MIRA
INFORM REPORT
|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ECOPLAST LIMITED |
|
|
|
|
Registered
Office : |
National Highway Road, No. 8, Water Works, |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
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|
|
Date of
Incorporation : |
07.05.1981 |
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|
|
|
Com. Reg. No.: |
04-004375 |
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Capital
Investment / Paid-up Capital : |
Rs. 30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200GJ1981PLC004375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTE00181G |
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|
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PAN No.: [Permanent Account No.] |
AAACE5030H |
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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 Multilayer Co-extruded Plastic Films. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 710000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having satisfactory
track record. Directors are reported to be experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. 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.
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: BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
23.08.2012 |
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 : |
Ms. Jyoti |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-26830064 |
|
Date : |
02.09.2013 |
LOCATIONS
|
Registered Office/ Factory : |
National Highway Road, No. 8, Water Works, Cross Road, Abrama, Valsad-396001,
Gujarat, India |
|
Tel. No.: |
91-2632-226257 |
|
Fax No.: |
91-2632-226073 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Head Office/ Sales Office : |
4, Magan Mahal, 215, Sir, |
|
Tel. No.: |
91-22-26830064 |
|
Fax No.: |
91-22-28366384 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Pheroze Pestonji Kharas |
|
Designation : |
Chairman |
|
Address : |
25 Spenta, B. G. Kher Marg, Mumbai-400006, |
|
Date of Birth/Age : |
08.12.1934 |
|
Date of Appointment : |
07.05.1981 |
|
|
|
|
Name : |
Mr. Jaymin Balawantrai Desai |
|
Designation : |
Managing Director |
|
Address : |
Aashiana, 4th Floor, Valsad-396001, |
|
Date of Birth/Age : |
30.09.1960 |
|
Date of Appointment : |
23.06.1990 |
|
|
|
|
Name : |
Mr. Bankim Bhupendra Desai |
|
Designation : |
Director |
|
Address : |
5/24 Varma Nagar, |
|
Date of Birth/Age : |
14.06.1956 |
|
Date of Appointment : |
25.08.2007 |
|
|
|
|
Name : |
Mr. Jehangir Adi Moos |
|
Designation : |
Director |
|
Address : |
Karai Estate, |
|
Date of Birth/Age : |
21.05.1944 |
|
Date of Appointment : |
04.08.1989 |
|
|
|
|
Name : |
Mr. Bhupendra Maganlal Desai |
|
Designation : |
Director |
|
Address : |
26, Vaikunth Society, Near |
|
Date of Birth/Age : |
26.08.1947 |
|
Date of Appointment : |
27.01.2009 |
|
|
|
|
Name : |
Mr. Dhananjay Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
Shree Rang, Madanwad, Valsad-396001, |
|
Date of Birth/Age : |
23.08.1942 |
|
Date of Appointment : |
20.01.2006 |
|
|
|
|
Name : |
Mr. Mukul B. Desai |
|
Designation : |
Director |
|
|
|
|
|
Compliance Officer |
|
Name : |
Mr. M. D. Desai |
|
Designation : |
Compliance Officer |
KEY EXECUTIVES
|
Name : |
Ms. Jyoti |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of
Shareholder |
Total No. of Shares |
Percentage of
Holding |
|
A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1251548 |
41.72 |
|
|
513267 |
17.11 |
|
|
1764815 |
58.83 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
1764815 |
58.83 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
158190 |
5.27 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100 millions |
778537 |
25.95 |
|
Individual shareholders holding nominal share capital in excess of Rs. 0.100 millions |
292307 |
9.74 |
|
|
6151 |
0.21 |
|
Directors & their Relatives & Friends |
6151 |
0.21 |
|
|
1235185 |
41.17 |
|
Total Public shareholding
(B) |
1235185 |
41.17 |
|
Total (A)+(B) |
3000000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3000000 |
0.00 |
Shareholding belonging to the category
"Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
Amita Jaymin Desai |
4,75,016 |
15.83 |
15.83 |
|
2 |
Charulata Nitinbhai Patel |
3,44,607 |
11.49 |
11.49 |
|
3 |
Indumati Balvantrai Desai |
1,28,137 |
4.27 |
4.27 |
|
4 |
Jankee J Desai |
5,800 |
0.19 |
0.19 |
|
5 |
Jaymin Balvantrai Desai |
87,901 |
2.93 |
2.93 |
|
6 |
Kunal Plastics Private Limited |
36,440 |
1.21 |
1.21 |
|
7 |
Naheed Rushad Divecha |
1,000 |
0.03 |
0.03 |
|
8 |
Nargis Pheroze Kharas |
33,900 |
1.13 |
1.13 |
|
9 |
Nitinkumar Manubhai Patel |
62,310 |
2.08 |
2.08 |
|
10 |
Pheroze Pestonji Kharas |
81,980 |
2.73 |
2.73 |
|
11 |
Silver Stream Properties Private Limited |
4,76,827 |
15.89 |
15.89 |
|
12 |
Stuti J Desai |
19,412 |
0.65 |
0.65 |
|
13 |
Vispi Russ Balaporia |
1,062 |
0.04 |
0.04 |
|
14 |
Yasmin Karl Divecha |
5,423 |
0.18 |
0.18 |
|
15 |
Zarine Kharas |
5,000 |
0.17 |
0.17 |
|
|
Total |
17,64,815 |
58.83 |
58.83 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
S Shyam |
70414 |
2.35 |
2.35 |
|
2 |
Manak Chand Daga |
44965 |
1.50 |
1.50 |
|
3 |
MMD Securities Private Limited |
30702 |
1.02 |
1.02 |
|
|
Total |
146081 |
4.87 |
4.87 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Multilayer Co-extruded Plastic Films. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Akkad Mehta and Company Chartered Accountants |
|
Address : |
2, Vatika, 14, Baptista Road, Opposite Ishwarlal Park, Vile Parle
(West), Mumbai-400056, Maharashtra, India |
|
|
|
|
Subsidiaries : |
·
Synergy Films Private Limited ·
Propack Industries (Prop. Kunal Plastics Private
Limited) |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000
Millions |
|
|
|
|
|
The reconciliation of
the number of shares outstanding is set out below:
|
Particulars |
As on 31.03.2013 |
|
|
No. of Shares |
Rs. In Millions |
|
|
Equity shares outstanding at the beginning of the |
3000000 |
30.000 |
|
Add : Fresh issue during the year |
-- |
-- |
|
Less : Buy back during the year |
-- |
-- |
|
Equity Shares outstanding a the end of the year |
3000000 |
30.000 |
The Company has only one cless of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Boared of Directors is subject to the approval of shareholders.
The Paid-up Capital includes 1,500,000 Equity Shares of Rs. 10 each allotted as fully paid up Bonus shares by capitalizing Rs. 5,000,000 out of General Reserve and Rs. 10,000,000 out of Revaluation Reserve prior to Listing of Companies Equity Shares.
Details of shares
held by each shareholder holding more than 5% shares:
|
Particulars |
As on 31.03.2013 |
|
|
No. of Shares |
%holding in that
class of |
|
|
Equity shares voting rights |
|
|
|
Mrs. Amita J. Desai |
475016 |
15.83 |
|
Mrs. Charulata N. Patel |
344607 |
11.49 |
|
Silver Systems Properties Private Limited |
476827 |
15.89 |
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
148.992 |
133.879 |
120.126 |
|
(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) |
178.992 |
163.879 |
150.126 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.963 |
19.241 |
23.354 |
|
(b) Deferred tax liabilities (Net) |
14.285 |
17.996 |
19.308 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.040 |
2.054 |
2.112 |
|
Total Non-current Liabilities (3) |
40.288 |
39.291 |
44.774 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
88.424 |
93.762 |
50.807 |
|
(b) Trade payables |
86.977 |
38.901 |
65.806 |
|
(c) Other current liabilities |
17.369 |
15.426 |
32.816 |
|
(d) Short-term provisions |
5.478 |
5.213 |
10.519 |
|
Total Current Liabilities (4) |
198.248 |
153.302 |
159.948 |
|
|
|
|
|
|
TOTAL |
417.528 |
356.472 |
354.848 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
118.458 |
122.007 |
129.257 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
3.592 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.129 |
13.325 |
3.576 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.801 |
26.532 |
4.264 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
159.980 |
161.864 |
137.097 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
99.439 |
72.467 |
82.524 |
|
(c) Trade receivables |
141.837 |
109.499 |
112.210 |
|
(d) Cash and cash equivalents |
6.419 |
4.223 |
5.791 |
|
(e) Short-term loans and advances |
9.497 |
8.371 |
17.179 |
|
(f) Other current assets |
0.356 |
0.048 |
0.047 |
|
Total Current Assets |
257.548 |
194.608 |
217.751 |
|
|
|
|
|
|
TOTAL |
417.528 |
356.472 |
354.848 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
758.358 |
597.170 |
660.615 |
|
|
|
Other Income |
6.133 |
1.743 |
1.578 |
|
|
|
TOTAL (A) |
764.491 |
598.913 |
662.193 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
567.238 |
423.804 |
492.911 |
|
|
|
Changes in Inventories of Finished Goods and Work in Progress |
(2.658) |
6.533 |
(16.431) |
|
|
|
Employee Benefits Expense |
36.166 |
31.504 |
31.857 |
|
|
|
Other Expenses |
94.373 |
80.489 |
86.460 |
|
|
|
Exceptional Items |
7.196 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
702.315 |
542.330 |
594.797 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.176 |
56.583 |
67.396 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.767 |
17.279 |
11.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.409 |
39.304 |
56.367 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.298 |
13.561 |
11.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.111 |
25.743 |
44.911 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.812 |
7.806 |
14.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.299 |
17.937 |
30.558 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
63.098 |
50.845 |
33.232 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
1.500 |
3.500 |
|
|
|
Dividend |
3.600 |
3.600 |
8.100 |
|
|
|
Tax on Dividend |
0.584 |
0.584 |
1.345 |
|
|
BALANCE CARRIED TO
THE B/S |
75.713 |
63.098 |
50.845 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on FOB basis |
114.741 |
79.980 |
143.056 |
|
|
TOTAL EARNINGS |
114.741 |
79.980 |
143.056 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
298.945 |
187.436 |
227.768 |
|
|
|
Stores & Spares |
0.711 |
1.328 |
0.537 |
|
|
|
Capital Goods |
0.000 |
4.581 |
0.000 |
|
|
TOTAL IMPORTS |
299.656 |
193.345 |
228.305 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.43 |
5.98 |
10.19 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarters |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
193.000 |
|
Total Expenditure |
179.100 |
|
PBIDT (Excl OI) |
14.000 |
|
Other Income |
0.000 |
|
Operating Profit |
14.000 |
|
Interest |
4.700 |
|
Exceptional Items |
0.000 |
|
PBDT |
9.300 |
|
Depreciation |
3.700 |
|
Profit Before Tax |
5.700 |
|
Tax |
1.700 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
3.900 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
3.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.52 |
2.99 |
4.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.71 |
4.31 |
6.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.89 |
7.50 |
12.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.16 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.62 |
0.69 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.27 |
1.36 |
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 |
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
OTHER CURRENT
LIABILITIES |
|
|
|
|
Current maturities of long-term Secured Debts |
7.100 |
8.130 |
9.363 |
|
|
|
|
|
|
Total |
7.100 |
8.130 |
9.363 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
||||||||||||||||||||
|
Long term
borrowings |
|
|
||||||||||||||||||||
|
From Public and
Shareholders |
|
|
||||||||||||||||||||
|
Deposits from Public |
8.901 |
8.053 |
||||||||||||||||||||
|
Deposits from Shareholders |
0.020 |
0.020 |
||||||||||||||||||||
|
Car Loan under Hire Purchase |
3.496 |
0.514 |
||||||||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Short term
borrowings |
|
|
||||||||||||||||||||
|
Loans repayable on demand |
6.341 |
2.180 |
||||||||||||||||||||
|
Inter Corporate Deposits |
8.000 |
8.000 |
||||||||||||||||||||
|
Fixed Deposits from Public and Shareholders (Refer Note No. 5) |
4.438 |
4.340 |
||||||||||||||||||||
|
Car Finance under H.P. Agreement (Refer Note No. 5) |
0.919 |
0.153 |
||||||||||||||||||||
|
Total |
32.115 |
23.260 |
||||||||||||||||||||
|
Note: Maturity Profile of
Term Loans & Deposits is set out below:
|
||||||||||||||||||||||
OPERATIONS
Financial Year 2012-13 proved to be a challenging year amidst economic uncertainties and disturbances. The
Global economy during the year improved slowly, but was short of expectations. Deceleration in Industrial output weakened economic growth significantly. Despite these constraints and challenging environment, the company performed reasonably well during the year.
During the year traditional business of lamination film has grown steadily. There is a significant growth in films for other applications in export market. Volatility in input cost and inflationary trend in commodity market had adversely affected profit margins.
During the year, net sales increased by 26.99% to Rs.758.400 millions, from Rs.597.200 millions in the previous year. Operating profit before depreciation and exceptional items increased by 26.20% to Rs. 49.600 millions from Rs. 39.300 millions in previous year. During the year company has provided Rs. 7.196 millions as diminution in value of investment in subsidiary company. The resulting net profit after tax (with prior period adjustments), increased by 7.82% to Rs. 19.300 millions from Rs. 17.900 millions in previous year.
The company continues to make investments in equipments and ancillaries to achieve operating efficiency and provide customers with improved film performance and quality consistent with their requirements.
PROSPECTS FOR THE
CURRENT YEAR
The company continues its efforts to increase its presence in industrial application, pharmaceutical packaging and highly specialized laminate applications.
The traditional business of multilayer film for production of laminates for consumer packaging has become competitive. However the volume generated in this application will help to improve plant productivity.
The company expects a marginal growth in volumes. However the profitability will be augmented by focusing efforts on promoting films for industrial and specialized laminate application.
Volatility in foreign exchange and uncertainty in oil prices will have its impact on raw material prices and its availability.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OUTLOOK
Plastic is one of the cheapest material for Flexible Packaging, Agriculture and Industrial applications. Despite being among the fastest growing market globally, India’s per capita plastic consumption is at 7 kgs. As compared
to the world average of 30 kg.
Global automobile, food processing packing and health care companies have established large manufacturing bases in India. Industry is expected to grow at the rate of 10 to 12% per annum in time to come.
SEGMENT-WISE AND
PRODUCT –WISE PERFORMANCE
The company has only one segment namely Multilayer Films
OUTLOOK
The outlook for the Company is positive. The Company’s ability to innovate on film structures has been well recognized and that is one of the main attributes for taking advantage of the growth potential in Speciality films, in the Industrial Sector.
CONTINGENT
LIABILITIES
|
(i) Contingent
Liabilities |
As on 31.03.2013 |
|
In respect of claims against the Company not acknowledged as debts (Net) |
224273 |
|
Customs duty on raw materials imported under advance authorization, against which export obligation is to be fulfilled |
2528785 |
|
|
|
|
(ii) Commitments |
|
|
The Company has given irrevocable and unconditional Corporate Guarantee/ Collateral Securities to North Eastern Development |
41000000 |
|
Finance Corporation Limited (NEDFC), Assam/ Bank of Baroda - |
|
|
Valsad on behalf of Synergy Films Pvt. Ltd., a Subsidiary company in which the company is holding 75 % of the equity shares as a collateral security for Term Loan availed by subsidiary company. |
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
As on 30.06.2013 |
|
|
|
(Unaudited) |
|
1 |
Income from operation |
|
|
|
(a) Net Sales/ Income from operation (Net of Excise Duty) |
192.259 |
|
|
(b) Other Operating Income |
0.768 |
|
|
Total Income |
193.027 |
|
2 |
Expenses |
|
|
|
a. Cost of Materials Consumed |
150.872 |
|
|
b. Change in inventories of finished goods & work-in- progress |
(6.209) |
|
|
c. Employee benefits expense |
8.928 |
|
|
d. Depreciation and amortization |
3.662 |
|
|
e. Other Expenses |
25.454 |
|
|
Total expenses |
182.707 |
|
3 |
Profit from Operations before other Income Interest & Exceptional Item(1-2) |
10.320 |
|
4 |
Profit before Interest & Exceptional Item |
10.320 |
|
5 |
Finance Costs |
4.672 |
|
6 |
Profit after Interest but before Exceptional Item (4-5) |
5.648 |
|
7 |
Exceptional Items |
- |
|
8 |
Profit from
ordinary activities before Tax (6-7) |
5.648 |
|
9 |
Tax Expenses |
1.736 |
|
10 |
Net Profit from ordinary activities after Tax (8-9) |
3.912 |
|
11 |
Extraordinary Items (Net of Tax Expense Rs.________) |
- |
|
12 |
Net Profit for the
period (10-11) |
3.912 |
|
13 |
Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
30.000 |
|
14 |
Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year |
|
|
15 |
Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
1.30 |
|
|
b) Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
1.30 |
|
|
|
|
|
A |
Particulars of shareholding |
|
|
1 |
Public Shareholding |
|
|
|
Number of Shares |
1,235,185 |
|
|
% of Share holding |
41.18% |
|
|
|
|
|
2 |
Promoters and promoter group. |
|
|
|
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
1,764,815 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
58.82% |
Note:
1) The unaudited financial results of the Company (Ecoplast Limited have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on August 1, 2013.
2) A Limited Review has been carried out by the Statutory Auditors for the standalone results of the Company for the Quarter ended 30th June, 2013.
3) Information on Investor Complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended 30th June, 2013
|
Nature of Investor complaints |
Opening Balance |
Additions |
Disposal |
Closing Balance |
|
Allotment/Refund/Transfer/Others |
Nil |
Nil |
Nil |
Nil |
4) Other expenditure includes (Loss)/gain on account of Foreign Exchange Fluctuations as per AS 11; Loss of Rs. 2.401 millions for the quarter ended 30th June 2013 and loss of Rs.3.339 millions for corresponding quarter for the previous year.
5) The Company is primarily engaged in the business of manufacture of plastic film, which as per Accounting Standard – 17 on “Segment Reporting” notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub section (I) (a) of Section 642 of the Companies Act, 1956 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.
6) Tax Expenses includes Income Tax and Deferred Tax
7) Consolidated financial information is given below:-
|
Particulars |
As on 30.06.2013 Audited |
|
Sales & Other receipts |
206.585 |
|
Profit Before Tax |
3.693 |
|
Net profit |
1.957 |
8) The figures of the previous periods have been re-grouped/re-arranged wherever considered necessary for the purpose of comparison.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10048419 |
13/12/2011 * |
233,300,000.00 |
BANK OF BARODA |
Nani Khatriwad, Valsad, Gujarat - 396001, INDIA |
B29357092 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Equipments and Utilities
·
Electrical Installation
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
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. 65.96 |
|
|
1 |
Rs. 102.91 |
|
Euro |
1 |
Rs. 86.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.