MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HITECH PLAST LIMITED |
|
|
|
|
Registered
Office : |
C-130, ‘Solaris’ Building No. 1, Opposite L and T, Gate No.6, Powai,
Mumbai - 400072, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
16.10.1991 |
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|
|
|
Com. Reg. No.: |
11-168235 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 131.757
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28992MH1991PLC168235 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04390B / MUMH12662G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACH5161N |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Rigid Plastic Containers especially for Paints, Lube and Other Industrial Chemicals. |
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|
|
|
No. of Employees
: |
933 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3280000 |
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|
|
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 23, 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 PARTED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40016500 |
|
Date : |
25.11.2013 |
LOCATIONS
|
Registered/ Corporate Office : |
C-130, ‘Solaris’ Building No. 1, Opposite L and T, Gate No.6, Powai,
Mumbai - 400072, Maharashtra, India |
|
Tel. No.: |
91-22-40016500 |
|
Fax No.: |
91-22-28574665 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
Plants : |
Located at: v
SANASWADI: Gut Nos. 939 and 940, Village Sanaswadi,
Taluka Shirur, District Pune - 412208, Maharashtra, India v
MASAT: Silvassa Technopark Building, Behind
Santogen Mills, Masat, Silvassa – 396230, India v
PUDUCHERRY: Rs No. 146/3/4/5 Ariyur Village, Villianur
Commune, Pondicherry – 605102, India v
SRI
PERUMBUDUR: F-16/ SIPCOT
Industrial Park, Kancheepuram, Sri Perumbudur - 602106, Tamilnadu, India v
GALONDA: Survey No. 374/1, Village Galonda,
Silvassa Kelvani Road, Silvassa - 396230, India v
ROHTAK: Plot No.2, Sector 30B, Industrial Model
Township (IMT), Rohtak – 124001, Haryana, India v
KHANDALA: Gat No. 272/ 7, Village Dhawadwadi, Taluka
Khandala, District Satara – 412802, Maharashtra, India |
|
|
|
|
Technology Centre : |
28/9, D-2 Block,
MIDC, Chinchwad, Pune – 411019, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ashwin S. Dani |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Malav A. Dani |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Rajnikant B. Desai |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Jalaj A. Dani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Harish N. Motiwalla |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.03.1945 |
|
Qualification : |
Practising Chartered Accountant |
|
Date of Appointment : |
10.12.2004 |
|
Other Directorship : |
v Excel Industries Limited [Chairman – Audit Committee] v
Ashapura Minechem Limited v
LIC Mutual Fund Assets Management Company
Limited [Chairman – Audit Committee] v
Gujarat Organics Limited v
Balkrishna Synthetics Limited v
Multibase India Limited [Chairman – Audit
Committee] v
Siyaram Silk Mills Limited |
|
|
|
|
Name : |
Mr. Rameshchandra S. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwin R. Nagarwadia |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.09.1937 |
|
Qualification : |
B.Sc. (Eng) |
|
Date of Appointment : |
31.01.2009 |
|
Other Directorship : |
v Chembond Chemicals Limited [Member – Remuneration Committee] v
Henkel Chembond Surface Technologies Limited v
Finor Piplaj Chemicals Limited v
H2O Innovation India Limited v
Clear Mipak Packaging Solutions Limited |
|
|
|
|
Name : |
Mrs. Ina A. Desai |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.03.1942 |
|
Qualification : |
Graduate in Fine Arts from M. S. University, Baroda |
|
Date of Appointment : |
30.01.2010 |
|
Other Directorship : |
v Asian Paints Limited v
Coatings Specialities (India) Limited v
Dani Finlease Limited |
|
|
|
|
Name : |
Mr. Somasekhar Sundaresan |
|
Designation : |
Director (Upto 10.05.2013) |
|
|
|
|
Name : |
A.V.S. Murthy |
|
Designation : |
Additional Director (w.e.f. 03.11.2012) |
|
Date of Birth/Age : |
28.10.1937 |
|
Date of Appointment : |
03.11.2012 |
|
Other Directorship : |
Rangudyan Insurance Broking Services Limited |
KEY EXECUTIVES
|
Name : |
Mrs. Namita Tiwari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Atul R. Sethi |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
41 years |
|
Qualification : |
B. Tech, MBA |
|
Experience : |
16 years |
|
Date of Appointment : |
17.08.2012 |
|
|
|
|
Name : |
Mr. Rajesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
317185 |
2.41 |
|
|
8467295 |
64.26 |
|
|
8784480 |
66.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8784480 |
66.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
494100 |
3.75 |
|
|
494100 |
3.75 |
|
|
|
|
|
|
353541 |
2.68 |
|
|
|
|
|
|
1607624 |
12.20 |
|
|
1433035 |
10.88 |
|
|
502920 |
3.82 |
|
|
22460 |
0.17 |
|
|
471480 |
3.58 |
|
|
8980 |
0.07 |
|
|
3897120 |
29.58 |
|
Total Public shareholding (B) |
4391220 |
33.33 |
|
Total (A)+(B) |
13175700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13175700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Rigid Plastic Containers especially for Paints, Lube and Other Industrial Chemicals. |
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Products/ Services : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
933 (Approximately) |
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Bankers : |
v State Bank of India v
Kotak Mahindra Bank Limited v
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Shah and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Holding Company : |
Geetanjali Trading and Investments Private Limited |
|
|
|
|
Fellow Subsidiaries : |
v Coatings Specialities (India) Limited v
Rangudyan Insurance Broking Services Limited |
|
|
|
|
Subsidiary Company : |
Clear Mipak Packaging Solutions Limited |
|
|
|
|
Employee Benefit fund where control exists : |
Hitech Plast Employee’s Gratuity Trust |
|
|
|
|
Companies controlled by
Directors/ Relatives of Directors : |
v Dani Finlease Limited v
Gujarat Organics Limited v
Haish Holding and Trading v
Company Private Limited v
S C Dani Research Foundation Private Limited v
Vijal Holding and Trading Company Private
Limited v
Smiti Holding and Trading Private Limited v
Pragati Chemicals Limited v
Resins and Plastics Limited v
Raytirth Holding and Trading Company Private
Limited v
Isis Holding and Trading Company Private
Limited v
Suryakant Paint Accessories Private Limited v
Asian Paints Limited v
Isis Skills Development Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
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 |
|
|
|
|
|
|
13175700 |
Equity Shares |
Rs. 10/- each |
Rs. 131.757
Millions |
|
|
|
|
|
a. Reconciliation of the shares outstanding at the beginning and at the
end of the year
|
Equity Shares |
31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
13175700 |
131.757 |
|
Add : Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
13175700 |
131.757 |
b. Shares held by
holding company and/or its subsidiary
Out of equity shares issued by the Company, shares held by its holding
Company is as below:
|
|
31.03.2012 |
31.03.2011 |
|
Geetanjali
Trading and Investments Private Limited – the Holding company 8029295 (31st March,
2012 : 8029295) equity Shares of Rs. 10/- each fully paid |
80.293 |
80.293 |
c. Details of shareholders holding more than 5% equity shares in the
Company #
|
Name of Shareholders |
31.03.2013 |
|
|
|
No of Equity
Shares |
% holding in the
Class |
|
Equity Shares of
Rs. 10/- each fully paid Geetanjali Trading and Investments Private Limited |
8029295 |
60.94% |
# As per the of the Company, including its Register of Members.
d. Terms/rights
attached to equity shares
The Company has only
one class of shares referred to as equity shares having a par value of Rs. 10/-
per share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pays dividends in Indian Rupees. Payment of dividend is
also made in foreign currency to shareholders outside India. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
A dividend of Rs.
1.60 (Rupees one and paise sixty only) per share has been recommended by the
Board of Directors at its meeting held on 18th May, 2013, subject to the
approval by the shareholders at the ensuing Annual General Meeting. If
approved, the dividend for the financial year 2012-13 will be Rs. 1.60
per equity share; Rs. 1.60 per equity share was paid as dividend for the
previous year. The total dividend appropriation for the year ended 31st March,
2013 amounted to Rs. 24.664 Millions including corporate dividend tax of Rs.
3.583 Millions. (Previous year Rs. 24.501 Millions including corporate dividend
tax of Rs. 3.420 Millions).
As per the
Companies Act, 1956, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts
in the event of liquidation of the Company. However no such preferential
amounts exist currently. The distribution will be in proportion to the number
of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
131.757 |
131.757 |
131.757 |
|
(b) Reserves & Surplus |
688.519 |
642.966 |
557.627 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
820.276 |
774.723 |
689.384 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
345.234 |
242.541 |
166.620 |
|
(b) Deferred tax liabilities (Net) |
32.858 |
24.797 |
25.615 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.864 |
5.299 |
5.740 |
|
Total Non-current
Liabilities (3) |
382.956 |
272.637 |
197.975 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
224.405 |
365.065 |
368.110 |
|
(b)
Trade payables |
81.706 |
71.504 |
73.631 |
|
(c)
Other current liabilities |
161.803 |
126.722 |
139.630 |
|
(d) Short-term
provisions |
26.781 |
27.117 |
24.732 |
|
Total Current
Liabilities (4) |
494.695 |
590.408 |
606.103 |
|
|
|
|
|
|
TOTAL |
1697.927 |
1637.768 |
1493.462 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
823.861 |
564.520 |
554.404 |
|
(ii)
Intangible Assets |
2.684 |
2.601 |
3.549 |
|
(iii)
Capital work-in-progress |
0.672 |
48.125 |
15.324 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
340.889 |
340.889 |
340.889 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.325 |
78.730 |
25.502 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1205.431 |
1034.865 |
939.668 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
132.850 |
189.594 |
208.725 |
|
(c)
Trade receivables |
250.231 |
290.757 |
269.686 |
|
(d) Cash
and cash equivalents |
22.355 |
67.817 |
23.468 |
|
(e)
Short-term loans and advances |
75.919 |
45.742 |
45.819 |
|
(f)
Other current assets |
11.141 |
8.993 |
6.096 |
|
Total
Current Assets |
492.496 |
602.903 |
553.794 |
|
|
|
|
|
|
TOTAL |
1697.927 |
1637.768 |
1493.462 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from sales of goods and services
(Net) |
2542.189 |
2307.968 |
2044.472 |
|
|
|
Other Operating Revenue |
17.169 |
6.635 |
0.000 |
|
|
|
Other Income |
4.337 |
10.337 |
6.061 |
|
|
|
TOTAL (A) |
2563.695 |
2324.940 |
2050.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1660.291 |
1464.920 |
1740.534 |
|
|
|
Changes in inventories of finished goods
and work-in-progress |
29.693 |
1.954 |
|
|
|
|
Employee Benefits Expense |
142.177 |
136.398 |
|
|
|
|
Other Expenses |
436.392 |
384.666 |
|
|
|
|
TOTAL (B) |
2268.553 |
1987.938 |
1740.534 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
295.142 |
337.002 |
309.999 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.111 |
123.109 |
90.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.031 |
213.893 |
219.009 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
80.991 |
67.883 |
57.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
85.040 |
146.010 |
161.707 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.823 |
36.171 |
43.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
70.217 |
109.839 |
118.532 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
506.069 |
428.971 |
343.830 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend |
21.081 |
21.081 |
21.081 |
|
|
|
Tax on proposed equity dividend |
3.583 |
3.420 |
3.420 |
|
|
|
Transfer to General reserve |
5.266 |
8.240 |
8.890 |
|
|
BALANCE CARRIED
TO THE B/S |
546.356 |
506.069 |
428.971 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
254.766 |
254.393 |
326.509 |
|
|
|
Stores & Spares |
0.000 |
2.074 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.011 |
|
|
|
Others |
0.000 |
0.000 |
1.571 |
|
|
TOTAL IMPORTS |
254.766 |
256.467 |
328.091 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.33 |
8.34 |
9.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
614.500 |
679.300 |
|
Total Expenditure |
|
551.900 |
611.300 |
|
PBIDT (Excl OI) |
|
62.600 |
67.900 |
|
Other Income |
|
0.400 |
0.800 |
|
Operating Profit |
|
63.000 |
68.700 |
|
Interest |
|
31.200 |
35.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
31.900 |
33.000 |
|
Depreciation |
|
24.200 |
25.000 |
|
Profit Before Tax |
|
7.700 |
8.000 |
|
Tax |
|
1.400 |
3.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
6.200 |
4.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
6.200 |
4.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.74
|
4.72 |
5.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.35
|
6.33 |
7.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.27
|
11.69 |
14.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69
|
0.78 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.02 |
0.91 |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10324828 |
09/10/2012 * |
115,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C-38 AND 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI -
400051, MAHARASHTRA, INDIA |
B60342904 |
|
2 |
10259278 |
20/01/2012 * |
100,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B32134645 |
|
3 |
10204359 |
09/02/2011 * |
150,000,000.00 |
STANDARD
CHARTERED BANK |
90, M G ROAD,
FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B05801543 |
|
4 |
10182030 |
05/03/2012 * |
250,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI -
400051, MAHARASHTRA, INDIA |
B36110369 |
|
5 |
90144448 |
09/04/2003 |
27,500,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
6 |
90084114 |
10/12/2008 * |
268,200,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE LOAN
ADMN. UNIT, SHREE HARI BUILDING, RTO LANE, FOUR BUNGALOWS, ANDHERI (WEST),
MUMBAI - 400053, MAHARASHTRA, INDIA |
A55104798 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from shareholders |
15.305 |
7.647 |
|
Deposits from others |
51.825 |
41.519 |
|
|
|
|
|
Total |
67.130 |
49.166 |
COMPANY
INFORMATION
Subject is a Public Limited Company domiciled in India and incorporated
under the provisions of the Companies Act, 1956. Its shares are listed on two
stock exchanges in India, namely the Bombay Stock Exchange Limited, and the NSE
Limited. The Company is engaged in the manufacturing of rigid plastic
containers specially catering to customers relating to paints, lube and other
industrial chemicals. The Company caters to only local domestic market.
STANDALONE
FINANCIALS
Net revenue from operations increased to Rs.2540.000 Millions from
Rs.2310.000 Millions in the previous year registering a growth of 10%. The
operating profit (EBIDTA) however, de-grew to Rs.295.100 Millions from
Rs.337.000 Millions in the previous year. The operating margins were under pressure
because of volatility in polymer prices and increase in power costs, which
could not be passed to the customers, as also change in product mix to bulk
packs which had a higher percentage of polymer cost. The finance and
depreciation costs were higher with the commissioning of Rohtak plant expansion
resulting in decrease in profit before tax from Rs.146.000 Millions to
Rs.85.000 Millions
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMY / INDUSTRY
SCENARIO
The Indian economy decelerated considerably during the financial year
2012-13, growing at 5% against 7% in 2011-12 and 8.4% in 2010-11. The slow down
can be attributed firstly towards slowing down of consumption demand because of
strong inflation and a powerful monetary response. Secondly, starting in
2011-12, corporate and infrastructure investment started slowing both as a
result of investment bottlenecks as well as the tighter monetary policy.
Thirdly, a slow global economy, weighed down by the crisis in the Euro area and
lastly a weak monsoon, at least in initial phase.
Only towards the end of 2012, the government announced reforms including
opening up of FDI in retail and aviation sectors. Although the reforms brought
back some investor confidence, domestic demand has remained sticky. Higher
inflation tends to reduce real disposable incomes of households. RBI has been
gradually reducing key policy rates since January 2013, but at the same time
has been indicating that there is limited scope for further monetary easing. A
record high current account deficit has also restrained the Indian central bank
from easing policy more aggressively.
RBI has maintained that the monetary policy action by itself cannot
revive growth. It needs to be supplemented by efforts towards easing the supply
bottlenecks, improving governance and stepping public investment alongside
continuing commitment to fiscal consolidation.
The Annual Economic Survey has estimated the GDP growth rate for FY
2013-14 to be between 6.1 to 6.7% whereas RBI has pegged the GDP growth rate to
5.7%. A significant part of their population lives below poverty level. Coupled
with very low per capita income India needs to revert back to 8 to 9% GDP
growth rate which is feasible considering favourable demographic profile of the
population.
The Company along with its subsidiary cater to the packaging
requirements of paint, fast moving consumer goods, and agrochemical industry.
PAINT INDUSTRY
The Indian paint industry is witnessing a slowdown both in volume and
value growth this year. The volume growth has shrunk to around 8% against 12%
in 2012-13, while the value growth has moderated to 15% against 22% in 2012-13.
Although the residential, commercial and retail real estate segments
have significant growth potential to spur demand in the decorative paint
segment, the Indian retail segment outlook during the year continues to be
negative buoyed by persistent sluggish demand due to high inflation, higher
construction costs and interest costs.
The outlook for the paint market going forward however, is expected to
remain bullish both for decorative and industrial segments. Historically, paint
industry has grown at 1.5 to 2% of GDP growth. We expect this correlation to be
maintained. The paint market is estimated at Rs.290000.000 Millions and is
expected to reach to Rs.500000.000 Millions by 2016, with per capita
consumption increasing to over 4 kgs. The Company’s products mainly cater to
the decorative segment which contributes to 70% of paint industry in India. The
prime drivers for growth in this segment will be growth on the housing sector
front, rapid urbanisation, easy availability of housing loans, emergence of the
middle class in India, increase in the propensity to spend and growing young
population’s tendency to stay in nuclear families.
FMCG AND AGRO
The Indian FMCG is estimated at over Rs.170000.000 Millions and accounts
for 2.2% of the GDP of the country. Driven by robust economic growth,
favourable demographic profile, rising income levels and increasing
urbanisation the market size is estimated to reach Rs.400000.000 Millions by
the year 2020 (Source CII). Though the overall consumption spending was
subdued, the secular growth trend in FMCG segment remains intact driven by
favourable demographics and rising rural wages; thanks to the National Rural
Guarantee Scheme and the proposed Direct Transfer Scheme.
The Agrochemical industry is currently valued at Rs.160000.000 Millions
and is expected to grow at 15% CAGR, to Rs.250000.000 Millions by 2015 (Source
ASSOCHAM). The demand is expected to be robust considering the increasing
awareness about their benefits and the government thrust for increase in farm
production to meet the needs of the increasing population.
AUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.06.2013
(Rs.
in Millions)
|
|
Quarter ended |
|
|
Sl. No |
Particulars |
30.06.2013 (Audited) |
|
1 |
Income from
operations |
|
|
|
(a) Net Sales / Income from operations |
608.071 |
|
|
(b) Other operating income |
6.420 |
|
|
Total Income from
Operations (net) |
614.491 |
|
|
Expenses |
|
|
2 |
a) Cost of Materials Consumed |
407.137 |
|
|
b) Changes in Inventories of Finished Goods, Work in Progress and Stock-in-Trade |
(4.374) |
|
|
c) Employee Benefits Expense |
37.349 |
|
|
d) Depreciation and amortisation expenses |
24.205 |
|
|
e) Other Expenses |
111.774 |
|
|
Total Expenses |
576.091 |
|
3 |
Profit from operations
before other income, Finance costs and exceptional items ( 1-2) |
38.400 |
|
4 |
Other Income |
0.427 |
|
5 |
Profit from
ordinary activities before Finance Costs and Exceptional Items ( 3+4) |
38.827 |
|
6 |
Finance Cost |
31.181 |
|
7 |
Profit from
ordinary activities after Finance Costs but before Exceptional Items ( 5-6) |
7.646 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax ( 7+8) |
7.646 |
|
10 |
Tax Expense |
|
|
|
(a) Current Tax |
1.530 |
|
|
(b) Deferred Tax Liability / Assets ( - ) |
1.360 |
|
|
(c) MAT Credit |
(1.452) |
|
11 |
Net Profit from
ordinary activities after Tax ( 9-10 ) |
6.208 |
|
12 |
Extraordinary items (net of tax expense Rs. Nil) |
-- |
|
13 |
Net Profit for the
period (11-12) |
6.208 |
|
14 |
Paid up Equity Share Capital ( Face value : Rs. 10 per share ) |
131.757 |
|
15 |
Reserves (Excluding Revaluation Reserve ) as per Balance Sheet of Previous Accounting Year |
-- |
|
16 |
Basic and Diluted Earnings per Share (of Rs.10/- each) before Extraordinary Items ( Not Annualised ) ( Rupees ) |
0.47 |
|
|
Basic and Diluted Earnings per Share (of Rs.10/- each) after Extraordinary Items ( Not Annualised ) ( Rupees ) |
0.47 |
|
Sl. No |
Particulars |
Quarter ended |
|
30.06.2013 (Audited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public share holding |
|
|
- Number of shares |
4391220 |
|
|
- Percentage of share holding |
33.33 |
|
|
2 |
Promoters and Promoter group shareholding |
|
|
(a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
(b) Non-Encumbered |
|
|
|
- Number of Shares |
8784480 |
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
66.67 |
|
|
Particulars |
Quarter ended 30.06.2013 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1.
The above audited financial results have been
reviewed by the Audit Committee at its Meeting held on 9th August, 2013
and approved by the Board of Directors of the Company at its Meeting held on 10th
August, 2013.
2.
As the Company’s business activity falls within a
single primary business segment viz. “Plastic Containers”, the disclosure
requirements of Accounting Standard (AS-17) “Segment Reporting”, as prescribed
in the Companies (Accounting Standards) Rules, 2006, is not applicable. The
capital employed in the reportable segment was Rs. 1527.617 Millions as on
30.06.2013.
3.
In March, 2013, the parent Company’s unit at
Khandala, in the state of Maharashtra, commenced its commercial production.
4.
The previous period figures have been regrouped,
wherever required.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
1) Claims
against the Company not acknowledged as debts - Tax matters in dispute under appeal |
35.892 |
18.382 |
|
2) Corporate
guarantee issued by the Company to certain bank on behalf of its subsidiary |
480.300 |
480.300 |
|
3) Bills of exchange
discounted with banks (since realized Rs.274.343 Millions, (31st March, 2012: Rs.313.831
Millions)) |
538.268 |
351.486 |
|
The claims
against the Company comprise: The tax demands are
mainly on account of disallowance of a portion of the tax holiday claimed by
the Company under the Income tax Act. The matters are pending before the
Commissioner of Income tax (Appeals). The Company is
contesting the demands and the management, including its tax advisors,
believe that its position would likely be upheld in the appellate process. No
tax expense has been accrued in the Financial Statements for the tax demand
raised. The management believes that the ultimate outcome of this proceeding will
not have a material adverse effect on the Company’s financial position and
results of operations. |
||
FIXED ASSETS:
v Freehold Land
v
Leasehold
Land
v
Buildings
v
Moulds
v
Plant
and Machinery
v
Furniture
v
Leasehold
Improvements
v
Computers
v
Office
Equipment
v
Vehicles
v
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.39 |
|
|
1 |
Rs. 101.80 |
|
Euro |
1 |
Rs. 84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.