MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMMBI INDUSTRIES LIMITED (w.e.f. 28.08.2013) |
|
|
|
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Formerly Known
As: |
EMMBI POLYARNS LIMITED |
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Registered
Office : |
99/2/1 And 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa-396230, Dadar Nagar Haveli |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
54-000387 |
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Capital
Investment / Paid-up Capital : |
Rs. 176.900 Millions |
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|
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CIN No.: [Company Identification
No.] |
L17120DN1994PLC000387 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02122B |
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PAN No.: [Permanent Account No.] |
AAACE3423G |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Jumbo Bags and Woven Sacks and
various Woven Polymers based products. |
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|
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|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2175000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. 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
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are
among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
19.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
19.04.2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY
|
Name : |
Ms. Tamila |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-67845555 |
|
Date : |
24.12.2013 |
LOCATIONS
|
Registered Office : |
99/2/1 And 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa-396230, Dadar Nagar Haveli, Union Territory |
|
Tel. No.: |
91-260-3200948 |
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Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Unit No. 601-604, 6th Floor, Hari Om Chambers, Off New Link
Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-67845555 |
|
Fax No.: |
91-22-67845555/ 67845506 |
|
Area : |
1000 Sq. Ft |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
191/2/4, |
|
Tel. No.: |
91-260-3200831 |
|
Location : |
Owned |
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|
|
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Factory 2: |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa-396 230,Gujarat, India |
|
Tel. No.: |
91-260-3200948 |
|
Location : |
Owned |
|
|
|
|
Factory 3: |
99/2/9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa-396 230,Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Makrand M. Appalwar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Rinku M. Appalwar |
|
Designation : |
Executive Director and Chief
Financial Office |
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|
|
|
Name : |
Dr. Mitravinda M. Appalwar |
|
Designation : |
Non-Executive Directors |
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|
|
|
Name : |
Mr. Sanjay R. Rathi |
|
Designation : |
Non-Executive Directors |
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|
|
|
Name : |
Mr. Prashant K. Lohiya |
|
Designation : |
Non-Executive Directors |
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|
Name : |
Dr. Venkatesh G. Joshi |
|
Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal R. Patvi |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
·
Sanjay R. Rathi (Chairman) ·
Prashant K. Lohiya ·
Dr. Venkatesh G. Joshi ·
Rinku M. Appalwar |
|
|
|
|
Remuneration Committee : |
·
Sanjay R. Rathi (Chairman) ·
Prashant K. Lohiya ·
Dr. Venkatesh G. Joshi |
|
|
|
|
Shareholders’/Investors’ Grievance Committee : |
·
Prashant K. Lohiya (Chairman) ·
Sanjay R. Rathi ·
Rinku M. Appalwar |
|
|
|
|
Committee of Directors Committee : |
·
Makrand M. Appalwar (Chairman) ·
Rinku M. Appalwar ·
Sanjay R. Rathi |
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 |
|
|
|
|
|
|
|
|
6436500 |
36.38 |
|
|
2675000 |
15.12 |
|
|
126923 |
0.72 |
|
|
126923 |
0.72 |
|
|
9238423 |
52.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9238423 |
52.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
80909 |
0.46 |
|
|
80909 |
0.46 |
|
|
|
|
|
|
953004 |
5.39 |
|
|
|
|
|
|
3799029 |
21.48 |
|
|
3491523 |
19.74 |
|
|
127362 |
0.72 |
|
|
127362 |
0.72 |
|
|
8370918 |
47.32 |
|
Total Public shareholding (B) |
8451827 |
47.78 |
|
Total (A)+(B) |
17690250 |
100.00 |
|
© 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) |
17690250 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherShareholding of securities (including shares, warrants,
convertible securities) of persons 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 |
Makarand Moreshwar Appalwar |
41,98,000 |
23.73 |
23.73 |
|
2 |
Rinku Makrand Appalwar |
19,25,750 |
10.89 |
10.89 |
|
3 |
Emmbi Laboratories Private Limited |
16,25,000 |
9.19 |
9.19 |
|
4 |
Maithili Agrotech Private Limited |
10,50,000 |
5.94 |
5.94 |
|
5 |
Mitravinda Moreshwar Appalwar |
1,94,000 |
1.10 |
1.10 |
|
6 |
Moreshwar Balwant Appalwar |
1,18,725 |
0.67 |
0.67 |
|
7 |
Maithili Makrand Appalwar |
61,750 |
0.35 |
0.35 |
|
8 |
Avinash R Laddha |
47,473 |
0.27 |
0.27 |
|
9 |
Prashant Kailashchandra Lohiya |
6,250 |
0.04 |
0.04 |
|
10 |
Kailashchandra Balchand Lohia |
4,550 |
0.03 |
0.03 |
|
11 |
Sarla Kailashchandra Lohia |
3,000 |
0.02 |
0.02 |
|
12 |
Sanjay R Rathi |
2,100 |
0.01 |
0.01 |
|
13 |
Sangeeta R Rathi |
1,050 |
0.01 |
0.01 |
|
14 |
Sushiladevi R Rathi |
750 |
0.00 |
0.00 |
|
15 |
M B Appalwar |
25 |
0.00 |
0.00 |
|
|
Total |
92,38,423 |
52.22 |
52.22 |
(*) The term encumbrance has the same meaning as
assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number 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 |
Sanjay Gulabchand Bafna |
749238 |
4.24 |
4.24 |
|
|
2 |
Adarsh Zacharias Augustine |
185638 |
1.05 |
1.05 |
|
|
|
Total |
934876 |
5.28 |
5.28 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Jumbo Bags and Woven Sacks and
various Woven Polymers based products. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
UK ·
USA ·
Germany |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
USA |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
Export Import Bank of India ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K J Shah and Associates Chartered Accountant |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs. 180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17690250 |
Equity Shares |
Rs.10/- each |
Rs. 176.900
Millions |
|
|
|
|
|
NOTES
1. 46,99,530 Equity Shares out of Shares Issued, Subscribed and Paid up were
allotted as Bonus Shares in the last five years (Dt: 20.08.2009) by way of
capitalisation of free reserves of the company.
2.
3. 50,000 Equity Shares out of Shares Issued, Subscribed and Paid up were allotted
against conversion of Preference Shares in the last five years which were
converted during the year ended 31st March, 2007.
4. 86,57,700 Equity Shares out of Shares Issued, Subscribed and Paid up were
issued during the year ended 31st March, 2010 for cash as initial public offer
in February, 2010.
5. 12,00,000 Equity Shares out of Shares Issued, Subscribed and Paid up were
alloted during the year ended 31st March, 2013 on conversion of share warrant
monies.
The Reconciliation of the number of shares outstanding is set out below
:
|
Particulars |
As At 31st March, 2013 |
|
|
No. of Shares |
|
Equity Shares at the beginning of the year |
16.49 |
|
Add : Equity Shares alloted on Conversion of
Share Warrants |
1.20 |
|
Equity Shares at the end of the year |
17.69 |
The Details of Shareholders Holding more than 5% Shares:
|
Name of Shareholder |
As At 31st
March, 2013 |
|
|
|
No. of Shares
(In Millions) |
% Held |
|
Makrand Moreshwar Appalwar |
4.200 |
23.73 |
|
Rinku Makrand Appalwar |
1.930 |
10.89 |
|
Emmbi Laboratories Private Limited |
1.630 |
9.19 |
|
Maithili Agrotech Private Limited |
1.050 |
5.94 |
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 |
176.900 |
164.900 |
164.903 |
|
(b) Reserves & Surplus |
366.850 |
331.270 |
303.919 |
|
(c) Money
received against share warrants |
0.000 |
8.100 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
543.750 |
504.270 |
468.822 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
84.450 |
46.020 |
6.537 |
|
(b) Deferred tax liabilities (Net) |
37.050 |
30.900 |
23.556 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
35.780 |
19.110 |
10.626 |
|
Total Non-current Liabilities (3) |
157.280 |
96.030 |
40.719 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
474.170 |
381.810 |
228.041 |
|
(b) Trade payables |
30.480 |
11.120 |
5.263 |
|
(c) Other current
liabilities |
62.180 |
52.380 |
87.936 |
|
(d) Short-term provisions |
4.300 |
16.060 |
14.026 |
|
Total Current Liabilities (4) |
571.130 |
461.370 |
335.266 |
|
|
|
|
|
|
TOTAL |
1272.160 |
1061.670 |
844.807 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
474.880 |
394.870 |
220.478 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
36.120 |
108.810 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.990 |
2.990 |
3.677 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.290 |
91.940 |
103.657 |
|
(e) Other Non-current assets |
0.180 |
0.230 |
0.287 |
|
Total Non-Current Assets |
511.340 |
526.150 |
436.909 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
405.540 |
293.700 |
203.420 |
|
(c) Trade receivables |
255.540 |
204.300 |
159.160 |
|
(d) Cash and cash
equivalents |
3.680 |
7.620 |
26.647 |
|
(e) Short-term loans and
advances |
96.060 |
29.900 |
18.671 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
760.820 |
535.520 |
407.898 |
|
|
|
|
|
|
TOTAL |
1272.160 |
1061.670 |
844.807 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1401.910 |
1022.570 |
754.020 |
|
|
|
Other Income |
0.320 |
0.960 |
4.068 |
|
|
|
TOTAL (A) |
1402.230 |
1023.530 |
758.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
906.780 |
483.050 |
327.804 |
|
|
|
Purchase of Stock In Trade |
192.070 |
259.190 |
249.443 |
|
|
|
Employee benefits expenses |
60.970 |
59.470 |
34.099 |
|
|
|
Other Expenses |
213.810 |
158.740 |
122.524 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(97.490) |
(36.400) |
(51.876) |
|
|
|
TOTAL
(B) |
1276.140 |
924.050 |
681.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.090 |
99.480 |
76.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.990 |
32.370 |
20.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.100 |
67.110 |
55.644 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.880 |
16.910 |
10.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
48.220 |
50.200 |
45.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.800 |
17.110 |
18.668 |
|
|
|
|
|
|
|
|
|
Less |
Expenses of
Previous Year |
0.000 |
0.000 |
0.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
32.420 |
33.090 |
25.687 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
584.990 |
489.130 |
274.922 |
|
|
TOTAL EARNINGS |
584.990 |
489.130 |
274.922 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
38.640 |
47.320 |
47.318 |
|
|
|
Capital Goods |
0.540 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
39.180 |
47.320 |
47.318 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.91 |
2.01 |
1.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.31
|
3.23 |
3.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44
|
4.91 |
6.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
4.91 |
6.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03
|
0.85 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.16 |
1.22 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
- From Banks |
0.000 |
0.000 |
|
- From Corporates |
3.460 |
2.010 |
|
Other loans and advances |
0.000 |
0.000 |
|
|
|
|
|
TOTAL |
3.460 |
2.010 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Debt |
35.290 |
31.630 |
60.934 |
|
|
|
|
|
|
TOTAL |
35.290 |
31.630 |
60.934 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10407002 |
14/02/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, |
B69169209 |
|
2 |
10407001 |
12/02/2013 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, |
B69168524 |
|
3 |
10403195 |
26/08/2013 * |
682,200,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate,, Wal Bhat Road, Goregaon (East), Mumbai, Maharashtra - 400063, India |
B84104546 |
|
4 |
10373999 |
20/12/2012 * |
90,000,000.00 |
AXIS BANK LIMITED |
Ground Floor, Axis House, C-2, Wadia
Industrial Centre, P. B. Marg,
Worli,, Mumbai, Maharashtra - |
B68059203 |
|
5 |
10259786 |
20/12/2012 * |
65,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, India |
B68184373 |
|
6 |
10250929 |
07/01/2013 * |
250,000,000.00 |
Export - Import Bank of India |
Centre One Building, Floor 21, World Trade
Centre, |
B66695305 |
|
7 |
10106236 |
12/02/2013 * |
15,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, India |
B68298637 |
|
8 |
10041394 |
12/02/2013 * |
200,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, India |
B68299247 |
|
* Date of charge modification |
||||||
OPERATIONS
During the year, the Company has achieved Revenue from Operations and other
Income aggregating to Rs. 1402.23 millions as against Rs. 1023.53 millions
during the previous year, registering an increase of about 37% over the
previous year. Profit after providing for taxes is Rs. 32.42 millions as
against Rs. 33.09 millions of previous year.
EXPORTS
Exports during the year were Rs. 584.99 millions as against Rs. 489.13
millions that is a net year on Year Growth of around 19.60%. Exports in the previous
financial year contributed to 44.50% in the net sales. Company has expanded its
presence in 45 countries from 38 Countries in the previous year which has
resulted healthy growth in the territory of operation
MANAGEMENT DISCUSSION AND ANALYSIS
1.
FORWARD-LOOKING STATEMENTS
The report contains forward-looking
statements, identified by words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’,
‘believes’, ‘intends’, ‘projects’, ‘estimates’ and so on. All statements that
address expectations or projections about the future, but not limited to the
Company’s strategy for growth, product development, market position,
expenditures and financial results, are forward-looking statements. Since these
are based on certain assumptions and expectations of future events, the Company
cannot guarantee that these are accurate or will be realised. The Company’s
actual results, performance or achievements could thus differ from those
projected in any forward-looking statements. The Company assumes no
responsibility to publicly amend, modify or revise any such statements on the
basis of subsequent developments, information or events.
2.
INDUSTRY OVERVIEW
The year 2012-13 quite interesting as the
world was optimizing its supply chains and reducing the inventory levels. As a
result many companies which are buying the packaging material through
distributors are looking for the direct manufacturing companies as vendors to
them. The Company is one of the front runners in this process and has created a
Special task force to cater to this newly developed opportunity.
Indian companies in the international market
are typically helped by the cost advantage they are offering over the western
manufacturing companies. It is expected that Indian Raffia industry will grow @
15% to 18% for the specialty segment for next five to seven years. The company
is very well positioned to en-cash this Boom and they expect the constant
growth of around 20% to 25% annually for next 5 to 7 years
3.
DOMESTIC BUSINESS OUTLOOK
The steps which were initiated last year are
showing their definite fruits this financial year. There was also a steep
growth of products in the Domestic market that was achieved by newly launched
products such as “Aqua Save” which encompasses the Range of Water Storage Tanks
from 250 Liters to 2000 Liters, Canal Liners and Pond Liners and various other
property packaging products. The management is also in the process of creating
a network of retail distributors for our new product range.
The Company is involved in producing various
types of Specialty Bulk Packaging material for the Indian Market. In Domestic
market, the Company remains one of the most active players for the packaging
needs of the E-Commerce Companies, FMCG Products such as Detergent Powder,
Branded Salt and Branded Wheat flour etc.
The year was very successful and company has
achieved a Top line growth of around 50% and the profit before tax have
increased by around 3.94%. Company will be putting all its efforts to improve
its operational profitability by conserving costs and improving efficiencies.
4.
INTERNATIONAL BUSINESS OUTLOOK
Company has improved its share in the
international market for various packaging needs for products like Construction
Aggregates, Chemicals, Seeds, Fertilizers, and Cement and Food Grains etc. Some
of the high value added products, the Company makes for the international
market are Car/Automobile Covers, Container Liners, Anti Corrosive Packaging,
Electrically conductive polymer based packaging etc.
As per the new policy of export promotion one
of the Flagship product of the company’s Export profile is declared under
“Focus Product Scheme” and Few more customer countries are added to “Focus
Market” of the Ministry of Commerce for the Financial Year 2012-13. This will
yield a good boost to Indian Exports and in turn the companies Export
performance.
In order to achieve the desired top line in
the Export sector the Company has decided to expand its reach in more
geographical areas. This will reduce Companies’ dependence on any single
market.
5.
NEW PRODUCTS
Company’s efforts to distribute the water
conservation products is now taking better Shape Development of Rural network
in the India for the distribution of its Specialty product “Flexi Tank”. This
will give company a sound footage in the market of water storage which is
estimated to be in the range of Rs. 10 thousand crores.
Company continues to sale of its rural
shopping bags through the rural weekly markets as one of the important
sustainability initiative.
The Company has developed skills and facility
to manufacture “Technical Textile” that will be converted in various value
added usages. These applications of Technical Textile are under development by
the Company on its own and also along with the users
6.
SEGMENT WISE OR PRODUCTWISE PERFORMANCE
The Company operates only in one segment which
wide range of custom made products for the packaging need of the customers.
FIXED ASSETS
·
Land: Freehold
·
Building
·
Compound Wall
·
Office premises
·
Plant and Machinery
·
Electrical
Installation
·
Furniture and
Fixture
·
Crates
·
Office Equipment
·
Other Equipment
·
Vehicles
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year to date period ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
351.160 |
356.600 |
707.760 |
|
|
Other Operating Income |
4.330 |
3.360 |
7.690 |
|
|
Net Sales/Income
from Operations |
355.490 |
359.960 |
715.450 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
263.740 |
208.990 |
472.730 |
|
|
Purchase of Stock In Trade |
28.920 |
21.500 |
50.430 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(46.030) |
22.190 |
(23.840) |
|
|
Employee Benefits Expenses |
16.790 |
12.320 |
29.110 |
|
|
Depreciation and Amortization Expenses |
7.110 |
6.920 |
14.030 |
|
|
Other Expenses |
62.540 |
59.050 |
121.590 |
|
|
f) Total |
333.080 |
330.970 |
664.050 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
22.410 |
28.990 |
51.400 |
|
|
|
|
|
|
|
4. |
Other Income |
0.090 |
0.070 |
0.170 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
22.510 |
29.060 |
51.570 |
|
|
|
|
|
|
|
6. |
Interest |
10.590 |
14.970 |
25.560 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
11.910 |
14.100 |
26.010 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
11.910 |
14.100 |
26.010 |
|
|
|
|
|
|
|
10. |
Tax Expense |
3.560 |
4.430 |
8.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
8.350 |
9.670 |
18.010 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
8.350 |
9.670 |
18.010 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
176.900 |
176.900 |
176.900 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
--- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.47 |
0.55 |
1.02 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.47 |
0.55 |
1.02 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
8452300 |
8452300 |
8452300 |
|
|
- Percentage of Shareholding |
47.78% |
47.78% |
47.78% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
9237950 |
9237950 |
9237950 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
52.22% |
52.22% |
52.22% |
NOTE
1.
Investor complaints – Quarter ended 30th
September, 2013
|
Pending at the beginning of the quarter |
Nil |
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
Pending at the end of the quarter |
Nil |
2.
The financial results
have been reviewed by audit Committee and approved by the Board of directors in
its meeting held on 14th November, 2013.
The above results
have been reviewed by Statutory Auditors of the company as required under Clause
41 of the Listing Agreement.
3.
The entire operation of
the Company relate to only one segment viz-Polymer based multiple products.
4. Name of the Company has changed to “Emmbi Industries Limited” with effect
from 30th July, 2013 consequent upon issue of new certificate of
incorporation by Registrar of Companies, Gujarat.
5. Figures for the previous year / quarter have been rearranged / re-grouped
wherever necessary, to confirm with the figures for the current year / quarter.
STATEMENT OF
ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2013
UNAUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
176.900 |
|
Reserve &
surplus |
384.870 |
|
Sub-total - Shareholders' funds |
561.770 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
95.540 |
|
Deferred tax
liability (net) |
39.530 |
|
Long term
provisions |
42.090 |
|
Sub-total - Non-current liabilities |
177.160 |
|
Current
liabilities |
|
|
Short term
borrowings |
528.980 |
|
Trade payables |
15.130 |
|
Other current
liabilities |
65.070 |
|
Short term
provisions |
4.370 |
|
Sub-total - Current liabilities |
613.550 |
|
Total - Equity & Liabilities |
1352.490 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
|
|
Tangible assets |
504.350 |
|
Non-current
investment |
2.990 |
|
Long term loans
& advances |
31.030 |
|
Other
non-current assets |
0.150 |
|
Sub-total - Non-current Assets |
538.520 |
|
Current assets |
|
|
Inventories |
484.080 |
|
Trade
receivables |
259.230 |
|
Cash & bank
balances |
6.850 |
|
Short term loans
& advances |
63.800 |
|
Other current
assets |
0.000 |
|
Sub-total - Current Assets |
813.960 |
|
Total – Assets |
1352.490 |
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. 62.09 |
|
|
1 |
Rs. 102.03 |
|
Euro |
1 |
Rs. 85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.