MIRA
INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAPRIHANS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Block-D,
Shivsagar Estate, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.04.1946 |
|
|
|
|
Com. Reg. No.: |
11-004877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 131.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29150MH1946PLC004877 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00097G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Flexible and Rigid Packaging Films. |
|
|
|
|
No. of Employees
: |
357 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4080000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old, well established and a reputed company having a
fine track record. The financial position of the company appears to be sound
and healthy. Performance capability of the company appears good. Trade relations
are reported as decent. Business is active. Payment terms are regular and as
per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -
400018, Maharashtra, India |
|
Tel. No.: |
91-22-24921900 – 05/ 40001800 / 40001818/ 30478664/ 30478665/ 30478711 |
|
Fax No.: |
91-22-24939284 / 29450594 / 29460693/ 24934042 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5640 Sq. ft. |
|
|
|
|
Factory 1: |
Plot Nos. C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane –
400604, Maharashtra, India |
|
Tel. No.: |
91-22-39983417 / 418 / 415 |
|
Fax. No.: |
91-22-25822422 |
|
|
|
|
Factory 2: |
Plot Nos. 76/77, MIDC Industrial Estate, |
|
Tel. No.: |
91-253-3046400 / 401 |
|
Fax. No.: |
91-253-2350616 |
|
Email : |
|
|
|
|
|
Regional Sales Offices : |
Located at : ·
·
·
Tamil Nadu ·
Karnataka ·
Andhra Pradesh ·
Kerala ·
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Mofatraj P.
Munot |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
04.10.1944 |
|
Qualification
: |
Higher Secondary |
|
Experience : |
Mr. Munot, Chairman
of the Company became a Director in 1 986 and was Managing Director from 1992
to 1997. An eminent industrialist with 40 years of business experience, he is
the guiding force behind the Kalpataru Group of companies engaged in real
estate and construction activities, Power Transmission Towers and
Pharmaceuticals. |
|
Date of
Appointment : |
28.05.1986 |
|
|
|
|
Name : |
Mr. R.
Balasubramanian |
|
Designation : |
Managing Director |
|
Qualification
: |
B.Com, A.I.C.,
A.C.A., A.C.S. |
|
|
|
|
Name : |
Mr. Suresh A.
Gandhi |
|
Designation : |
Director |
|
Date of
Birth/Age : |
25.09.1950 |
|
Qualification
: |
Chartered
Accountant |
|
Experience : |
Mr. Suresh A.
Gandhi became a Director in 1983 and was Managing/Jt.Managing Director from 1984
to 1997. Mr. Suresh A. Gandhi has vast experience and knowledge in the field
of plastics and real estate. He is a member of various committees related to
plastic industry. |
|
Date of
Appointment : |
01.08.1983 |
|
|
|
|
Name : |
Mr. Rakesh Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.01.1952 |
|
Qualification : |
B.Com (Hons), FCA |
|
Experience : |
Mr. Rakesh
Khanna is a Chartered Accountant having experience of over 36 years. He has
served the Industry and Profession in various capacities across various
organisations of repute. |
|
Date of Appointment : |
11.11.2010 |
|
Other Directorship : |
·
Foundation for promotion of sports and Games ·
Gee-Cee Ventures Limited ·
GCIL Finance Limited ·
Mangal Keshav Capital Limited ·
Mangal Keshav Distributors Limited ·
Mangal Keshav Holdings Limited ·
Mangal Keshav Insurance Brokers Limited ·
Mangal Keshav Securities Limited ·
M K Commodity Brokers Limited ·
Amforge Industries Limited |
|
|
|
|
Name : |
Mr. Rahul G. Divan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhaval K. Vussonji |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. R. Viswanathan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1116873 |
8.50 |
|
|
1681866 |
12.81 |
|
|
2798739 |
21.31 |
|
|
|
|
|
|
6698325 |
51.00 |
|
|
6698325 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
9497064 |
72.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5016 |
0.04 |
|
|
483370 |
3.68 |
|
|
450 |
0.00 |
|
|
488836 |
3.72 |
|
|
|
|
|
|
366889 |
2.79 |
|
|
|
|
|
|
1631081 |
12.42 |
|
|
649906 |
4.95 |
|
|
500195 |
3.81 |
|
|
23927 |
0.18 |
|
|
24281 |
0.18 |
|
|
544 |
0.00 |
|
|
73862 |
0.56 |
|
|
376731 |
2.87 |
|
|
850 |
0.01 |
|
|
3148071 |
23.97 |
|
Total Public shareholding (B) |
3636907 |
27.69 |
|
Total (A)+(B) |
13133971 |
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) |
13133971 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible and Rigid Packaging Films. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Rigid and Flexible PVC Sheet |
M.T. Per Annum |
21720 (a) |
24360 |
17938 |
|
Plastic Extruded Sheets and Films |
M.T. Per Annum |
420 (b) |
--(e) |
8 |
|
Hollow Plastic Corrugated Boards |
M.T. Per Annum |
1050 |
1050 |
810 |
NOTES
(a) Includes 20400
(20400) M.T. per annum exempted from the licensing provisions.
(b) Single Shift
basis.
(c) As certified
by Works Manager
(d) Figures in
brackets denote figures for previous year.
(e) Machinery sold during the year
GENERAL INFORMATION
|
No. of Employees : |
357 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of Maharashtra ·
HDFC Bank Limited ·
State Bank of India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and
Company Chartered
Accountants |
|
|
|
|
Enterprise where
control exists - Holding Company : |
v
Bilcare Research GmbH v
Bilcare Germany Management GmbH and Company KG v
Bilcare Germany Management GmbH v
Films Germany Holding GmbH v
Bilcare AG v
Bilcare Mauritius Limited v
Bilcare Limited |
|
|
|
|
Related parties
with whom the Company had transactions including Fellow subsidiaries : |
v
Bilcare Research GmbH v
Bilcare Research S R L v
Bilcare Research AG v
Bilcare Limited |
Note : Bilcare Research GmbH, which is part of Bilcare group holds 51 % of the
Share Capital of the Company,after 31st August,2010 and INEOS Films GmbH,which
is part of Ineos group, held 51% of the Share Capital of the Company upto 31st
August,2010.
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13133971 |
Equity Shares |
Rs.10/- each |
Rs. 131.340
Millions |
|
|
|
|
|
66,98,325 Equity Shares are held by Bilcare Research GmbH, the holding
company
Details of
Shareholders holding more than 5% shares
|
Particulars |
No.of shares 31.03.2012 |
|
Bilcare Research GmbH |
6698325 |
|
K. C. Holdings Private Limited |
1072494 |
Reconciliation of
number of shares outstanding
|
Particulars |
No.of shares 31.03.2012 |
|
As at the beginning of the year |
13133971 |
|
Add/(Less) : Movements during the year |
-- |
|
As at the end of
the year |
13133971 |
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 |
131.340 |
131.340 |
131.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
889.084 |
841.798 |
791.704 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1020.424 |
973.138 |
923.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
6.200 |
10.300 |
8.400 |
|
|
|
|
|
|
|
|
TOTAL |
1026.624 |
983.438 |
931.444 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
209.772 |
238.792 |
265.321 |
|
|
Capital work-in-progress |
0.046 |
0.000 |
0.614 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
296.188
|
307.115
|
215.576
|
|
|
Sundry Debtors |
526.305
|
534.916
|
474.707
|
|
|
Cash & Bank Balances |
122.673
|
117.886
|
237.567
|
|
|
Other Current Assets |
60.629
|
51.195
|
0.000
|
|
|
Loans & Advances |
91.343
|
36.974
|
54.137
|
|
Total
Current Assets |
1097.138
|
1048.086
|
981.987 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
119.342
|
143.400
|
242.931
|
|
|
Other Current Liabilities |
116.836
|
117.989
|
17.679
|
|
|
Provisions |
44.154
|
42.051
|
55.868
|
|
Total
Current Liabilities |
280.332
|
303.440
|
316.478 |
|
|
Net Current Assets |
816.806
|
744.646
|
665.509
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1026.624 |
983.438 |
931.444 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1949.012 |
1872.384 |
1664.180 |
|
|
|
Other Income |
30.061 |
35.886 |
37.852 |
|
|
|
Transfer from Revaluation Reserve |
-- |
-- |
1.200 |
|
|
|
TOTAL (A) |
1979.073 |
1908.270 |
1703.232 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1341.117 |
|
1534.393 |
|
|
|
Employee benefits expense |
136.023 |
133.681 |
|
|
|
|
Other expenses |
367.229 |
339.271 |
|
|
|
|
Changes in inventories
of Finished Goods, Work-in-Progress and Scrap |
(5.852) |
(15.627) |
|
|
|
|
TOTAL (B) |
1838.517 |
1759.620 |
1534.393 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) |
140.556 |
148.650 |
168.839 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.034 |
0.041 |
0.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
140.522 |
148.609 |
168.798 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.739 |
35.418 |
38.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
106.783 |
113.191 |
130.425 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.400 |
39.000 |
80.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
71.383 |
74.191 |
50.225 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.151 |
111.857 |
105.420 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.500 |
|
|
|
Proposed Dividend |
19.701 |
19.701 |
32.835 |
|
|
|
Corporate tax on Dividend |
3.196 |
3.196 |
5.453 |
|
|
BALANCE CARRIED
TO THE B/S |
201.637 |
158.151 |
111.857 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
270.665 |
234.948 |
234.457 |
|
|
|
Marketing Services |
0.264 |
5.038 |
5.189 |
|
|
TOTAL EARNINGS |
270.929 |
239.986 |
239.646 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
337.206 |
384.913 |
328.606 |
|
|
|
Stores & Spares |
3.771 |
2.456 |
0.577 |
|
|
|
Capital Goods |
0.676 |
3.046 |
0.505 |
|
|
TOTAL IMPORTS |
341.653 |
390.415 |
329.688 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.43 |
5.65 |
3.62 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
523.200 |
574.400 |
539.800 |
|
Total Expenditure |
491.100 |
538.100 |
505.400 |
|
PBIDT (Excl OI) |
32.100 |
36.300 |
34.400 |
|
Other Income |
0.400 |
0.400 |
0.400 |
|
Operating Profit |
32.400 |
36.700 |
34.800 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
32.400 |
36.700 |
34.800 |
|
Depreciation |
08.600 |
08.100 |
9.000 |
|
Profit Before Tax |
23.800 |
28.600 |
25.800 |
|
Tax |
8.500 |
9.900 |
08.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
15.300 |
18.700 |
17.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
15.300 |
18.700 |
17.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.61
|
3.89
|
2.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.48
|
6.05
|
7.84
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.17
|
8.80
|
10.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.12
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.91
|
3.45
|
3.10
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
The Company’s
turnover for the year amounted to Rs. 2110.000 millions as compared to Rs.
2030.000 millions in the previous year. The Company earned a profit (before
tax) of Rs. 106.800 millions as compared to Rs. 113.200 millions in the
previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is one
of the manufacturers of Flexible and Rigid Packaging Films in India and a
prominent name in pharma/non pharma packaging industry in India and abroad and
produce high quality products. The Company currently operates from its two
plants located at Thane and Nasik, Maharashtra, falling under Octroi zone.
The Company is
engaged in the processing of plastic polymers and manufactures Rigid and
Flexible PVC films by
Calendering
process, PVDC coated Rigid PVC film and certain plastic products through
extrusion process. Rigid PVC film is largely used for packaging in the
Pharmaceutical, Food and FMCG industries. Flexible PVC film and plastic
extruded products are used for a variety of industrial and consumer
applications. Overall growth rate of the market size is estimated to be 5% to
10% annually.
The image of the Company,
built through decades of quality products and efficient customer service is the
major strength of the Company. The Company has a significant share of the Rigid
PVC film market and is the Quality Leader in the Flexible PVC film market.
SEGMENT PERFORMANCE
Company’s business
is covered under single business segment and continued to grow in 2011-12.
FINANCIAL
PERFORMANCE
Company’s Gross
Sales for the year stood at Rs. 2110.000 Millions compared to Rs. 2030.000
millions during the previous year. Prices of major raw materials increased
during the year. There were significant increases in the cost of power and
fuel. Though the sales realisation improved, it could not fully compensate for
the cost increase. Hence, profit before tax for the year declined to Rs.
106.800 millions compared to previous year’s profit before tax of Rs. 113.200
millions.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 Rs. In Millions |
|
a) i) Demands of Excise authorities which are disputed in appeals by
the company |
45.306 |
|
ii) Appeals filed by Excise authorities in the Supreme Court of
India/CESTAT against orders passed by CESTAT/ Commissioner (Appeals) in
favour of the Company |
84.542 |
|
iii) Other excise notices pending adjudication |
29.285 |
|
b) Demands of Income tax authorities which are disputed in appeals and
not provided for |
40.000 |
|
c) Claims against the Company not acknowledged as debts - estimated |
36.644 |
|
d) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for |
11.652 |
FIXED ASSETS
v
Tangible Assets
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
v
Intangible Assets
·
Computer Software
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.