MIRA
INFORM REPORT
|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIBLENDS INDIA LIMITED |
|
|
|
|
Registered
Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.01.1991 |
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Com. Reg. No.: |
11-059943 |
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Capital
Investment / Paid-up Capital : |
Rs. 64.973
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
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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
: |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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No. of Employees
: |
496 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4670000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. The
company is performing well. Financial position of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 |
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High |
B2 |
|
Very High |
C1 |
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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 |
Cash Credit (A+) |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
August 26, 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 PARTED BY
|
Name : |
Ms. Ashwini |
|
Designation : |
Commercial Department |
|
Contact No.: |
91-22-67205200 |
|
Date : |
15.10.2013 |
LOCATIONS
|
Registered Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
|
Tel. No.: |
91-22-26705200/ 26736468/ 9/ 66952696/ 7/ 67205200 |
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Fax No.: |
91-22-26736808 |
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E-Mail : |
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Website : |
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Head Office : |
Kolsite House, 30, Shah Industrial Estate, Dattaji Salvi Marg
Off. Veera Desai Road, Andheri (West) , Mumbai - 400053, Maharashtra,
India |
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Tel. No.: |
91-22-26736468/ 9/ 67205200/ 66952696/ 7 |
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Fax No.: |
91-22-26736808 |
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E-Mail: |
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Factory 1 : |
74/1, 74/2 and 75/3, |
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Tel. No.: |
91-260-2221772/ 73/ 74 |
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Fax No.: |
91-260-2221771 |
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E-Mail: |
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Factory 2 : |
Khasara No.216, Village Raipur, Pargana: Bhagwanpur, Tehsil, Roorkee,
District- Haridwar - 247667, Uttarakhand, India |
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Tel. No.: |
91-1332-235046/ 7 |
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Fax No.: |
91-1332-235045 |
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E-Mail: |
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Factory 3 : |
S. No. 110/1, 3, 4, 5, 6 (Part), Daman Industrial Estate, Daman and
Diu, India |
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Hemkunt House, No. 1108-1110, |
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Tel No: |
91-11-25750988/ 25711962 |
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Fax No: |
91-11-25755319 |
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Email: |
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Chennai Office: |
C -1, Gems Court, 14, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
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Tel No: |
91-44-28332553 |
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Fax No: |
91-44-28332823 |
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Email: |
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507/ E, Navketan, 5th Floor, Opposite Clock Tower, S. D. Road, Secunderabad – 500003, Hyderabad, India |
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Tel No: |
91-40-27806431 |
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Fax No: |
91-40-27806431 |
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Email: |
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Ahmedabad Office: |
402, Lalita Complex, Near HDFC Bank, Jain Mandir Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel No: |
91-79-26564828/ 26447841 |
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Fax No: |
91-79-26427281 |
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Email: |
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Kolkata Office: |
Shree Ganesh Centre, 216, D/ 2 Floor, Acharya J.C. Bose Road, Kolkata – 700017, West Bengal, India |
|
Tel No: |
91-33-22905963/ 22876308 |
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Fax No: |
91-33-22904221 |
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Email: |
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Unit No. 211, II Floor Barton Center, M.G. Road, Bangalore – 560001, Karnataka, India |
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Tel No: |
91-80-25550318/ 25598897 |
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Fax No: |
91-80-25598897 |
|
Email: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shreevallabh
G. Kabra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Satyanarayan G. Kabra |
|
Designation : |
Vice-Chairman and Managing Director |
|
Date of Birth/Age : |
70 years |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Over 47 years in business and industry and founder
promoter of Kolsite Group of Companies |
|
Other Directorship : |
Kabra Extrusiontechnik Limited Smartech Global Solutions Limited Kabra Gloucester Engineering Limited Kolsite Packaging Systems Private Limited |
|
|
|
|
Name : |
Mr. Anand S. Kabra |
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Designation : |
Executive Director |
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|
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|
Name : |
Mr. Haridas S. Sanwal |
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Designation : |
Independent Director |
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|
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|
Name : |
Mr. Pushp Raj Singhvi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B. Com, L.L.B. |
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Experience : |
Over 45 years in marketing of Petrochemicals in India and Abroad |
|
Other Directorship : |
Borouge (India) Private Limited Windsor Machines Limited Shaily Engineering Plastics Limited |
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|
|
|
Name : |
Dr. Yatish B.
Vasudeo |
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Designation : |
Independent Director |
|
Date of Birth/Age : |
60 Years |
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Qualification : |
M. Sc., Ph. D., L.P.R.I (London) |
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Experience : |
Over 25 years in Plastic Industry |
|
Other Directorship : |
By Innovations Consultancy India Private Limited Panoramic
Investment Advisors Private Limited |
|
|
|
|
Name : |
Mr. Sudarshan K. Parab |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Ashwini |
|
Designation : |
Commercial Department |
|
|
|
|
Name : |
Mr. Himanshu S. Mhatre |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4735464 |
36.44 |
|
|
3014721 |
23.20 |
|
|
7750185 |
59.64 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7750185 |
59.64 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
54998 |
0.42 |
|
|
800 |
0.01 |
|
|
229800 |
1.77 |
|
|
285598 |
2.20 |
|
|
|
|
|
|
393887 |
3.03 |
|
|
|
|
|
|
2913584 |
22.42 |
|
|
1376774 |
10.59 |
|
|
274572 |
2.11 |
|
|
263716 |
2.03 |
|
|
10856 |
0.08 |
|
|
4958817 |
38.16 |
|
Total Public shareholding (B) |
5244415 |
40.36 |
|
Total (A)+(B) |
12994600 |
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) |
12994600 |
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 : |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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Products/ Services : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Gulf Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
End Users |
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No. of Employees : |
496 (Approximately) |
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Bankers : |
State Bank of India HDFC Bank Limited DBS Bank Limited HSBC Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
A. G. Ogale and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Associate Concern and Promoter Companies : |
Kabra Extrusiontechnik Limited |
|
|
|
|
Enterprise over which key management personnel exercise significant
influence : |
Kolsite Industries Kolsite Corporation LLP Kolsite Packaging Systems Private Limited Maharastra Plastic Industries Maharashtra Plastic and Industries Rambalab Ramnaran Smartech Global Solutions Limited
Wonderworld Resorts Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 5/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12994600 |
Equity Shares |
Rs. 5/- each |
Rs. 64.973
Millions |
|
|
|
|
|
Reconciliation of number of Equity Shares outstanding
at the beginning and at the end of the year
|
|
31.03.2013 |
31.03.2012 |
|
Number of shares outstanding at the beginning of the year |
12994600 |
6497300 |
|
Number of shares allotted during the year upon Sub-division |
|
6497300 |
|
Number of shares outstanding at the end of the year |
12994600 |
12994600 |
Shares in the company held by each shareholder holding more than 5%
Shares
|
Name of the shareholders |
31.03.2013 |
|
|
|
Number of shares |
% of Holding |
|
Kabra Extrusiontechnik Limited |
1592200 |
12.25 |
|
Varun Satyanarayan Kabra |
1305204 |
10.04 |
|
Anand Shreevallabh Kabra |
1263924 |
9.73 |
|
Kolsite Corporation LLP |
1102943 |
8.49 |
|
Kolsite Machine Fabrik Private Limited |
-- |
-- |
|
Shreevallabh Gopilal Kabra |
679836 |
5.23 |
LISTING DETAILS:
|
|
BSE : 523648 NSE : PLASTIBLEN |
|
Stock Exchange Place : |
The Stock Exchange, Mumbai, National Stock Exchange of India Limited |
|
ISIN Code : |
INE083C01022 |
|
Listing Date : |
28.12.2006 |
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 |
64.973 |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
1102.944 |
1002.506 |
888.248 |
|
(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) |
1167.917 |
1067.479 |
953.221 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
143.793 |
163.412 |
150.685 |
|
(b) Deferred tax liabilities (Net) |
76.459 |
54.872 |
41.237 |
|
(c) Other long
term liabilities |
108.848 |
97.690 |
80.325 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
329.100 |
315.974 |
272.247 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
425.631 |
329.363 |
323.598 |
|
(b)
Trade payables |
253.542 |
153.580 |
130.412 |
|
(c)
Other current liabilities |
58.155 |
31.202 |
11.825 |
|
(d) Short-term
provisions |
123.331 |
102.686 |
134.638 |
|
Total Current
Liabilities (4) |
860.659 |
616.831 |
600.473 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
639.840 |
592.382 |
582.788 |
|
(ii)
Intangible Assets |
8.194 |
9.848 |
0.000 |
|
(iii)
Capital work-in-progress |
2.287 |
12.453 |
0.359 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
35.844 |
37.140 |
39.874 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
16.173 |
3.014 |
2.227 |
|
Total Non-Current
Assets |
702.338 |
654.837 |
625.248 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
591.838 |
563.357 |
552.104 |
|
(c)
Trade receivables |
854.447 |
633.102 |
526.311 |
|
(d) Cash
and cash equivalents |
6.846 |
14.372 |
9.379 |
|
(e)
Short-term loans and advances |
187.970 |
115.395 |
106.109 |
|
(f)
Other current assets |
14.237 |
19.221 |
6.790 |
|
Total
Current Assets |
1655.338 |
1345.447 |
1200.693 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4089.926 |
3411.247 |
2769.270 |
|
|
|
Other Income |
3.423 |
2.997 |
4.502 |
|
|
|
TOTAL (A) |
4093.349 |
3414.244 |
2773.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3105.228 |
2481.934 |
2010.462 |
|
|
|
Purchase of Stock-In-Trade |
0.498 |
0.055 |
0.256 |
|
|
|
Changes in Inventory of Finished Goods and WIP |
(61.288) |
(16.099) |
(61.251) |
|
|
|
Employee Benefits Expenses |
115.454 |
97.767 |
83.148 |
|
|
|
Other Expenses |
605.667 |
525.946 |
436.624 |
|
|
|
TOTAL (B) |
3765.559 |
3089.603 |
2469.239 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
327.790 |
324.641 |
304.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.683 |
44.763 |
31.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.107 |
279.878 |
272.557 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.805 |
40.126 |
36.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
230.302 |
239.752 |
236.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.653 |
72.635 |
50.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
153.649 |
167.117 |
185.438 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
764.921 |
667.663 |
635.084 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.000 |
17.000 |
100.000 |
|
|
|
Provision for Proposed Dividend |
45.481 |
45.481 |
45.481 |
|
|
|
Provision for Tax on Proposed Dividend |
7.730 |
7.378 |
7.378 |
|
|
BALANCE CARRIED
TO THE B/S |
849.359 |
764.921 |
667.663 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1316.352 |
999.181 |
552.814 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1310.617 |
1140.714 |
969.346 |
|
|
|
Stores & Spares |
5.512 |
4.206 |
0.000 |
|
|
|
Capital Goods |
8.256 |
7.562 |
0.000 |
|
|
TOTAL IMPORTS |
1324.385 |
1152.482 |
969.346 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.82 |
12.86 |
14.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1123.000 |
|
Total Expenditure |
|
|
1013.900 |
|
PBIDT (Excl OI) |
|
|
109.100 |
|
Other Income |
|
|
1.100 |
|
Operating Profit |
|
|
110.200 |
|
Interest |
|
|
15.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
95.200 |
|
Depreciation |
|
|
10.700 |
|
Profit Before Tax |
|
|
84.500 |
|
Tax |
|
|
27.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
57.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
57.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.75
|
4.89 |
6.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63
|
7.03 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.93
|
12.29 |
13.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49
|
0.46 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.18 |
2.00 |
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) |
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 |
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 |
10429827 |
09/05/2013 |
200,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B76616309 |
|
2 |
10392170 |
12/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B64217953 |
|
3 |
10324162 |
13/04/2012 * |
200,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25, BARAKHAMBA |
B38838496 |
|
4 |
80014638 |
13/04/2012 * |
236,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST] - 400013, MUMBAI, MAHARASHTRA, INDIA |
B38839320 |
|
5 |
90162802 |
13/04/2012 * |
462,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B38194437 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Inter Corporate Deposit |
76.564 |
96.075 |
|
Fixed Deposits |
67.229 |
67.337 |
|
|
|
|
|
Total |
143.793 |
163.412 |
OPERATIONS
During the year, the Company has achieved Operational and Other Income of Rs.4093.349 Millions as against Rs.3414.244 Millions during the previous year, registering an increase of about 19.89% over the previous year. Profit after providing for taxes is Rs.153.649 Millions as against Rs.167.117 Millions during the previous year, registering a decrease of about 8.06% over the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Plastiblends India Limited is a part of Kolsite Group of Companies and a leading manufacturer of masterbatches. Plastiblends produces a wide variety of white, black, color, specialty and high performance masterbatches, additives and compounds. Masterbatches are one of the essential ingredients in plastics processing used for enhancing performance and appearance of plastics. Masterbatch industry can be categorized into organized sector, medium sector and small sector. Organised sector, in which the Company operates, provides the benefits of strong Research and Development support, high quality standards and strong distribution network. Small and medium sector manufacturing units are smaller manufacturing units spread throughout India serving market in their vicinity.
Plastiblends India Limited despite all the adverse economic conditions and volatile polymer market continues to grow in domestic and international markets. Company’s aggressive marketing efforts in international markets to expand its presence in new territories/countries and its strong brand building efforts in domestic market helped it to grow at much higher rates than its peers in the same market segment. In domestic markets, Plastiblend’s market share is growing steadily at the cost of competition due to focused efforts to promote value added products and efforts to reach maximum customers in each market segments. The major efforts are in the segments such as Agricultural end uses as films - mulch, shade nets, green house and specified drip irrigation pipes, Packaging - multilayer films for consumer goods packaging and Fibers - Nonwoven and PET fiber.
BUSINESS OUTLOOK
Global masterbatch market is expected to grow due to increasing shift towards packaged products and increasing demand for consumer goods, automobiles etc. With the growing consumption of polymer, masterbatch industry will be direct beneficiary and the outlook is very optimistic for masterbatch industry.
The company will continue its focus on product and service innovation supported by dedicated R & D facility recognized by the Department of Scientific and Industrial Research (DSIR).
Company’s participation in various trade fairs including the Argen Plas, Arab Plas, Jordan Plas etc has generated good response and is helping the company expand its geographical reach and strengthen the marketing network.
Company consistently strives to maintain global quality standards, which has helped it penetrate the export markets. Plastiblends has emerged as a leading player in the organized segment with overall market share of 12%.
High performance masterbatches with a thrust on exports is expected to be a major growth driver for the company going forward.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees |
9.160 |
10.680 |
|
Letter of Credit |
25.349 |
42.587 |
|
Less : Fixed deposits shown under the head cash and cash
equivalents include deposits pledged with the banks as margins to secure
letters of credit and guarantees issued by banks |
0.600 |
6.622 |
|
Net amount |
33.909 |
46.645 |
|
Disputed income tax demand |
0.610 |
2.495 |
|
Service tax matter under dispute |
41.519 |
40.297 |
FIXED ASSETS:
TANGIBLE ASSETS
Land
Building
Plant and Equipments
R & D Equipments
Furniture and Fixture
Vehicles
Electrical Installation and Fittings
Office Equipments
INTANGIBLE ASSETS
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. 61.69 |
|
|
1 |
Rs. 98.59 |
|
Euro |
1 |
Rs. 83.67 |
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 |
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 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.