MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
WIM PLAST LIMITED |
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Registered
Office : |
S. No. 324/4 to 7, of Kachigam, Village Kachigam, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.10.1988 |
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Com. Reg. No.: |
56-001544 |
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Capital
Investment / Paid-up Capital : |
Rs.60.017 Millions |
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CIN No.: [Company Identification
No.] |
L25209DD1988PLC001544 |
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Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is carrying the manufacturing activity of Plastic
Moulded Furniture and Extrusion Sheets. |
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No. of Employees
: |
Above 500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4990000 |
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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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to retain
100 per cent foreign direct investment in both greenfield (new) and brown field
(existing) pharmaceutical companies, despite concerns over genetic drugs going
out of production, if multi-national companies take over domestic ones. In
M&A deals, a non compete clause would not be allowed, except in special
circumstances. The Department of Industrial Policy and Promotion plans to
release the next edition of its consolidated foreign direct investment policy
document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India committee
has recommended setting up a special category of lenders who would cater to
small businesses and households, to expand the number of customers with access
to banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (Tel No. 91-22-26863424)
LOCATIONS
|
Registered Office / Factory 1 : |
S. No. 324/4 to 7A, of Kachigam, Village Kachigam, Swami Narayan
Gurukul Road, Daman – 396210, Daman and Diu, India |
|
Tel. No.: |
91-260-3294314 / 2242416 / 2242315 |
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Fax No.: |
91-260-2241922 |
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E-Mail : |
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Website : |
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Corporate Office / Head Office : |
Cello House,
Corporate Avenue, 1st Floor,
‘B’ Wing, Sonawala Road, Goregaon
(East), Mumbai - 400063,
Maharashtra, India |
|
Tel. No.: |
91-22-26863426 / 27 / 26864630 |
|
Fax No.: |
91-22-26863681 |
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E-Mail : |
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Factory 2 : |
Khasara
No.502/1,531-534, Village Akkanwali, Baddi, Tehsil Nalagarh, District - Solan - 173205 , Himachal Pradesh, India |
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Tel No.: |
91-1795 - 321295 |
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E-Mail : |
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Factory 3 : |
A/13, E/S1 , SIPCOT Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu, India |
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Tel. No.: |
91-44-27924050 |
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E-Mail : |
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Factory 4 : |
Sr. No. 666/3
and 4, Opposite Kachigam Sub Station Dabhel, Daman U.T. –
396210, Daman and Diu, India |
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Factory 5 : |
Plot No. 34, IP
– IV, Village Begampur, Old Roorkee Road, Bhadrabad, Haridwar – 249403,
Uttrakhand, India |
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E-Mail : |
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Factory 6 : |
Plot No. A/2 Naihati, Rishi Bankim Industrial
Estate, 24 Paraganas (North), Kolkata
– 743135, West Bengal, India |
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E-Mail : |
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Depots : |
·
Hyderabad B-Block, Central
Warehousing Corporation, Delhi Public School Lane, Nacharam, Hyderabad – 500001, Andhra Pradesh,
India ·
Zirakpur Hadbast No. 234, Opposite Swami Vivekanand School, Godown Area, Village Prabhat, N. A. C. Zirakpur, Tehsil Derabassi, District Mohali - 140603, Punjab, India Tel : 91-1762-287 036 ·
Jodhpur Khasra No. 358/359, Jodhpur Pali Highway, Kakani, Jodhpur - 342001, Rajasthan, India ·
Vapi Shop No. 5, Plot No. 10, Sr. No. 486, Chala Vapi – 396191, Gujarat, India ·
Ambala 198 - 199 Markanda Complex, Sena Nagar, Ambala City, Ambala – 134003, Harayana, India ·
Chennai Transit Shed T3, SIPCOT Industrial Estate, Pappankuppam Village, Thiruvallur District, Gummidipoondi, Chennai- 601201, Tamilnadu, India ·
Muzaffarnagar C/o Garg Buildcon (P) Limited, Shernagar, Jansath Road,
Muzaffarnagar – 251001, Uttar Pradesh, India ·
Cuttack Holding No -779, Shed No C/9 , 46 Industrial Estate, Cu-cc Madhupatna Cuttack – 753010, Odisha, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ghisulal D. Rathod |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pradeep G. Rathod |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Pankaj G. Rathod |
|
Designation : |
Director |
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|
Name : |
Mr. Fatechand M. Shah |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Harilal Laxmichand Boolani |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S.M. Khinvesra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Mahendra F. Sundesha |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Prem G. Manghani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Remuneration
Committee : |
· Harilal L. Boolani (Chairman) ·
Ghisulal
D. Rathod ·
S.M.
Khinvesra ·
Mahendra
F. Sundehsa |
|
|
|
|
Audit Committee : |
·
S.M.
Khinvesra (Chairman) ·
Pradeep
G. Rathod ·
Harilal
L. Boolani ·
Mahendra
F. Sundesha |
|
|
|
|
Investors’
Grievance Committee |
·
Harilal
L. Boolani (Chairman) ·
Ghisulal
D. Rathod ·
Pradeep
G. Rathod |
|
|
|
|
Name : |
Mr. Madhusudan R. Jangid |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Kapil
D. Joshi |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4501036 |
75.00 |
|
|
200 |
0.00 |
|
|
4501236 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4501236 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
1000 |
0.02 |
|
|
1200 |
0.02 |
|
|
|
|
|
|
65107 |
1.08 |
|
|
|
|
|
|
948158 |
15.80 |
|
|
428288 |
7.14 |
|
|
57691 |
0.96 |
|
|
16810 |
0.28 |
|
|
40881 |
0.68 |
|
|
1499244 |
24.98 |
|
Total Public shareholding (B) |
1500444 |
25.00 |
|
Total (A)+(B) |
6001680 |
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) |
6001680 |
0.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 millionShareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Promoter and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Pankaj G Rathod |
575000 |
9.58 |
|
Pradeep G Rathod |
575000 |
9.58 |
|
Pampuben G Rathod |
575000 |
9.58 |
|
Ghisulal D Rathod |
442056 |
7.37 |
|
Gaurav Pradeep Rathod |
400000 |
6.66 |
|
Fatechand Mulchand Shah |
279600 |
4.66 |
|
Motilal Mulchand Shah |
265000 |
4.42 |
|
Babita P Rathod |
230000 |
3.83 |
|
Sangeeta P Rathod |
230000 |
3.83 |
|
Kavita Shah |
216460 |
3.61 |
|
Jayesh Ashok Kumar Shah |
214140 |
3.57 |
|
Chandu M Shah |
85500 |
1.42 |
|
Laxmibai Fatehchand Shah |
80640 |
1.34 |
|
Rishikesh Fatehchand Shah |
80340 |
1.34 |
|
Nirmala Motilal Shah |
65000 |
1.08 |
|
Akshay Motilal Shah |
35000 |
0.58 |
|
Karishma Pradeep Rathod |
30000 |
0.50 |
|
Sneha Pankaj Rathod |
30000 |
0.50 |
|
Pankajkumar Ghisulal Rathod |
20000 |
0.33 |
|
Ghisulal Dhanraj Rathod |
20000 |
0.33 |
|
Pradeepkumar Ghisulal Rathod |
20000 |
0.33 |
|
Ashish Motilal Shah |
20000 |
0.33 |
|
Rishikesh F Shah |
11700 |
0.19 |
|
Manisha Jayesh Shah |
600 |
0.01 |
|
Cello Household Appliances Limited |
100 |
0.00 |
|
Cello Thermoware Limited |
100 |
0.00 |
|
Total |
4501236 |
75.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is carrying the manufacturing activity of Plastic
Moulded Furniture and Extrusion Sheets. |
GENERAL INFORMATION
|
No. of Employees : |
Above 500 (Approximately) |
|
|
|
|
Bankers : |
· IDBI Bank · Citi Bank N.A, · HDFC Bank · State Bank of India · Dena Bank ·
ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors
: |
|
|
Name
: |
Bharat P. Shah
and Company Chartered Accountants |
|
Address
: |
159/4, Smruti, Jawahar Nagar Road No. 2, Goregaon (West), Mumbai –
400062, Maharashtra, India |
|
Tel
No.: |
91-22-28767488/7904 |
|
Fax
No.: |
91-22-28767488/7904 |
|
|
|
|
Chief Internal
Auditors : |
|
|
Name
: |
Jeswani and
Rathore Chartered
Accountants |
|
Address
: |
Mumbai, Maharashtra, India |
|
|
|
|
Corporate
Governance : |
|
|
Name
: |
HS Associates Company
Secretaries |
|
|
|
|
Associate Company :
|
· Cello Writing Inst and Containers Private Limited · Cello Household Appliances Private Limited · Cello Pens and Stationary Private Limited · Cello International Private Limited · Cello Plastic Product Private Limited · Cello Stationary Product Private Limited · Pentek Pen and Stationary Private Limited |
|
|
|
|
Associate Concern : |
· Cello Plast. Associate Concern · Cello Plastotech · Cello Sales and Marketing · Cello World. · Cello Home Products. · Cello Houseware · Millenium Houseware · Cello Industries · Cello Oral Hygiene Product. · Cello Plastic Industrial Works |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6001680 |
Equity Shares |
Rs.10/- each |
Rs.60.017 Millions |
(i) There is no change in the Authorized, Issued / Subscribed and
Paid-up Share Capital during the financial year.
(ii) Details of Shareholders holding 5% or more shares in the Company.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Ghisulal D.
Rathod |
462056 |
7.70% |
|
Pradeep G.
Rathod |
595000 |
9.91% |
|
Pankaj G. Rathod
|
595000 |
9.91% |
|
Pampuben G.
Rathod |
575000 |
9.58% |
|
Gaurav P. Rathod |
400000 |
6.66% |
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 |
60.017 |
60.017 |
60.017 |
|
(b) Reserves & Surplus |
1187.167 |
960.802 |
775.163 |
|
(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) |
1247.184 |
1020.819 |
835.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
55.113 |
47.761 |
38.786 |
|
(c) Other long term liabilities |
1.377 |
1.377 |
1.377 |
|
(d) long-term provisions |
1.354 |
1.225 |
0.857 |
|
Total Non-current Liabilities (3) |
57.844 |
50.363 |
41.020 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
75.195 |
36.350 |
17.032 |
|
(c) Other current
liabilities |
80.713 |
43.670 |
36.206 |
|
(d) Short-term provisions |
60.271 |
44.863 |
39.974 |
|
Total Current Liabilities (4) |
216.179 |
124.883 |
93.212 |
|
|
|
|
|
|
TOTAL |
1521.207 |
1196.065 |
969.412 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
705.780 |
579.332 |
346.822 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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 |
18.056 |
11.307 |
36.310 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
723.836 |
590.639 |
383.132 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
391.051 |
299.980 |
255.186 |
|
(c) Trade receivables |
267.682 |
208.721 |
170.383 |
|
(d) Cash and cash
equivalents |
26.697 |
18.487 |
13.535 |
|
(e) Short-term loans and
advances |
111.941 |
78.238 |
146.613 |
|
(f) Other current assets |
0.000 |
0.000 |
0.563 |
|
Total Current Assets |
797.371 |
605.426 |
586.280 |
|
|
|
|
|
|
TOTAL |
1521.207 |
1196.065 |
969.412 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2480.762 |
2014.743 |
1579.900 |
|
|
|
Other Income |
16.495 |
12.261 |
14.851 |
|
|
|
TOTAL (A) |
2497.257 |
2027.004 |
1594.751 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1571.896 |
1209.389 |
920.457 |
|
|
|
Purchases of Traded Goods |
189.938 |
181.719 |
169.893 |
|
|
|
Changes in Inventories of Finished Goods, and
Stock-in-trade |
(96.462) |
(25.335) |
(1.968) |
|
|
|
Employee Benefits Expense |
80.835 |
58.949 |
39.379 |
|
|
|
Other expenses |
290.667 |
224.564 |
159.548 |
|
|
|
TOTAL (B) |
2036.874 |
1649.286 |
1287.309 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
460.383 |
377.718 |
307.442 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.180 |
1.663 |
0.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
459.203 |
376.055 |
306.614 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.463 |
55.889 |
44.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
385.740 |
320.166 |
262.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
103.202 |
92.675 |
79.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
282.538 |
227.491 |
182.496 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
686.139 |
523.260 |
390.557 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
48.013 |
36.010 |
27.008 |
|
|
|
Tax on proposed dividend |
8.161 |
5.842 |
4.485 |
|
|
|
Transfer to General Reserve |
28.300 |
22.760 |
18.300 |
|
|
BALANCE CARRIED
TO THE B/S |
884.203 |
686.139 |
523.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
51.456 |
56.822 |
11.027 |
|
|
|
Raw Materials |
174.384 |
122.185 |
62.253 |
|
|
TOTAL IMPORTS |
225.840 |
179.007 |
73.280 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.08 |
37.90 |
30.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.31 |
11.22 |
11.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.55 |
15.89 |
16.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.36 |
26.77 |
27.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.31 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69 |
4.85 |
6.29 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS 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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
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 |
No |
|
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 |
No |
COMPANY OVERVIEW:
The Company is
carrying the manufacturing activity of Plastic Moulded Furniture and Extrusion Sheets
having the manufacturing units at Daman, Baddi, Chennai, Haridwar and Kolkata
and Corporate Office in Mumbai.
OPERATIONS:
In the year 2012-13
Company continued with the growth of the volumes and earnings. The revenue from
operations comes to Rs.2859.489
Millions (p.y. Rs.2267.584 Millions) and Profit after Tax reached to Rs.282.538
Millions (p.y. Rs.227.491 Millions)
EXPANSION PROJECTS:
During the year
2012-13 new manufacturing unit of plastic moulded furniture was set-up at Kolkata
with the total Investment in Capital Assets for Rs.112.000 Millions and this
unit will bring additional market for the Company and will push the growth as
the Company will cater new Geographic markets with this new unit.
OUTLOOK:
The Company expect
prospective outlook for the years to come due to the strategic development
plans and a wide consumer base across the regions. Setting up of the additional
capacities with spread of distribution net will held to serve the scattered
consumers. Also the Company put its best for the serving the products to
Industrial buyers with rage of applications. The outlook seems to be rising
with volume and growth with the execution of expansion plans and future
strategies.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
680.691 |
745.307 |
1425.998 |
|
b) Other operating income |
1.931 |
1.709 |
3.640 |
|
Total
income from Operations(net) |
682.622 |
747.016 |
1429.638 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
410.933 |
446.538 |
857.471 |
|
b) Purchases of stock in trade |
41.151 |
64.266 |
106.417 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(10.342) |
(2.887) |
(13.229) |
|
d) Employees benefit expenses |
24.898 |
24.181 |
49.080 |
|
e) Depreciation and amortization expenses |
22.059 |
21.639 |
43.98 |
|
f) Other expenditure |
91.421 |
89.953 |
181.375 |
|
Total expenses |
581.120 |
643.690 |
1224.812 |
|
3. Profit from operations before other income and
financial costs |
101.502 |
103.326 |
204.826 |
|
4. Other income |
0.432 |
0.416 |
0.848 |
|
5. Profit from ordinary activities before finance costs |
101.934 |
103.742 |
205.674 |
|
6. Finance costs |
0.851 |
0.222 |
1.073 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
101.083 |
103.520 |
204.601 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
101.083 |
103.520 |
204.601 |
|
10.Tax expenses |
27.289 |
27.333 |
54.622 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
73.794 |
76.187 |
149.979 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
73.794 |
76.187 |
149.979 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
60.017 |
60.017 |
60.017 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.Earnings per share |
|
|
|
|
(a) Basic |
12.30 |
12.69 |
24.99 |
|
(b) diluted |
12.30 |
12.69 |
24.99 |
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1500444 |
1500444 |
1500444 |
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
4501236 |
4501236 |
4501236 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
75.00% |
75.00% |
75.00% |
Note:
1.
The financial
result were reviewed by the audit committee and approved by the board of
directors at the meeting held on 13th November 2013.
2.
The
company deals in only one segment i.e. plastic moulded and extruded articles.
3.
The
status of the investors complaints during quarter ended pending at the
beginning: Nil, complaints received :
4, resolved replied : 4, pending at the end : Nil
4.
The
figures of the previous quarter / year have been regrouped wherever necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2013
Rs.
In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
60.017 |
|
(b) Reserves & Surplus |
|
|
1337.145 |
|
Sub-total Shareholders’ |
|
|
1397.162 |
|
|
|
|
|
|
(2)
Non-current liabilities |
|
|
|
|
(a) Deferred tax liabilities (Net) |
|
|
55.035 |
|
(b) Other long term liabilities |
|
|
1.377 |
|
(c) long-term provisions |
|
|
1.799 |
|
Sub-total of
Non-Current liabilities |
|
|
58.211 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
16.338 |
|
(b) Trade payables |
|
|
115.108 |
|
(c) Other current
liabilities |
|
|
97.618 |
|
(d) Short-term provisions |
|
|
10.285 |
|
Sub-total of Current liabilities |
|
|
239.349 |
|
|
|
|
|
|
TOTAL |
|
|
1694.722 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
699.904 |
|
(b) Long
term loans and advances |
|
|
35.939 |
|
Sub-total of
Non-Current Assets |
|
|
735.843 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
505.415 |
|
(c) Trade receivables |
|
|
303.486 |
|
(d) Cash and cash
equivalents |
|
|
14.004 |
|
(e) Short-term loans and
advances |
|
|
135.974 |
|
Sub-total of
Current Assets |
|
|
958.879 |
|
|
|
|
|
|
TOTAL |
|
|
1694.722 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90077670 |
13/01/2005 |
125,000,000.00 |
IDBI BANK LIMITED |
MARIGOLD HOUSE; PLOT NO. A 34,
CROSS ROAD NO. 2; MAROL MIDC; ANDHERI, MUMBAI, Maharashtra - 400093, INDIA |
- |
|
2 |
90076855 |
30/08/2003 |
155,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, BANDRA, MUMBAI,
Maharashtra - 400051, INDIA |
- |
|
3 |
90077548 |
27/08/2003 |
155,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, BANDRA,
MUMBAI, Maharashtra - 400051, INDIA |
- |
|
4 |
90077357 |
04/01/2000 |
111,200,000.00 |
IDBI BANK LIMITED |
224 A; MITTAL COURT ; A WING 2
FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
5 |
90077239 |
31/07/1998 * |
35,276,000.00 |
INDUSTRIAL DEV. BANK OF INDIA |
IDBI TOWER ; COLABA, MUMBAI,
Maharashtra - 400005, INDIA |
- |
|
6 |
90077116 |
07/12/1994 * |
5,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
KILLICK HOUSE; CHARANJIT RAI MARG, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
7 |
90077099 |
07/12/1994 * |
14,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF
INDIA |
WESTERN REGION OFFICE, NARIMAN
BHAVAN ; NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Leasehold Land
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Moulds
· Office Equipment’s
·
Vehicles
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.62.20 |
|
|
1 |
Rs.103.12 |
|
Euro |
1 |
Rs.84.96 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.