MIRA INFORM REPORT
|
Report Date : |
27.01.2014 |
TAILS
|
Name : |
PLASTIBLENDS INDIA LIMITED |
|
|
|
|
Registered
Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.01.1991 |
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|
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Com. Reg. No.: |
11-059943 |
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Capital Investment
/ Paid-up Capital : |
Rs. 64.973
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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|
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No. of Employees
: |
496 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4670000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed to
$ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit (A+) |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
August 26, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Ashwini |
|
Designation : |
Commercial Department |
|
Contact No.: |
91-22-67205200 |
|
Date : |
23.01.2014 |
LOCATIONS
|
Registered Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
|
Tel. No.: |
91-22-26705200/ 26736468/ 9/ 66952696/ 7/ 67205200 |
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Fax No.: |
91-22-26736808 |
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E-Mail : |
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Website : |
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Head Office : |
Kolsite House, 30, Shah Industrial Estate, Dattaji Salvi Marg
Off. Veera Desai Road, Andheri (West) , Mumbai - 400053, Maharashtra,
India |
|
Tel. No.: |
91-22-26736468/ 9/ 67205200/ 66952696/ 7 |
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Fax No.: |
91-22-26736808 |
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E-Mail: |
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|
|
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Factory 1 : |
74/1, 74/2 and 75/3, |
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Tel. No.: |
91-260-2221772/ 73/ 74 |
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Fax No.: |
91-260-2221771 |
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E-Mail: |
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Factory 2 : |
Khasara No.216, Village Raipur, Pargana: Bhagwanpur, Tehsil, Roorkee,
District- Haridwar - 247667, Uttarakhand, India |
|
Tel. No.: |
91-1332-235046/ 7 |
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Fax No.: |
91-1332-235045 |
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E-Mail: |
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Factory 3 : |
S. No. 110/1, 3, 4, 5, 6 (Part), Daman Industrial Estate, Daman and
Diu, India |
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|
Hemkunt House, No. 1108-1110, |
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Tel No: |
91-11-25750988/ 25711962 |
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Fax No: |
91-11-25755319 |
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Email: |
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Chennai Office: |
C -1, Gems Court, 14, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
|
Tel No: |
91-44-28332553 |
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Fax No: |
91-44-28332823 |
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Email: |
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507/ E, Navketan, 5th Floor, Opposite Clock Tower, S. D. Road, Secunderabad – 500003, Hyderabad, India |
|
Tel No: |
91-40-27806431 |
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Fax No: |
91-40-27806431 |
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Email: |
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|
|
|
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Ahmedabad Office: |
402, Lalita Complex, Near HDFC Bank, Jain Mandir Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel No: |
91-79-26564828/ 26447841 |
|
Fax No: |
91-79-26427281 |
|
Email: |
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|
|
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|
Kolkata Office: |
Shree Ganesh Centre, 216, D/ 2 Floor, Acharya J.C. Bose Road, Kolkata – 700017, West Bengal, India |
|
Tel No: |
91-33-22905963/ 22876308 |
|
Fax No: |
91-33-22904221 |
|
Email: |
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Unit No. 211, II Floor Barton Center, M.G. Road, Bangalore – 560001, Karnataka, India |
|
Tel No: |
91-80-25550318/ 25598897 |
|
Fax No: |
91-80-25598897 |
|
Email: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shreevallabh
G. Kabra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Satyanarayan G. Kabra |
|
Designation : |
Vice-Chairman and Managing Director |
|
Date of Birth/Age : |
70 years |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Over 47 years in business and industry and founder
promoter of Kolsite Group of Companies |
|
|
|
|
Name : |
Mr. Anand S. Kabra |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Haridas S. Sanwal |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Pushp Raj Singhvi |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
69 Years |
|
Qualification : |
B. Com, L.L.B. |
|
Experience : |
Over 45 years in marketing of Petrochemicals in India and Abroad |
|
|
|
|
Name : |
Dr. Yatish B.
Vasudeo |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
M. Sc., Ph. D., L.P.R.I (London) |
|
Experience : |
Over 25 years in Plastic Industry |
|
|
|
|
Name : |
Mr. Sudarshan K. Parab |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Ashwini |
|
Designation : |
Commercial Department |
|
|
|
|
Name : |
Mr. Himanshu S. Mhatre |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4735464 |
36.44 |
|
|
3148785 |
24.23 |
|
|
7884249 |
60.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7884249 |
60.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3400 |
0.03 |
|
|
800 |
0.01 |
|
|
229800 |
1.77 |
|
|
234000 |
1.80 |
|
|
|
|
|
|
341343 |
2.63 |
|
|
|
|
|
|
2876975 |
22.14 |
|
|
1356851 |
10.44 |
|
|
301182 |
2.32 |
|
|
250976 |
1.93 |
|
|
50206 |
0.39 |
|
|
4876351 |
37.53 |
|
Total Public shareholding (B) |
5110351 |
39.33 |
|
Total (A)+(B) |
12994600 |
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) |
12994600 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
1 |
Kabra Extrusiontechnik Limited |
19,17,781 |
14.76 |
|
2 |
Varun Satyanarayan Kabra |
13,05,204 |
10.04 |
|
3 |
Anand Shreevallabh Kabra |
12,63,924 |
9.73 |
|
4 |
Kolsite Corporation LLP |
12,31,004 |
9.47 |
|
5 |
Shreevallabh Gopilal Kabra |
6,79,836 |
5.23 |
|
6 |
Satyanarayan Gopilal Kabra |
5,98,928 |
4.61 |
|
7 |
Saritadevi Satyanarayan Kabra |
4,63,600 |
3.57 |
|
8 |
Veenadevi Shreevallabh Kabra |
3,73,172 |
2.87 |
|
9 |
Ekta Anand Kabra |
50,800 |
0.39 |
|
|
Total |
78,84,249 |
60.67 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Colloids (Widnes) Limited - Pension Fund |
229800 |
1.77 |
|
|
Total |
229800 |
1.77 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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Products/ Services : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Gulf Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
End Users |
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No. of Employees : |
496 (Approximately) |
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Bankers : |
· State Bank of India · HDFC Bank Limited · DBS Bank Limited · HSBC Limited |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. G. Ogale and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Associate Concern and Promoter Companies : |
Kabra Extrusiontechnik Limited |
|
|
|
|
Enterprise over which key management personnel exercise significant
influence : |
· Kolsite Industries · Kolsite Corporation LLP · Kolsite Packaging Systems Private Limited · Maharastra Plastic Industries · Maharashtra Plastic and Industries · Rambalab Ramnaran · Smartech Global Solutions Limited ·
Wonderworld Resorts Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 5/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12994600 |
Equity Shares |
Rs. 5/- each |
Rs. 64.973
Millions |
|
|
|
|
|
Reconciliation of number of Equity Shares
outstanding at the beginning and at the end of the year
|
|
31.03.2013 |
31.03.2012 |
|
Number of shares outstanding at the beginning of the year |
12994600 |
6497300 |
|
Number of shares allotted during the year upon Sub-division |
|
6497300 |
|
Number of shares outstanding at the end of the year |
12994600 |
12994600 |
Shares in the company held by each shareholder holding more than 5%
Shares
|
Name of the shareholders |
31.03.2013 |
|
|
|
Number of shares |
% of Holding |
|
Kabra Extrusiontechnik Limited |
1592200 |
12.25 |
|
Varun Satyanarayan Kabra |
1305204 |
10.04 |
|
Anand Shreevallabh Kabra |
1263924 |
9.73 |
|
Kolsite Corporation LLP |
1102943 |
8.49 |
|
Kolsite Machine Fabrik Private Limited |
-- |
-- |
|
Shreevallabh Gopilal Kabra |
679836 |
5.23 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
64.973 |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
1102.944 |
1002.506 |
888.248 |
|
(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) |
1167.917 |
1067.479 |
953.221 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
143.793 |
163.412 |
150.685 |
|
(b) Deferred tax liabilities (Net) |
76.459 |
54.872 |
41.237 |
|
(c) Other long term
liabilities |
108.848 |
97.690 |
80.325 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
329.100 |
315.974 |
272.247 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
425.631 |
329.363 |
323.598 |
|
(b) Trade payables |
253.542 |
153.580 |
130.412 |
|
(c) Other current
liabilities |
58.155 |
31.202 |
11.825 |
|
(d) Short-term provisions |
123.331 |
102.686 |
134.638 |
|
Total Current Liabilities
(4) |
860.659 |
616.831 |
600.473 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
639.840 |
592.382 |
582.788 |
|
(ii) Intangible Assets |
8.194 |
9.848 |
0.000 |
|
(iii) Capital work-in-progress |
2.287 |
12.453 |
0.359 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
35.844 |
37.140 |
39.874 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
16.173 |
3.014 |
2.227 |
|
Total Non-Current Assets |
702.338 |
654.837 |
625.248 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
591.838 |
563.357 |
552.104 |
|
(c) Trade receivables |
854.447 |
633.102 |
526.311 |
|
(d) Cash and cash
equivalents |
6.846 |
14.372 |
9.379 |
|
(e) Short-term loans
and advances |
187.970 |
115.395 |
106.109 |
|
(f) Other current
assets |
14.237 |
19.221 |
6.790 |
|
Total Current Assets |
1655.338 |
1345.447 |
1200.693 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4089.926 |
3411.247 |
2769.270 |
|
|
|
Other Income |
3.423 |
2.997 |
4.502 |
|
|
|
TOTAL (A) |
4093.349 |
3414.244 |
2773.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3105.228 |
2481.934 |
2010.462 |
|
|
|
Purchase of Stock-In-Trade |
0.498 |
0.055 |
0.256 |
|
|
|
Changes in Inventory of Finished Goods and WIP |
(61.288) |
(16.099) |
(61.251) |
|
|
|
Employee Benefits Expenses |
115.454 |
97.767 |
83.148 |
|
|
|
Other Expenses |
605.667 |
525.946 |
436.624 |
|
|
|
TOTAL (B) |
3765.559 |
3089.603 |
2469.239 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
327.790 |
324.641 |
304.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.683 |
44.763 |
31.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.107 |
279.878 |
272.557 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.805 |
40.126 |
36.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
230.302 |
239.752 |
236.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.653 |
72.635 |
50.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
153.649 |
167.117 |
185.438 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
764.921 |
667.663 |
635.084 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.000 |
17.000 |
100.000 |
|
|
|
Provision for Proposed Dividend |
45.481 |
45.481 |
45.481 |
|
|
|
Provision for Tax on Proposed Dividend |
7.730 |
7.378 |
7.378 |
|
|
BALANCE CARRIED
TO THE B/S |
849.359 |
764.921 |
667.663 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1316.352 |
999.181 |
552.814 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1310.617 |
1140.714 |
969.346 |
|
|
|
Stores & Spares |
5.512 |
4.206 |
0.000 |
|
|
|
Capital Goods |
8.256 |
7.562 |
0.000 |
|
|
TOTAL IMPORTS |
1324.385 |
1152.482 |
969.346 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.82 |
12.86 |
14.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1123.000 |
|
Total Expenditure |
|
|
1013.900 |
|
PBIDT (Excl OI) |
|
|
109.100 |
|
Other Income |
|
|
1.100 |
|
Operating Profit |
|
|
110.200 |
|
Interest |
|
|
15.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
95.200 |
|
Depreciation |
|
|
10.700 |
|
Profit Before Tax |
|
|
84.500 |
|
Tax |
|
|
27.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
57.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
57.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.75
|
4.89 |
6.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63
|
7.03 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.93
|
12.29 |
13.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49
|
0.46 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.18 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10429827 |
09/05/2013 |
200,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B76616309 |
|
2 |
10392170 |
12/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B64217953 |
|
3 |
10324162 |
13/04/2012 * |
200,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25, BARAKHAMBA |
B38838496 |
|
4 |
80014638 |
13/04/2012 * |
236,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST] - 400013, MUMBAI, MAHARASHTRA, INDIA |
B38839320 |
|
5 |
90162802 |
13/04/2012 * |
462,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B38194437 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Inter Corporate Deposit |
76.564 |
96.075 |
|
Fixed Deposits |
67.229 |
67.337 |
|
|
|
|
|
Total |
143.793 |
163.412 |
OPERATIONS
During the year, the Company has achieved Operational and Other Income of Rs.4093.349 Millions as against Rs.3414.244 Millions during the previous year, registering an increase of about 19.89% over the previous year. Profit after providing for taxes is Rs.153.649 Millions as against Rs.167.117 Millions during the previous year, registering a decrease of about 8.06% over the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Plastiblends India Limited is a part of Kolsite Group of Companies and a leading manufacturer of masterbatches. Plastiblends produces a wide variety of white, black, color, specialty and high performance masterbatches, additives and compounds. Masterbatches are one of the essential ingredients in plastics processing used for enhancing performance and appearance of plastics. Masterbatch industry can be categorized into organized sector, medium sector and small sector. Organised sector, in which the Company operates, provides the benefits of strong Research and Development support, high quality standards and strong distribution network. Small and medium sector manufacturing units are smaller manufacturing units spread throughout India serving market in their vicinity.
Plastiblends India Limited despite all the adverse economic conditions and volatile polymer market continues to grow in domestic and international markets. Company’s aggressive marketing efforts in international markets to expand its presence in new territories/countries and its strong brand building efforts in domestic market helped it to grow at much higher rates than its peers in the same market segment. In domestic markets, Plastiblend’s market share is growing steadily at the cost of competition due to focused efforts to promote value added products and efforts to reach maximum customers in each market segments. The major efforts are in the segments such as Agricultural end uses as films - mulch, shade nets, green house and specified drip irrigation pipes, Packaging - multilayer films for consumer goods packaging and Fibers - Nonwoven and PET fiber.
BUSINESS OUTLOOK
Global masterbatch market is expected to grow due to increasing shift towards packaged products and increasing demand for consumer goods, automobiles etc. With the growing consumption of polymer, masterbatch industry will be direct beneficiary and the outlook is very optimistic for masterbatch industry.
The company will continue its focus on product and service innovation supported by dedicated R & D facility recognized by the Department of Scientific and Industrial Research (DSIR).
Company’s participation in various trade fairs including the Argen Plas, Arab Plas, Jordan Plas etc has generated good response and is helping the company expand its geographical reach and strengthen the marketing network.
Company consistently strives to maintain global quality standards, which has helped it penetrate the export markets. Plastiblends has emerged as a leading player in the organized segment with overall market share of 12%.
High performance masterbatches with a thrust on exports is expected to be a major growth driver for the company going forward.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees |
9.160 |
10.680 |
|
Letter of Credit |
25.349 |
42.587 |
|
Less : Fixed deposits shown under the head cash and cash
equivalents include deposits pledged with the banks as margins to secure
letters of credit and guarantees issued by banks |
0.600 |
6.622 |
|
Net amount |
33.909 |
46.645 |
|
Disputed income tax demand |
0.610 |
2.495 |
|
Service tax matter under dispute |
41.519 |
40.297 |
FIXED ASSETS:
TANGIBLE ASSETS
· Land
· Building
· Plant and Equipments
· R & D Equipments
· Furniture and Fixture
· Vehicles
· Electrical Installation and Fittings
· Office Equipments
INTANGIBLE ASSETS
· Software
UN-AUDITED
FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Sl. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 Unaudited |
30.06.2013 Unaudited |
30.09.2013 Unaudited |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net Sales / Income
from Operations (Net of excise duty) |
1117.327 |
1122.946 |
2240.273 |
|
|
(b) Other Operating
Income |
-- |
-- |
-- |
|
|
Total Income
from operations (net) |
1117.327 |
1122.946 |
2240.273 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of material
consumed |
794.179 |
729.896 |
1524.075 |
|
|
(b) Purchases of
stock-in-trade |
0.167 |
1.871 |
2.038 |
|
|
(c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(3.220) |
71.236 |
68.016 |
|
|
(d) Employee benefit
expenses |
29.855 |
34.416 |
64.271 |
|
|
(e) Depreciation and
amortisation expense |
10.813 |
10.702 |
21.515 |
|
|
(f) Other expenses |
169.639 |
177.071 |
346.710 |
|
|
Total expenses |
1001.433 |
1025.192 |
2026.625 |
|
3 |
Profit/(Loss)
from Operations before Other Income, finance cost & Exceptional Items (1
-2) |
115.894 |
97.754 |
213.648 |
|
4 |
Other Income |
28.754 |
1.728 |
30.482 |
|
5 |
Profit/ (Loss)
from ordinary activities before finance cost & Exceptional Items (3+4) |
144.648 |
99.482 |
244.130 |
|
6 |
Finance costs |
16.094 |
15.029 |
31.123 |
|
7 |
Profit/(Loss) from
ordinary activities after finance cost but before Exceptional Items (5-6) |
128.554 |
84.453 |
213.007 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from Ordinary Activities before tax (7+ 8) |
128.554 |
84.453 |
213.007 |
|
10 |
Tax Expense / (credit) |
40.513 |
27.012 |
67.525 |
|
11 |
Net Profit / (Loss) after tax (9-10) |
88.041 |
57.441 |
145.482 |
|
12 |
Paid-up Equity Share
Capital (Face value of Rs.10/-each) |
64.973 |
64.973 |
64.973 |
|
13 |
Earnings per share (face value of Rs. 10/- each) - not
annualised |
|
|
|
|
|
Basic EPS (Rs.) |
6.78 |
4.42 |
11.20 |
|
|
Diluted EPS (Rs.) |
6.78 |
4.42 |
11.20 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding : |
|
|
|
|
|
(a) Number of shares |
5209712 |
5244415 |
5209712 |
|
|
(b) Percentage of shareholding |
40.09 |
40.36 |
40.09 |
|
2 |
Promoters and Promoter group shareholding : (a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
Nil |
Nil |
Nil |
|
|
(b) Non Pledged / Non Encumbered |
|
|
|
|
|
- Number of shares |
7784888 |
7750185 |
7784888 |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
59.91 |
59.64 |
59.91 |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
|
|
Pending at the beginning
of the quarter |
Ni |
|
|
|
|
Received during the
quarter |
Ni |
|
|
|
|
Disposed of during the
quarter |
Ni |
|
|
|
|
Remaining unresolved at
the end of the quarter |
Ni |
|
|
STATEMENT OF ASSETS
AND LIABILITY AS AT 30TH SEPTEMBER 2013
Rs. In Millions
|
Particular |
As at 30.09.2013 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
64.973 |
|
(b) Reserves & Surplus |
1243.023 |
|
(c) Money
received against share warrants |
-- |
|
SUB – TOTAL OF SHAREHOLDERS'
FUNDS |
1307.996 |
|
|
|
|
(2)
Share Application money pending allotment |
-- |
|
|
|
|
(3)
Minority Interest |
-- |
|
|
|
|
(4) Non-Current Liabilities |
|
|
(a) long-term borrowings |
151.076 |
|
(b) Deferred tax liabilities (Net) |
76.459 |
|
(c) Other long term liabilities |
116.869 |
|
SUB -
TOTAL NON-CURRENT LIABILITIES |
344.404 |
|
|
|
|
(5) Current Liabilities |
|
|
(a) Short term borrowings |
414.921 |
|
(b) Trade payables |
206.226 |
|
(c) Other current
liabilities |
13.669 |
|
(d) Short-term provisions |
139.490 |
|
SUB-
TOTAL CURRENT LIABILITIES |
774.306 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
2428.706 |
|
|
|
|
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
635.213 |
|
(b) Goodwill on Consolidation
|
-- |
|
(c) Non-current Investments |
33.278 |
|
(d) Deferred tax assets (net) |
-- |
|
(e) Long-term Loan and Advances |
-- |
|
(f) Other Non-current assets |
16.773 |
|
SUB -
TOTAL NON-CURRENT ASSETS |
685.264 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
-- |
|
(b) Inventories |
633.094 |
|
(c) Trade receivables |
890.521 |
|
(d) Cash and cash
equivalents |
16.213 |
|
(e) Short-term loans and
advances |
189.658 |
|
(f) Other current assets |
13.956 |
|
SUB - TOTAL CURRENT ASSETS |
1743.442 |
|
|
|
|
TOTAL
– ASSETS |
2428.706 |
Note:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 7th November 2013.
2. Statutory Auditirs have carried out the “Limited Review” of the Financial results
3. Provision for Deferred Taxation will be ascertained at the end of financial year.
4. Prior period figure have been regrouped / restated wherever necessary to make them comparable.
5. The company is operating only in one segment.
6. The other income including exchange fluctuation gain of Rs.0.608 Million for the first quarter ended 30th June 2013, Rs.23.787 Millions for the second Quarter ended 30th September, 2013 and Rs. 24.395 Millions for the half year ended 30th September, 2013
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. 62.18 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.