MIRA INFORM REPORT
|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HANUNG TOYS AND TEXTILES LIMITED |
|
|
|
|
Registered
Office : |
93, 2nd Floor, Greater Kailash Enclave -1, New
Delhi – 110048 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.10.1990 |
|
|
|
|
Com. Reg. No.: |
55-041722 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.328.670 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999DL1990PLC041722 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH01745C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer Toys and Home Furnishings. |
|
|
|
|
No. of Employees
: |
2317 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having a good track
record. There appears slight dip profitability during the current year. However, the general financial position of the company seems to be
strong. Performance capacity of the company appears to be high. Liquidity
position of the company is strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. In view of experience promoter, the company can be considered for business
dealing at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. It carry low credit risk. |
|
Date |
April 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Pragua Tiwari |
|
Designation : |
AGM Finance |
|
Contact No.: |
91-120-4140200 |
|
Date : |
01.02.2013 |
LOCATIONS
|
Registered Office : |
E-93, 2nd Floor, Greater Kailash Enclave -1, New Delhi – 110048, India |
|
Tel. No.: |
91-11-26226122/ 26241572 /26242122 |
|
Fax No.: |
91-11-26227822/ 26241822 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 1: |
108-109, NSEZ, Export Processing Zone, Noida – 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4140200 - 04 |
|
Fax No.: |
91-120-4140207/ 3042099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
B-7, Hosiery Complex, Phase-II, Noida - 201305 Uttar Pradesh, India |
|
Tel. No.: |
91-120-2462142/ 43/ 2461991/ 92/ 93 |
|
Fax No.: |
91-120-2462142 |
|
|
|
|
Factory 3: |
A-21, Hosiery Complex, Phase-II, Noida - 201305 Uttar Pradesh, India |
|
Tel. No.: |
91-120-2460814/ 15 / 2462349/ 50 |
|
Fax No.: |
91-120-2460814 |
|
|
|
|
Factory 4: |
Plot No. 129E, NSEZ, Phase-II, Noida-201305 Uttar Pradesh, India |
|
|
|
|
Factory 5: |
Khasra No. 265,
Village Lakeshari, Sikanderpur Near Bagwanpur, Roorkee, District Haridwar,
Uttrakhand- 247661, India |
|
|
|
|
Factory 6: |
K-2-A and B, First
Floor, Shree Arihant Compound, Village Koper, Taluka, Bhiwadi - 421302
District Thane, Maharashtra, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Ashok Kumar
Bansal |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
E-93, 2nd
Floor, Greater Kailash Enclave -1, New Delhi - 110048, India |
|
Date of Birth/ Age : |
54 Years |
|
Qualification : |
B. Com, F.C.A.,
C.S. |
|
Experience : |
29 Years |
|
Date of Appointment : |
10.10.1990 |
|
|
|
|
Name : |
Mrs. Anju Bansal |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
52 Years |
|
Qualification : |
M. A. |
|
Experience : |
26 Years |
|
Date of Appointment : |
28.09.2011 |
|
|
|
|
Name : |
Mr. Ashwani Kumar Singla |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Radha Krishan Pandey |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Chander Shekher Batra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Col. Surinder Kumar Jain |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Kumar Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Pragua Tiwari |
|
Designation : |
AGM Finance |
|
|
|
|
AUDIT COMMITTEE |
Mr. Radha Krishan Pandey - Chairman Mr. Ashok Kumar Bansal - Member Mr. Chander Shekher Batra - Member |
|
|
|
|
REMUNERATION COMMITTEE |
Mr. Radha Krishan Pandey - Chairman Mr. Chander Shekher Batra - Member Col. Surinder Kumar Jain - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
5866050 |
23.29 |
|
|
11450067 |
45.46 |
|
|
0 |
0.00 |
|
|
17316117 |
68.75 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
17316117 |
68.75 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
20500 |
0.08 |
|
|
11743 |
0.05 |
|
|
9649 |
0.04 |
|
|
41892 |
0.17 |
|
|
|
|
|
|
2492142 |
9.89 |
|
|
|
|
|
|
3482026 |
13.82 |
|
|
1592303 |
6.32 |
|
|
263445 |
1.05 |
|
|
208688 |
0.83 |
|
|
54757 |
0.22 |
|
|
7829916 |
31.09 |
|
Total Public
shareholding (B) |
7871808 |
31.25 |
|
Total (A)+(B) |
25187925 |
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) |
25187925 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Toys and Home Furnishings. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Stuffed Toys |
Pcs |
NA |
37500000 |
38687386 |
|
Sheet Set, Duvet Set, Comforter Set |
Sets |
NA |
6850000 |
3509882 |
|
Curtains, Cushions, Sham, Pillow Covers, Etc |
Pcs |
NA |
7856318 |
GENERAL INFORMATION
|
No. of Employees : |
2317 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Punjab National Bank · Oriental Bank of commerce · Union Bank of India · Allahabad Bank · ICICI Bank Limited, New Delhi - 110001, India · State Bank of India · Syndicate Bank · Central Bank of India · Karnataka Bank · Bank of India · Andhra Bank · Bank of Baroda · EXIM Bank · Laxmi Vilas Bank · UCO Bank · Bank of Maharashtra |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Notes: 1. Term Loan against First Pari-passu charge with other banks on present and future fixed assets of the company other than those exclusively financed by any other banks/ financial institutions and second pari-passu charge with other banks on all present and future current assets of the company and personal guarantee of A. K. Bansal and Anju Bansal, directors, their relatives and corporate guarantee of group companies / others - The loan is collaterally secured by equitable mortgage of land and building of associate concerns / others on pari-passu basis with other member banks. 2. Loan from banks for purchase of vehicle (Total outstanding Rs.7.880 Millions, Previous year Rs.6.106 Millions are secured against the vehicle purchased out of those loans. The loans are repayable, in monthly installments. 3. Working Capital loans Comprising of Export Packing Credit, FDBP etc. from Banks, secured by hypothecation of stocks, book debts, bills and personal / corporate guarantee of wholetime directors / Group Company / others. The limits are also collaterally secured by immovable properties owned by directors and associate concerns / others. The loan is collateraly secured by way of equitable mortgage on pari-passu basis with other banks of all present and future fixed assets of the company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Rohtas and Hans Chartered Accountants |
|
Address : |
A-15, Priyadarshni Vihar, Delhi - 110092, India |
|
|
|
|
Subsidiary Company
: |
· Hanung (Shanghai) Limited ·
Cody Direct Corporation |
|
|
|
|
Associate Companies
: |
· Hanung Furnishings Private Limited · Hanung Processors Private Limited · Parneet Softech Private Limited · C K Software Private Limited · Abhinav International Private Limited · Hanung Retail Limited · Hanung Infra and Power Limited · Glofin Investment and Finance Company Private Limited · Senior Film Production Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25187925 |
Equity Shares |
Rs.10/- each |
Rs.251.879
Millions |
|
|
Forfeited
Shares |
|
Rs.76.791 Millions
|
|
|
|
|
|
|
|
Total |
|
Rs.328.670 Millions |
1. Issued, Subscribed
and Paid up Capital
25187925 (Pr. Yr. 25187925) Equity Shares of Rs. 10/- each fully paid up. Of the above 5117330 (Pr. Yr. 5117330) Equity Shares allotted as fully paid up by way of Bonus Shares and 7147835 (Pr. Yr. 7147835) Equity Shares allotted as fully paid up pursuant to a contract without payment being received in cash.
2. Company has allotted 1250000 warrants on a preferential basis to promoter group on 06.06.2010 upon payment of exercise price of Rs. 245.73 per warrant, as reduced by the 25% upfront money paid at the time of allotment of warrants. The last date for the exercise of the conversion right of the warrant holder was December 6, 2011 (within 18 months from the date of their allotment). The warrant holders (Promoter’s Group Entity) have not exercised their option to convert the aforesaid 1250000 warrant in to equity shares of the company. Therefore the amount of Rs.76.791 Millions being the initial 25% of the total consideration of Rs.307.163 Millions received by the company have been forfeited.
3. Equity Shares carry voting rights at the General Meeting of the Company and are entitled to dividend and to participate in surplus, if any, in the event of winding up.
4. Reconciliation of
number of Shares
|
|
Equity Shares of
Rs.10 each |
Rs. In Millions |
|
Outstanding as at
March 31, 2011 |
25187925 |
251.879 |
|
Issued and Allotted during the year |
-- |
-- |
|
Outstanding as at March
31, 2012 |
25187925 |
251.879 |
5. Share holding more
than 5% shares in the company
|
|
|
As on 31st March, 2012 |
|
|
Sr. No. |
Name of Equity
Shareholders |
No. of Shares |
Percentage |
|
1 |
Hanung
Processors Private Limited |
3552059 |
14.10 |
|
2 |
Abhinav
International Private Limited |
2738000 |
10.87 |
|
3 |
Ashok
Kumar Bansal |
2649418 |
10.52 |
|
4 |
Hanung
Furnishings Private Limited |
2498276 |
9.92 |
|
5 |
Anju
Bansal |
1892482 |
7.51 |
|
6 |
Glofin
Investment and Finance Company Private Limited |
1595126 |
6.33 |
|
7 |
Ashok
Kumar Bansal (HUF) |
1322150 |
5.25 |
|
|
TOTAL |
16247511 |
64.50 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
328.670 |
251.879 |
251.879 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Convertible share Warrants |
0.000 |
76.791 |
0.000 |
|
|
4] Reserves & Surplus |
5882.155 |
4790.979 |
3649.079 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6210.825 |
5119.649 |
3900.958 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13924.856 |
10235.159 |
5467.581 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
13924.856 |
10235.159 |
5467.581 |
|
|
DEFERRED TAX LIABILITIES |
152.500 |
148.000 |
128.600 |
|
|
|
|
|
|
|
|
TOTAL |
20288.181 |
15502.808 |
9497.139 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6357.736 |
4429.401 |
3496.469 |
|
|
Capital work-in-progress |
845.019 |
590.732 |
257.767 |
|
|
|
|
|
|
|
|
INVESTMENT |
336.445 |
107.378 |
41.623 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10857.051
|
7518.674 |
4627.532
|
|
|
Sundry Debtors |
3509.051
|
2669.000 |
1544.158
|
|
|
Cash & Bank Balances |
579.536
|
915.142 |
478.716
|
|
|
Other Current Assets |
21.197
|
11.897 |
0.000
|
|
|
Loans & Advances |
573.908
|
435.519 |
253.983
|
|
Total
Current Assets |
15540.743
|
11550.232 |
6904.389 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2006.284
|
972.020 |
964.965
|
|
|
Other Current Liabilities |
536.419
|
57.309 |
44.625
|
|
|
Provisions |
249.059
|
145.606 |
193.519
|
|
Total
Current Liabilities |
2791.762
|
1174.935 |
1203.109 |
|
|
Net Current Assets |
12748.981
|
10375.297 |
5701.280
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20288.181 |
15502.808 |
9497.139 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14116.548 |
11361.953 |
8368.518 |
|
|
|
Other Income |
26.419 |
28.654 |
158.902 |
|
|
|
TOTAL (A) |
14142.967 |
11390.607 |
8527.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12457.264 |
8635.679 |
|
|
|
|
Changes in inventories of finished goods, work -in -progress and Stock -in -Trade |
(2348.254) |
(632.422) |
|
|
|
|
Employee benefits expenses |
185.392 |
156.222 |
|
|
|
|
Other expenses |
1075.098 |
981.269 |
|
|
|
|
TOTAL (B) |
11369.500 |
9140.748 |
6885.564 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2773.467 |
2249.859 |
1641.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1275.410 |
734.474 |
496.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1498.057 |
1515.385 |
1145.352 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
280.734 |
236.242 |
172.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1217.323 |
1279.143 |
973.141 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.600 |
78.500 |
68.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1149.723 |
1200.643 |
904.751 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
350.000 |
|
|
|
Proposed Dividend |
50.400 |
50.400 |
50.400 |
|
|
|
Tax on Dividend |
8.200 |
8.300 |
8.600 |
|
|
BALANCE CARRIED
TO THE B/S |
741.100 |
791.900 |
495.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9592.932 |
8271.843 |
6392.497 |
|
|
TOTAL EARNINGS |
9592.932 |
8271.843 |
6392.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7799.888 |
5483.837 |
2984.765 |
|
|
TOTAL IMPORTS |
7799.888 |
5483.837 |
2984.765 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.65 |
47.67 |
35.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
376.550 |
434.940 |
|
Total Expenditure |
|
302.240 |
348.610 |
|
PBIDT (Excl OI) |
|
74.310 |
86.330 |
|
Other Income |
|
4.160 |
3.490 |
|
Operating Profit |
|
78.470 |
89.810 |
|
Interest |
|
39.710 |
38.910 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
38.760 |
50.910 |
|
Depreciation |
|
9.420 |
9.510 |
|
Profit Before Tax |
|
29.340 |
41.400 |
|
Tax |
|
2.520 |
2.410 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
26.820 |
38.990 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
26.820 |
38.990 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.13 |
10.54 |
10.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.62 |
11.26 |
11.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.56 |
8.00 |
9.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.25 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.24 |
2.00 |
1.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.57 |
9.83 |
5.74
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
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 |
RESULTS OF THE
OPERATION:
The gross sales and other income for the financial year were Rs. 14143.000 Millions as against Rs. 11390.600 Millions for the previous financial year registering an increase of 24%. The Profit before Tax (after interest and depreciation charges) of Rs. 1217.300 as against Rs. 1279.100 Millions for the previous year registering a decrease by 4.83% and Profit after Tax of Rs. 1149.700 Millions against Rs. 1200.600 Millions for the previous year registering a decrease by 4.24%. The Profit after Tax decreased marginally due to increase in Finance Cost of the Company during the year. The Company expects further to improve its working in next year.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The Company is in the business of manufacturing and Exporting of Soft/Stuffed Toys and Cushions since its Incorporation in 1990, with a Technical Collaboration from South Korea. Having established itself as the leading manufacturer/exporter, as well as the leading Brand of Soft Toys in India, the Company expanded its product range and operations into the Home Textiles Segment in 2002.
In the last decade since then Company has penetrated all major western Markets in the Home Furnishings area, besides its Soft Toys, and is a preferred supplier to many major Retailer/ Importer/Wholesalers in the Global Market.
Also, beside its manufacturing facilities in Noida and Noida Special Economic zone, the Company has set up a state of the art manufacturing facilities in Roorkee that encompasses weaving, dyeing and printing of a variety of fabric qualities besides a cut and Sew factory to make the end products like sheet sets, Comforters, quilts and Decorative Cushions etc.
INTERNATIONAL
MARKETING
The Company has truly established itself in all major western Markets, as a valued supplier to both retailers and importers/ wholesalers, of soft toys, shaped cushions, sheet and duvet sets, decorative cushions, sofa covers and curtains etc.
The Customer mix is large/medium retailers, importers/ wholesalers and distributors in U.S.A, Canada, Europe, Australia, and New Zealand as well as Latin America Covering more than 30 countries. These help them in covering all channels of distribution in these countries and wider reach. They have also taken “GOTS Certification”, to supply organic cotton products, to their customers thereby making their contributions to the Environment. Also, they are going in for “Oekotex” Certification this year, as another step in this direction which has been highly appreciated by their esteemed Global customers, particularly the Retailers.
Also, the Company has incorporated very systematic Robust Standard Operating Procedure (SOPS) an all their factories, to comply with the very straight requirements of their customers with regards to social , environmental and other Statutory compliances. The Company’s business in the International Market continues to grow, with regular additions of new Buyer’s to its Customers Profile.
DOMESTIC MARKET
Subject enjoys its first mover advantage in Soft Toys category in organized sector. The brand Play N Pets has become a trend setter. It has a strong presence in trade through strong Distributor Network all across the country and in Large Format Stores (both Hyper and Lifestyle stores) likes of Hamleys, Lifestyle International Limited, Shoppers Stop, Mahindra Retail Private Limited (Me and Mom and Bean stalk), Pantaloon and Pantaloon Central, West Side Landmark, WH Smith, Odyssey, Reliance Time Out, Big Bazaar, Reliance Fresh, Max Hyper stores, Bharti Wal-Mart, TPG, Total and Spencer Retail etc., they have certainly come a long way. It’s USP being quality and wide range the brand Play N Pets is one of the dominant players in toys industry and is a force to reckon with.
Splash the Home Furnishing brand is going strength to strength with its wide acceptability in domestic market. HTT has successfully launched US brand Cody and within a very short span of time it has made a name for itself in Mid Premium and Premium segment. With its strong distribution net network it has span India acceptance. It has spread its wing in all big retail chain stores likes of Future Value Retail Limited (Big Bazaar), Reliance Fresh, Bharti Wal-Mart, Max Hyper Stores, Carrefour WandC India Private Limited, Hind ware Home Retails Private Limited, Spencer Retail, TPG, Jabong.com, Fashion for You, DLF Retail Limited and Home Shop 18. Its USP is quality and designs it has made a strong impact not only in retail sector but also in growing segments like On Line Sales and Telemarketing.
OPERATING RESULTS /
FINANCIAL HIGHLIGHTS
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and generally accepted accounting principles (GAAP) in India. The management accepts the responsibility for the integrity and objectivity of these financial statements and the basis for the various estimates and judgments used in preparing the financial statements.
During the year, the Company has achieved a Gross Revenue of Rs. 14143.000 Millions, out of which 84% is in the form of foreign exchange. The Company posted a strong top line performance due to good order book. Profit before tax was at Rs. 1217.300 Millions and net profit after tax stood at Rs. 1149.700 Millions.
Earnings per equity share (face value Rs.10/-) was down from Rs. 47.67 to Rs. 45.65 on year on year basis due to increase of Finance cost.
CONTINGENT
LIABILITIES:
(Rs.
In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Bank guarantees |
0.846 |
230.846 |
|
Letter of credit |
956.413 |
566.500 |
|
Bills discounted |
352.139 |
172.648 |
|
Capital Commitment |
1009.929 |
100.621 |
FIXED ASSTES:
· Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
(Rs. In Millions)
|
S. No |
Particulars |
Quarter ended
30.09.2012 (Unaudited) |
Quarter ended
30.06.2012 (Unaudited) |
Half Year ended 30.09.2012
(Unaudited) |
|
|
|
|
Income from
Operations |
|
|
|
|
1 |
|
Net Sales |
4349.346 |
3765.477 |
8114.823 |
|
2 |
|
Expenses: |
|
|
|
|
|
a |
Cost of Materials consumed |
3543.763 |
3839.254 |
7383.017 |
|
|
b |
Change in Inventories (lncrease)/Decrease |
(351.975) |
(1097.718) |
(1449.693) |
|
|
c |
Employee benefits expense |
54.514 |
45.709 |
100.223 |
|
|
d |
Depreciation |
95.084 |
94.190 |
189.274 |
|
|
e |
Other Expenses |
239.763 |
235.167 |
474.930 |
|
|
f |
Total Expenses |
3581.149 |
3116.602 |
6697.751 |
|
3 |
|
Profit/ (Loss) from
operation before other income, Finance cost & Exceptional Items |
768.197 |
648.875 |
1417.072 |
|
4 |
|
Other Income |
34.848 |
41.641 |
76.489 |
|
5 |
|
Profit/ (Loss) from
ordinary activities before Finance cost & Exceptional item |
803.045 |
690.516 |
1493.561 |
|
6 |
|
Finance Cost |
389.077 |
397.120 |
786.197 |
|
7 |
|
Profit/ (Loss) from
ordinary activities after Finance cost but before Exceptional Items |
413.968 |
293.396 |
707.364 |
|
8 |
|
Exceptional Items |
Nil |
Nil |
Nil |
|
9 |
|
Profit/ (Loss) from
Ordinary Activities before Tax |
413.968 |
293.396 |
707.364 |
|
10 |
|
Tax Expenses |
24.112 |
25.200 |
49.312 |
|
11 |
|
Net Profit/ (Loss)
from Ordinary Activities after Tax |
389.856 |
268.196 |
658.052 |
|
12 |
|
Extra Ordinary Items (Net of Tax Expenses) |
Nil |
Nil |
Nil |
|
13 |
|
Net Profit/ (Loss)
for the period |
389.856 |
268.196 |
658.052 |
|
14 |
|
Paid up Equity Share Capital (Face Value of Rs. 10/- each) |
251.879 |
251.879 |
251.879 |
|
15 |
|
Reserve excluding Revaluation Reserves (as per Balance Sheet) |
6540.207 |
6150.351 |
6540.207 |
|
16 |
|
Earning Per Share (before & after extraordinary terns) (of Rs. 10/- each) (not annualised) |
|
|
|
|
|
|
a) Basic |
15.48 |
10.65 |
26.13 |
|
|
|
b) Diluted |
15.48 |
10.65 |
26.13 |
|
A |
1 |
PARTICULAR OF
SHAREHOLDINGS Public Shareholding |
|
|
|
|
|
|
- Number of Shares |
7871808 |
7871808 |
7871808 |
|
|
|
- Percentage of Shareholding |
31.25 |
31.25 |
31.25 |
|
|
2 |
Promoters and Promoters 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 |
17316117 |
17316117 |
17316117 |
|
|
|
- Percentage of Shares |
100.00 |
100.00 |
100.00 |
|
|
|
(as a % of the total shareholding of Promoter and Promoter Group) |
|
|
|
|
|
|
- Percentage of Shares |
68.75 |
68.75 |
68.75 |
|
|
|
(as a % of the total share capital of the Company) |
|
|
|
|
INFORMATION ON
INVESTOR'S COMPLAINTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2012 |
|||
|
Pending at the
beginning of the Quarter |
Received during the
Quarter |
Disposed off during
the Quarter |
Remaining
unresolved at the end of Quarter |
|
Nil |
1 |
1 |
Nil |
SEGMENTS-WISE REVENUE RESULTS
(Rs. In Millions)
|
S. No |
Particulars |
Quarter ended 30.09.2012
(Unaudited) |
Quarter ended
30.06.2012 (Unaudited) |
Half Year ended 30.09.2012
(Unaudited) |
|
1 a |
Segment Revenues Toys |
1078.339 |
1037.355 |
2115.694 |
|
b |
Textiles |
3271.007 |
2728.122 |
5999.129 |
|
|
Total Income |
4349.346 |
3765.477 |
8114.823 |
|
2 a |
Segment Results : Toys |
211.608 |
208.544 |
420.152 |
|
b |
Textiles |
556.589 |
440.331 |
996.920 |
|
|
Total |
768.197 |
648.875 |
1417.072 |
|
|
Interest Costs |
389.077 |
397.120 |
786.197 |
|
|
Unallocable Income |
34.848 |
41.641 |
76.489 |
|
|
Unallocable Expenses |
— |
— |
— |
|
|
Total Profit Before Tax |
413.968 |
293.396 |
707.364 |
|
|
GEOGRAPHICAL
SEGMENT: |
|
|
|
|
a |
Exports |
2825.764 |
2527.781 |
5353.545 |
|
b |
Domestic |
1523.582 |
1237.696 |
2761.278 |
|
|
Total Sales |
4349.346 |
3765.477 |
8114.823 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
S. No |
Particulars |
30.09.2012 |
|
A |
EQUITY AND
LIABILITIES : Shareholders' Funds |
|
|
1 |
Share Capital |
251.879 |
|
|
Forfeited convertible share warrants (Partly Paid-up) |
76.791 |
|
|
Reserves and Surplus |
6540.206 |
|
|
Convertible share warrants (Partly Paid-up) |
-- |
|
2 |
Non-Current
Liabilities |
|
|
Long-term borrowings |
5145.624 |
|
|
Deferred Tax liabilities (Net) |
148.500 |
|
|
3 |
Current Liabilities |
|
|
|
Short term borrowings |
11083.151 |
|
|
Trade Payable |
2805.174 |
|
|
Other Current liabilities |
376.569 |
|
|
Short term Provisions |
368.419 |
|
|
TOTAL |
26796.313 |
|
B |
ASSETS: |
|
|
1 |
Non-Current Assets |
|
|
|
Fixed Assets |
|
|
|
Tangible Assets |
6974.117 |
|
|
Capital Work-in-Progress |
817.883 |
|
|
Non-Current Investment |
332.758 |
|
|
Long-term loans and advances |
620.996 |
|
I |
Current Assets |
|
|
|
Inventories |
14092.907 |
|
|
Trade receivables |
3319.977 |
|
|
Cash and cash equivalents |
544.037 |
|
|
Short-term loans and advances |
70.428 |
|
|
Other current assets |
23.210 |
|
|
TOTAL |
26796.313 |
Notes:
1. The above un-audited Financial Results (Provisional)for the Quarter and half Year ended on 30 September 2012 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 7 Nov. 2012
2. The Auditors have carried out a limited review of the above Financial Results.
3. The status of Investor complaints: Pending at the beginning of the quarter — Nil, Received and disposed off during the quarter -01, Pending at the end of the Quarter—Nil.
4. The Company operates in Two segments viz stuff toys and textiles. However the Capitals employed in the segments are interchangeable hence not segregated.
5. Previous year's figures have been regrouped and reclassified, wherever necessary.
6. Provision for differed taxation, if any, will made at the end of the Year.
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.53.29 |
|
|
1 |
Rs.83.97 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.