MIRA INFORM REPORT
|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERINO INDUSTRIES LIMITED (w.e.f. 25.06.2007) |
|
|
|
|
Formerly Known
As : |
CENTURY
LAMINATING COMPANY LIMITED H. N. LOHIA
(AGENCIES) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700020, West
Bengal |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.07.1965 |
|
|
|
|
Com. Reg. No.: |
21-026556 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.104.703 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB1965PLC026556 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALC05572A CALC00253B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC9186C |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated
Paper. |
|
|
|
|
No. of
Employees: |
Not Available |
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 4000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an old and established company having a fine track record. General
financial position is good. Trade relations are reported as decent. Business
is active. Payments are reported to be regular and as per commitments. 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
10.05.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2+ (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
10.05.2012 |
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.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-33-22470976 / 22479291 / 22472758 / 22472196 / 22477587 / 22901214 |
|
Fax No.: |
91-33-22400314 / 22476103 |
|
E-Mail : |
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|
Website : |
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|
|
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Factory 1: |
Village Achheja, Post Hapur, District |
|
Tel. No.: |
91-122-2308601/ 3290749/ 3290338 ; |
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Fax No.: |
91-122-2306998 |
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E-Mail : |
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|
|
|
|
Factory 2: |
44 Km Stone, Delhi - Rohtak Road, Rohad, District Jhajjar, Haryana-
124501, India |
|
Tel. No.: |
91-1276-276335 / 276337 / 276338 / 276339 |
|
Fax No.: |
91-1276- 276336 |
|
Email : |
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Factory 3 : |
Bagalur Road, Kalahasthipuram Village, Hosur Taluk, Krishnagiri-635103
District Tamilnadu, India |
|
Tel No.: |
91-4344-293545 / 327765 |
|
Fax No.: |
91-4344-245307 |
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|
|
|
Branch Office : |
Located At
|
|
|
|
|
Overseas Office : |
9600nw, 25th Street, Doral, FI-33172, USA |
|
Tel. No.: |
305-456-1913 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Champa Lal Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
44/78, Punjabi Bagh, |
|
Date of Birth/Age : |
09.03.1934 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
15.01.1968 |
|
Voter ID No.: |
DL/03/016/042803 |
|
DIN No.: |
00154019 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-04-12 |
15-01-68 |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO
PANEL PRODUCTS LIMITED |
Director |
08-08-94 |
08-08-94 |
Active |
NO |
|
Name : |
Mr. Prakash Lohia |
|
Designation : |
Managing Director |
|
Address : |
Vrindavan Apartment, 4th Floor, Kabi Bharati
Sarani, Kolkata - 700029, West |
|
Date of Birth/Age : |
10.07.1952 |
|
Qualification : |
B. Tech. (Chem.),
M.E.P. (I.I.M. Ahmd.) |
|
Date of Appointment : |
14.07.1976 |
|
PAN No.: |
ABCPL3771E |
|
DIN No.: |
00063274 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Managing
director |
01-04-12 |
14-07-76 |
Active |
NO |
|
2 |
U20299WB1994PLC064386 |
MERINO
PANEL PRODUCTS LIMITED |
Director |
08-08-94 |
08-08-94 |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO
SERVICES LIMITED |
Director |
27-09-07 |
15-02-07 |
Active |
NO |
|
Name : |
Mr. Nripen Kumar
Dugar |
|
Designation : |
Whole Time Director |
|
Address : |
Kasturai Bai Cold
Storage Compound, Hapur – 245101, |
|
Date of Birth/Age : |
23.01.1962 |
|
Date of Appointment : |
06.10.1986 |
|
PAN No.: |
AAMPD6538L |
|
DIN No.: |
00127790 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-01-13 |
08-10-86 |
Active |
NO |
|
Name : |
Dr. Gautam
Bhattacharjee |
|
Designation : |
Director |
|
Address : |
Panchajanya, 4th
Floor, 25/59. |
|
Date of Birth/Age : |
16.09.1953 |
|
Date of Appointment : |
01.08.1997 |
|
PAN No.: |
AGVPB7546F |
|
DIN No.: |
00109269 |
|
|
|
|
Name : |
Mr. Amar Nath Roy |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
16.12.1927 |
|
Date of Appointment : |
03.05.1999 |
|
Voter ID No.: |
WB/23/151/366048 |
|
DIN No.: |
00109280 |
|
|
|
|
Name : |
|
|
Designation : |
Whole Time Director |
|
Address : |
Kasturi Bai, Cold Storage Compound, Bulland Sahar Road, Hapur,
Ghaziabad-245101, Uttar Pradesh, India |
|
Date of Birth/Age : |
14.07.1968 |
|
Date of Appointment : |
01.04.2000 |
|
PAN No.: |
ABCPL3766F |
|
DIN No.: |
00127797 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U70101WB1988PTC044285 |
MERINO
EXPORTS PRIVATE LIMITED |
Director |
08-04-94 |
08-04-94 |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-04-12 |
01-04-00 |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO
SERVICES LIMITED. |
Director |
27-09-07 |
15-02-07 |
Active |
NO |
|
Name : |
Mr. Rupchand Lohia |
|
Designation : |
Director |
|
Address : |
Flat No.40 4th
Floor, |
|
Date of Birth/Age : |
16.01.1940 |
|
Date of Appointment : |
01.01.2002 |
|
PAN No.: |
ABLPL0395H |
|
DIN No.: |
00063290 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U20299WB1994PLC064386 |
MERINO
PANEL PRODUCTS LIMITED |
Director |
08-08-94 |
08-08-94 |
Active |
NO |
|
2 |
U70101WB1988PTC044285 |
MERINO
EXPORTS PRIVATE LIMITED |
Director |
01-04-96 |
01-04-96 |
Active |
NO |
|
3 |
U25200MH1955NPL009601 |
THE
PLASTICS EXPORT PROMOTION COUNCIL |
Director |
18-10-96 |
18-10-96 |
Active |
NO |
|
4 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-01-13 |
01-01-02 |
Active |
NO |
|
Name : |
Mr. Prasan Lohia |
|
Designation : |
Director |
|
Address : |
Flat No.40 4th
Floor, |
|
Date of Birth/Age : |
12.10.1968 |
|
Date of Appointment : |
01.10.2004 |
|
PAN No.: |
ABHPL7447C |
|
DIN No.: |
00061111 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U70101WB1988PTC044285 |
MERINO
EXPORTS PRIVATE LIMITED |
Director |
04-04-94 |
04-04-94 |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-04-12 |
01-10-04 |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO
SERVICES LIMITED |
Director |
27-09-07 |
15-02-07 |
Active |
NO |
|
Name : |
Mr. Bikash Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
44/78, Punjabi
Bagh, NewDelhi-110028, India |
|
Date of Birth/Age : |
27.05.1970 |
|
Date of Appointment : |
01.10.2006 |
|
PAN No.: |
ABCPL3767E |
|
DIN No.: |
00154013 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U20299WB1994PLC064386 |
MERINO
PANEL PRODUCTS LIMITED |
Director |
01-10-06 |
01-12-94 |
27-11-12 |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-10-12 |
01-10-06 |
- |
Active |
NO |
|
3 |
U51109WB1993PLC058257 |
MERINO
SERVICES LIMITED |
Director |
27-09-07 |
15-02-07 |
- |
Active |
NO |
|
Name : |
Mr. Madhusudan Lohia |
|
Designation : |
Whole Time Director |
|
Address : |
Vrindavan Apartments, Flat No. 48, 4th Floor, 55/1, Kabi Bharati Sarani, Kolkata-700029, West Bengal, India |
|
Date of Birth/Age : |
05.01.1980 |
|
Date of Appointment : |
01.10.2006 |
|
PAN No.: |
ABCPL3772H |
|
DIN No.: |
00063278 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U63022WB1993PTC058429 |
KASTURI
BAI COLD STORAGE PRIVATE LIMITED |
Director |
01-10-06 |
01-06-05 |
Active |
NO |
|
2 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Whole-time
director |
01-10-12 |
01-10-06 |
Active |
NO |
|
Name : |
Mr. Sudatta Mandal |
|
Designation : |
Nominee Director |
|
Address : |
1201, Aditya Akruti Towers, N. Barucha Marg, Garnd Road (West),
Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1968 |
|
Date of Appointment : |
29.04.2011 |
|
PAN No.: |
AALPM7389P |
|
DIN No.: |
00942070 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L99999MH1988PLC047408 |
MAN
INDUSTRIES (INDIA) LIMITED |
Nominee
director |
22-06-05 |
22-06-05 |
16-10-10 |
Active |
NO |
|
2 |
U24230TN1980PLC008382 |
MALLADI
DRUGS AND PHARMACEUTICALS LIMITED |
Nominee
director |
25-09-09 |
25-09-09 |
10-08-10 |
Active |
NO |
|
3 |
U51909WB1965PLC026556 |
MERINO
INDUSTRIES LIMITED |
Nominee
director |
29-04-11 |
29-04-11 |
- |
Active |
NO |
|
4 |
L17291MH1991PLC063752 |
PIONEER
EMBROIDERIES LIMITED |
Nominee
director |
29-04-11 |
29-04-11 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar
Parui |
|
Designation : |
Secretary and Chief Executive Officer (Finance) |
|
Address : |
4 Dr A L Munshi Lane., Uttarpara, Hooghly, West |
|
Date of Birth/Age : |
27.12.1950 |
|
Date of Appointment : |
21.02.1994 |
|
PAN No.: |
AFNPP5089G |
|
Voter ID No.: |
WB/26/179/702413 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
Note: Shareholder
details file attached.
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
32.82 |
|
Directors or relatives of Directors |
59.60 |
|
Other top fifty shareholders |
3.44 |
|
Others |
4.14 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Cold Storage, Formaldehyde and Impregnated
Paper. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Decorative laminates |
Sheets |
60.00 Lac |
|
Formaldehyde |
M.T. |
9000 |
|
Panel Products |
Sq. Mtrs. |
24.12 Lac |
|
Adhesive |
Kgs. |
50000 |
|
Potato Flakes |
Kgs. |
43.20 |
|
Furniture |
Pcs. |
75000 |
|
Particulars |
Unit |
Actual
Production |
|
Laminates |
Sheets |
5419388 |
|
Laminates scrap (under size) |
Kgs. |
379417 |
|
Panel products : |
|
|
|
Other panel products |
Sq. Mtrs. |
1124272 |
|
Postform Panels |
Sq. Mtrs. |
1327 |
|
Furniture |
Pcs. Sq. Mtrs |
57979 4237 |
|
Adhesive |
Kgs. |
1120 |
|
Formaldehyde |
M.T. |
8965* |
|
Potato Flakes and Ready Mix |
Kgs. |
3727466 |
|
Potato Seeds |
Kgs. |
1350312** |
* Excluding 848 M.T.
Formaldehyde (Previous year 833 M.T.) processed by other contractor
**Production process represents multiplication of potato seeds carried
out through contacr farming.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Plot No Y 14, Block-Ep, Sector V, Salt Lake Electronics Complex,
Bidhan Nagar, Kolkata-700091, West Bengal, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Subsidiaries : |
Merino Panel
Products Limited CIN No.:-
U20299WB1994PLC064386 |
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs. 170.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10566100 |
Equity Shares |
Rs.10/- each |
Rs. 105.661
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10369600 |
Equity Shares |
Rs.10/- each |
Rs. 103.696
Millions |
|
196500 |
Add: Forfeited Equity Shares |
|
Rs. 1.007
Millions |
|
|
TOTAL |
|
RS. 104.703
Millions |
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 |
104.703 |
104.703 |
104.703 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
912.195 |
792.640 |
570.754 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1016.898 |
897.343 |
675.457 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1174.826 |
958.994 |
788.732 |
|
|
2] Unsecured Loans |
307.763 |
189.997 |
337.658 |
|
|
TOTAL BORROWING |
1482.589 |
1148.991 |
1126.390 |
|
|
DEFERRED TAX LIABILITIES |
62.850 |
66.722 |
61.633 |
|
|
|
|
|
|
|
|
TOTAL |
2562.337 |
2113.056 |
1863.480 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1089.294 |
968.298 |
905.577 |
|
|
Capital work-in-progress |
134.931 |
50.260 |
32.133 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.282 |
15.282 |
15.282 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1022.461
|
1013.421 |
746.816 |
|
|
Sundry Debtors |
660.923
|
570.789 |
481.508 |
|
|
Cash & Bank Balances |
201.448
|
86.997 |
104.661 |
|
|
Other Current Assets |
4.380
|
18.735 |
74.305 |
|
|
Loans & Advances |
105.768
|
109.389 |
29.278 |
|
Total
Current Assets |
1994.980
|
1799.331 |
1436.568 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
441.672
|
439.661 |
222.156 |
|
|
Other Current Liabilities |
199.593
|
244.958 |
285.314 |
|
|
Provisions |
30.885
|
35.496 |
18.610 |
|
Total
Current Liabilities |
672.150
|
720.115 |
526.080 |
|
|
Net Current Assets |
1322.830
|
1079.216 |
910.488 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2562.337 |
2113.056 |
1863.480 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4149.476 |
3810.155 |
0.000 |
|
|
|
Other Income |
53.746 |
51.917 |
3606.223 |
|
|
|
TOTAL (A) |
4203.222 |
3862.072 |
3606.223 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2235.807 |
|
3312.742 |
|
|
|
Purchases of stock-in-trade |
162.674 |
299.402 |
|
|
|
|
Employee benefit expense |
392.982 |
345.339 |
|
|
|
|
Other expenses |
941.663 |
797.769 |
|
|
|
|
Prior period items |
0.000 |
(152.119) |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
25.791 |
(6.816) |
|
|
|
|
TOTAL (B) |
3758.917 |
3305.224 |
3312.742 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
444.305 |
556.848 |
293.481 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
134.961 |
102.376 |
85.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
309.344 |
454.472 |
207.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.192 |
97.780 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
200.152 |
356.692 |
207.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.318 |
118.760 |
63.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
142.834 |
237.932 |
144.618 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
438.342 |
239.757 |
158.823 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.283 |
23.793 |
14.462 |
|
|
|
Dividend |
20.739 |
15.554 |
45.108 |
|
|
|
Tax on Dividend |
2.093 |
0.000 |
4.114 |
|
|
BALANCE CARRIED
TO THE B/S |
544.061 |
438.342 |
239.757 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
773.674 |
727.525 |
668.502 |
|
|
TOTAL EARNINGS |
773.674 |
727.525 |
668.502 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
990.014 |
973.845 |
718.235 |
|
|
|
Stores & Spares |
14.018 |
30.273 |
40.505 |
|
|
|
Capital Goods |
0.000 |
16.518 |
16.834 |
|
|
TOTAL IMPORTS |
1004.032 |
1020.636 |
775.574 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.77 |
8.28 |
30.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.40
|
6.16 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.82
|
9.36 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.49
|
12.89 |
8.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.40 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46
|
1.28 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.97
|
2.50 |
2.73 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
SHORT TERM BORROWINGS |
|
|
|
Term Loan |
|
|
|
From Banks: |
|
|
|
Indian Rupee
Loan |
300.000 |
153.800 |
|
Loans from
related parties |
|
|
|
From Body Corporate: |
|
|
|
Indian Rupee
Loan |
7.763 |
36.197 |
|
Working Capital
Loans are secured by way of: |
|
|
|
|
|
|
|
TOTAL |
307.763 |
189.997 |
GENERAL
INFORMATION
Subject is a public
limited company domiciled in India, and incorporated under the provisions of
the Indian Companies Act, 1956 (the "Act"). The Company is a
multiproduct and multi location company.
FINANCIAL RESULTS
During the year,
the Net Sales of the Company amounted to Rs. 4149.476 Millions as against Rs.
3810.155 Millions, last year. While the year of 2011-12 registered an increase
in net revenue from operations by Rs. 339.321 Millions as compared to that for
the year 2010-11, the profit before tax and extraordinary item for that year
indicated a marginal drop by Rs. 4.421 Millions in the year, as compared to
that of previous year. Despite a rise in net revenue from operations during the
year, a rise in input cost and other expenses, the impact of which could not be
fully passed on to the customers, was responsible for profit before tax for the
year not showing a northward trend. The company’s net profit after taxes was
Rs. 142.834 Millions as against Rs. 237.932 Millions last year. The Directors
are hopeful that improved results would be posted in the coming years.
EXPORT PERFORMANCE
The Directors put
on record that the Company achieved export turnover during the year of Rs.
773.674 Millions as against Rs. 727.525 Millions last year.
SEGMENTWISE BUSINESS PERFORMANCE
The Company
continued to function in three primary business segments namely Laminates,
Potato Flakes and Panel Products and Furniture and has emerged as a versatile
manufacturer and marketer of Interior solutions with a wide array of products
for homes, offices, commercial and public areas. The Company’s specialty is to
continuously release new products which are aligned to international trends and
market demand. With Laminates remaining the core area, over the years, their
innovations have been continuously well received by all. The Company offers the
entire range for restroom cubicles and locker systems in various colours with
stylish accessories and fittings. The VEGIT - potato flakes manufactured by the
Company has been a success across the domestic as well as, international
markets. The Company has introduced a wide variety of traditional snack mixes
and each recipe has been developed through detailed consumer insights and
research. However, t he prices of all inputs of the Company’s products remain
escalating and the market dynamics, largely unpredictable.
FORM 8
|
Corporate
identity number of the company |
U51909WB1965PLC026556 |
|
Name of the
company |
MERINO INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
E-Mail Id: merinokol@merinoindia.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10336348 |
|
Type of charge |
|
|
Particular of
charge holder |
Standard Chartered Bank, 19, Netaji Subhas Road, Kolkata-700001, west
Bengal, India |
|
Nature of
instrument creating charge |
List of Plant and
Machinery |
|
Date of
instrument Creating the charge |
05.11.2012 |
|
Amount secured by
the charge |
Rs. 175.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per facility
agreement dated 12.02.2012 to be amended from time to time. Terms of repayment As per facility
agreement dated 12.02.2012 to be amended from time to time. Margin As per facility
agreement dated 12.02.2012 to be amended from time to time. Extent and operation of the charge The security by
way of first and exclusive charge over the entire movable fixed assets of the
company (with an asset cover of 1.25x) has been created in favour of standard
chartered bank for the purpose of securing the external commercial borrowing
facility to the extent of USD 3,500,000 granted to merino industries limited. Other For the purpose
of filing the form 8, it is clarified that the facility amount is repayable
in USD, hence, any repayment from the sale / enforcement proceeds of the
above said assets shall be made at the prevailing foreign currency exchange
rate, for conversion from Indian rupees to USD, at the time of repayment, to
ensure full repayment of the facility amount. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation By
Way of First and Exclusive Charge Over All Present and Future Movable Plant
and Machinery Including All Other Movable Assets Financed Out of External
Commercial Borrowing, Now Stored At or Being
Stored or At Present Installed At Village Acgheja, Po Hapur, District
Ghaziabad (or At Any Other Place In The Borrower's Possession or Occupation
or At Any Other Place) or Which May Be Brought Into or Stored At or Will Be
Installed At The Factory Premises of The Company Belonging to The Borrower or
Be At Its Disposal or Be In Course of Transit or Awaiting Transit by Any Mode
of Transport to The Said Factory Premises. |
|
Particulars of
the present modification |
By This
Modification The Company Has Provided List of Plant and Machinery Purchased
Out of The ECB Facility and Which Are Exclusively Hypothecated to The Bank, All Other Terms
and Conditions Remaining The Same. |
FIXED ASSETS
- Leasehold Land
- Freehold Land
- Leasehold Building
- Freehold Building
- Plant and Machinery
- Furniture and Fittings
- Vehicles
- 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. 56.49 |
|
|
1 |
Rs. 86.00 |
|
Euro |
1 |
Rs. 73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.