MIRA INFORM REPORT
|
Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANJUSHREE TECHNOPACK LIMITED |
|
|
|
|
Registered
Office : |
Plot No.60-E and 60-F, Bommasandra Industrial Area, Hosur Road,
Bangalore – 560099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
13.11.1987 |
|
|
|
|
Com. Reg. No.: |
08-032636 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.137.186 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120KA1987PLC032636 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM15100B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9418K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture and
Seller (both Domestic and Exports) of "PET / Plastics Preforms and
Containers”. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Maximum Credit Limit : |
USD 42000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A-” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
16.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A2+” |
|
Rating Explanation |
Strong degree of safety and Higher credit
risk. |
|
Date |
16.01.2014 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Basanth K Mohata |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-80-43436100 |
|
Date : |
29.11.2014 |
LOCATIONS
|
Registered Office/ Unit I : |
Plot No.60-E and 60-F, Bommasandra Industrial Area, Hosur Road,
Bangalore – 560099, Karnataka, India |
|
Tel. No.: |
91-80-43436200 |
|
Mobile No.: |
91-9379913008 (Mr. Ankit) |
|
Fax No.: |
91-80-27832245 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Innovation Division /Unit II : |
Plot No. 143-C5, Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-43436100 |
|
Fax No.: |
91-80-27833819 |
|
E-Mail : |
|
|
|
|
|
Unit III : |
71-72, Bidadi Industrial Area, Phase 2, Sector 2, Bidadi, Bangalore –
562109, Karnataka, India |
|
|
|
|
Sales and
Marketing Offices : |
Located At : ·
· Mumbai · Chennai · Kolkata · Cochin · Hyderabad |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Vimal Kedia |
|
Designation : |
Managing Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
08.08.1956 |
|
Date of Appointment : |
25.09.2003 |
|
|
|
|
Name : |
Mr. Surendra Kedia |
|
Designation : |
Executive Director and Compliance Officer |
|
Address : |
179, Classic Orchards, |
|
Date of Birth/Age : |
15.04.1963 |
|
Date of Appointment : |
25.09.2003 |
|
|
|
|
Name : |
Mr. Rajat Kedia |
|
Designation : |
Whole time Director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
23.01.1981 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. Ankit Kedia |
|
Designation : |
Whole time director |
|
Address : |
180, Classic Orchards, |
|
Date of Birth/Age : |
07.04.1984 |
|
Date of Appointment : |
27.05.2010 |
|
|
|
|
Name : |
Mr. G. Vamanacharya |
|
Designation : |
Director |
|
Address : |
No.4, 7 Main Khm Block RT Nagar, P O Bangalore-560 030, |
|
Date of Birth/Age : |
14.07.1942 |
|
Date of Appointment : |
30.09.2003 |
|
|
|
|
Name : |
Mr. J. K. Singhania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. K. Sarawgi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Maya Agarwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B.K. Mohata |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2947246 |
21.75 |
|
|
6682338 |
49.32 |
|
|
9629584 |
71.08 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9629584 |
71.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1111 |
0.01 |
|
|
1111 |
0.01 |
|
|
|
|
|
|
413297 |
3.05 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
1320734 |
9.75 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 Million |
2040831 |
15.06 |
|
|
142143 |
1.05 |
|
|
10638 |
0.08 |
|
|
131305 |
0.97 |
|
|
200 |
0.00 |
|
|
3917005 |
28.91 |
|
Total Public shareholding (B) |
3918116 |
28.92 |
|
Total (A)+(B) |
13547700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13547700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and
Seller (both Domestic and Exports) of "PET / Plastics Preforms and
Containers”. |
||||||
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|
||||||
|
Products : |
|
||||||
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|
|
||||||
|
Brand Names : |
Not Divulged |
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|
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||||||
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Agencies Held : |
Not Divulged |
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||||||
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Exports : |
Not Divulged |
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|
||||||
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Imports : |
Not Divulged |
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||||||
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Terms : |
|
||||||
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Selling : |
Not Divulged |
||||||
|
|
|
||||||
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|
|
|
|
Customers : |
Not Divulged |
|
|
|
|
No. of Employees : |
300 (Approximately) |
|
|
|
|
Bankers : |
State Bank of India, Industrial Finance Branch, 61, Residency Plaza, Residency Road,
Bangalore – 560025, Karnataka, India |
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Name : |
Singhvi Dev and Unni Chartered Accountants |
|
Address : |
6th Floor, Trade Centre, # 29/4, Race Course Road, Bangalore – 560001,
Karnataka, India |
|
|
|
|
Enterprises under
common control of the management (EUC) : |
· Mphinite Technologies Private Limited · Mphinite Solutions Private Limited · Manjushree Fincap Private Limited · Shruti Financial Services Private Limited · Hitech Creations Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13547700 |
Equity Shares |
Rs.10/- each |
Rs. 135.477
Millions |
|
139500 |
Add: Forfeited shares (amount originally
paid up) (239,500 equity shares have been forfeited on 30.09.1997 for
non-payment of allotment money.) |
|
Rs. 1.709
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 137.186 Millions |
·
Reconciliation
of No. of shares outstanding at the beginning and at the end of the current
year:
|
Particular |
As on 31.03.2014 |
|
|
Equity Shares of face value Rs.10/- each |
No. of Shares |
Rs. In Millions |
|
As at beginning of the year |
13547700 |
135.477 |
|
Add: Number of shares issued during the year |
- |
- |
|
Less: Number of shares bought back during the year |
- |
- |
|
Total Number of
share and amount at the end |
13547700 |
135.477 |
·
Shareholders
holding more than 5% shares in the Company:
|
Name of the
Shareholder |
As on 31.03.2014 |
|
|
|
Number of Share held |
% of Shares |
|
Manjushree Fincap Private Limited |
1758600 |
12.98 % |
|
Hitech Creations Private Limited |
1722246 |
12.71 % |
|
Shruti Financial Services Private Limited |
1696400 |
12.52 % |
|
Mphinite Solutions Private Limited |
1163457 |
8.59 % |
·
Company has only
one class of shares referred to as Equity Shares of Rs. 10/- each. Each Equity Share
holder is entitled to one vote per share.
·
The company does
not have any Holding Company. Hence, disclosure regarding number of shares held
by the holding Company, the ultimate Holding Company, their subsidiary and
Associates does not arise.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
137.186 |
137.186 |
137.186 |
|
(b) Reserves & Surplus |
1342.171 |
1094.370 |
868.683 |
|
(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) |
1479.357 |
1231.556 |
1005.869 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1346.108 |
1231.622 |
614.032 |
|
(b) Deferred tax liabilities (Net) |
129.408 |
131.742 |
82.851 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.063 |
9.103 |
4.634 |
|
Total Non-current
Liabilities (3) |
1487.579 |
1372.467 |
701.517 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1174.990 |
813.253 |
544.631 |
|
(b) Trade
payables |
219.069 |
108.880 |
172.389 |
|
(c) Other
current liabilities |
646.503 |
704.202 |
356.678 |
|
(d) Short-term
provisions |
27.300 |
24.630 |
23.246 |
|
Total Current
Liabilities (4) |
2067.862 |
1650.965 |
1096.944 |
|
|
|
|
|
|
TOTAL |
5034.798 |
4254.988 |
2804.330 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2265.472 |
2352.460 |
1490.845 |
|
(ii) Intangible
Assets |
1.767 |
1.814 |
0.787 |
|
(iii)
Capital work-in-progress |
142.349 |
53.103 |
43.585 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
186.901 |
56.566 |
181.444 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2596.489 |
2463.943 |
1716.661 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1098.709 |
486.251 |
344.177 |
|
(c) Trade
receivables |
788.648 |
655.601 |
457.568 |
|
(d) Cash
and cash equivalents |
52.412 |
249.802 |
62.625 |
|
(e)
Short-term loans and advances |
498.177 |
355.341 |
219.085 |
|
(f) Other
current assets |
0.363 |
44.050 |
4.214 |
|
Total
Current Assets |
2438.309 |
1791.045 |
1087.669 |
|
|
|
|
|
|
TOTAL |
5034.798 |
4254.988 |
2804.330 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4376.879 |
3612.203 |
3097.792 |
|
|
|
Other Income |
65.514 |
28.411 |
16.560 |
|
|
|
TOTAL (A) |
4442.393 |
3640.614 |
3114.352 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
3186.694 |
2298.767 |
1893.085 |
|
|
|
Employees' benefit
expenses |
259.001 |
208.340 |
162.783 |
|
|
|
Power and fuel expense |
256.065 |
225.591 |
173.610 |
|
|
|
Other manufacturing expenses |
155.680 |
76.678 |
64.390 |
|
|
|
Other expenses |
139.901 |
135.399 |
118.693 |
|
|
|
Public issue expenses written off |
0.000 |
0.000 |
2.838 |
|
|
|
Prior Period
Expenses |
0.209 |
0.000 |
16.149 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(595.238) |
(122.040) |
75.231 |
|
|
|
TOTAL (B) |
3402.312 |
2822.735 |
2506.779 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1040.081 |
817.879 |
607.573 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
216.745 |
120.410 |
110.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
823.336 |
697.469 |
497.337 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
430.374 |
319.349 |
194.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
392.962 |
378.120 |
303.302 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
129.101 |
136.688 |
98.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
263.861 |
241.432 |
205.045 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
690.838 |
465.152 |
275.853 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
13.548 |
13.548 |
13.548 |
|
|
|
Tax on Dividend |
2.408 |
2.198 |
2.198 |
|
|
|
Tax on Dividend of earlier year |
0.105 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
938.638 |
690.838 |
465.152 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
403.124 |
235.156 |
150.663 |
|
|
|
Sale of Fixed
Assets |
69.579 |
0.000 |
0.000 |
|
|
|
Rental Income |
0.000 |
0.000 |
0.282 |
|
|
TOTAL EARNINGS |
472.703 |
235.156 |
150.945 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
218.815 |
324.988 |
228.881 |
|
|
|
Stores & Spares |
3.440 |
0.692 |
3.071 |
|
|
|
Capital Goods |
139.714 |
324.607 |
311.332 |
|
|
TOTAL IMPORTS |
361.969 |
650.287 |
543.284 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
19.48 |
17.82 |
15.13 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1690.100 |
1047.700 |
|
Total Expenditure |
|
1311.100 |
839.100 |
|
PBIDT (Excl OI) |
|
379.000 |
208.600 |
|
Other Income |
|
11.300 |
03.700 |
|
Operating Profit |
|
390.300 |
212.300 |
|
Interest |
|
56.800 |
41.200 |
|
PBDT |
|
333.500 |
171.100 |
|
Depreciation |
|
93.900 |
146.900 |
|
Profit Before Tax |
|
239.600 |
24.200 |
|
Tax |
|
81.600 |
07.000 |
|
Profit After Tax |
|
158.000 |
17.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
6.03 |
6.68 |
6.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
23.76 |
22.64 |
19.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.03 |
9.00 |
10.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.31 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.70 |
1.66 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.08 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
137.186 |
137.186 |
137.186 |
|
Reserves & Surplus |
868.683 |
1094.370 |
1342.171 |
|
Net
worth |
1005.869 |
1231.556 |
1479.357 |
|
|
|
|
|
|
long-term borrowings |
614.032 |
1231.622 |
1346.108 |
|
Short term borrowings |
544.631 |
813.253 |
1174.990 |
|
Total
borrowings |
1158.663 |
2044.875 |
2521.098 |
|
Debt/Equity
ratio |
1.152 |
1.660 |
1.704 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
3097.792 |
3612.203 |
4376.879 |
|
|
|
16.606 |
21.169 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
3097.792 |
3612.203 |
4376.879 |
|
Profit |
205.045 |
241.432 |
3666.173 |
|
|
6.62% |
6.68% |
83.76% |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
Subject produced 59,469
MT (2013 – 53,240 MT) of bottle and preform against an installed capacity of
83,384 MT, in line with the increased production the sales also increased to
54,312 MT (2013 – 48,477 MT). Subject continues to have a strong focus on
innovation, research and development for sustained growth while enjoying a
preferred supplier status with most of its esteemed clientele in FMCG, Pharma
and allied sectors. It has a dedicated team of technically qualified / trained
personnel and professionals controlling different operational segments in a
decentralized environment.
Subject has
started the construction of factory building at its Harohalli Land and the same
is expected to complete in FY 2015.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Subject’s now
reports the financial results and other insights into best in class industry
practices, market developments and the latest happenings during the period
April 2013 to March, 2014 with respect to Subject.
A few years ago we
took a visionary look at how our business and the overall market will develop
upto 2020. Basis the analysis we developed a 2020 Vision Document to drive the
organization towards its goal. We are glad to share with you that this vision
coupled with the hard work and dedication of our 300 employees, PAN India, have
led to our turnover exceeding Rs 43700.000 Millions and better profits than
ever before. We have not only generated better value for the Shareholders, but
have also looked at sustainability and environment, which is explained further
in the report.
MACRO INDUSTRY OUTLOOK AND THE LATEST TRENDS IN THE
PLASTIC PACKAGING BUSINESS
The Plastic
Packaging Industry in India is one of the most upcoming sectors and is valued at
about $ 15.6 billion (INR 85,000 crore) and maintains a CAGR of about 13 – 15%
per annum. In the next five years, this sector is expected to triple to around
$ 60 bn.
The total polymer
demand in India stands at about 15 mmtpa and plastic packaging occupies almost
1/3 of this demand. To give you an idea of the per capita consumption of
packaging, India consumes less than 4 Kgs of packaging per capita, compared to
65 Kgs in Europe, 90 Kgs in America and over 115 kgs in certain South American
countries. With specific reference to our business, PET packaging demand is
increasing at a steady 15% – 20% over the years and other polymer packaging
demand is just a tad lesser. Overall a healthy 12% – 15% growth has been coming
every year.
Subject has always
believed in world class innovation to beat this growth curve and stay ahead of
the competition. In sync with our belief, Subject converted over 57,000 MT of
PET resin last year, which is roughly about 10% of India’s PET consumption.
Last year we reported 9% of India’s consumption. It is apprehended that
Subject’s long term vision and business strategy is in sync with the growth of
the industry and the growth story of India.
AWARDS AND RECOGNITIONS
Keeping up with
the tradition, Subject has again been awarded the ‘Gold Supplier’ award by
Coca-Cola for 4th year in succession. In May 2013, Outlook Business Magazine
has featured Subject as one amongst 30 fastest growing Mid-size companies of
India’. In October 2013 the Inc 500 Magazine has featured Subject as one
amongst the top 500 best performing Mid-size Companies of 2013. Apart from
across industry recognitions, Subject has again won numerous India Star Awards
for Packaging Excellence and has been duly recognized by many of its customers
for being the Vendor of Choice for their supplies.
MICRO INDUSTRY ANALYSIS
OPPORTUNITIES AND THREATS
The beauty of our
country lies in its democracy and the tremendous opportunities that it brings.
Subject has a very clear vision and strategic plan to capture the latest
happenings and trends in the industry and align with them to gain maximum
advantage from it. This is, perhaps, the reason why Manjushree continues to
grow by leaps and bounds year after year and maintain its market leadership.
Subject’s graph of
industry mix is now well balanced and focused around including Healthcare,
Pharmaceuticals and Personal Care business. On one hand where democracy brings
opportunities, it also induces fiercely heavy competition, and Subject is not
exclusion of it. The very unstable economy brings huge amount of foreign
exchange fluctuation and volatility in Raw Material Prices, which are capable
of eroding away the major stack of profits of Subject. Add to this is the
extreme misery of having un-skilled manpower.
These threats are
being carefully examined and solutions are being derived thereof. Centralized
operations, implementation of ERP systems and training and development of
personnel are being continuously undertaken to make sure that Subject stays
ahead of the curve and is able to wad of such threats.
OPERATIONAL PERFORMANCE
In 2011, the dream
of world class units was envisaged by the management and at the end of March
2014, this dream was realized. Subject completed the Green Field Expansion and
Brown Field Unification to form two Ultra-modern Manufacturing facilities,
which has become our competitors’ envy and Manjushree’s pride.
Overall installed
capacity is now 83,384 MTPA, which is roughly about 15% of India’s PET demand.
The Preform Division produced 49,265 MT as against its installed capacity of
68,663 MT and similarly the Blow Molding Division produced 10,204 MT as against
its installed capacity of 14,721 MT.
FINANCIAL PERFORMANCE VIS-À-VIS OPERATIONAL
PERFORMANCE
The Net Turnover
for FY 2013-14 was higher at Rs.4376.900 Millions compared to Rs.3612.200
Millions of 2012-13, reflecting an increase of 21%. The Net Profit of Subject
increased only by 9%, primarily on account of heavy pre-build of saleable
stocks, to be sold in the high summer season. Added to it was the financial
strain of having expanded into a new Green Field Facility and up-gradation of
the existing facility. But, of course, the operational profits increased from
Rs.788.700 Millions to Rs.974.600 Millions in 2013-14.
SEGMENTAL PERFORMANCE
Subject has only
reportable segment that is the manufacturing plastic containers in terms of
AS-17 issued by the Institute of Chartered Accountants of India.
OUTLOOK
With the coming of
the new Government in full majority, the overall macro-economic outlook for the
industry is positive. However, practical problems related to inflation, foreign
exchange volatility and low consumer spending need to be addressed in the long
term to establish sustainable growth and profits. Raw Material prices continue
to be in the highest range and are expected to remain firm for the major part
of the year. To overcome these difficult times, Subject is actively investing
in light-weighing plastic containers, R&D on better and innovative
packaging to stay ahead of the competition barring any unforeseen situation,
which are beyond its control. Subject is expected to deliver better solutions
and profits thereof.
INDEX OF CHARGES
|
S. no. |
Charge
id |
Date
of charge creation/modification |
Charge
amount secured |
Charge
holder |
Address |
Service
request number (srn) |
|
1 |
10516782 |
08/08/2014 |
140,000,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,, RESIDENCY PLAZA, RESIDENCY ROAD,, BANGALORE, KARNATAKA -
560025, INDIA |
C18290171 |
|
2 |
10439580 |
07/07/2014
* |
1,082,600,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,, RESIDENCY PLAZA, RESIDENCY ROAD,, BANGALORE, KARNATAKA -
560025, INDIA |
C14688097 |
|
3 |
10321382 |
18/11/2011 |
104,990,236.00 |
EXPORT
DEVELOPMENT CANADA |
150 SLATER
STREET, OTTAWA, ONTARIO, - 000001, CANADA |
B27013895 |
|
4 |
80007153 |
26/05/2014
* |
2,480,000,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,, RESIDENCY PLAZA, RESIDENCY ROAD,, BANGALORE, KARNATAKA -
560025, INDIA |
C11557055 |
* Date of charge modification
FIXED ASSETS
v
Tangible
Assets
· Freehold lands
· Leasehold Land
· Building and Civil works
· Plant and machinery
· Utility Installations
· Computer Systems
· Furniture and Fixtures
· Vehicles
· Other Equipment
v
Intangible
Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.