MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANJUSHREE TECHNOPACK LIMITED |
|
|
|
|
Registered
Office : |
Plot No.60-E and 60-F, Bommasandra Industrial Area, Hosur Road,
Bangalore – 560099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.11.1987 |
|
|
|
|
Com. Reg. No.: |
08-032636 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 137.186 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120KA1987PLC032636 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM15100B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9418K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture and
Seller (both Domestic and Exports) of "PET / Plastics Preforms and
Containers”. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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 – 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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A-” |
|
Rating Explanation |
Adequate degree of safety |
|
Date |
19.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A2+” |
|
Rating Explanation |
Strong degree of safety and Higher Credit risk. |
|
Date |
19.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. B.K. Mohata |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-80-43436100 |
|
Date : |
04.10.2013 |
LOCATIONS
|
Registered Office/ Unit I : |
Plot No.60-E and 60-F, Bommasandra Industrial Area, Hosur Road,
Bangalore – 560099, Karnataka, India |
|
Tel. No.: |
91-80-43436200 |
|
Mobile No.: |
91-9379913008 (Mr. Ankit) |
|
Fax No.: |
91-80-27832245 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Innovation Division /Unit II : |
Plot No. 143-C5, Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-43436100 |
|
Fax No.: |
91-80-27833819 |
|
E-Mail : |
|
|
|
|
|
Unit III : |
71-72, Bidadi Industrial Area, Phase 2, Sector 2, Bidadi, Bangalore –
562109, Karnataka, India |
|
|
|
|
Sales and
Marketing Offices : |
Located At : ·
· Mumbai · Chennai · Kolkata · Cochin · Hyderabad |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Vimal Kedia |
|
Designation : |
Managing Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
08.08.1956 |
|
Date of Appointment : |
25.09.2003 |
|
|
|
|
Name : |
Mr. Surendra Kedia |
|
Designation : |
Executive Director and Compliance Officer |
|
Address : |
179, Classic Orchards, |
|
Date of Birth/Age : |
15.04.1963 |
|
Date of Appointment : |
25.09.2003 |
|
|
|
|
Name : |
Mr. Rajat Kedia |
|
Designation : |
Whole time Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
23.01.1981 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. Ankit Kedia |
|
Designation : |
Whole time director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
07.04.1984 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. G. Vamanacharya |
|
Designation : |
Director |
|
Address : |
No.4, 7 Main Khm Block RT Nagar, P O Bangalore-560 030, |
|
Date of Birth/Age : |
14.07.1942 |
|
Date of Appointment : |
30.09.2003 |
|
|
|
|
Name : |
Mr. J. K. Singhania |
|
Designation : |
Director |
|
|
|
|
Name : |
N. K. Sarawgi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B.K. Mohata |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2362442 |
17.44 |
|
|
6634541 |
48.97 |
|
|
8996983 |
66.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8996983 |
66.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100000 |
0.74 |
|
|
100000 |
0.74 |
|
|
|
|
|
|
913539 |
6.74 |
|
|
|
|
|
|
1826667 |
13.48 |
|
|
1598023 |
11.80 |
|
|
112488 |
0.83 |
|
|
84461 |
0.62 |
|
|
28027 |
0.21 |
|
|
4450717 |
32.85 |
|
Total Public shareholding (B) |
4550717 |
33.59 |
|
Total (A)+(B) |
13547700 |
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) |
13547700 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and
Seller (both Domestic and Exports) of "PET / Plastics Preforms and
Containers”. |
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|
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
State Bank of India, Industrial Finance Branch, 61, Residency Plaza, Residency Road,
Bangalore – 560025, Karnataka, India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Term Loan from State Bank of India is secured by way of Hypothecation of Company's present and future movable fixed assets like Plant and Machineries (except machineries on which charge belongs to EDC), Equipment etc. along with equitable mortgage of immovable properties located at Bommasandra, Bidadi and Harohalli, Bangalore, further secured by way of personal guarantee of 2 directors. The said loan is repayable in quarterly installments, the last of which is due on June 2021. Buyer's Credit on Capital Goods represents vendor liability settled on the basis of letters of credit issued by State Bank of India, security for the said Buyer's credit are same as stated Note # 4.1. Buyer's Credit shall be substituted by proposed term loan to be disbursed upon maturity of buyer's credit. Term Loan from Export Development of Canada is an External Commercial Borrowing secured by way of hypothecation of specified machineries financed by them. The loan shall be repayable in 6 years in equal semi annual installments and the repayment commenced from December 2012, rate of interest is at 3.78%. SHORT TERM BORROWINGS Demand loans from
Bank: working capital loans are secured against present and future movable assets
of the Company like inventory, debtors, plant and machineries etc, further
secured by way of personal guarantee of 2 Directors. |
|
Banking
Relations : |
-- |
|
|
|
|
Name : |
Singhvi Dev and Unni Chartered Accountants |
|
Address : |
6th Floor, Trade Centre, # 29/4, Race Course Road, Bangalore – 560001,
Karnataka, India |
|
|
|
|
Enterprises under
common control of the management (EUC) : |
· Mphinite Technologies Private Limited · Mphinite Solutions Private Limited · Manjushree Fincap Private Limited · Shruti Financial Services Private Limited · Hitech Creations Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13547700 |
Equity Shares |
Rs.10/- each |
Rs. 135.477
Millions |
|
|
Add: Forfeited Shares (239500 equity shares
have been forfeited on 30.09.1997 for non-payment of allotment money) |
|
Rs. 1.709
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 137.186 Millions |
Reconciliation of No.
of shares outstanding at the beginning and at the end of the current year:
|
Particular |
As on 31.03.2013 |
|
|
Equity Shares of face value Rs.10/- each |
No. of Shares |
Rs. In Millions |
|
As at beginning of the year |
13547700 |
135.477 |
|
Add: Number of shares issued during the year |
- |
- |
|
Less: Number of shares bought back during the year |
- |
- |
|
Total Number of
share and amount at the end |
13547700 |
135.477 |
Shareholders holding
more than 5% shares in the Company:
|
Name of the
Shareholder |
As on 31.03.2013 |
|
|
|
Number of Share held |
% of Shares |
|
Manjushree Fincap Private Limited |
1758600 |
12.98 % |
|
Hitech Creations Private Limited |
1722246 |
12.71 % |
|
Shruti Financial Services Private Limited |
1696400 |
12.52 % |
|
Mphinite Solutions Private Limited |
1163457 |
8.59 % |
Company has only one
class of shares referred to as Equity Shares of Rs. 10/- each. Each Equity
Share holder is entitled to one vote per share.
The company does not
have any Holding Company. Hence, disclosure regarding number of shares held by
the Holding Company, the ultimate Holding Company, their subsidiary and
Associates does not arise.
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 |
137.186 |
137.186 |
137.186 |
|
(b) Reserves & Surplus |
1094.370 |
868.683 |
679.384 |
|
(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) |
1231.556 |
1005.869 |
816.570 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1276.809 |
614.032 |
640.523 |
|
(b) Deferred tax liabilities (Net) |
131.742 |
82.851 |
57.727 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.103 |
4.634 |
5.832 |
|
Total Non-current
Liabilities (3) |
1417.654 |
701.517 |
704.082 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
813.253 |
544.631 |
311.929 |
|
(b) Trade
payables |
141.067 |
172.389 |
113.938 |
|
(c) Other
current liabilities |
626.828 |
356.678 |
192.304 |
|
(d) Short-term
provisions |
24.630 |
23.246 |
27.025 |
|
Total Current
Liabilities (4) |
1605.778 |
1096.944 |
645.196 |
|
|
|
|
|
|
TOTAL |
4254.988 |
2804.330 |
2165.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2352.460 |
1490.845 |
971.207 |
|
(ii)
Intangible Assets |
1.814 |
0.787 |
1.295 |
|
(iii)
Capital work-in-progress |
53.103 |
43.585 |
146.705 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
56.566 |
181.444 |
34.810 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2463.943 |
1716.661 |
1154.017 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
486.251 |
344.177 |
509.379 |
|
(c) Trade
receivables |
655.601 |
457.568 |
327.440 |
|
(d) Cash
and cash equivalents |
249.802 |
62.625 |
11.994 |
|
(e)
Short-term loans and advances |
355.341 |
219.085 |
160.180 |
|
(f) Other
current assets |
44.050 |
4.214 |
2.838 |
|
Total
Current Assets |
1791.045 |
1087.669 |
1011.831 |
|
|
|
|
|
|
TOTAL |
4254.988 |
2804.330 |
2165.848 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3612.203 |
3097.792 |
2161.750 |
|
|
|
Other Income |
28.411 |
16.560 |
6.525 |
|
|
|
TOTAL (A) |
3640.614 |
3114.352 |
2168.275 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
2298.767 |
1893.085 |
|
|
|
|
Employees' benefit
expenses |
208.340 |
162.783 |
|
|
|
|
Power and fuel expense |
225.591 |
173.610 |
|
|
|
|
Other manufacturing expenses |
76.678 |
64.390 |
|
|
|
|
Other expenses |
135.399 |
118.693 |
|
|
|
|
Public issue expenses written off |
0.000 |
2.838 |
|
|
|
|
Prior Period
Expenses |
0.000 |
16.149 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(122.040) |
75.231 |
|
|
|
|
TOTAL (B) |
2822.735 |
2506.779 |
1691.261 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
817.879 |
607.573 |
447.014 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.410 |
110.236 |
60.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
697.469 |
497.337 |
416.625 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
319.349 |
194.035 |
190.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
378.120 |
303.302 |
226.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
136.688 |
98.257 |
78.098 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
241.432 |
205.045 |
147.926 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
465.151 |
275.852 |
143.724 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
13.548 |
13.548 |
13.548 |
|
|
|
Tax on Dividend |
2.198 |
2.198 |
2.250 |
|
|
BALANCE CARRIED
TO THE B/S |
690.837 |
465.151 |
275.852 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
235.156 |
|
|
|
|
|
Rental Income |
0.000 |
0.282 |
|
|
|
TOTAL EARNINGS |
235.156 |
150.945 |
98.502 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
324.988 |
228.881 |
147.260 |
|
|
|
Stores & Spares |
0.692 |
3.071 |
3.113 |
|
|
|
Capital Goods |
324.607 |
311.332 |
101.425 |
|
|
TOTAL IMPORTS |
650.287 |
543.284 |
251.790 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.82 |
15.13 |
10.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1221.500 |
|
Total Expenditure |
|
|
925.500 |
|
PBIDT (Excl OI) |
|
|
296.000 |
|
Other Income |
|
|
6.900 |
|
Operating Profit |
|
|
302.800 |
|
Interest |
|
|
45.400 |
|
Exceptional Items |
|
|
(0.200) |
|
PBDT |
|
|
257.300 |
|
Depreciation |
|
|
106.800 |
|
Profit Before Tax |
|
|
150.500 |
|
Tax |
|
|
59.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
91.300 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
91.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.63
|
6.58 |
6.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.47
|
9.79 |
10.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.00
|
10.99 |
11.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.30 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.70
|
1.15 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
0.99 |
1.57 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10439580 |
16/09/2013 * |
854,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.61, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA |
B85105435 |
|
2 |
10321382 |
18/11/2011 |
104,990,236.00 |
EXPORT DEVELOPMENT CANADA |
150 SLATER STREET, OTTAWA, ONTARIO, - 000001, CANADA |
B27013895 |
|
3 |
80007153 |
04/12/2012 * |
2,734,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.61, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA |
B64997596 |
* Date of charge modification
RESULTS OF THEIR OPERATIONS
The Company had one more year of splendid performance and maintained its record ofincreasing growth and profits year after year. The gross turnover for FY 2013 was higherat Rs 4370.200 Millions (2012 - Rs 3607.800 Millions) registering an increase of 21%. The gross profitduring FY 2013 was Rs 924.900 Millions (2012 - Rs 728.700 Millions) reflecting an increase of 27%,while the operating profit showed a jump of 29% to Rs 789.500 Millions (2012 – 610.000 Millions). Theprofit before tax during FY 2013 was also higher at Rs 378.100 Millions (2012 - Rs 303.300 Millions) recording an increase of 25%. After provision for taxation, the net surplus amounted to Rs241.400 Millions (2012 - Rs 205.000 Millions) resulting in a fully diluted EPS of Rs 17.82 (2012 - Rs15.13).
The notes on account referred to in Auditors' Report are self-explanatory and do notcall for any further comments.
OPERATIONS
The Company had a production of containers and preforms during the year of 53,240 MT(2012 - 34,518 MT) in line with increased production, the sales also increased to 48,477MT (2012 - 39,212 MT). The Company continues to have a strong focus on innovation,research and development for sustained growth while enjoying a preferred supplier statuswith most of its esteemed clientele in FMCG, Pharma and allied sectors. It has a dedicatedteam of technically qualified / trained personnel and professionals controlling differentoperational segments in a decentralized environment.
As stated earlier, during the year the Company commissioned its Greenfield factory inBidadi near Bangalore. With this additional facility the Overall installed capacity of the Company has increased to 80,000 MT making the Company one of the largest in SouthEast Asia. With this increased capacity the Company is well positioned to serve itscustomers in time competitively.
FINANCE
During the year, the Company continued to avail financial assistance fromState Bank of India, it's esteemed Bankers, by way of Rupee Term Loans and Cash Creditlimits on extremely competitive terms for operational and capital expenditurerequirements. The Company has availed term/buyer's credit loan of Rs 814.800 Millions (sanctionedlimit Rs 1092.300 Millions) for the expansion project, out of which Rs 277.500 Millions has since beenrepaid. The Directors confirm that the funds obtained by the Company by way of term loans/ working capital borrowings have been duly utilized for the purposes for which the sameare meant.The Company has not issued any Debentures.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT:
Today the Indian Economy has transformed into a vibrant rapidly selling consumer marketcomprising of over 300 million strategic middle class populations with increasedpurchasing power. India provides a large market with Fast Moving Consumer Goods and hasalso got potential to increase 10 folds over the next Ten years. The Packaging Industry isconsidered to be one of the world's largest diversified sector and is ranked 9thamongst the top 10 industry sectors in the world. The total size of the Indian packagingindustry is about $ 25 Billion with an annual growth rate of about 13-15% per annum.
India stands at the 12th position in the Global Packaging Market. Althoughthe average growth rate of the Indian packaging industry is about 15%, this growth variesfrom material to material i.e. the total market for Flexible Laminates comprising ofSpecialized Laminates, Monolayer and Multilayer Films, Woven Sacks etc. is about 670Million with a growth rate of 20% - 25% per annum, but with reference to rigid packingmaterials, the growth in blow molded plastic containers is about 15% per annum with anexception to the PET conversion industry, which is experiencing a growth rate of 20% andabove due to its huge consumption and well acceptance in the Mineral Water and SparklingBeverage Industry.
Keeping in tune with the recent trends in the packaging
industry, the Company is todayone of the largest producer / converter of PET
not only in India, but perhaps in the wholeof South Asia. The estimated PET
consumption last year stands at about 6,00,000 tons, ofwhich the Company
converted about 53,240 tons, roughly converting about 9% of India's
PETconsumption. The Company's business model is strategically aligned to the
growth story inIndia and also of the world in general. This precisely the
reason why the Company keepsgrowing "By Leaps and Bounds Year over
Year".
EXPANSION OF FACILITIES AT BIDADI INDUSTRIAL AREA FOR THE
PRODUCTION OF PET PREFORMS:
In line with their growth strategy, the Company has commissioned its brand new facilityfor the production of PET Preforms at Bidadi Industrial Area during the month of February,2013. This state of art production facility will catapult the Company into the GlobalArena of Plastics Packaging and will make India and the Indian Packaging Industry proud.The facility has been designed to increase the capacity to 1 Lac tons of PET per annumwith a present installed capacity of 80,000 tons as of today. It is the best in classincluding Clean Room Operation, Robotics and Automation, Automated Building ManagementSystems and a Lean Management. The Company is looking to certify this facility as India's"First Leed Platinum Certified PET Preforms Production Facility" and isconfident of achieving the same in this year.
This one of its kind facility will bring the Company in sync with the requirements ofMultinational Food and Beverage Giants such as Coca Cola and PepsiCo and in turn, willbring greater profits and values to its Shareholders.
AWARDS AND RECOGNITIONS:
Keeping up with its best track record, the Company has again been awarded the "GoldStandard Supplier" by Coca Cola for the 3rd year in succession.
PET Raw material Suppliers Reliance Industries Limited has also bestowed the "MostValued Customer Award to the Company for FY 12-13. In addition, the Inc 500 Magazinehas also featured the Company as one amongst the top 500 Best Mid-sized Companies of 2012.
Apart from the above, the Company has won numerous industry specific awards such as "WorldStar and India Star" for "Packaging Excellence". The Companyhas also been covered by Outlook Business journal dated May 25, 2013 as the \Ahfastest growing Company amongst the 30 fastest growing Companies in India.
OUTLOOK
The overall macro-economic scenario in the country is bleak. The rupee - dollarvolatility is adding to the discomfort and as such times are going to be difficult. TheRaw material prices are at its highest today and is expected to remain firm over thisyear. However, the company has chalked out plans to invest in better R&D, develop moreinnovative packaging and thus leverage itself, ahead of competition and economicsluggishness to post double digit growth figures, yet again. Barring any unforeseencircumstances which are beyond its control, their company is expected to deliver bettersales and profits thereof.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
PARTICULARS |
31.03.2013 |
||
|
Total Liability |
Margin/ Deposits |
Net Liability |
|
|
Disputed liability towards customs duty under appeal. |
0.286 |
-- |
0.286 |
|
Disputed liability towards Central Excise duty under appeal. |
3.157 |
-- |
3.157 |
|
Disputed liability towards service tax under appeal. |
0.348 |
0.260 |
0.088 |
|
Disputed liability towards service tax under appeal. |
0.203 |
-- |
0.203 |
|
Customs duty on unfulfilled Export obligations against imports vide advance / EPCG licenses. |
59.478 |
-- |
59.478 |
|
Bank guarantees outstanding |
6.362 |
0.500 |
5.862 |
|
Bank LC against procurement of raw material outstanding. |
29.697 |
2.970 |
26.727 |
|
Total |
99.531 |
3.730 |
95.801 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. In Millions)
|
SI. No. |
Particulars |
Three Months Ended |
|
|
30.06.2013 (Unaudited) |
|
|
1 |
Gross Turnover / Income from operations |
|
|
|
- Domestic |
1426.645 |
|
|
- Export |
70.946 |
|
|
Total Sales |
1497.591 |
|
|
Less: Central Excise Duty |
276.088 |
|
|
Net Sales / Income from operations |
1221.503 |
|
2 |
Expenses: |
|
|
|
a. Cost of materials consumed |
762.254 |
|
|
b. Change in inventories of finished goods |
(21.084) |
|
|
c. Employee benefit expenses |
68.693 |
|
|
d. Depreciation and amortisation expenses |
106.754 |
|
|
e. Other expenses |
115.683 |
|
|
Total Expenses |
1032.300 |
|
3 |
Profit from operations
before other income, finance cost, exceptional / prior period items.(1-2) |
189.203 |
|
4 |
Other Income |
6.882 |
|
5 |
Profit from ordinary
activities before finance cost, exceptional / prior period items. (3+4) |
196.085 |
|
6 |
Finance cost |
45.348 |
|
7 8 |
Profit from ordinary
activities after finance cost but before exceptional / prior period
items.(5-6) (a) Exceptional items |
150.737 |
|
|
(b) Prior period items |
0.198 |
|
9 |
Profit from ordinary activities before tax (7-8) |
150.539 |
|
10 |
Tax expenses: a. Current tax |
38.866 |
|
|
b. Deferred tax |
20.366 |
|
11 |
Net profit from ordinary activities after tax (9-10) |
91.307 |
|
12 13 |
Extra-ordinary
items (net of tax expenses) Profit for the period (11+12) |
91.307 |
|
14 |
Paid-up equity share capital (face value Rs.10/-each) |
135.477 |
|
15 |
Reserves excluding revaluation reserve |
- |
|
16 |
Basic and Diluted earning per share of Rs.10/-face value unannualised
in Rs. |
6.74 |
|
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDINGS |
|
|
1 |
Public shareholdings: -Number of shares |
4,550,717 |
|
|
-Percentage of shareholding |
33.59% |
|
2 |
Promoters & promoter
group shareholding: a) Pledged / encumbered |
-- |
|
|
b) Non-encumbered |
|
|
|
* Number of shares |
8,996,983 |
|
|
* Percentage of Shares (as a % of total
shareholding of the promoters & promoter group) |
100.00% |
|
|
* Percentage of shares (as a % of total
share capital of the Company) |
66.41% |
NOTE
1. Figures have been rounded off to nearest rupees in lacs and regrouped / rearranged wherever necessary
2. The Statutory Auditors have carried out a limited review of above results.
3. As the Company's business activity falls within a single primary business segment viz. Manufacturing of PET/ Plastic Containers, the disclosure requirement of AS 17 'Segment Reporting' issued by Companies (Accounting Standards) Rules, 2006 is not applicable.
4. In terms of amended clause 41 of listing agreement, details of number of investor complaints for the quarter ended 30th June 2013. Begining - Nil, Received - Nil, Disposed off - Nil and Pending Nil.
5. Provision for taxation under Income Tax Act, 1961 has been made based on the anticipated taxable income for the year as a whole
The above financial results were reviewed by the Audit Committee and then
approved by the Board of Director of the company at their respective meetings
held at Bangalore on 12th day of August 2013.
FIXED ASSETS
v
Tangible
Assets
· Freehold lands
· Leasehold Land
· Building and Civil works
· Plant and machinery
· Utility Installations
· Computer Systems
· Furniture and Fixtures
· Vehicles
· Other Equipment
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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.