|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICRO INKS
LIMITED (w.e.f.03.03.2004) |
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Formerly Known
As : |
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Registered
Office : |
Bilakhia House, Muktanand
Marg, Chala, Vapi – 396191, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
13.11.1991 |
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Com. Reg. No.: |
04-016598 |
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Capital
Investment / Paid-up Capital : |
Rs.248.730
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24220GJ1991PLC016598 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM01621E |
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PAN No.: [Permanent Account No.] |
AAACH7063F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of various types of Printing Inks, Resins, Adhesives,
Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 42000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of MHM Holding GmbH, Germany. It is a
well-established company having fine track record. The rating reflects company’s leadership position in the domestic
printing ink market marked by strong financial risk profile, comfortable
capital structure and adequate liquidity position of the company. 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in
gold imports due to restrictions on overseas purchases and muted import of
capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion portal Myntra
as it prepares to battle with the rapidly expanding India arm of the global
e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba
Group.
General Motors will
start exporting vehicles from its Talegaon plant near
Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value
shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were
dominated by US companies.
Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third
CEO-hopeful to quit after Chairman N R Narayana
Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being
the other two.While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted
Jet Airways posted biggest quarterly loss – Rs
2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih
hacking US companies. China’s action which targets consultancies like McKinsey
& Co. and the Boston Consulting Group, sterns from fears that the first are
providing trade secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118
billion after the latter refused an offer of 55 pounds a share.
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 DENIED
Management Non Co-Operative (Tel No.: 91-260-3052100)
LOCATIONS
|
Registered
Office : |
Bilakhia House, Muktanand
Marg, Chala, Vapi – 396191, |
|
Tel. No.: |
91-260-2462811/
2460284/ 2460280/ 3052100 |
|
Fax No.: |
91-260-2463932/
2463733/ 3052125 |
|
E-Mail : |
info@microinks.com
alpesh.chahiyara@microinks.com |
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Website : |
www.microinks.com
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Area : |
5000 sq. ft. |
|
Location : |
Owned |
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Marketing
Headquarters/ Sales and Support - International Business Division : |
907, Windfall Sahar Plaza, J B Nagar, Andheri (East), Mumbai -
400059, Maharashtra, India |
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Tel No.: |
91-22-28360201/ 28364313 |
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Fax No : |
91-22-28379660/ 28222222 |
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E-mail : |
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Factory : |
Located at: ·
Plot No. 2803/2, III Phase, G.I.D.C., Vapi – 396195, Gujarat, India ·
Survey No. 137/1, Jani Vankad, Daman – 396210, (U.T. of Daman and Diu), India ·
Survey No.11 and 13, Village Morkhal,
Silvassa – 396230, (U.T. of Dadra
and Nagar Haveli), India ·
Plot No. 808/E, 305/6, 305/7, (100% Export
Oriented Unit) II Phase, G.I.D.C., Vapi – 396195,
Gujarat, India ·
Survey No.8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2,
Village Morkhal, Unit II, Silvassa
– 396230, (U.T. of Dadra and Nagar
Haveli), India |
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Branch Offices : |
Located At: ·
Mumbai ·
Kolkata ·
Ahmedabad ·
Chennai ·
Bangalore ·
Baroda ·
Noida ·
Secunderabad |
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Western Region 1: |
302, Shapath II, Opposite Rajpath Club, Sarkhej Gandhinagar Highway, Ahmedabad
-380015, Gujarat, India |
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Tel No.: |
91-79-26871541-43 |
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Fax No : |
91-79-26871544 |
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Western Region 2 : |
Located at: ·
Mumbai ·
Ahmedabad ·
Baroda ·
Pune ·
Indore ·
Nagpur |
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Northern region : |
Located at: ·
Noida ·
Ludhiana ·
Kanpur |
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Southern Region : |
Located at: ·
Chennai ·
Bangalore ·
Hyderabad ·
Sivakasi |
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Eastern Region : |
9 Transport Depot Road, Kolkata-700088, West Bengal, India |
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Tel No.: |
91-33-24496134 / 36 |
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Fax No : |
91-33-24495051 |
DIRECTORS
As on 30.04.2013
|
Name : |
Mrs. Ashwani Kumar Bhardwaj |
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Designation : |
Managing Director |
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Address : |
Flat No. 1001, Emerald Royal Gems, Vapi
Daman Road, Vapi, Valsad
- 396191, Gujarat, India |
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Date of Birth/Age : |
18.03.1958 |
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Qualification : |
B.Sc. MBA |
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Date of Appointment : |
31.01.2012 |
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PAN No.: |
AFBPB0925K |
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DIN No.: |
01515689 |
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Name : |
Mr. Ursula G. Borgmann |
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Designation : |
Director appointed in casual vacancy |
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Address : |
The Village, Near Collectorate, Damanwada, Moli Daman 396220
U.T., India |
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Date of Birth/Age : |
07.09.1955 |
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Qualification : |
Graduate in Chemical Engineering |
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Date of Appointment : |
03.02.2006 |
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DIN No.: |
01541193 |
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Name : |
Mr. Heinrich W. Ringer |
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Designation : |
Director |
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Address : |
The Village, Near Collectorate, Damanwada, Moli Daman 396220
U.T., India |
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Date of Birth/Age : |
21.12.1994 |
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Qualification : |
MBA |
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Date of Appointment : |
29.07.2010 |
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DIN No.: |
01540491 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Alpesh Mansukhlal
Chaniyara |
|
Designation : |
Company Secretary |
|
Address : |
Block No. 2, Shree Co-operative Housing
Society, Vapi - Daman Road, Chala,
Vapi - 396191, Valsad,
Gujarat, India |
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Date of Birth/Age : |
13.06.1977 |
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Date of Appointment : |
01.06.2011 |
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PAN No.: |
AEHPC5783R |
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|
Name : |
Mr. Sandeep Bhandari |
|
Designation : |
Vice President and Chief Financial Officer |
MAJOR SHAREHOLDERS
As on 30.04.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 30.04.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.26 |
|
Bodies corporate |
0.46 |
|
Directors or relatives of Directors |
0.01 |
|
Other top fifty shareholders |
0.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of various types of Printing Inks, Resins, Adhesives,
Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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|
Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Bank of India, Mumbai Large Corporate Branch, 4th Floor, 70/80, M. G. Road, Mumbai - 400023, Maharashtra, India · State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India · The Hong Kong and Shanghai Banking Corporation Limited, 1 Queens Road Central, HSBC Main Building, Hong Kong - 1, Hong Kong · DBS Bank Limited, Credit Control Unit, 3rd Floor, Fort House, Dr. D. N. Road, Fort, Mumbai - 400001, Maharashtra, India · The Bank of Nova Scotia Asia Limited, One Raffles Quay, #20-01 North Tower, Singapore - 048583, Singapore · The Bank of Nova Scotia, Mittal Tower, "B" Wing, Nariman Point, Mumbai - 400021, Maharashtra, India · DBS Bank Limited, 6 Shenton Way, DBS Building, Tower One, Singapore - 068809, Singapore ·
Citibank
N.A., Citibank House, Block 428, Road 2819, Alseef
District 1133, Bahrain – 1133 · DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road, New Delhi - 110001, India · Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India · BNP Paribas, 20 Coolyer Quay, Tung Centre, Singapore - 049319, Singapore · Axis Bank Limited · Australia and New Zealand Banking Group Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
12, |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding
Company : |
· MHM Holding GmbH, Germany |
|
|
|
|
Associates |
· Huber Holding (Thailand) Limited, Thailand · Huber Inks (Thailand) Limited, Thailand |
|
|
|
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Subsidiary
Companies : |
· Hostmann-Steinberg Inc., USA · Hostmann-Steinberg Australia Pty Limited, Australia · Hostmann-Steinberg New Zealand Limited, New Zealand · PT Huber Inks Indonesia, Indonesia |
|
|
|
|
Fellow
Subsidiaries: |
· Michael Huber München GmbH, Germany · Huber Italia S.p.A., Italy · Huber Chile S.A., Chile · Huber Inks (Shenzhen) Limited, China · Hostmann-Steinberg GmbH, Germany · Stehlin + Hostag AG, Switzerland · Hostmann-Steinberg Limited, Canada · Hostmann-Steinberg South Africa (Pty.) Limited, South Africa · Info-Lab Limited, Ireland · Michael Huber Austria GmbH, Austria · Hostmann-Steinberg Tintás Graficás Brasil Ltda., Brazil · PT Huber Inks Indonesia, Indonesia (up to February 2, 2012) · Gleitsmann Security Inks GmbH, Germany · Graphocolor Limited, Ireland · Michael Huber Polska sp. z.o.o., Poland · Stehlin+ Hostag Ink (UK) Limited · Hostmann-Steinberg Eesti OÜ, Estonia · Huber France S.A.S., France · HST Benelux B.V., Netherlands · Hostmann-Steinberg RUS OOO, Russia · Michael Huber Romania S.L.R., Romania · Michael Huber CZ s.r.o., Czech Republic · Michael Huber Hungaria Kft, Hungary · TIPOLIT S.A., Spain · Huber Bulgaria EOOD, Bulgaria · Hostmann-Steinberg Latvija, Latvija · Hostmann-Steinberg Lietuva, Lietuva · Michael Huber München Matbaa Malzemeri Üretim Pazarlama Ithalat Ihracaat Limited Sirketi, Turkey · Huber SRB d.o.o., Serbia |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.10000/- each |
Rs.300.000 Millions |
|
5500000 |
Preference Shares |
Rs.100/- each |
Rs.550.000 Millions |
|
|
Total |
|
Rs.850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24873 |
Equity Shares |
Rs.10000/- each |
Rs.248.730
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
248.730 |
248.730 |
248.720 |
|
(b) Reserves & Surplus |
10,173.214 |
8,855.047 |
7,767.100 |
|
(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) |
10,421.944 |
9,103.777 |
8,015.820 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
494.480 |
916.300 |
885.170 |
|
(b) Deferred tax liabilities (Net) |
375.066 |
364.308 |
334.630 |
|
(c) Other long term liabilities |
262.276 |
224.848 |
197.270 |
|
(d) long-term provisions |
139.909 |
115.474 |
169.840 |
|
Total Non-current Liabilities (3) |
1,271.731 |
1,620.930 |
1,586.910 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,298.068 |
1,030.544 |
1,726.070 |
|
(b) Trade payables |
2,755.730 |
2,950.858 |
2,317.900 |
|
(c) Other current
liabilities |
741.841 |
692.127 |
823.920 |
|
(d) Short-term provisions |
329.202 |
293.319 |
210.570 |
|
Total Current Liabilities (4) |
6,124.841 |
4,966.848 |
5,078.460 |
|
|
|
|
|
|
TOTAL |
17,818.516 |
15,691.555 |
14,681.190 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3,778.871 |
4,038.980 |
3,139.590 |
|
(ii) Intangible Assets |
20.030 |
14.967 |
17.350 |
|
(iii) Capital
work-in-progress |
127.877 |
50.994 |
447.760 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2,037.780 |
2,037.780 |
1,807.080 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
652.604 |
407.230 |
287.400 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6,617.162 |
6,549.951 |
5,699.180 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
150.150 |
|
(b) Inventories |
3,490.883 |
2,643.124 |
2,675.960 |
|
(c) Trade receivables |
6,865.761 |
5,858.133 |
5,162.170 |
|
(d) Cash and cash
equivalents |
29.771 |
77.935 |
434.320 |
|
(e) Short-term loans and
advances |
579.161 |
428.788 |
393.010 |
|
(f) Other current assets |
235.778 |
133.624 |
166.400 |
|
Total Current Assets |
11,201.354 |
9,141.604 |
8,982.010 |
|
|
|
|
|
|
TOTAL |
17,818.516 |
15,691.555 |
14,681.190 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
24,324.794 |
21,519.622 |
20,504.280 |
|
|
|
|
Other Income |
30.716 |
35.656 |
502.050 |
|
|
|
|
TOTAL (A) |
24,355.510 |
21,555.278 |
21,006.330 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
17,537.048 |
15,346.472 |
14,535.110 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(304.207) |
(120.995) |
132.700 |
|
|
|
|
Employee Benefits Expenses |
634.208 |
592.320 |
548.450 |
|
|
|
|
Other Expenses |
3,515.949 |
3,249.099 |
2,789.510 |
|
|
|
|
TOTAL (B) |
21,382.998 |
19,066.896 |
18,005.770 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,972.512 |
2,488.382 |
3,000.560 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
244.233 |
234.061 |
627.650 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
2,728.279 |
2,254.321 |
2,372.910 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
414.601 |
371.713 |
366.360 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
2,313.678 |
1,882.608 |
2,006.550 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
819.757 |
622.379 |
638.160 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1,493.921 |
1,260.229 |
1,368.390 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4741.859 |
3804.500 |
2760.130 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
|
|
Dividend |
149.240 |
149.240 |
149.230 |
|
|
|
|
Tax on Dividend |
26.510 |
23.630 |
24.790 |
|
|
|
BALANCE CARRIED
TO THE B/S |
5910.030 |
4741.859 |
3804.500 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of goods at F.O.B. value |
13564.904 |
11026.223 |
10929.210 |
|
|
|
|
Others (employee compensation) |
2.795 |
0.312 |
11.110 |
|
|
|
TOTAL EARNINGS |
13567.699 |
11026.535 |
10940.320 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
9228.499 |
7043.254 |
6365.170 |
|
|
|
|
Stores & Spares |
15.452 |
23.877 |
12.570 |
|
|
|
|
Capital Goods |
3.295 |
72.871 |
83.510 |
|
|
|
TOTAL IMPORTS |
9247.246 |
7140.002 |
6461.250 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
60062.74 |
50667.43 |
55017.04 |
||
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
6.13 |
5.85 |
6.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.51 |
8.75 |
9.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.78 |
13.84 |
16.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.21 |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|