MIRA INFORM REPORT
|
Report Date : |
24.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VHCL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 285, Gala No. II, Main Khanvel Kherdi Road, Village Kherdi, Silvasa-396230, Dadra Nagar Haveli |
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|
Country : |
India |
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Financials (as on)
: |
31.03.2013 |
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|
Date of
Incorporation : |
19.07.1991 |
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Com. Reg. No.: |
11-062568 [Old] 000449 [New] |
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Capital
Investment / Paid-up Capital : |
Rs. 73.904 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27200MH1991PLC062568 [Old] L27200DN1991PLC000449 [New] |
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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
: |
Subject is engaged in (i) Manufacture of Reprocessed Plastic Granuels. (ii) Power Generation. |
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|
No. of Employees
: |
35 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2215910 |
|
|
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by stagnant
growth in profit of the company and stretched liquidity position. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ [Fund Based Limit-Term Loan] |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4+ [Non fund Based Limits] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
January 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 : |
Vimal Agarwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-26256468 |
|
Date : |
22.04.2014 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 285, Gala No. II, Main Khanvel Kherdi Road, Village Kherdi, Silvasa-396230, Dadra Nagar Havelij, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9323090666 [Mr. Manish Mehta] |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Corporate Office : |
601/602, Casablanca, Juhu Gulmohar Cross Road No.10, Near Tiwari Sweets, Vile Parle (West), Mumbai
– 400049, Maharashtra, India |
|
Tel. No. : |
91-22-26705136 |
|
Fax No. : |
91-22-26253232 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Pankaj H. Valia |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B. Com |
|
Date of Appointment : |
17.11.2011 |
|
|
|
|
Name : |
Mr. Nimesh S. Joshi |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.05.1965 |
|
Qualification : |
B.Com, FCS, LLB |
|
Date of Appointment : |
18.11.2010 |
|
|
|
|
Name : |
Mr. Harshadrai Bosmia |
|
Designation : |
Director |
|
Qualification : |
B. Com |
|
Date of Appointment : |
17.11.2011 |
|
|
|
|
Name : |
Mr. Mandar Subhash palav |
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Designation : |
Director |
|
Date of Birth/Age : |
13.07.1983 |
|
Qualification : |
B.Com, ACS |
|
Date of Appointment : |
18.11.2010 |
|
|
|
|
Name : |
Mr. Ashish S. Pandare |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.01.1986 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
02.06.2011 |
|
|
|
|
Name : |
Mr. Mitesh H. Dani |
|
Designation : |
Director (up to 02.01.2013) |
|
Date of Birth/Age : |
09.11.1974 |
|
Qualification : |
Undergraduate |
|
Date of Appointment : |
18.11.2010 |
|
|
|
|
Name : |
Mr. Jayesh Prafull Jhaveri |
|
Designation : |
Director(up to 02.01.2013) |
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|
|
|
Name : |
Mr. Atul Anantrai Mehta |
|
Designation : |
Director (up to 06.09.2012) |
|
Date of Birth/Age : |
15.04.1972 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
18.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Soni |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Vimal Agarwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
7888494 |
21.35 |
|
|
15108948 |
40.89 |
|
|
22997442 |
62.24 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
22997442 |
62.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1650 |
0.00 |
|
|
1650 |
0.00 |
|
|
|
|
|
|
930108 |
2.52 |
|
|
|
|
|
|
2563581 |
6.94 |
|
|
9768172 |
26.43 |
|
|
691017 |
1.87 |
|
|
198927 |
0.54 |
|
|
492090 |
1.33 |
|
|
13952878 |
37.76 |
|
Total Public shareholding (B) |
13954528 |
37.76 |
|
Total (A)+(B) |
36951970 |
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) |
36951970 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in (i) Manufacture of Reprocessed Plastic Granuels. (ii) Power Generation. |
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Imports : |
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Products : |
Raw Materials |
|
Countries : |
|
PRODUCTION STATUS [AS ON 31.03.2013]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Reprocessed Plastic Granules |
M.T. |
23,388 |
33,390 |
33,302.321 |
GENERAL INFORMATION
|
Suppliers : |
Uniplast International ESP-UAE |
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Customers : |
Natraj Polychem Private Limited, Delhi |
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No. of Employees : |
35 [Approximately] |
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Bankers : |
Person
Name: Mr. Shangalgikar, Chief Manager Banker
Note: As claimed by Mr. Shangalgikar, Chief Manager that subject company
have good bank transaction but as per market source they heard that company
have some payment issue in the market. Mobile
No.: 91-9167856595 Direct
No.: 91-22-22616165 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sarda Soni Associates Chartered Accountants |
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Related Party : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36951970 |
Equity Shares |
Rs.2/- each |
Rs.73.904 Millions |
|
|
|
|
|
NOTE:
a) During the year, the Company has issued 94,00,000 warrants of Rs. 2/- each at a premium of Rs. 32/- each convertible into one Equity share of Rs. 2/- each at the option of the warrant holder at any time after the date of allotment but on or before the expiry of 18 months.
b) During the year, out of 94,00,00 convertible warrants ,the Company has issued 53,00,000 Equity Shares of Rs. 2/- each on account of conversion of Convertible Warrants at a premium of Rs. 32/- per share on preferential basis. The issue proceeds have been utilized for long term working capital, for expansion and support growth plans of the Company and/or general corporate purpose.
c) The Company has issued only one class of equity shares having par value of Rs. 2/- each. Each Equity shareholders is entitled to one vote per share.
d) During the year ended 31st March, 2013, the amount per share dividend recognized as distribution to equity shareholder was Rs.0.20 per share (Previous Year Rs.0.20 per share)
RECONCILIATION OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF
THE REPORTING PERIOD
|
Particulars |
31.03.2013 |
|
|
Number of Shares |
Amount |
|
|
Equity shares with voting rights |
|
|
|
Equity shares at the beginning of the year (F.V.10/-) |
31,651,970 |
63.304 |
|
Convertible Warrants transferred to Equity Shares |
5,300,000 |
10.600 |
|
Equity shares at the end of the year (F.V.2/-) |
36,951,970 |
73.904 |
DETAILS OF SHARES HELD BY EACH SHAREHOLDERS HOLDING MORE THAN 5% SHARES:
|
Particulars |
31.03.2013 |
|
|
Number of Shares |
% holding in
that class of shares |
|
|
Equity shares with voting rights |
|
|
|
API Industries Private Limited |
15000000 |
49.39 |
|
Panorama Capital Market Limited |
-- |
-- |
|
Pankaj H. Valia |
4050000 |
10.96 |
|
Bharat H. Valia |
3150000 |
8.52 |
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 |
73.904 |
63.304 |
30.000 |
|
(b) Reserves &
Surplus |
389.974 |
159.555 |
(28.010) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
90.100 |
70.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
553.978 |
292.859 |
1.990 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
341.970 |
180.175 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
6.529 |
9.763 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
11.832 |
0.000 |
|
(d) long-term provisions |
1.207 |
0.653 |
0.000 |
|
Total Non-current
Liabilities (3) |
349.706 |
202.423 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
215.757 |
83.100 |
3.294 |
|
(b) Trade payables |
1585.049 |
830.187 |
0.000 |
|
(c) Other current
liabilities |
170.580 |
9.809 |
0.604 |
|
(d) Short-term provisions |
65.839 |
25.671 |
0.000 |
|
Total Current Liabilities
(4) |
2037.225 |
948.767 |
3.898 |
|
|
|
|
|
|
TOTAL |
2940.909 |
1444.049 |
5.888 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
105.462 |
109.327 |
0.000 |
|
(ii) Intangible Assets |
20.101 |
20.101 |
0.000 |
|
(iii) Capital
work-in-progress |
156.108 |
146.375 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15.206 |
15.206 |
0.250 |
|
(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 |
2.384 |
2.49 |
2.575 |
|
Total Non-Current Assets |
299.261 |
293.499 |
2.825 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
258.235 |
82.568 |
0.010 |
|
(c) Trade receivables |
1975.519 |
885.64 |
2.895 |
|
(d) Cash and cash
equivalents |
166.196 |
69.408 |
0.016 |
|
(e) Short-term loans and
advances |
141.698 |
112.934 |
0.142 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2541.648 |
1150.55 |
3.063 |
|
|
|
|
|
|
TOTAL |
2940.909 |
1444.049 |
5.888 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4801.721 |
2281.659 |
0.698 |
|
|
|
Other Income |
12.120 |
7.356 |
0.003 |
|
|
|
TOTAL (A) |
4813.841 |
2289.015 |
0.701 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
4495.742 |
|
|
|
|
|
Purchased of stock-in-trade |
0.949 |
1.126 |
|
|
|
|
Power & Fuel |
12.957 |
10.691 |
|
|
|
|
Employee benefits expense |
6.392 |
5.047 |
|
|
|
|
Other expenses |
34.787 |
38.028 |
0.917 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
39.470 |
(18.542) |
|
|
|
|
Exceptional items |
29.143 |
29.992 |
|
|
|
|
TOTAL (B) |
4619.440 |
2127.593 |
0.917 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
194.401 |
161.422 |
(0.216) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
81.665 |
70.682 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.736 |
90.740 |
(0.216) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.809 |
16.545 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
97.927 |
74.195 |
(0.216) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.519 |
4.743 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
69.408 |
69.452 |
(0.216) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3591.280 |
1523.227 |
0.000 |
|
|
|
Capital Goods |
0.016 |
146.375 |
0.000 |
|
|
TOTAL IMPORTS |
3591.296 |
1669.602 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
1.88 |
2.19 |
(0.07) |
|
|
|
-
Diluted |
2.14 |
2.19 |
(0.07) |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover [Approximately] |
|
|
4980.000 |
The above information has been parted by Vimal Agarwal.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1700.500 |
637.900 |
1224.300 |
|
Total Expenditure |
1665.900 |
611.400 |
1078.800 |
|
PBIDT (Excl OI) |
34.600 |
26.500 |
145.500 |
|
Other Income |
00.500 |
01.900 |
02.100 |
|
Operating Profit |
35.100 |
28.400 |
147.600 |
|
Interest |
05.700 |
10.900 |
31.900 |
|
Exceptional Items |
(06.900) |
(11.000) |
(111.800) |
|
PBDT |
22.500 |
06.600 |
04.000 |
|
Depreciation |
03.200 |
03.100 |
03.200 |
|
Profit Before Tax |
19.300 |
03.500 |
0.800 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
19.300 |
03.500 |
0.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
19.300 |
03.500 |
0.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.44
|
3.04
|
(30.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
3.25 |
(30.95) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
5.79 |
(3.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.33
|
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.20
|
1.18
|
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.21
|
0.79 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
30.000 |
63.304 |
73.904 |
|
Reserves & Surplus |
(28.010) |
159.555 |
389.974 |
|
Net worth |
1.990 |
222.859 |
463.878 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
180.175 |
341.970 |
|
Short term borrowings |
3.294 |
83.100 |
215.757 |
|
Total borrowings |
3.294 |
263.275 |
557.727 |
|
Debt/Equity ratio |
1.655 |
1.181 |
1.202 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
0.698 |
2281.659 |
4801.721 |
|
|
|
326785.244 |
110.449 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
0.698 |
2281.659 |
4801.721 |
|
Profit |
(0.216) |
69.452 |
69.408 |
|
|
(30.95%) |
3.04% |
1.45% |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
10438312 |
30/05/2013 |
950,000,000.00 |
BANK OF INDIA |
ANDHERI MID CORPORATE BRANCH, MDI BUILDING, 1ST FLOOR, 28 S.V.ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA |
B80234677 |
|
2 |
10438315 |
30/05/2013 |
950,000,000.00 |
BANK OF INDIA |
ANDHERI MID CORPORATE BRANCH, MDI BUILDING, 1ST FLOOR, 28 S.V.ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA |
B80235203 |
|
3 |
10440334 |
11/09/2012 |
320,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B74609033 |
|
4 |
10273963 |
14/03/2012 * |
780,000,000.00 |
STATE BANK OF INDIA |
SIR P M ROAD BRANCH, GRESHAM HOUSE, GROUND FLOOR, SIR PM ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B35698802 |
|
5 |
10061435 |
12/03/2009 * |
85,000,000.00 |
STATE BANK OF INDIA |
GRESHAM HOUSE, GROUND FLOOR, SIR P. M. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A58891698 |
* Date of charge modification
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long-Term
Borrowings |
|
|
|
Public deposits API Industries Private Limited |
68.100 |
60.000 |
|
related par ties: API Industries Private Limited |
0.000 |
53.778 |
|
Kotak Mahindra Bank Limited (Secured against Advance Postdated Cheques) |
4.684 |
0.000 |
|
Magma Fincorp Limited (Secured against Advance Postdated Cheques) |
2.233 |
0.000 |
|
S. E. Investment Limited (Personal Guarantee of Director and Corporate Guarantee of UIC Corporation Private Limited and API industries Private Limited) |
6.500 |
0.000 |
|
Tata Capital Financial Services Limited (Secured against Advance Postdated Cheques) |
2.058 |
0.000 |
|
Trinex Holdings Corporation |
126.504 |
0.000 |
|
Uniplas International EST |
70.000 |
0.000 |
|
|
|
|
|
Short-Term
Borrowings |
|
|
|
Loans from Directors and Ex-Directors |
0.848 |
1.515 |
|
Gujarat Packaging |
116.920 |
0.000 |
|
TOTAL |
397.847 |
115.293 |
FINANCIAL
PERFORMANCE:
The sales of the Company increased to Rs. 4801.721 Millions from Rs. 2281.659 Millions in the previous year, at a growth rate of 110.45%. The Profit before Depreciation, Finance cost, exceptional item and Tax increased from Rs.191.414 Millions in the preceding financial year to Rs. 223.545 Millions in the year. The Profit after tax for the current year of Rs. 69.408 Millions was lower as compared to Rs. 69.452 Millions in the previous year due to increase in finance cost and forex loss.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
INDUSTRY OUTLOOK:
The Indian plastic industry made a promising beginning in 1957 with the production of polystyrene. Thereafter, significant progress has been made and the industry has grown and diversified rapidly. Currently the Indian plastics industry is spread across the country, employing about 4 million people and over 2000 exporters. It operates more than 30000 processing units, of which 85 percent to 90 percent are small and medium enterprises (SMEs).
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 only about 7-8 Kgs. As compared to about 95 Kgs in USA, about 65 Kgs in Europe and world average of above 28 Kg. Plastics have substantial benefits in terms of their low weight, durability and lower cost relative to many other material types worldwide polymer production was estimated to be 260 million metric tonnes per annum for all polymers including thermoplastics, thermoset plastics, adhesives and coatings, but not synthetic fibres.
The year 2012-13 was again the year with set of challenges to sustain the growth rate due to the rising Inflation, fluctuations in Currency rates and the year begins with fear of another recession era but our Economy constantly fights for the growth rate also there were hike in the duties and additional taxes by the Government.
As like past, few years, this year also Plastic Processing Industry faced the dilemma of fluctuations in polymer raw material prices with rising trends and it posts pressure of margin cut for the Industrial players. The Input cost has been drastically boosts due to the rising raw material prices and production costs which has controlled the margin ratios with thin margins for the Industry.
THE COMPANY'S
OUTLOOK:
The outlook for the Company is positive. The Company is engaged in recycling of plastic wastes. The Company is engaged in manufacture of reprocessed Plastic Granuels (ii) Power Generation. Company generates major revenue from sales of granuels which contributed 99.68% of total sales made by the Company during the year 2012-13.
REPROCESSED PLASTIC
GRANUELS:
There is a vast untapped demand in rural areas. The Industry is fragmented and there are large numbers of small units scattered at various places in the country. Moreover the range of recycled produce varies as per the requirements of the customers. The potential to grow depends on procurement of plastic wastes and producing recycled products as per market demand. Most varieties of plastics are recyclable. As per general estimate, reprocessed material used by plastic reprocessing industry accounts for about 40% to 50% of the virgin material processed. It takes 91 % less energy to recycle a kilo of plastic than it takes to recycle a kilo of paper. Recycling of plastic bags generate 80% less waste as compared to paper bags. Many other advantages of recycling highlight its importance and the need to develop and support Plastics Recycling Program nationally as a modern solid waste management practice. The Company had made substantial growth in last few years which reflected in his financial performance.
WIND POWER:
During the Year 2012-13, the sales from Wind Power were Rs. 15.587 Millions as against Rs. 16.143 Millions in the year 2011-12.
There is a huge gap between demand and supply of power in India which is likely to continue for many years to come. The government has taken various initiatives to increase public as well as private investment in this Sector to enhance generation capacity. This Sector provides ample of opportunities for growth and there are no perceived threats.
METAL PLANT AT
SANJAN:
Company is now venturing into the business of recycling of non-ferrous metals. The management of the company has decided to set up a new unit as a part of this division. This project is divided into two phases which are (1) Manufacturing of Aluminum Alloys ingots to the tune of 36000 MT P.A. (2) Manufacturing of ingots and Billets of Brass alloys, cupronickel alloys, lead alloys other ferrous and non ferrous materials to the tune of 40000 MT P.A. Phase 1 of the project is already under execution, and commercial production is stated to start by December 2013. Both these units will be under the EOU scheme to facilitate exports and increase revenue. The metal division is expected to add to the company's sales turnover significantly.
FIXED ASSETS
· Land
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
·
Wind Mill
·
Computer
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.61.07 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
34 |
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.