MIRA
INFORM REPORT
|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
TIME TECHNOPLAST LIMITED (w.e.f. 01.05.2006) |
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|
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Formerly Known
As : |
TIME PACKAGING LIMITED |
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Registered
Office : |
Office No. 213, Sabari Apartments,
Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu-396210,
Union Territory |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.12.1989 |
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Com. Reg. No.: |
56-003240 |
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Capital
Investment / Paid-up Capital : |
Rs. 210.118 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27203DD1989PLC003240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08803E |
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PAN No.: [Permanent Account No.] |
AAACT2783J |
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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
: |
Manufacture of Polymer Based Products |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 28000000 |
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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 record. There
appears an increase in the sales volume as well as net profitability of the
company. Net worth of the company seems to be satisfactory. Financial
position of the company is good. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 + [Letter of Credit] |
|
Rating Explanation |
Very strong degree of safety it carry lowest
credit risk. |
|
Date |
27.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
AA – [Cash Credit] |
|
Rating Explanation |
High degree of safety it carry very low
credit risk. |
|
Date |
27.09.2013 |
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 DENIDED BY
|
Name : |
Mr. Sandeep Modi |
|
Designation : |
Vice President Finance |
|
Contact No.: |
91-22-71119213 |
|
Date : |
04.12.2013 |
LOCATIONS
|
Registered Office : |
Office No. 213, Sabari Apartments,
Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and
Diu-396210, Union Territory |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Area : |
10000
sq. ft. |
|
Location : |
Owned
|
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|
Head Office : |
2nd Floor, 55, Corporate Avenue, Saki Vihar Road, Andheri (East), Mumbai
– 400 072, Maharashtra, India |
|
Tel No.: |
91-22-28039999 / 28039700 / 42119999 / 71119000 / 42119999 |
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Fax No.: |
91-22-28575672 |
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Email. |
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Regional Office : |
Also Located At:
·
·
Vadodara ·
·
Chennai ·
·
·
Kolkatta ·
Sahibabad R.O. ( ·
|
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr.
Kuthoore Natarajan Venkatasubramanian |
|
Designation : |
Chairman
(Non Executives and Independent) |
|
Address : |
D4/D5, Ashok Swetha, 173, Avvai Shanmugam Salai, Royapettah,
Chennai-600014, Tamilnadu, India |
|
Date of Birth/Age : |
14.04.1938 |
|
Date of Appointment : |
14.12.2000 |
|
DIN No.: |
00007392 |
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|
|
|
Name : |
Mr.
Anil Paraslal Jain |
|
Designation : |
Managing
Director |
|
Address : |
311/312, Lokhandwala Complex, Andheri (West), Mumbai-400053,
Maharashtra, India |
|
Date of Birth/Age : |
03.01.1955 |
|
Date of Appointment : |
17.10.1991 |
|
DIN No.: |
00183364 |
|
|
|
|
Name : |
Mr.
Bharat Kumar Ratanlal Vageria |
|
Designation : |
Whole
Time Director – Finance |
|
Address : |
101-102, Nandalaya Khandalwal Complex, Evershine Nagar, Malad (West),
Mumbai-400064, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1959 |
|
Date of Appointment : |
21.03.1990 |
|
DIN No.: |
00183629 |
|
|
|
|
Name : |
Mr.
Naveen Mahendrakumar Jain |
|
Designation : |
Whole
Time Director- Technical |
|
Address : |
RNA Royal Park, 1107C, M G Road, Hindustan Naka, Kandivili (West),
Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1966 |
|
Date of Appointment : |
20.12.1989 |
|
DIN No.: |
00183948 |
|
|
|
|
Name : |
Mr.
Raghupathy Payyalore Thyagarajan |
|
Designation : |
Whole
Time Director- Marketing |
|
Address : |
A9/36, Sunder Nagar, Kalina, Santacruz (East), Mumbai-400098,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1964 |
|
Date of Appointment : |
21.03.1990 |
|
DIN No.: |
00183305 |
|
|
|
|
Name : |
Mr.
Hans-Dieter Von Meiobom |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
Buchweg 12, 63303, Dreieich, Buchschlag |
|
Date of Birth/Age : |
27.10.1941 |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02313038 |
|
|
|
|
Name : |
Mr.
Sanjay Shrikrishna Kulkarni |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
A/12, Technocrat Co-Operative Housing Society, Near Twin Tower,
Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1949 |
|
Date of Appointment : |
25.03.2003 |
|
DIN No.: |
00102575 |
|
|
|
|
Name : |
Mr.
Mahinder Dayanand Wadhwa |
|
Designation : |
Director
(Non Executive and Independent) |
|
Address : |
204-A, Landsend Lokhandwala Complex, Andheri (West), Mumbai-400053,
Maharashtra, India |
|
Date of Birth/Age : |
13.10.1952 |
|
Date of Appointment : |
01.06.1995 |
|
DIN No.: |
00064148 |
|
|
|
|
Name : |
Mr.
Kartik Chandra Parija |
|
Designation : |
Director
(Non Executive) |
|
Address : |
3D, SPL Enderly, 26, Cubbon Road, Bangalore-560001, Karnataka, India |
|
Date of Birth/Age : |
27.10.1941 |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
00177115 |
KEY EXECUTIVES
|
Name : |
Mr. Niklank Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No. 22, B-4, Highway View Cooperative Housing Society Limited,
Near Shantaram Talao, Malad (East), Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
03.04.1975 |
|
Date of Appointment : |
14.12.2013 |
|
PAN No.: |
ADAPJ0336P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17267500 |
8.22 |
|
|
112672338 |
53.62 |
|
|
92968 |
0.04 |
|
|
92968 |
0.04 |
|
|
130032806 |
61.89 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
130032806 |
61.89 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
18165996 |
8.65 |
|
|
22701749 |
10.80 |
|
|
40867745 |
19.45 |
|
|
|
|
|
|
8562395 |
4.08 |
|
|
|
|
|
|
5519547 |
2.63 |
|
|
3637886 |
1.73 |
|
|
21497371 |
10.23 |
|
|
158587 |
0.08 |
|
|
1011132 |
0.48 |
|
|
16476036 |
7.84 |
|
|
3496567 |
1.66 |
|
|
355049 |
0.17 |
|
|
39217199 |
18.66 |
|
Total Public
shareholding (B) |
80084944 |
38.11 |
|
Total (A)+(B) |
210117750 |
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) |
210117750 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
l.No |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Time Securities Services Private Limited |
4,21,77,098 |
20.07 |
3135000 |
7.43 |
1.49 |
|
2 |
Vishwalaxmi Trading and Finance Private Limited |
3,97,72,667 |
18.93 |
13705000 |
34.46 |
6.52 |
|
3 |
Time Exports Private Limited |
2,85,47,573 |
13.59 |
28520000 |
99.90 |
13.57 |
|
4 |
Anil Jain |
40,20,000 |
1.91 |
0 |
0.00 |
0.00 |
|
5 |
Bharat Vageria |
40,20,000 |
1.91 |
0 |
0.00 |
0.00 |
|
6 |
Raghupathy Thyagarajan |
40,20,000 |
1.91 |
0 |
0.00 |
0.00 |
|
7 |
Naveen Mahendra Kumar Jain |
40,20,000 |
1.91 |
0 |
0.00 |
0.00 |
|
8 |
Time Capital Limited |
16,75,000 |
0.80 |
0 |
0.00 |
0.00 |
|
9 |
Arun Jain Huf |
5,75,000 |
0.27 |
0 |
0.00 |
0.00 |
|
10 |
Arun Jain |
5,00,000 |
0.24 |
0 |
0.00 |
0.00 |
|
11 |
Kalinga Technologies Private Limited |
3,25,000 |
0.15 |
0 |
0.00 |
0.00 |
|
12 |
Time Securities and Guarantees Limited |
1,75,000 |
0.08 |
0 |
0.00 |
0.00 |
|
13 |
Sushila Jain |
1,12,500 |
0.05 |
0 |
0.00 |
0.00 |
|
14 |
Aruna Vageria |
92,968 |
0.04 |
0 |
0.00 |
0.00 |
|
|
Total |
13,00,32,806 |
61.89 |
45360000 |
34.88 |
21.59 |
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 |
|
1 |
HDFC Trustee Company Limited HDFC Equity Fund |
18165996 |
8.65 |
|
2 |
American Funds Insurance Series Global Small Capitalization Fund |
11888000 |
5.66 |
|
3 |
Core International FZC |
10719900 |
5.10 |
|
4 |
Government Pension (Fund Global) |
4496822 |
2.14 |
|
5 |
IL and FS Trust Company Ltd (Trustee of Business Excellence Trust India Business ) |
3496547 |
1.66 |
|
6 |
Zephyr Peacock India I |
2528554 |
1.20 |
|
7 |
India Business Excellence Fund I |
3227582 |
1.54 |
|
8 |
Max New York Life Insurance Company Limited |
2821965 |
1.34 |
|
9 |
Kotak Mahindra (UK) Limited A/c Kotak India Focus Fund II |
2500000 |
1.19 |
|
10 |
Ashmore Equities Investmetment Management (US LLC A/c The Ashmoreemm Umberella Funds - Emerging |
2615993 |
1.25 |
|
11 |
Bajaj Allianz Life Insurance Company Limited |
2309371 |
1.10 |
|
|
Total |
64770730 |
30.83 |
Shareholding
belonging to the category "Public" and holding more than 5% of the Total
No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
HDFC Trusteee Company Limited HDFC Equity Fund |
18165996 |
8.65 |
|
2 |
American Funds Insurance Series Global Small Capitalization Fund |
11888000 |
5.66 |
|
3 |
Core International FZC |
10719900 |
5.10 |
|
|
Total |
40773896 |
19.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Polymer Based Products |
||||
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|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Production
|
|
Plastic Products |
MT |
126850 |
83463 |
Notes
·
Licensed capacity is not
applicable in view of the company’s products having been de-licensed as per new
licensing policy announced by the government of India.
·
Install Capacity is as certified
by the management and accepted by Auditors as this is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
||||||||||||||||||
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|
Bankers : |
· Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi - 110001, Delhi, India · Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · Ing Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 To G5, 1st Floor, Shop No.1001 To 1007, Barakhamba Road,, New Delhi - 110001, Delhi, India · Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road,, New Delhi - 110001, Delhi, India · Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Raman
S. Shah and Associates Chartered Accountants |
|
Address : |
A-Wing, 2nd Floor, Sam Plaza, H K Irani Road, District Thane, Dahanu Road, (West) Dahanu – 401602, India |
|
PAN No.: |
AAAAR1481M |
|
|
|
|
Subsidiaries : |
·
TPL Plastech Limited CIN NO.:- L25209DD1992PLC004656 ·
Elan Incorporated FZE ·
Nova Tech SP Z.o.o. ·
Kampozit Praha s.r.o. ·
GNXT Investment Holdings Pte. Limited ·
Ikon Investment Holdings Limited |
|
|
|
|
Fellow Subsidiary : |
·
Gulf Powerbeat W.L.L ·
Technika Corporation F.Z.E ·
Tianjin Elan Plastech Company Limited ·
YPA (Thailand) Limited ·
Pack Delta Public Company Limited ·
Powerbuild Batteries Private Limited ·
Yung Hsin Contain Industry Company Limited ·
GrassTech SRL ·
PT Novo Complast ·
Tech Complast |
|
|
|
|
Joint Venture : |
·
Time Mauser Industries Private Limited CIN NO.:- U01122DD2003PTC003276 ·
Schoeller Arca Time Holdings Pte. Limited CIN NO.:- U25200DD2009PLC004671 |
|
|
|
|
Other Related Parties : |
·
Avion Exim Private Limited CIN NO.:- U51900MH1999PTC119909 ·
Time Exports Private Limited CIN NO.:- U51900MH1991PTC063915 ·
Ace Mouldings Private Limited CIN NO.:- U28992MH1999PLC119981 ·
Apex Plastics ·
Time Securities Services Private Limited ·
Vishwalaxmi Trading and Finance Private Limited |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Re.1/- each |
Rs. 250.000 Millions |
|
2500000 |
Redeemable Preferences Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
TOTAL
|
|
Rs. 275.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210117750 |
Equity Shares |
Re.1/- each |
Rs. 210.118 Millions
|
|
|
|
|
|
NOTES
Of the Above
Includes
(I)
19,905,000 Shares were allotted as fully paid-up
pursuant to the Scheme of Amalgamation of erstwhile Shalimar Packaging Private Limited
and Oxford Mouldings Private Limited with the company without payment received
in cash.
(II)
78,525,000 Shares were allloted as fully paid-up by
way of Bonus shares by capitalisation of Share Premium Account and General
Reserves.
(III) 8,52,750 Shares
were allloted as fully paid-up under ESOP scheme.
(IV) The Equity Shares
of Rs. 10/- each of the Company have been sub divided into Equity Shares of Rs.
1 each with effect from 6th November 2008.
b) Rights of
Equity Shareholders
The Company has
only one class of Equity Shares having par value of Rs. 1 each, holder of
equity shares is entitled to one vote per share. In the event of liquidation of
the Company, the holder of equity shares will be entitled to receive any of the
remaining assets of the Company
c) Reconciliation
of numbers of equity shares
|
Particulars |
As at 31st March 2013 |
|
|
Number |
RS. In Millions |
|
|
Shares
outstanding at the beginning of the year |
209,265,000 |
209.265 |
|
Shares issued
during the year |
852,750 |
0.853 |
|
Shares outstanding
at the end of the year |
210,117,750 |
210.118 |
d) Details of
members holding equity shares more than 5%
|
Name of Shareholder |
As at 31st March 2013 |
|
|
No. of Shares Held |
% of Holding |
|
|
(a) Time Securities
Services Private Limited |
42,177,098 |
20.07% |
|
(b) Vishwalaxmi
Trading and Finance Private Limited |
39,772,667 |
18.93% |
|
(c) Time Exports
Private Limited |
28,547,606 |
13.59% |
|
(d) HDFC Trustee
Company Limited – HDFC Equity Fund AAATH1809A |
18,165,996 |
8.65% |
|
(e) American
Funds Insurance Series Global Small Capitalization Fund |
11,888,000 |
5.66% |
|
(f) Core
International FZC |
10,719,900 |
5.10% |
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 |
210.118 |
210.118 |
209.265 |
|
(b) Reserves & Surplus |
6802.687 |
6132.205 |
5473.951 |
|
(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) |
7012.805 |
6342.323 |
5683.216 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1480.288 |
1715.104 |
1667.205 |
|
(b) Deferred tax liabilities (Net) |
276.645 |
233.103 |
191.691 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1756.933 |
1948.207 |
1858.896 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2461.249 |
1893.993 |
1589.868 |
|
(b)
Trade payables |
1311.437 |
1112.312 |
871.462 |
|
(c)
Other current liabilities |
885.391 |
662.692 |
509.368 |
|
(d) Short-term
provisions |
432.912 |
393.232 |
367.230 |
|
Total Current
Liabilities (4) |
5090.989 |
4062.229 |
3337.928 |
|
|
|
|
|
|
TOTAL |
13860.727 |
12352.759 |
10880.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4822.211 |
4381.538 |
3635.701 |
|
(ii)
Intangible Assets |
12.433 |
17.618 |
11.022 |
|
(iii)
Capital work-in-progress |
1058.562 |
953.466 |
966.972 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1445.750 |
1605.476 |
1499.106 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
79.347 |
68.416 |
52.942 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7418.303 |
7026.514 |
6165.743 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2109.601 |
1731.491 |
1520.421 |
|
(c) Trade
receivables |
2248.998 |
1983.148 |
1847.397 |
|
(d) Cash
and cash equivalents |
256.995 |
216.628 |
235.915 |
|
(e)
Short-term loans and advances |
1818.546 |
1389.012 |
1102.697 |
|
(f)
Other current assets |
8.284 |
5.966 |
7.867 |
|
Total Current
Assets |
6442.424 |
5326.245 |
4714.297 |
|
|
|
|
|
|
TOTAL |
13860.727 |
12352.759 |
10880.040 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10665.580 |
9207.391 |
8218.931 |
|
|
|
Other Income |
43.040 |
58.422 |
63.646 |
|
|
|
TOTAL (A) |
10708.620 |
9265.813 |
8282.577 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7224.118 |
6235.272 |
5415.906 |
|
|
|
Manufacturing and Operating Costs |
533.567 |
447.899 |
|
|
|
|
Employee Benefit Expense |
391.493 |
327.767 |
253.971 |
|
|
|
Other Expenses |
729.331 |
610.483 |
940.316 |
|
|
|
Changes in inventories of finished goods, Work-in-progress and
Stock-in-Trade |
(152.897) |
(134.234) |
(89.135) |
|
|
|
TOTAL (B) |
8725.612 |
7487.187 |
6521.058 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1983.008 |
1778.626 |
1761.519 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
563.915 |
444.555 |
318.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1419.093 |
1334.071 |
1443.404 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
402.443 |
356.035 |
301.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1016.650 |
978.036 |
1141.547 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
261.193 |
241.992 |
240.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
755.457 |
736.044 |
901.366 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4022.034 |
3521.850 |
2843.980 |
|
|
|
|
|
|
|
|
|
Add/ Less |
TAXATION
OF EARLIER YEARS |
25.650 |
9.030 |
20.950 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
135.000 |
135.000 |
135.000 |
|
|
|
Proposed Dividend |
94.550 |
94.550 |
94.170 |
|
|
|
Tax on Dividend |
16.070 |
15.340 |
15.270 |
|
|
BALANCE CARRIED
TO THE B/S |
4557.521 |
4022.034 |
3521.856 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
739.243 |
819.275 |
605.702 |
|
|
TOTAL EARNINGS |
739.243 |
819.275 |
605.702 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3565.401 |
2784.645 |
2232.171 |
|
|
|
Stores & Spares |
1.605 |
1.145 |
0.932 |
|
|
|
Capital Goods |
127.075 |
478.613 |
369.099 |
|
|
TOTAL IMPORTS |
3694.081 |
3264.403 |
2602.202 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
3.60 |
3.51 |
4.31 |
|
|
|
Diluted |
3.52 |
3.43 |
4.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.06 |
7.94 |
10.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.53 |
10.62 |
13.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.95 |
9.99 |
13.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.15 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56 |
0.57 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.31 |
1.41 |
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 |
Yes |
|
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 |
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Term loans from banks |
500.000 |
300.000 |
|
Deferral Sales tax Liability |
19.219 |
25.292 |
|
|
|
|
|
TOTAL
|
519.219 |
325.292 |
FINANCIAL RESULTS:
Gross sales and other
income for the standalone entity increased to Rs. 11807.760 Millions, as
against Rs. 9942.870 Millions in the previous year, registered a growth of
18.76%. The Net Profit at Rs. 755.460 Millions as against Rs. 736.040 Millions
represents an decrease of 2.64%, as compared to the previous year.
MANAGEMENT
DISCUSSION and ANALYSIS:
GLOBAL SCENARIO:
Rebalancing global economy was tough during fiscal year 2012-13 with global growth is expected to come in at relatively weak about 2.4% in 2013 and progressively strengthening to 3.1% in 2014 and 3.3 % in 2015. GDP growth in developing countries has been slowest in past 10 years and forecasted to grow by 5.5% in 2013, 5.7% in 2014 and 5.8% in 2015. Developed countries will face challenges such as fiscal consolidation, high unemployment, weak business and consumer spending and will result into average growth of 1.3% in 2013 and expected to rise to 2.00% in 2014 and 2.3% in 2015. OECD group of 34 countries stated that the combined gross domestic products of its member declined at an annual rate of 0.6% in last quarter of 2012. This suggested that global economy has weakened since 2010-11.
Growth in East Asia and pacific region has declined from 8.3% last year by 10%, the reason being on account of weak external demands and policy action by China. GDP growth excluding China will be around 5.6% a jump of 24% from previous year. This is because strong domestic demand of ASEAN economies and was effectively supported through counter cyclic measures. The GDP growth in this region excluding china will grow by 5.8%. Intra-Asian trade, which is now about a third of intra-European trade, will surpass European trade before 2030. China which represents less than 5% of world trade will have 15% by 2030. India share is expected to rise to above 5% in that period.
India’s GDP growth rate in 2012-13 grew around 5% from expected 6.2% this suggests significant fall in GDP growth in the last 10 years. However, the slowdown is attributed to weakening in all sectors and key factors responsible are high policy rate to bring inflation under control, investment bottleneck that slowed down corporate investment and brought export level down. India posted a record current account deficit of 6.7% of $32.6 billion a year which is a result of held up exports and surge of imports due to high oil and gold prices. Current account deficit has also weakened country’s currency and leaves country susceptible to external market conditions.
COMPANY OVERVIEW:
Time Technoplast
Limited (TimeTech) is an innovation-led market leader in rigid polymer
products. The Company has an excellent product repertoire catering to fastest
growing segments of the economy; Industrial Packaging, Technical Products
(Automotive components and Lifestyle Applications), Infrastructure, Material
Handling Systems and Composite Cylinders. TimeTech possesses a consolidated
technological platform encompassing polymer processing technologies i.e. blow
molding, extrusion and injection molding. The Company manufactures a wide array
of products with 25 well recognized brands using these well recognized polymer
based technologies. It has a remarkable cost efficient model as the locations
of manufacturing facilities are closer to demand. The Company has an in-house R
and D team and employs the most advanced polymer processing technologies. The
Company's multi-location manufacturing set up comprises of 14 locations across
India and 14 Global locations. TimeTech has more than 500 institutional
customers and a well-knit dealer network across more than 350 cities and towns
in India alone. The Company has a widespread marketing and distribution network
in India and overseas.
TIME TECHNOPLAST
LIMITED: NEXT ERA OF GROWTH AND INNOVATION:
The company’s portfolio consists of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction related products, Material Handling Solutions and Composite Cylinders.
The leading segment of manufacturing by output consists of chemical, auto and pharmaceuticals which are their main clients as these companies rely on value added products. TimeTech has a rich channel of innovations in material, processes and also pledge to generate fresh demand and drive further productivity gains across its plants.
TimeTech products rely on innovation and result in competitiveness. TimeTech believes in providing a full service of products to its customers, both in India and overseas. TimeTech continuously innovates on its products and service so that it can maintain its premier position with the customer TimeTech has a comprehensive understanding of the diverse industry segment in regional, national and international economy as well as the wider trends affecting them. It has focused on R and D capabilities, as well as proficiency in quality and product design.
TIME TECHNOPLAST HIGH
GROWTH VERTICALS:
INDUSTRIAL PACKAGING:
Time Technoplast Limited. offers a wide range of industrial packaging products like drums, containers, pails and PET sheets for varied packaging requirements. They work across all technologies of plastic processing such as blow molding, injection molding and extrusion. They have developed products in line with international requirements and specifications.
SHIFT TOWARDS POLYMER
DRUM TO INTENSIFY WILL HELP TIMETECH:-
Large replacement market of Metal drums; Shift in demand towards usage of Polymer/ plastic drums instead of
Metal drums gaining strength.
• Huge opportunity available in Rest of the Asia as it is the most under Penetrated market as far as Polymer drums are concerned
• Polymer drums are replacing Metal containers due to
a) Competitive prices
b) Lower weight and better performance
Better quality (Polymer drums are seamless, hence better positioned for transportation and difficult material handling conditions)
d) No rust, dust and higher resale value
• For many products (esp. in Sp. Chemicals), polymer drums are preferred due to its non-reactive quality (inertness) towards the solutions.
INTERNATIONAL
OPERATIONS:-
The Group has emerged as a game changer and thought leader especially in Asia has resulted over the years owing to its immaculate strategy and commercial intelligence that has forecasted needs, changes on the business dimensions and harnessed innovative technologies to offer quality coupled with excellent services consistently over the period.
Time Technoplast has expanded its manufacturing facilities to China, Indonesia, South Korea, Vietnam, Egypt, Taiwan, Thailand, UAE, Romania, Poland and Bahrain.
FIRST MOVERS’
ADVANTAGE AGAINST GLOBAL MAJORS
• TimeTech has first mover’s advantage in Asia vis-s-vis global industrial packaging majors like Mauser, Schutz and Greif.
• Established players in Developed markets have insignificant presence in emerging markets esp. Asia and ME.
• Shifting industrial production bases towards Asia in China, Indonesia, Vietnam, Egypt, Taiwan, Malaysia and Thailand,
• Polymer drums corners 50% market share in India (13% on global scale) while just 6% in Rest of the Asia
• IBC’s are under penetrated in Asia but gaining importance especially in bulk export.
• TimeTech has a huge addressable market available in absence of the global majors in Asia.
The future of global Packaging market and Technology will swell to $820 billion driven mainly by increasing demand for packaging in emerging and transitional economies, a 3% growth per annum will focus on board products and rigid plastics. With $77 billion collectively predicted growth by 2016 the future of global packaging market and technology estimate to 2016 provides market size and forecast broken down by packaging products, end user sector and topographical market. India will enter the top 10 packaging countries with its demand set to almost double in next 5 years to $24 billion.
INFRASTRUCTURE:
The infrastructure division has a comprehensive range of products catering to different demographic industries. The product array includes high pressure pipes, prefabricated shelters, waste/refuse bins and energy storage devices.
PE Pipes, high pressure pipes cater to the requirements of water supply management, sewerage and drainage systems, effluent treatment plants and telecom ducting etc. The Company has four strategic Manufacturing units at Silvassa, Gummidipoodi (Tamil Nadu), Amta (West Bengal) and Gadarpur (Uttarakhand) to offer the product at competitive costs in the regional markets, which is also considered to be strategically located catering the demand of all regions.
Prefab Shelters: The Shelter equipped with modern interiors and PVC profile false ceiling and PUF filled PVC doors and windows. The shelter has wide range of applications, such as site offices, security cabins, hospital units, portable canteens, exhibition office workshops, mobile shelters, and health center. The product has huge potential for supplies under social infrastructure schemes initiated by state governments. The Prefab shelters are gaining importance especially in Disaster
Management for Relief Camps.
Dumpo Bins are European designed and EN standards approved waste bins. They are first indigenously manufactured waste management bins in the country. Since waste management is the fundamental requirement for public health, Article 48-A of the Indian Constitution establishes the responsibility of the state to manage wastes properly. The importance of proper solid waste management is one of the prime functions of the civic body. Therefore they are very confident on the demand of Dumpo Bins in major cities of the India.
Energy Storage Devices compromised of VRLA batteries for the telecom sector and UPS, invertors, and hybrid batteries for industrial applications. There has been gradual de risking the dependencies on telecom segments by augmenting capacity for applications into industrial applications like Solar UPS, inverters and railways Batteries etc. Power is one of the key infrastructure elements supporting a nation’s growth. India has grappled with a power deficit situation for several decades now. In fact, the power generation capacity addition has rarely been able to keep pace with the demand for power. An outdated Transmission and Distribution (T and D) network also results in high Aggregate Technical and Commercial (AT and C) losses as well as poor power quality.
Currently well-established in India, the backup power industry has grown rapidly during the last decade. Demand for alternative/backup power sources in the form of generator sets, power inverters, UPS, battery, etc. is expected to rise further in coming years.
BRIGHT FUTURE OF
SOLAR BATTERIES
After seeing success in the wind energy sector, in 2001, the Indian government initiated a nationwide programme to provide clean, off-grid and mostly solar-generated power in remote areas of the country. The solar power programme, now a part of the National Action Plan for Climate Change, started as an off-grid clean energy source to bring self-sufficiency and reduce the consumption of kerosene, particularly in the rural areas.
The Government launched the Jawaharlal Nehru National Solar Mission in the Eleventh Five Year Plan (FYP), which was an off-grid clean energy mission. The Mission sets the following target:
i. Enabling policy framework for deployment of 20,000 megawatt (MW) of solar power by 2022.
ii. To increase capacity of grid connected solar power to 1,000 MW by 2013 and an additional capacity of 3,000 MW by 2017.
iii. To create favourable conditions for developing solar manufacturing capability in the country.
iv. To promote deployment of 20 million solar lights by 2025. The mission aim is to make India a global leader in solar energy.
TECHNICAL PRODUCTS:
AUTOMOTIVE
COMPONENTS:
Time Technoplast Limited. manufactures value added plastic auto components through innovation and technology conforming to international standards i.e. Anti-Spray Flaps, Plastic Fuel Tank (PFTs), De-aerating tanks (DAT) and Air Duct. They are focused on developing innovative solutions for the automotive industry across the following themes: Sustainability; Lightweighting; Cost; Safety; and Design. Plastics reduce weight and improve fuel economy and consequently reduce emissions. It is expected that high oil prices and strict CO2 standards will accelerate the growth for the use of plastic parts in the industry.
2. LIFESTYLE:
The Company is one of the leading players in the matting segment. The Company has been delivering value for many solutions across industries and customers, winning the trust of millions across the nation. These Lifestyle Products are not only functional but also add to the aesthetics.
They are currently supplying various products under this segment to IKEA, a Swedish company, which is the world’s largest furniture retailer through their Subsidiary in Poland for its stores located across Europe and USA.
They manufacture Regal, a premium range of garden furniture. It addresses the twin requirement of looks and convenience. Due care is taken to ensure that every piece of furniture is functional.
Through a comprehensive chain of more than 250 distributors, they supply their products to homes, hotels, restaurants, hospitals, clubs, airlines, auditoriums and tent houses and several other institutes across India. All their products are ergonomically designed and adhere to international standards. To cater the growing need of garden furniture market, they have state of the art manufacturing facilities in Silvassa and Pantnagar. Made from hi-strength HIPP-XR polymer, their range of furniture includes Sofas, five position Reclining Chair, Monobloc, Executive and Baby Chairs, Chairs with Writing Desk, Tables, Trolleys, and Stools. Available in an array of innovative designs and premium shades, they are easy to maintain.
Time Technoplasst technological capability, quality of goods coupled with an attractive price points prompts good volume for its product offering.
MATERIAL HANDLING
PRODUCTS:
Time Technoplast in collaboration with Schoeller Arca, manufactures wide range of stackable, nestable and foldable containers, plastic pallets for use in various industries such as automotive, fruits and beverages, food processing. The products and solutions offers generate savings year after year due to its secure construction which offers it longer life and multiple uses. The solution offered reduces costs at various stages of the supply chain thus providing and excellent return on the investments.
COMPOSITE CYLINDERS:
Composite Gas cylinder offers incredible business opportunity across the globe but specifically in Asia and Middle East where Time Technoplast has received its regulatory approval from Petroleum Explosive and Safety Organization (PESO) and The Emirates Authority for Standardization and Metrology (ESMA). Superior quality performance of composite cylinder such as its explosion proof, lighter weight, translucent, non-corrosive, these high tech composite cylinders are all set to replace metal cylinders due to its quality and health and safety reasons. The major Gas distributors in India and other Asian Countries, Middle East and Far East have exhibited huge interest in introducing composite cylinders as a replacement of metal cylinders. Time Technoplast has instigated manufacturing set up in India and Bahrain and has requisite product approval as mentioned from international testing/accreditation agencies for making supplies of cylinders.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT
OF:
1.
Letter of credit issued by banks on behalf of the
Company Rs. 871.247 Millions (Previous year Rs. 821.994 Millions).
2.
Guarantee given by the banks on behalf of the
Company Rs. 134.205 Millions (Previous Rs. 45.321 Millions).
3.
Disputed Direct Taxes Rs. 6.330 Million (Previous
Year Rs. 0.759 Million).
4.
Disputed Indirect Taxes Rs. 1.129 Millions
(Previous Year Rs. 1.129 Millions).
5.
Corporate Guarantees give to banks for Loans taken
by Subsidiaries / Joint Venture companies Rs. 6306.900 Millions against which
outstanding as on 31st March 2013 is Rs. 3803.600 Millions.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR
ENDED 30TH SEPTEMBER 2013
Rs. in Millions
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
1 |
a |
Income from
Operations |
|
|
|
|
|
|
Gross Sales |
33,01.140 |
29,17.375 |
62,18.515 |
|
|
|
Less: Excise Duty |
3,24.444 |
2,86.645 |
6,11.089 |
|
|
|
Net Sales / Income from Operations |
29,76.696 |
26,30.730 |
56,07.426 |
|
|
b |
Other Operating Income |
- |
- |
- |
|
|
|
Total Income( a+b ) |
29,76.696 |
26,30.730 |
56,07.426 |
|
2 |
|
Expenditure :- |
|
|
|
|
|
a |
Consumption of Raw Materials |
21,50.761 |
17,39.828 |
38,90.589 |
|
|
b |
Purchase of Stock-in-trade |
- |
- |
- |
|
|
c |
Change in inventories of finished goods, work-in-progress & stock-in-trade |
(97.216) |
65.623 |
(31.593) |
|
|
d |
Employees Cost |
1,10.680 |
1,01.151 |
2,11.831 |
|
|
e |
Depreciation |
1,07.101 |
1,04.745 |
2,11.846 |
|
|
f |
Other Expenditure |
3,60.390 |
3,20.540 |
6,80.930 |
|
|
|
Total Expenditure |
26,31.716 |
23,31.887 |
49,63.603 |
|
3 |
|
Profit from Operations before Other Income, Interest & Exceptional Items (1-2) |
3,44.980 |
2,98.843 |
6,43.823 |
|
4 |
|
Other Income |
20.376 |
- |
20.376 |
|
5 |
|
Profit before
Interest & Exceptional Items ( 3+4) |
3,65.356 |
2,98.843 |
6,64.199 |
|
6 |
|
Interest ( Net ) |
1,54.281 |
1,45.101 |
2,99.382 |
|
7 |
|
Profit after Interest but before Exceptional Items (5-6) |
2,11.075 |
1,53.742 |
3,64.817 |
|
8 |
|
Exceptional Items |
- |
- |
- |
|
9 |
|
Profit From
Ordinary Activities Before Tax (7-8) |
2,11.075 |
1,53.742 |
3,64.817 |
|
10 |
|
Tax Expenses |
51.502 |
41.502 |
93.004 |
|
11 |
|
Net Profit from
Ordinary Activities after tax (9-10) |
1,59.573 |
1,12.240 |
2,71.813 |
|
12 |
|
Extraordinary Item (Net of Tax Expenses Rs Nil) |
- |
- |
- |
|
13 |
|
Net Profit For the
period (11 -12) |
1,59.573 |
1,12.240 |
2,71.813 |
|
14 |
|
Paid -up equity share capital (Face Value of Rs. 1/-) |
2,10.118 |
2,10.118 |
2,10.118 |
|
15 |
|
Reserve excluding Revaluation Reserves |
- |
- |
- |
|
16 |
|
Earnings Per Share
( EPS ) |
|
|
|
|
|
|
Before & After Extraordinary items |
|
|
|
|
|
a |
Basic |
0.76 |
0.53 |
1.29 |
|
|
b |
Diluted |
0.75 |
0.53 |
1.28 |
FIXED ASSETS
·
Land
·
Factory
Buildings
·
Office Premises
·
Plant and
Machinery
·
Furniture and
Fixtures
·
Office Equipments
·
Vehicles
·
Computers
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. 61.67 |
|
|
1 |
Rs. 100.65 |
|
Euro |
1 |
Rs. 84.26 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.