MIRA INFORM REPORT
|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED (w.e.f. 27.09.2002) |
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|
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|
Formerly Known
As : |
POSITIVE PACKAGING INDUSTRIES PRIVATE LIMITED (w.e.f. 08.06.2005) ENPAC (INDIA) PRIVATE LIMITED |
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Registered
Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400 021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
11-078296 |
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Capital
Investment / Paid-up Capital : |
Rs. 448.340 Millions |
|
|
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CIN No.: [Company Identification
No.] |
U74952MH1994FLC078296 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04200A |
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PAN No.: [Permanent Account No.] |
AAACP2836Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Flexible Packaging Material, Laser / Electronically
Engraved Printing Cylinders, Cast Poly Propylene Film, Metalized Films,
Labels, Ethylene Vinyl Acetate Encapsulant (Solar) and Back Sheet. |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11610000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Enpee Group of Companies”. It is an established company having satisfactory track record. There seems some continuous dip in the profit of the company however, networth
of the company is satisfactory. General financial position of the company is
good. Trade relations are reported as fair. Business is active. Payment
terms 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.
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 |
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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
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 |
24.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating: “A2+” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
24.11.2014 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-39211400)
LOCATIONS
|
Registered / Head Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22837206 (5 lines)/ 30011700/ 39211472 |
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Fax No.: |
91-22-22023774/ 39211599 |
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E-Mail : |
positive@positivepackaging.com |
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Website : |
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Commercial/ Corporate Office : |
202, A-Wing, Sector-15, The Great Eastern Summit, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India |
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Tel No.: |
91-22-39211400 |
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Fax No.: |
91-22-39211430 |
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Factory 1 : |
Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410203, Maharashtra, India |
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Tel. No.: |
91-2192-391300-391309 |
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Fax No.: |
91-2192-391510 |
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E-Mail: |
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Factory 2 : |
Positive Packaging Ambernath 21/1, Chikhloli MIDC, Kalyan Badlapur Road, Ambernath West, District Thane – 421505, Maharashtra, India |
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Tel. No.: |
91-251-2685300 |
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Fax No.: |
91-251-2683300 |
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Overseas Offices: |
Located at · Nigeria · UAE |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Naraindas Parmanad Kriplani |
|
Designation : |
Director |
|
Address : |
No. 6 Bourdillon Road, Flat 6, 2nd Floor, Old Lkoyi Lagos, Nigeria |
|
Date of Birth/Age : |
26.10.1935 |
|
Date of Appointment : |
01.01.2014 |
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PAN No.: |
AFYPK1834M |
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DIN No.: |
00062471 |
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|
|
|
Name : |
Mr. Sanjay Naraindas Kirpalani |
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Designation : |
Director |
|
Address : |
4 A, Ardmore Park, 10-00 Juniper at Ardmore, Singapore, 259951 |
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Date of Birth/Age : |
16.09.1966 |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
00088075 |
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|
Name : |
Mr. Ashok Santadas Lakhani |
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Designation : |
Director |
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Address : |
51-A, Miramar, 3 Napeansea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1949 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
09.08.1994 |
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PAN No.: |
AAAPL2830R |
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DIN No.: |
00047221 |
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|
Name : |
Mr. Anil Krishnaji Kale |
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Designation : |
Managing director |
|
Address : |
Flat No. 205, F Wing, Sumer Castle, LBS Marg, Thane (West), Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1958 |
|
Qualification : |
ACS, ACWA |
|
Date of Appointment : |
01.08.2012 |
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PAN No.: |
AABPK4641G |
|
DIN No.: |
00046855 |
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|
|
|
Name : |
Mr. Chitoor Hariharan Laxminarayan |
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Designation : |
Whole time Director |
|
Address : |
C/302, Shree Mangesh, Junction of 6th & 8th Road, Chembur, Mumbai - 400007, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1957 |
|
Qualification : |
CA |
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Date of Appointment : |
26.09.2002 |
|
PAN No.: |
AACPC5466E |
|
DIN No.: |
00062585 |
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|
Name : |
Mr. Pranesh Madhu Kankanwadi |
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Designation : |
Director |
|
Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1965 |
|
Qualification : |
C.A. |
|
Date of Appointment : |
01.10.2008 |
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PAN No.: |
AAIPK3904F |
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DIN No.: |
00047425 |
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|
Name : |
Mr. Anil Bhagwandas Sadhwani |
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Designation : |
Additional Director |
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Address : |
75, Lady Aylesford Avenue, Stanmore HA7 4 FG, Middlesex, England |
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Date of Birth/Age : |
17.10.1959 |
|
Qualification : |
Degree in Pharmacutical Science |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05345531 |
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|
Name : |
Mr. Ashok Vishvanath Kamble |
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Designation : |
Whole-time director |
|
Address : |
F 101, Lenyandri Chs, Sector 19A, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1965 |
|
Qualification : |
M. Tech |
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Date of Appointment : |
01.08.2012 |
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PAN No.: |
ACGPK7515E |
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DIN No.: |
05345532 |
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|
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|
Name : |
Mr. Vilas Madhukar Dighe |
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Designation : |
Director |
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Address : |
Tehmi Terrace Society, Dr Ambedkar Road, Dadar (East), Mumbai - 400014, Maharashtra, India |
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Date of Birth/Age : |
23.10.1947 |
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Qualification : |
MBA, B. Tech |
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Date of Appointment : |
29.09.2012 |
|
DIN No.: |
02064647 |
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|
|
|
Name : |
Mr. Ganga Ram Nilacanta Iyer |
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Designation : |
Director |
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Address : |
703, Golden Castle, Sunder Nagar, Road No.2, Kalina Santacruz, Mumbai – 400098, Maharashtra, India |
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Date of Birth/Age : |
22.09.1934 |
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Qualification : |
M. A., C.A.I.I.B. and Fellow of Economic Development Institute, World Bank |
|
Date of Appointment : |
21.05.1996 |
|
DIN No.: |
00001246 |
KEY EXECUTIVES
|
Name : |
Pritesh Sanjay Sonawane |
|
Designation : |
Secretary |
|
Address : |
Samrudhi Appartment, Room No. 405, Sector 12, Plot No. 48, Kamothe, Mansarovar, Navi Mumbai - 410209, Maharashtra, India |
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Date of Birth/Age : |
24.09.1986 |
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Date of Appointment : |
15.03.2014 |
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PAN No.: |
CKUPS3281D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
No. of Shares |
|
Far East Holdings Limited, Mauritius |
42307523 |
|
C. H. Laxminarayan |
36 |
|
N. P. Kriplani |
11833 |
|
Ashok Lakhani |
4471 |
|
Star Services And Investments Limited, Mauritius |
662956 |
|
L. Ramkrishnan |
18 |
|
Mekhala C. Laxminarayan |
18 |
|
Goldera International Limited, Mauritius |
1846707 |
|
Total |
44833562 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.96 |
|
Directors or relatives of Directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Flexible Packaging Material, Laser /
Electronically Engraved Printing Cylinders, Cast Poly Propylene Film,
Metalized Films, Labels, Ethylene Vinyl Acetate Encapsulant (Solar) and Back
Sheet. |
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Products : |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India, Mumbai Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution : |
Standard Chartered Investments and Loans (India) Limited,
Floor No. 3A, Crescenzo Building, C-38/39, "G" Block, Bandra Kurla
Complex,Bandra (East), Mumbai - 400051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Next to Mayor’s Bunglow, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFP3698A |
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Holding Company : |
Far East Holdings Limited, Mauritius |
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Subsidiary
Companies : |
· ICM Packaging Private Limited CIN No.: U74950MH2007PTC174475 · RenewSys India Private Limited CIN No.: U36990MH2011PTC220771 |
|
|
|
|
Fellow Subsidiary
Companies : |
· Star Services and Investments Limited · Goldera International Limited |
|
|
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|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
· Positive Packaging Industries South Africa (Pty) Limited · Positive Packaging Industries Nigeria Limited · Montana Exports Private Limited · Fine Chemicals Nigeria Limited · Avon Crowncaps and Containers (Nig.) Plc. · Acumen Enterprises FZCO · Positive Packaging United (M.E.) FZCO · Primetech M.E. FZCO · Alpha Corporation Limited · Dubai Flex pack (LLC) · Positive Packaging East Africa (Pty) Limited · Gravics Systems South Africa (Pty) Limited · Encept Premedia Private Limited · Positive INC USA · Positive Packaging Middle East LLC |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50800000 |
Equity Shares |
Rs.10/- each |
Rs.508.000 Millions |
|
2200000 |
Preference Shares |
Rs.100/- each |
Rs.220.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 728.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44,833,562 |
Equity Shares |
Rs.10/- each |
Rs. 448.340 Millions |
|
|
|
|
|
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 |
448.340 |
607.580 |
537.930 |
|
(b) Reserves & Surplus |
3616.750 |
2602.250 |
1820.920 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
352.900 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4065.090 |
3562.730 |
2358.850 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1260.240 |
901.060 |
1235.270 |
|
(b) Deferred tax liabilities (Net) |
147.730 |
125.860 |
147.540 |
|
(c) Other long term
liabilities |
25.100 |
101.030 |
42.650 |
|
(d) long-term provisions |
27.860 |
31.130 |
21.960 |
|
Total Non-current
Liabilities (3) |
1460.930 |
1159.080 |
1447.420 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1219.110 |
1069.200 |
903.450 |
|
(b) Trade
payables |
1392.310 |
1336.390 |
841.280 |
|
(c) Other
current liabilities |
766.540 |
662.350 |
422.820 |
|
(d) Short-term
provisions |
40.810 |
56.990 |
87.730 |
|
Total Current
Liabilities (4) |
3418.770 |
3124.930 |
2255.280 |
|
|
|
|
|
|
TOTAL |
8944.790 |
7846.740 |
6061.550 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4006.010 |
3459.030 |
2044.060 |
|
(ii)
Intangible Assets |
51.940 |
59.780 |
14.160 |
|
(iii) Capital
work-in-progress |
66.580 |
157.500 |
345.060 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
55.140 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
210.670 |
234.860 |
640.690 |
|
(e) Other
Non-current assets |
113.680 |
108.030 |
25.040 |
|
Total Non-Current
Assets |
4448.880 |
4019.200 |
3124.150 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.100 |
0.000 |
0.000 |
|
(b)
Inventories |
1509.400 |
1442.530 |
1024.560 |
|
(c) Trade
receivables |
2081.140 |
1680.690 |
1448.760 |
|
(d) Cash
and cash equivalents |
149.340 |
57.330 |
62.010 |
|
(e)
Short-term loans and advances |
605.770 |
508.740 |
259.360 |
|
(f) Other
current assets |
150.160 |
138.250 |
142.710 |
|
Total
Current Assets |
4495.910 |
3827.540 |
2937.400 |
|
|
|
|
|
|
TOTAL |
8944.790 |
7846.740 |
6061.550 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10136.860 |
8438.540 |
7232.970 |
|
|
|
Other Income |
94.840 |
136.790 |
111.540 |
|
|
|
TOTAL (A) |
10231.700 |
8575.330 |
7344.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
7231.410 |
5622.580 |
4811.000 |
|
|
|
Purchases of stock-in-trade |
77.110 |
221.730 |
76.120 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(11.280) |
(22.960) |
(81.460) |
|
|
|
Employee benefit expense |
753.380 |
641.190 |
497.600 |
|
|
|
Other Expenses |
1303.230 |
1176.920 |
1024.240 |
|
|
|
TOTAL (B) |
9353.850 |
7639.460 |
6327.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
877.850 |
935.870 |
1017.010 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
281.180 |
201.340 |
198.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
596.670 |
734.530 |
818.380 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.820 |
355.220 |
301.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
164.850 |
379.310 |
517.340 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.870 |
133.560 |
193.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
142.980 |
245.750 |
324.020 |
|
|
|
|
|
|
|
|
|
Less |
TAX PAID ON
EQUITY DIVIDEND OF EARLIER YEAR |
0.015 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1023.470 |
813.710 |
747.040 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
201.470 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
13.240 |
29.910 |
|
|
|
Preference Dividend |
0.000 |
0.440 |
3.590 |
|
|
|
Proposed Equity Dividend |
0.000 |
19.140 |
18.760 |
|
|
|
Dividend Distribution Tax |
0.000 |
3.170 |
3.620 |
|
|
BALANCE CARRIED
TO THE B/S |
1166.300 |
1023.470 |
813.710 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export Sales |
4294.130 |
3488.070 |
3056.000 |
|
|
TOTAL EARNINGS |
4294.130 |
3488.070 |
3056.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3137.060 |
2387.030 |
1711.680 |
|
|
|
Capital Goods |
325.950 |
472.600 |
290.080 |
|
|
|
Components and Spare Parts |
65.420 |
52.080 |
40.270 |
|
|
TOTAL IMPORTS |
3528.430 |
2911.710 |
2042.030 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
3.35 |
6.41 |
8.53 |
|
|
|
Diluted |
3.35 |
6.19 |
8.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.41 |
2.91 |
4.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.66 |
11.09 |
14.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86 |
4.93 |
9.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.11 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.61 |
0.55 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.22 |
1.30 |
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 |
537.930 |
607.580 |
448.340 |
|
Reserves & Surplus |
1820.920 |
2602.250 |
3616.750 |
|
Share Application money
pending allotment |
0.000 |
352.900 |
0.000 |
|
Net
worth |
2358.850 |
3562.730 |
4065.090 |
|
|
|
|
|
|
long-term borrowings |
1235.270 |
901.060 |
1260.240 |
|
Short term borrowings |
903.450 |
1069.200 |
1219.110 |
|
Total
borrowings |
2138.720 |
1970.260 |
2479.350 |
|
Debt/Equity
ratio |
0.907 |
0.553 |
0.610 |
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 |
7232.970 |
8438.540 |
10136.860 |
|
|
|
16.668 |
20.126 |
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 |
7232.970 |
8438.540 |
10136.860 |
|
Profit |
324.020 |
245.750 |
142.980 |
|
|
4.48% |
2.91% |
1.41% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
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 |
10525318 |
04/10/2014 |
3,251,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
APEEJAY HOUSE, 6TH FLOOR,, 3, DINSHAW WACHHA ROAD, CHURCHGATE, MUMBAI, MUMBAI, MAHARASHTRA - 400020, INDIA |
C29053998 |
|
2 |
10345354 |
24/12/2012 * |
300,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION
BRANCH, RAHEJA CHAMBERS, FREE |
B66999384 |
|
3 |
10321431 |
12/12/2011 |
167,378,990.00 |
LANDESBANK BADEN-WURTTEMBERG |
AM HAUPTBAHNHOF 2,
70173 STUTTGART,, FEDERAL REPU |
B27047331 |
|
4 |
10221241 |
13/04/2011 * |
450,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
B11994233 |
|
5 |
10168717 |
13/11/2013 * |
1,794,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FREEPRESS JOURNAL ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA |
B91039479 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from foreign companies |
254.320 |
312.570 |
|
Deferred sales tax loan |
32.480 |
48.870 |
|
Total |
286.800 |
361.440 |
THE COMPANY AND
NATURE OF ITS OPERATIONS:
The Company’s headquartered in Mumbai, Maharashtra, India, carries on the business of manufacturing flexible packaging material, laser / electronically engraved printing cylinders, Cast Poly Propylene Film, metalized films, Labels, Ethylene Vinyl Acetate encapsulant (Solar) and Back Sheet. The Company caters to FMCG and retail segment.
OPERATING
RESULTS AND PROFITABILITY
Net Revenue for the year, excluding the revenue generated from new Divisions, grew at 9% from Rs.8228.000 millions to Rs.8947.000 millions, whereas the volume growth was 4 %. The value growth was supported by depreciation of the Indian Rupee, improved sales realization and better product mix.
Domestic Sales increased by 19% from Rs.4616.000 millions in the previous year to Rs.5507.000 millions. Export Sales grew by 23% to Rs.4443.000 millions as against Rs.3612.000 millions.
Sales achieved by the new Divisions amounted to Rs.1190.000 millions as against Rs.211.000 millions in previous year.
The profitability for the year under review was impacted by the following factors:
a. Increase in raw material cost
b. Higher charge of depreciation due to expansion and
c. Losses incurred by new Divisions/ acquired units
DEMERGER
In the year 2011, the Company had undertaken manufacturing of components of solar modules i.e. EVA and Backsheet as a diversification project. Commercial sales of Ethylene Vinyl Acetate (EVA) Encapsulant and Backsheet had commenced from March 2012 and March 2013, respectively. Both the products have been well received in the market and the demand for both EVA and Back sheets has been increasing. However, solar industry heavily depends on Government support. Capacities also need to be expanded from time to time in order to take care of increasing demand to ensure service levels. The Division would require additional funding to meet its need for expansion and working capital.
In view of above factors, the Board felt that operating Flexibles and Solar Divisions under one roof may not do justice to both and hence, it decided to demerge the solar business into a separate company w.e.f. 1 st April 2014. Accordingly, the Company filed petition for demerger with the Bombay High Court in March 2014 and the demerger was approved by the Court as per its Order passed on 1 st August 2014.
The formalities for completing demerger are in process.
PERFORMANCE OF
DIVISIONS AND BRANCH
Flexibles - Positive
Packaging, Khopoli
The Division has shown a growth of 11% and achieved Sales of Rs.7,612 million as compared to Rs.6,827million in the previous year.
Flexibles - Positive
Packaging, Ambernath
The revenue earned by this Division during the financial year was Rs.739 million as against Rs.90 million during the period January to March 2013 in previous year.
Rotogravure Printing
Cylinders - Acuprint Systems, Taloja and Bengaluru
Sales of the Cylinder Divisions aggregated Rs.435 million as against Rs.447 million during the previous year, showing marginal decline of 2.5%
Metallised Film Sai
Metaplast, Taloja
Sales of the Metallised Division were Rs.16 million during the period from April to September 2013 as against Rs.38 million in the previous year.
The metallising operations have been shifted from October 2013 to Cast Polypropylene Films Division, Ambernath.
Cast Polypropylene
Films - Vista Film Packaging, Ambernath
The Division has been able to maintain Sales at Rs.406 million as against Rs.418 million in the previous year.
RenewSys Division,
Bengaluru
Sales of the Solar Component Division amounted to Rs.300 million as against Rs.55 million in the previous year.
Labels Division, Bengaluru
The Division earned revenue of Rs.151 million as against Rs.67 million during the period September 2012 to March 2013 in previous year.
U.K. Branch -
Positive Packaging Europe, London
The turnover of the Branch marginally fell by 4% from Rs.497 million to Rs.478 million during the financial year.
OUTLOOK
Flexible packaging industry had to face many challenges during 2013-14. Slow-down in the economy with lowest GDP growth in last 10 years and uncertainty in political atmosphere kept the business momentum low.
Challenges faced during FY 2013-14 continued in Q1 of current financial year. Demand for packaging material slowed down due to the mandatory statutory changes in food packaging implemented from June 2014 and the customers focusing on liquidating old stocks.
With the conclusion of the General Elections, there is stability on the political front. The demand has been picking up and there are signs of revival in economy. It is expected that this positive trend will continue in the coming months.
Net Sales for the first four months of the current financial year 2014-15 i.e. from April July 2014 amount to Rs.3124.000 millions as against Rs.2945.000 millions in the corresponding period of the previous year, registering a growth of 6%.
FINANCE
During the year, the Company has availed/received:
a. Rupee Term Loan of Rs.200.000 millions from HDFC Bank for funding the ongoing expansion.
b. Foreign Currency Loan (ECB) of Rs.611.000 millions from Standard Chartered Bank for funding the ongoing expansion.
c. Capital infusion of Rs.336.000 millions from the Holding Company, Far East Holdings Limited towards Promoters contribution for the funding of the expansion projects.
The Company repaid borrowings to the extent of Rs.332.000 millions during the year.
CRISIL reaffirmed the rating status of the Company as A-/Stable/CRISIL A2+.
AWARDS/
CERTIFICATIONS
The Company has received 2 Asia Star Awards and 8 IFCA Star Awards for excellence in packaging innovations.
SALIENT
FEATURES OF ARRANGEMENT OR ACQUISITION
During the previous year, the Company acquired the label manufacturing business from SGRE Labels Private Limited (SGRE) w.e.f. September 19, 2012 under Slump sale agreement between the Company and SGRE. The acquisition comprised fixed assets and inventories forming part of the label manufacturing business, wherever located on the date of acquisition. The remaining consideration of Rs. 10.000 Millions (Rs. 20.000 Millions) towards acquisition as at year end is shown under other current liabilities. The excess of consideration paid over assets taken over resulted in Goodwill of Rs. 54.260 Millions.
AMALGAMATION OF ICM
PACKAGING PRIVATE LIMITED
a) During the previous year, ICM Packaging Private Limited (ICM) (a wholly owned subsidiary) was amalgamated with the Company under a Scheme of Amalgamation (the Scheme) with effect from January 1, 2013 (the Appointed date).
b) The amalgamation was accounted for under the Purchase method as prescribed by Accounting Standard (AS-14) on Accounting for Amalgamation. The Company carried out the accounting treatment prescribed in the Scheme as sanctioned by the Hon’ble High Court of Judicature at Bombay. Accordingly, all the assets and liabilities of ICM stood transferred to and vested in the Company with effect from the Appointed Date. In accordance with the Scheme, the assets and liabilities of ICM were taken over and recorded at their fair values as determined by the Board of Directors of the Company.
c) In accordance with the Scheme, the difference between the cancellation of Investments and other loans and advances to ICM and the net assets acquired was treated as Capital Reserve:
|
Particulars |
Amount in million |
|
Net Assets taken over pursuant to the Scheme |
834.410 |
|
Add: Deferred tax assets recognized on amalgamation (Refer note (d) below) |
155.240 |
|
Net Assets acquired pursuant to the Scheme (A) |
989.650 |
|
Cancellation of Investments and other loans and advances to ICM (B) |
818.630 |
|
Capital Reserves accounted on amalgamation (A-B) |
171.020 |
d) The Deferred tax assets of ICM as at December 31, 2012, were not recognised in the financial statement of ICM as there was no virtual certainty of its realization. Upon amalgamation of ICM into the Company, deferred tax assets of Rs. 155.240 millions were recognised by the Company on the date of amalgamation by crediting the Capital reserves as the Company fulfilled the conditions necessary to recognise such deferred tax assets in terms of AS 22 Accounting for taxes on income.
e) Since the entire issued, subscribed and paid-up capital of the Transferor Company was held by the Transferee Company, upon the Scheme becoming effective, no shares of the Transferee Company was allotted in lieu or exchange of its holding in Transferor Company and the share capital of Transferor Company was cancelled.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Disputed tax demand
/ claims: |
|
|
|
Excise duty / Service Tax / Customs duty * |
24.090 |
31.680 |
|
Income tax matters |
27.480 |
9.170 |
|
Total |
51.570 |
40.850 |
|
NOTE * Excise duty / Service Tax / Customs duty matters pending
in appeal include Rs. Nil (Rs. 7.85 million) decided in favor of the Company
by the lower authorities. |
||
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Leasehold Improvements
Intangible Assets
· Goodwill
· 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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.