MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORGANIC COATINGS LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 405, Atlanta Estate Premises Co-operative Society
Limited, Vith Bhatti, Near Virwani Industrial Estate, Goregaon (East), Mumbai
– 400063, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.04.1965 |
|
|
|
|
Com. Reg. No.: |
11-013187 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 76.746 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24220MH1965PLC013187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM002817D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC00099A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Printing Inks and Allied Product. |
|
|
|
|
No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 179000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has recorded some accumulated losses during 2013. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “B+” |
|
Rating Explanation |
High risk of default. |
|
Date |
April, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
April, 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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Parvesh |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-8155056072 |
|
Date : |
21.06.2014 |
LOCATIONS
|
Registered Office : |
Unit No. 405, Atlanta Estate Premises Co-operative Society
Limited, Vith Bhatti, Near Virwani Industrial Estate, Goregaon (East), Mumbai
– 400063, Maharashtra, India |
|
Tel. No. : |
91-22-29276921 |
|
Mobile No. : |
91-8155056072 (Mr. Parvesh) |
|
Fax No. : |
91-22-29272114 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Block No. 395, 437, 450, Umraya Village, Taluka Padra, District Vadodara - 391440, Gujarat, India |
|
|
|
|
Naigaon
Depot : |
Jay Vijay Inustrial Estate, Building No. 4, Gala No. 103 and 108, National Highway No. 8, Village Bapane, Taluka Vasai, District Thane – 401208, Maharashtra, India |
|
|
|
|
Delhi
Depot : |
A-56 Naraina Industrial Area, Phase 1, New Delhi – 110028,
India |
|
Tel. No. : |
91-11-65423117 / 32024291 |
|
Fax No. : |
91-11-4558 8217 |
|
|
|
|
Kolkata
Depot : |
192/B, S.P. Mukherjee Road, Kolkatta – 700026, West Bengal, India |
|
Tel. No. : |
91-33-24669227 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sudhir A. Sathe |
|
Designation : |
Chairman (Independent Director) |
|
|
|
|
Name : |
Mr. Shah Kodarlal Rajnikant |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
Plot No. 31, Vimal Pushp, Tarun Bharat Society, Chakala, Andheri
(East), Mumbai – 400099, |
|
Date of Birth/Age : |
26.06.1935 |
|
Date of Appointment : |
22.04.1965 |
|
|
|
|
Name : |
Mr. Vinay S. Jog |
|
Designation : |
Independent Director |
|
Date of Appointment : |
15.05.2012 |
|
|
|
|
Name : |
Mr. Abhay Rajnikant Shah |
|
Designation : |
Joint Managing Director |
|
Address : |
Park View, 2nd Floor, Flat No. 204, Near Sathaye College, Park
Road, Mumbai – 400057, Maharasahtra, India |
|
Date of Birth/Age : |
13.07.1966 |
|
Date of Appointment : |
01.10.1994 |
|
|
|
|
Name : |
Mr. Ajay Rajnikant Shah |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 31, Vimal Pushp, Tarun Bharat Society, Chakala, Andheri
(East), Mumbai – 400099, |
|
Date of Birth/Age : |
21.04.1968 |
|
Qualification : |
Diploma in Computer Engnn. |
|
Expertise in
specific functional areas : |
Accounts and Finance functions of the Company |
|
Date of Appointment : |
01.08.1998 |
|
|
|
|
Name : |
Mr. Manoj Vasantlal Mehta |
|
Designation : |
Whole Time Director |
|
Address : |
A/101, Bhagirathi Niwas, Near |
|
Date of Birth/Age : |
12.12.1960 |
|
Qualification : |
H.S.C. |
|
Expertise in
specific functional areas : |
Production of the Company |
|
Date of Appointment : |
01.10.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir R. Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Parvesh |
|
Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3322077 |
43.29 |
|
|
3322077 |
43.29 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3322077 |
43.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
50000 |
0.65 |
|
|
50000 |
0.65 |
|
|
|
|
|
|
368872 |
4.81 |
|
|
|
|
|
|
1646410 |
21.45 |
|
|
2092954 |
27.27 |
|
|
7000 |
0.09 |
|
|
187287 |
2.44 |
|
|
160801 |
2.10 |
|
|
26386 |
0.34 |
|
|
100 |
0.00 |
|
|
4302523 |
56.06 |
|
Total Public shareholding (B) |
4352523 |
56.71 |
|
Total (A)+(B) |
7674600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7674600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing Inks and Allied Product. |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
90 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Bank of Maharashtra, S. P. Road Branch, Mumbai –
400004, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE LONG TERM
BORROWINGS The Term Loan on Plant and Equipment are secured by Equitable mortgage of Factory Land and Building and hypothecation of Plant and Equipment at S V Road, Ghodbunder Village, Post Mira Road, District-Thane and at Village Umraya, Taluka-Padra, District- Vadodara. These loans are further guaranteed by one of the director in his personal Capacities The Vehicles loans are secured by hypothecation of Vehicles. SHORT TERM BORROWINGS The Working Capital Loan are secured by hypothecation of
the inventory and trade receivables, Equitable mortgage of Factory land and
Building and hypothecation of Plant and Equipment at S V Road, Ghodbunder
Village, Post Mira Road, District -Thane and at Village Umraya, Taluka-Padra,
District-Vadodara. These loans are further guaranteed by one of the director
in his personal capacities. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Soman Uday and Company Chartered Accountants |
|
|
|
|
Legal Advisors : |
R.V.J. Associates Advocates and Solicitors |
|
|
|
|
Associates
Company : |
Organic Sales and Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7700000 |
Equity Shares |
Rs.10/- each |
Rs. 77.000 Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,74,600 |
Equity Shares |
Rs.10/- each |
Rs. 76.746 Millions |
|
|
|
|
|
NOTE
Details of the Shareholders holding more
than 5% of shares
|
Name of the
Shareholders |
As At 31st March 2013 No of Shares % of held |
|
Mr. Rajnikant K. Shah |
11,60,377 |
|
(Include 3,55,483 (4.63%) Shares of Rajnikant K
Shah (HUF) |
15.12% |
|
Ajay R Shah |
4,13,970 |
|
|
5.39% |
|
Vimal C. Mehra |
8,02,614 |
|
|
10.46% |
|
Krishnakant R. Shah |
4,22,098 |
|
|
5.50% |
The Reconciliation of the number of the shares
outstanding is set out below
|
Particulars |
As At 31st March 2013 (No of Shares) |
|
Equity Shares at the beginning of the year |
76,74,600 |
|
Equity Shares at the end of the year |
76,74,600 |
Terms/Rights attached to Equity
Shares
The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of the Equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees and
every equity share is entitled to the same rate of dividend.
LISTING DETAILS
|
Subject Stock Code
: |
BSE : 531157 NSE : -- |
|
|
|
|
Stock Exchange
Place : |
The Stock Exchange, Mumbai |
|
|
|
|
Listed Date : |
Not Available |
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 |
76.746 |
76.746 |
76.866 |
|
(b) Reserves & Surplus |
(31.859) |
31.172 |
95.769 |
|
(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) |
44.887 |
107.918 |
172.635 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term Borrowings |
13.222 |
35.263 |
58.079 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
0.000 |
11.040 |
|
(c) Other Long Term Liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term Provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
13.222 |
35.263 |
69.119 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
214.678 |
219.290 |
193.405 |
|
(b) Trade Payables |
113.435 |
126.447 |
91.822 |
|
(c) Other Current
Liabilities |
32.027 |
43.546 |
28.196 |
|
(d) Short-term Provisions |
10.613 |
12.106 |
14.062 |
|
Total Current Liabilities (4) |
370.753 |
401.389 |
327.485 |
|
|
|
|
|
|
TOTAL |
428.862 |
544.570 |
569.239 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible Assets |
196.560 |
212.714 |
143.265 |
|
(ii) Intangible Assets |
0.954 |
1.166 |
1.377 |
|
(iii) Capital
Work-in-Progress |
1.059 |
0.000 |
12.311 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
198.573 |
213.880 |
156.953 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
67.892 |
104.685 |
154.647 |
|
(c) Trade Receivables |
135.477 |
187.013 |
188.797 |
|
(d) Cash and Cash
Equivalents |
4.292 |
7.542 |
14.467 |
|
(e) Short-term Loans and
Advances |
22.628 |
31.450 |
54.375 |
|
(f) Other Current Assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
230.289 |
330.690 |
412.286 |
|
|
|
|
|
|
TOTAL |
428.862 |
544.570 |
569.239 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
452.430 |
612.127 |
644.268 |
|
|
|
Other Income |
0.302 |
1.774 |
4.619 |
|
|
|
TOTAL (A) |
452.732 |
613.901 |
648.887 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
318.895 |
428.550 |
489.602 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
25.124 |
34.733 |
-27.646 |
|
|
|
Employees benefits expense |
34.747 |
40.624 |
39.084 |
|
|
|
Excess Depreciation of earlier Years Written Back |
-2.488 |
0.000 |
0.000 |
|
|
|
Other expenses |
82.354 |
128.816 |
115.892 |
|
|
|
TOTAL (B) |
458.632 |
632.723 |
616.932 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(5.900) |
(18.822) |
31.955 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.631 |
38.455 |
23.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(44.531) |
(57.277) |
8.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.456 |
18.547 |
12.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(62.987) |
(75.824) |
(3.525) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.052) |
(11.201) |
(1.276) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(62.935) |
(64.623) |
(2.249) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(53.104) |
11.519 |
13.768 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(116.039) |
(53.104) |
11.519 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of the Exports |
13.720 |
33.684 |
38.099 |
|
|
TOTAL EARNINGS |
13.720 |
33.684 |
38.099 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
48.764 |
99.029 |
133.613 |
|
|
|
Components and Spare Parts |
1.080 |
0.798 |
1.928 |
|
|
|
Capital Goods |
0.00 |
1.526 |
0.000 |
|
|
TOTAL IMPORTS |
49.844 |
101.353 |
135.541 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(8.20) |
(8.42) |
(0.29) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
111.400 |
107.500 |
99.200 |
99.700 |
|
Total Expenditure |
124.500 |
90.300 |
95.400 |
123.500 |
|
PBIDT (Excl OI) |
(13.100) |
17.200 |
3.700 |
(23.800) |
|
Other Income |
0.100 |
125.800 |
0.000 |
(5.500) |
|
Operating Profit |
(13.000) |
143.000 |
3.700 |
(29.300) |
|
Interest |
8.700 |
5.400 |
5.100 |
6.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(3.800) |
|
PBDT |
(21.800) |
137.500 |
(1.300) |
(39.600) |
|
Depreciation |
4.600 |
4.400 |
3.500 |
3.900 |
|
Profit Before Tax |
(26.300) |
133.200 |
(4.800) |
(43.400) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(26.300) |
133.200 |
(4.800) |
(43.400) |
|
Extraordinary Items |
(16.700) |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(43.000) |
133.200 |
(4.800) |
(43.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(13.90) |
(10.53) |
(0.35) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.92) |
(12.39) |
(0.55) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.72) |
(13.92) |
(0.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.40) |
(0.70) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.08 |
2.36 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62 |
0.82 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
76.866 |
76.746 |
76.746 |
|
Reserves & Surplus |
95.769 |
31.172 |
-31.859 |
|
Net
worth |
172.635 |
107.918 |
44.887 |
|
|
|
|
|
|
long-term borrowings |
58.079 |
35.263 |
13.222 |
|
Short term borrowings |
193.405 |
219.290 |
214.678 |
|
Total
borrowings |
251.484 |
254.553 |
227.900 |
|
Debt/Equity
ratio |
1.457 |
2.359 |
5.077 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
644.268 |
612.127 |
452.430 |
|
|
|
(4.989) |
(26.089) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
644.268 |
612.127 |
452.430 |
|
Profit |
(2.249) |
(64.623) |
(62.935) |
|
|
(0.35%) |
(10.56%) |
(13.91%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10084992 |
03/01/2008 |
9,000,000.00 |
BANK OF MAHARASHTRA |
4, RIDDHI SIDDHI APARTMENT, 10TH LANE, KHETWADI BACK ROAD, GIRGAUM, MUMBAI, MAHARASHTRA - 400004, INDIA |
A31032345 |
|
2 |
10038984 |
10/02/2007 |
5,500,000.00 |
BANK OF MAHARASHTRA |
4, RIDDHI SIDDHI APARTMENT, 10TH LANE, KHETWADI B |
A11145257 |
|
3 |
10010063 |
28/06/2005 |
715,000.00 |
BANK OF MAHARASHTRA |
S. P. ROAD BRANCH, GIRGAUM, MUMBAI, MAHARASHTRA - |
A02406049 |
|
4 |
90240044 |
28/03/2014 * |
198,170,000.00 |
BANK OF MAHARASHTRA |
S P ROAD BRANCH, 4, RIDHI APARTMENT, 10TH KHETWADI BACK ROAD,GIRGAUM, MUMBAI, MAHARASHTRA - 400004, INDIA |
C03587292 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Others Loans and Advances Loan from Directors |
1.614 |
0.456 |
|
Total |
1.614 |
0.456 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from Plot No. 31, Vimal Pushpa, Tarun Bharat Society, Chakala, Andheri (East), Mumbai - 400099, Maharashtra, India to the present.
FINANCIAL RESULTS
The accumulated losses of the Company at the end
of financial year 31st March, 2013 have resulted in erosion of
more than fifty percent of its peak net worth during the immediately preceding
four financial years. While the Company is taking necessary steps to protect
further erosion, the Company will report to the Board for Industrial and
Financial Reconstruction about such erosion of networth as envisaged under
Section 23 of the Sick Industrial
Companies (Special Provisions) Act, 1985
forthwith upon finalization of the duly audited accounts of the Company
for the financial year ended 31st March,
2013. Shareholders are also requested to take note of this erosion and consider
the same at the Extraordinary General Meeting of the members being convened for
the purpose.
OPERATIONS
During the year, the Company achieved a net turnover
of Rs.452.430 Millions as compared to Rs.612.127 Millions in the previous year
resulting in decrease of about 26.09%. The operations of the company has
resulted into loss of Rs.8.388 Millions before finance cost, depreciation and
taxation for the year under review as against the loss of Rs.18.822 Millions in
the previous year. The net loss for the year after finance cost, depreciation
and taxation was Rs.62.935 Millions as against loss of Rs.64.623 Millions in
the previous year. The Company is exploring the possibility of identifying the
customer's of international repute for exporting Company's product in bulk
which would result into positive growth both in terms of turnover and profit
during the current year on materialization of the export orders.
SALE OF LAND AND BUILDING AT THANE
The Company has presently two manufacturing units
one located at S.V. Road, Ghodbunder Village, Post Mira, Dist. Thane – 401 104
and another located at Block No. 395, 437, 450, Village Umraya, Taluka Padra,
Vadodara – 391440 both carrying on manufacturing of printing inks of various
types used in printing industry. The unit located at S.V.Road, Ghodbunder
Village, Post Mira, Dist. Thane – 401104 was set up way back in the year 1965
having installed capacity of manufacturing 300 MT/month of Printing Inks. Over
the period of last 47 years the Plant and Machineries installed at Thane Unit
has become very old and has become technologically obsolete requiring excessive
manpower besides involving payment of Octroi on all the inputs resulting into
economically unviable.
As the members are aware the Company has set up
another manufacturing unit and commenced the production in July 2011 for
printing inks at Block No. 395, 437, 450, Village Umraya, Taluka Padra,
Vadodara – 391 440 with latest semi-automated Plant and Machinery having
installed capacity of 800 MT/month for manufacturing printing inks, which
results into saving in manpower cost, electricity cost, low wastage and zero
octroi. This would have contributed towards profitability of the Company as
estimated at the time of setting up the said manufacturing unit at Vadodara.
However, the demand for the printing ink manufactured by the Company did not
grow correspondingly as expected to absorb the productive capacity set up in
both the units put together resulting in huge losses in the last couple of
years and working of the Company has suffered quite substantially.
The Board of Directors has therefore decided to
discontinue the operation at Thane unit and sale/dispose off the
Land and Building etc. as per the Ordinary
Resolution proposed to be passed by Postal Ballot sent to all the shareholders.
The Company has entered Memorandum of Understanding for sale of the aforesaid
Land and Building for a consideration of Rs.155.000 Millions. The Plant and
Machineries, other Office Equipments which can be installed and used at the new
manufacturing unit at Vadodara will be shifted and installed therein. The old
Plant and Machineries which have become obsolete/unusable will be disposed off
at the best possible consideration as may be agreed by the Board. The aforesaid
new manufacturing unit at Vadodara will cater to all the existing customers of
the Company and meet their demand.
The money realized from sale/disposal of the
Thane unit will be utilized for the purpose of reduction of significant
amount of cash credit facilities availed from the
Bank by the Company and thereby reduce the cost of interest. With this the
Company expects to improve its bottomline and come out of the red within a
short span.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT AND
CHALLENGES:
The Indian economy witnessed slow down of
economic activities particularly industrial output. Inflation also remained at
elevated level throughout the financial year. Private investments has declined
in its space of growth considerably affecting the growth rate of the economy.
Higher spending on subsidies on account of oil and fertilizers widened the
fiscal deficit of the centre more than the budget estimates.
The financial year 2012-13 was among the most
challenging years on the macro economy front. The policy and governance
environment impacted the economic scenario. Persistent inflation resulted in
the regulator raising the policy rates leading to a higher interest rate
environment. The global environment remained weak for most part of the year
with many European nations sinking into recession, US showing muted growth and
even China witnessing a slowdown from its consistent growth over the past decade.
All these factors contributed towards an
industrial slowdown. The year in view continue to face tremendous volatility in
terms of raw material pricing as well as availability. Ink industry in the past
year did get one price increase from their customers and are negotiating for
one more as of now.
The growth of the industry did not meet the
expectations due to recession in economy worldwide. The demand for
the printing ink manufactured by the Company did not grow correspondingly as expected resulting into unde utilization of Company's productive capacity. This increased burden of interest on additional borrowings taken for Vadodara Plant are the real challenges in the coming years to bring the Company into profitable venture.
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31ST
DECEMBER, 2013
(Rs. in Millions)
|
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
1 |
Income From Operations |
|
|
|
|
|
|
|
|
|
|
|
(a)
Net Sales / Income From Operations (Net of Excise Duty) |
99.153 |
1,07.467 |
318.038 |
|
|
(b)
Other Operating Income |
- |
- |
- |
|
|
Total Income From Operations (Net) |
99.153 |
1,07.467 |
318.038 |
|
2 |
Expenses |
|
|
|
|
|
(a)
Cost of Materials Consumed |
87.970 |
71.965 |
245.494 |
|
|
(b)
Purchases of Stock In-Trade |
- |
- |
- |
|
|
(c)
Change in Inventories of Finished Goods, Work-In-Progress |
(10.984) |
(14.920) |
(13.948) |
|
|
and Stock In-Trade |
|
|
|
|
|
(d)
Employee Benefits Expense |
5.511 |
5.401 |
16.908 |
|
|
(e)
Depreciation and Amortisation Expense |
3.453 |
4.391 |
12.410 |
|
|
(f)
Other Expenses |
12.912 |
27.865 |
61.761 |
|
|
Total Expenses |
98.861 |
94.701 |
322.626 |
|
3 |
Profit/(Loss) From Operations Before Other Income, Finance Costs and
Exceptional Items (1-2) |
0.292 |
12.766 |
(4.587) |
|
4 |
Other Income |
(0.022) |
1,25.826 |
125.884 |
|
5 |
Profit/(Loss) From Ordinary Activities Operations Before Finance Costs
and Exceptional Items (3+4) |
0.271 |
1,38.591 |
121.297 |
|
6 |
Finance Costs |
5.052 |
5.441 |
19.231 |
|
7 |
Profit/(Loss) From Ordinary Activities Operations After Finance Costs but
before Exceptional Items (5-6) |
(4.782) |
1,33.150 |
102.066 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit/(Loss)
From Ordinary Activities Before Tax (7-8) |
(4.782) |
1,33.150 |
102.066 |
|
10 |
Tax Expenses |
|
|
|
|
|
-Current Tax |
- |
- |
- |
|
|
-Deferred Tax Asset |
- |
- |
- |
|
|
-For Earlier Years |
- |
(0.004) |
(0.004) |
|
11 |
Profit/(Loss)
From Ordinary Activities After Tax (9-10) |
(4.782) |
133.154 |
1,02.070 |
|
12 |
Extraordinary Items (Net of Tax Expenses) |
- |
- |
16.720 |
|
13 |
Net
Profit/(Loss) For the Period (11-12) |
(4.782) |
133.154 |
85.350 |
|
14 |
Paid-up equity share capital (Face Value
of Rs.10/- Each) |
76.746 |
76.746 |
76.746 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year |
- |
- |
- |
|
16 |
Earnings Per
Share (Rs.) |
|
|
|
|
|
a) Basic and Diluted EPS before
Extraordinary item |
(0.62) |
17.35 |
11.12 |
|
|
b) Basic and Diluted EPS after Extraordinary item |
(0.62) |
17.35 |
11.12 |
|
|
|
|
|
|
|
A |
Particulars of
Shareholdings |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- No. of shares |
4,352,523 |
4,352,523 |
4,352,523 |
|
|
- %age of Shareholding |
56.71 |
56.71 |
56.71 |
|
2 |
Promoters and Promoter
Groups Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a% of the total shareholdings of |
Nil |
Nil |
Nil |
|
|
promoters and promoter group) |
|
|
|
|
|
- Percentage of shares (as a% of the total share capital of |
Nil |
Nil |
Nil |
|
|
the company) |
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
3,322,077 |
3,322,077 |
3,322,077 |
|
|
- Percentage of shares (as a% of the total shareholdings of |
100% |
100% |
100% |
|
|
promoters and promoter group) |
|
|
|
|
|
- Percentage of shares (as a% of the total share capital of |
43.29 |
43.29 |
43.29 |
|
|
the company) |
|
|
|
Notes:
1) The Company does not have different segments and hence segment wise reporting is not applicable to the Company
2) The following is the position of investor's complaints as at end of this quarter.
Investor complaints
a) Pending at the end of the last quarter Nil
b) Received during the quarter Nil
c) Resolved during the quarter Nil
d) Pending at the end of the quarter Nil
3) Previous year's figures have been regrouped/rearranged wherever necessary.
4) The above financial results were reviewed by the Audit Committee and approved by Board of Directors of the Company at the meeting held on 10/02/2014.
FIXED ASSETS
Tangible Assets
· Free Hold Land
Building
Electric
Installation
Office
Equipment
Plant
and Equipment
Furniture
and Fixtures
Computers
Vehicles
Intangible Assets
· Patents
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.60.19 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.