426 |
586.280 |
|
|
|
|
|
|
TOTAL |
1521.207 |
1196.065 |
969.412 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2480.762 |
2014.743 |
1579.900 |
|
|
|
Other Income |
16.495 |
12.261 |
14.851 |
|
|
|
TOTAL (A) |
2497.257 |
2027.004 |
1594.751 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1571.896 |
1209.389 |
920.457 |
|
|
|
Purchases of Traded Goods |
189.938 |
181.719 |
169.893 |
|
|
|
Changes in Inventories of Finished Goods, and Stock-in-trade |
(96.462) |
(25.335) |
(1.968) |
|
|
|
Employee Benefits Expense |
80.835 |
58.949 |
39.379 |
|
|
|
Other expenses |
290.667 |
224.564 |
159.548 |
|
|
|
TOTAL (B) |
2036.874 |
1649.286 |
1287.309 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
460.383 |
377.718 |
307.442 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.180 |
1.663 |
0.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
459.203 |
376.055 |
306.614 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.463 |
55.889 |
44.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
385.740 |
320.166 |
262.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
103.202 |
92.675 |
79.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
282.538 |
227.491 |
182.496 |
|
|
|
|
|
|
|
|
|
|
BALANCE C/F FOR
STATEMENT OF PROFIT & LOSS |
884.203 |
686.137 |
523.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
51.456 |
56.822 |
11.027 |
|
|
|
Raw Materials |
174.384 |
122.185 |
68.253 |
|
|
TOTAL IMPORTS |
225.840 |
179.007 |
79.280 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.08 |
37.90 |
30.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.31
|
11.22 |
11.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.45
|
15.80 |
16.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.36
|
26.77 |
44.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.31 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69
|
4.85 |
6.29 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90077670 |
13/01/2005 |
125,000,000.00 |
IDBI BANK LIMITED |
MARIGOLD HOUSE; PLOT NO. A 34, CROSS ROAD NO.2; MAROL MIDC; ANDHERI,
MUMBAI, MAHARASHTRA - 400093, INDIA |
- |
|
2 |
90076855 |
30/08/2003 |
155,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA |
- |
|
3 |
90077548 |
27/08/2003 |
155,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
4 |
90077357 |
04/01/2000 |
111,200,000.00 |
IDBI BANK LIMITED |
224 A; MITTAL COURT ; A WING 2 FLOOR, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90077239 |
31/07/1998 * |
35,276,000.00 |
INDUSTRIAL DEV. BANK OF INDIA |
IDBI TOWER ; COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90077116 |
07/12/1994 * |
5,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, KILLICK HOUSE ; CHARAN |
- |
|
7 |
90077099 |
07/12/1994 * |
14,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
WESTERN REGION OFFICE, NARIMAN BHAVAN; NARIMAN P |
- |
OPERATIONS:
In the year 2012-13 Company continued with the growth of the volumes and
earnings. The revenue from operations comes to Rs.2859.489 Millions (p.y.
Rs.2267.584 Millions) and Profit After Tax reached to Rs. 282.538 Millions
(p.y. Rs.227.491 Millions)
COMPANY OVERVIEW:
The Company is carrying the manufacturing activity of Plastic Moulded
Furniture and Extrusion Sheets having the manufacturing units at Daman, Baddi,
Chennai, Haridwar and Kolkata and Corporate Office in Mumbai.
MANAGEMENT
DISCUSSION AND ANALYSIS STATEMENT:
INDUSTRY OVER
VIEW:
The year 2012-13 was again the year with set of challenges to sustain
the growth rate due to the rising Inflation, fluctuations in Currency rates and
the year begins with fear of another recession era but and their Economy
constantly fights for the growth rate also there were hike in the duties and
additional taxes by the Government.
As like past few years this year also Plastic Processing Industry faced
the dilemma of fluctuations in polymer raw material prices with rising trends and
it posts pressure of margin cut for the Industrial players. The Input cost has
been drastically boosts due to the rising raw material prices and production
costs which has controlled the margin ratios with thin margins for the
Industry.
OUTLOOK:
The Company expect prospective outlook for the years to come due to the
strategic development plans and a wide consumer base across the regions.
Setting up of the additional capacities with spread of distribution net will
held to serve the scattered consumers. Also the Company put its best for the
serving the products to Industrial buyers with rage of applications. The
outlook seems to be rising with volume and growth with the execution of
expansion plans and future strategies.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(a) Outstanding Letters of Credit |
0.000 |
7.787 |
|
(b) Outstanding Bank Guarantees |
27.021 |
20.199 |
|
(c) Liabilities in respect of: |
|
|
|
(i) Excise Duty |
7.946 |
0.092 |
|
(ii) Service Tax |
0.000 |
0.340 |
|
(iii) Sales Tax |
0.000 |
1.056 |
|
(iv) Custom Duty |
1.775 |
1.775 |
|
(v) Value Added Tax |
0.000 |
0.860 |
|
(d) Export Obligation under EPCG Scheme |
1.568 |
1.568 |
|
(e) Estimated amount of capital contracts remaining
to be executed on capital account and not provided {Net of Advances Rs.
12.074 Millions (Previous. Year Rs. 5.288 Millions) } |
32.253 |
11.667 |
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Moulds
·
Office Equipment
·
Vehicle
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 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.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.