MIRA
INFORM REPORT
|
Report Date : |
24.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TCPL PACKAGING LIMITED |
|
|
|
|
Registered
Office : |
Shiv Smriti
Chambers, 49, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.08.1987 |
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Com. Reg. No.: |
11-044505 |
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Capital
Investment / Paid-up Capital : |
Rs. 87.000 Millions |
|
|
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CIN No.: [Company Identification
No.] |
L22210MH1987PLC044505 |
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IEC No.: |
05001962723 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09495D |
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PAN No.: [Permanent Account No.] |
AAACT1406 |
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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
: |
Manufacuter Export of Paper board – based printed
packaging material |
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|
No. of Employees
: |
1140 (Approximetly) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is decent. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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 |
CARE |
|
Rating |
Long - Term bank Facilities (BBB+) |
|
Rating Explanation |
Moderate Degree of safety. It carry Moderate
Credit Risk |
|
Date |
17.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short – Term Bank Facilities (A2) |
|
Rating Explanation |
Strong Degree of safety. It carry low credit
Risk |
|
Date |
17.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Pravin Karambelkar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-66606000 |
|
Date : |
18.07.2014 |
LOCATIONS
|
Registered Office : |
Shiv Smriti
Chambers, 49, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra,
India |
|
Tel. No.: |
91-22-66606000 (Mr. Pravin Karambelkar) |
|
Fax No.: |
91-22-24935893 |
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E-Mail : |
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Website : |
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|
|
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Factory 1 : |
Silvassa |
|
Tel. No.: |
91-260-2640259 / 2640067 |
|
Fax No.: |
91-260-2640066 |
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|
|
|
Factory 2 : |
Haridwar Factory - Northern India Plot No.1 and 2, Sector 6A, Integrated Industrial Estate, BHEL, Haridwar, Uttarakhand - 249403,
India |
|
Tel. No.: |
91-1334-239176-9/ 395217 |
|
Fax No.: |
91-1334-239175 |
|
|
|
|
Factory 3 : |
Goa Factory - Western India Shed No.1, 2 and 3 Plot No.124 and 127A, Kundaim
Industrial Estate, Kundaim, Ponda,
Goa-403115 |
|
Tel. No.: |
91-832-2395235/ 40 |
|
|
|
|
Factory 4: |
Assam Plot No. 19, Industrial Growth Centre, Chayagoan,
Village Chatabari, District Kamrup
Rural, Assam – 781123, India |
|
|
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Branch Office : |
B-57, Second Floor, Kalkaji, New Delhi –
110019, India |
|
Tel. No.: |
91-11-26441480 / 11 |
|
Fax No.: |
91-11-26442531 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Rishav Kanoria |
|
Designation : |
Executive Director |
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Name : |
Mr. C.M. Maniar |
|
Designation : |
Director |
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|
Name : |
Mr. Sudhir Merchant |
|
Designation : |
Director |
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|
Name : |
Mr. Atul Sud |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K.K. Kanoria |
|
Designation : |
Whole-Time Director |
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|
Name : |
Mr. Saket Kanoria |
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Designation : |
Managing Director |
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|
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|
Name : |
Mr. S. G. Nanavati |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Karambelkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
868271 |
9.98 |
|
|
4129353 |
47.46 |
|
|
4997624 |
57.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
4997624 |
57.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3600 |
0.04 |
|
|
3600 |
0.04 |
|
|
|
|
|
|
1161488 |
13.35 |
|
|
|
|
|
up to Rs. 0.100 Millions |
1355995 |
15.59 |
|
in excess of Rs. 0.100 Millions |
1055853 |
12.14 |
|
|
125440 |
1.44 |
|
|
6103 |
0.07 |
|
|
15427 |
0.18 |
|
|
101328 |
1.16 |
|
|
682 |
0.01 |
|
|
1900 |
0.02 |
|
|
3698776 |
42.51 |
|
Total Public shareholding (B) |
3702376 |
42.56 |
|
Total (A)+(B) |
8700000 |
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) |
8700000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacuter Export of Paper board – based printed
packaging material |
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|
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Belgium |
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Terms : |
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Selling : |
Cash and Advance |
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Purchasing : |
Cash and Advance |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1140 (Approximetly) |
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Bankers : |
·
Dena Bank BKC Branch ·
Axis Bank, Naiman Point
·
ICICI, Prabhadevi |
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Facilities : |
Long Term Borrowing: · The loans from banks
are secured by First pari passu
charge on movable and immovable assets of the Company situated at Haridwar, Silvassa & Goa both present & future and Second pari passu charge by way of
hypothecation of the Company's entire stock and other movables including book
debts, bills, outstanding monies, receivables both present and future. The loans from others are
secured by hypothecation of specific machinery / assets for which loan are availed. ·
Rupee Term Loan from banks carries
interest in the range of 13% to 13.50% p.a. and Foreign Currency Loans from
banks carries interest at LIBOR + ranging from 100 to 200 basis points. The
loans are repayable in monthly / quarterly instalments
Rupee loans from others carries interest in the range of 13% to 15% p.a. and
are repayable in monthly instalments. · Maturity
profile of secured term loans are set out below: (` in millions)
Short Term
Borrowing: Working Capital Loans and Acceptances are secured by pari passu charge by way of hypothecation of raw materials, semi-finished goods, finished goods, tools & spares, packing material, book debts and assignment of actionable claims. The loan is repayable on demand and carries interest in the range of 13% to 13.50% p.a. |
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta & Co. Chartered Accountants |
|
|
|
|
Other Related Parties: |
·
Accura Reprotech Private Limited ·
Narmada Fintrade Limited · Flixit Animations Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
Rs. 10/-
each |
Rs. 87.000
Millions |
|
|
|
|
|
Reconciliation
of Equity shares outstanding at the beginning and at the end of the year
|
|
31.03.2014 |
31.03.2013 |
|
Equity shares outstanding at the beginning of
the year |
87.000 |
87.000 |
|
At the End of the year |
87.000 |
87.000 |
Terms attached to
equity shares
The Company has only one class of equity shares having par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Details of
shareholders holding more than 5% shares in the company
|
|
31.03.2014 |
31.03.2013 |
|
|
% holding |
% holding |
|
Accuraform Private Limited |
20.06 |
16.15 |
|
Narmada Fintrade Private Limited |
10.47 |
12.53 |
|
Powersurfer Interactive (India) Private Limited |
1034 |
10.34 |
|
Anil Kumar Goel |
6.18 |
3.47 |
|
AMVD Holding Private Limited |
5.86 |
5.86 |
|
Sampannta Investments Private Limited |
5.23 |
5.23 |
|
Total |
58.14 |
53.58 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
87.000 |
87.000 |
87.000 |
|
(b) Reserves &
Surplus |
792.265 |
692.675 |
577.709 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
6.875 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
879.265 |
779.675 |
671.584 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
781.740 |
632.136 |
695.460 |
|
(b) Deferred tax
liabilities (Net) |
120.414 |
100.637 |
92.763 |
|
(c) Other long term
liabilities |
6.286 |
5.280 |
4.244 |
|
(d) long-term provisions |
15.409 |
17.550 |
15.259 |
|
Total Non-current
Liabilities (3) |
923.849 |
755.603 |
807.726 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
619.298 |
622.953 |
400.605 |
|
(b) Trade payables |
354.266 |
360.560 |
282.805 |
|
(c) Other current
liabilities |
406.333 |
387.690 |
259.371 |
|
(d) Short-term provisions |
25.446 |
26.973 |
47.236 |
|
Total Current Liabilities
(4) |
1405.343 |
1398.176 |
990.017 |
|
|
|
|
|
|
TOTAL |
3208.457 |
2933.454 |
2469.327 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1826.788 |
1606.097 |
1454.773 |
|
(ii) Intangible Assets |
5.562 |
4.376 |
5.531 |
|
(iii) Capital
work-in-progress |
40.048 |
12.330 |
29.853 |
|
(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 |
21.435 |
49.449 |
67.518 |
|
(e) Other Non-current
assets |
26.775 |
12.865 |
23.387 |
|
Total Non-Current Assets |
1920.608 |
1685.117 |
1581.062 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
474.371 |
449.016 |
364.996 |
|
(c) Trade receivables |
738.785 |
702.900 |
469.528 |
|
(d) Cash and cash
equivalents |
8.979 |
26.012 |
5.646 |
|
(e) Short-term loans and
advances |
51.231 |
50.515 |
33.881 |
|
(f) Other current assets |
14.483 |
19.894 |
14.214 |
|
Total Current Assets |
1287.849 |
1248.337 |
888.265 |
|
|
|
|
|
|
TOTAL |
3208.457 |
2933.454 |
2469.327 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3949.211 |
3732.907 |
2833.465 |
|
|
TOTAL (A) |
3949.211 |
3732.907 |
2833.465 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2288.621 |
2171.692 |
1624.316 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.634) |
(4.587) |
(29.430) |
|
|
Employees benefits
expense |
290.783 |
243.004 |
178.202 |
|
|
Loss on account of
exchange rate diffrences |
7.394 |
1.430 |
35.345 |
|
|
Other expenses |
772.245 |
764.825 |
611.775 |
|
|
TOTAL (B) |
3337.409 |
3176.364 |
2420.208 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
611.802 |
556.543 |
413.257 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
176.560 |
149.568 |
119.650 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
435.242 |
406.975 |
293.607 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
237.929 |
203.527 |
179.665 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
197.313 |
203.448 |
113.942 |
|
|
|
|
|
|
|
Less |
TAX (I) |
72.277 |
68.384 |
36.892 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
125.036 |
135.064 |
77.050 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
29.002 |
20.911 |
4.084 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
100.000 |
100.000 |
40.000 |
|
|
Proposed Dividend |
21.750 |
23.055 |
17.400 |
|
|
Corporate tax on dividend |
3.696 |
3.918 |
2.823 |
|
|
Total (K) |
125.446 |
126.973 |
20.911 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
28.592 |
29.002 |
81.134 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
618.871 |
727.295 |
486.443 |
|
|
Travelling and Others |
32.016 |
33.336 |
21.846 |
|
|
TOTAL EARNINGS |
650.887 |
760.631 |
508.289 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
137.926 |
130.319 |
81.872 |
|
|
Consumables |
52.897 |
74.247 |
40.445 |
|
|
Capital Goods |
256.626 |
130.360 |
309.773 |
|
|
TOTAL IMPORTS |
447.449 |
334.926 |
432.090 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
14.37 |
15.52 |
8.93 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
3.17 |
3.62 |
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.00 |
5.45 |
4.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.23 |
6.96 |
4.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.26 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio Total Debt /Networth) |
|
1.59 |
1.61 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.89 |
0.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
87.000 |
87.000 |
87.000 |
|
Reserves & Surplus |
577.709 |
692.675 |
792.265 |
|
Money received against
share warrants |
6.875 |
0.000 |
0.000 |
|
Net worth |
671.584 |
779.675 |
879.265 |
|
|
|
|
|
|
long-term borrowings |
695.460 |
632.136 |
781.740 |
|
Short term borrowings |
400.605 |
622.953 |
619.298 |
|
Total borrowings |
1096.065 |
1255.089 |
1401.038 |
|
Debt/Equity ratio |
1.632 |
1.610 |
1.593 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2833.465 |
3732.907 |
3949.211 |
|
|
|
31.744 |
5.795 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2833.465 |
3732.907 |
3949.211 |
|
Profit |
77.050 |
135.064 |
125.036 |
|
|
2.72% |
3.62% |
3.17% |
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) |
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 |
No |
|
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 |
Yes |
UNSECURED LOANS:
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long Tem Borrowing |
|
|
|
From Others |
0.000 |
20.000 |
|
From Related
Party |
0.000 |
0.000 |
|
Total |
0.000 |
20.000 |
Note:
Unsecured loan is taken from a body corporate carrying interest @ 16% p.a. and is repayable in May 2014 and that from Related party carries interest @ 12% p.a.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Overview
During the year 2013-14,
the Company’s sales have increased from Rs. 3887.800
Millions to Rs. 4124.300 Millions showing a growth of
6.08%. The factories at Silvassa, Haridwar
and Goa have converted 43360 M.T. of board as
compared to 41773 M.T. in the previous year. The export turnover of the Company
stood at `64.38 crores as against Rs.
856.900 Millions of last year. The Company has exported a variety of packing
materials to its customers based in UAE and Europe countries.
The Company is
continuously increasing its clientele and several large multinational companies
operating in India are its customers.
Industry Structure and Developments
The year 2013-14
witnessed sluggish growth in FMCG industry. However with the new government at
the centre it is expected that the country returns to the high growth rates
seen in the past. We thus anticipate higher rates of industry growth in the
future, which will be favourable to the prospects for
our business.
Therefore, with the
change in economic condition, lifestyle of people and launch of organised retail etc. the demand for packaged goods are
expected to rise substantially.
Financial performance
During the year the
performance of the Company has marginally increased compared to the previous
year. While the turnover has increased by 6.08%, the EBIDTA has also gone up to
Rs. 619.100 Millions as against Rs.
55.80 Millions during the previous year 2012- 13 represents an increase of
10.97%. The Cash profit of the Company has also gone up to Rs.
435.200 Millions in the current year as against Rs.
407.000 Millions in the last financial year.
Dividend Policy
TCPL is a regular
dividend paying company for the past many years. For the year ended 31st March,
2014, the Directors have recommended a dividend of Rs.
2.50 per share amounting to Rs. 2544.600 lacs including taxes thereon. This amounts to 20% of the
net profit for the year. As you may recall, the Company has announced
previously a policy of payout of 20% of net profits by way of Dividend.
WORKING REVIEW AND PERFORMANCE
Working Review:
During the year
2013-14, the gross turnover of the Company has increased to Rs.
4124.300 Millions from Rs. 3887.800 Millions for the
previous year ended 31st March 2013 representing a growth of 6.08%. The Company
has converted 43360 MT of paperboard as against 41773 MT in the previous year.
As usual, the
Company continues to do significant share of its business by the conversion
route. However, had all the products been sold on sales basis, the turnover
would have been Rs. 4472.900 Millions as against Rs. 4208.300 Millions in the previous year, representing a
growth of 6.29%.
The Company’s
exports for the year ended 31st March, 2014 stood at Rs.
643.800 Millions, as against Rs. 856.900 Millions for
the previous year.
During the year, the
Company has earned an EBIDTA of Rs. 619.200 Millions
as compared to Rs. 558.000 Millions, an increase of
10.97% over the previous year and amounts to 15.88% of net sales, as against 15.17%
in the previous year.
Performance:
Silvassa
factory:
During the year, the
operations of all the three units in Silvassa have
been encouraging and all the units have significantly contributed to the growth
in sales.
During the year, the
Company installed a state-of-the-art KBA offset printing machine from Germany
at its Offset Printing Unit (OPU) in Silvassa alongwith a host of ancillary equipments which was
commissioned in July 2013. The capacity utilisation
of the unit has been increasing for the past few months and the unit has also
added several new customers to its portfolio.
The performance of
the Gravure printing unit (GPU) at Silvassa has also
been satisfactory and bulk of the Company’s exports is contributed by products
manufactured by this unit. This unit was also expanded during the year by
integrating the neighbouring plots, and by
installation of equipments which enable us to convert value added jobs such as
high volume foil stamping and tactile UV applications.
The third unit at Silvassa is called Fluted Corrugation unit (FCU) and is
also performing satisfactorily and is producing E/F/N fluted cartons for a
variety of customers in the FMCG and Food industries.
Haridwar
factory:
The Haridwar plant of the Company continues to achieve high
levels of capacity utilisation. The products of the
Company have been well received by its customers and the levels of utilisation and business generated at this plant have
surpassed expectations and are at satisfactory level.
Goa factory:
During the year, the
company added a printing machine at this facility by transferring a 6 colour offset printing machine from Silvassa
and installed additional new equipment. This factory has become a full-fledged
independent unit for manufacture of printed cartons, and will be a key factor
in our pursuit of servicing orders from south based customers.
Guwahati
project:
During the year, the
Directors have decided to pursue the opportunity to expand our activities by setting
up a Greenfield state-of-art packaging plant in Chayagaon,
near Guwahati in the state of Assam. The northeast
region of the country has been growing rapidly and Central and State
Governments offer several fiscal benefits for units being set up there. In view
of this, the Company has decided to set up a plant there to cater to the
increasing demand for high quality packaging in that region. The construction
of the factory building at the site is going on in full swing and we expect to
commence commercial production by the end of the year.
Future prospects:
The Directors are
pleased to state that due to the continuous growth the Company has witnessed,
it continues to be India’s largest independent manufacturer of folding cartons
with a turnover crossing a milestone figure of Rs.
4000.000 Millions at a compound annual growth rate in excess of 16% over the
last 5 years.
Further, the
Directors are hopeful that, with the swearing in of a very progressive and
stable Government at the Centre, the growth of Indian economy will further
accelerate which promises to result in high growth in the FMCG sector and this
will enable the company to utilise its capacities at
higher levels and indeed create more opportunities for growth in the
foreseeable future.
CONTINGENT
LIABILITIES :
a) Counter
Guarantees given to the banks in respect of:
i) Bank Guarantee of `66.71lacs given to the Electricity Departments /
Various Government Authorities
(Previous year Rs. 7.171 Millions)
ii) The Bonds given to Customs and Excise Authorities – Rs. 826.053 Millions towards export obligation
fulfillment of Rs 2183.074 Millions (since fulfilled Rs.
1904.637 Millions) for licences issued under
Export Promotion Capital
Goods Scheme (Previous Years Rs. 663.874 Millions)
and for other matters
Rs.
175.718 Millions (Previous Year Rs. 161.258 Millions)
b) Disputed demands
of Rs. 41.035 Millions in respect of various orders
passed by Central Excise / Income Tax
authorities (Previous year Rs. 11.666 Millions) for which appeals are made.
(2) Estimates amount
of contracts remaining to be executed on capital account and not provided for
(net of
advances) Rs. 115.578 Millions (Previous year Rs. 2090.72 Millions)
(3) In the opinion
of the Board, Current Assets, Loans and Advances (including Capital Advances)
have a value
on realisation
in the ordinary course of business, at least equal to the amount at which they
are stated.
The accounts of certain Sundry Debtors,
Sundry Creditors, Advances and Lenders are subject to confirmation
/ reconciliation and adjustments, if any,
the management does not expect any material difference affecting the
current year's financial statements.
(4) The Central Government
vide notification dated 31st March, 2009 has amended Accounting Standard 11
"The
Effects, changes in Foreign Exchange
Rates". In view of this, Effect on account of exchange differences loss of
Rs. 71.092
Millions (net) (Previous year Rs. 9.160 Millions) has
been adjusted in the cost of Assets relating to
various outstanding Foreign Currency Loans.
INDEX CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503126 |
04/06/2014 |
1,283,670.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C06710214 |
|
2 |
10483571 |
15/02/2014 |
420,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN DIA |
B98897929 |
|
3 |
10436887 |
27/03/2014 * |
124,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI, |
C08905168 |
|
4 |
10403331 |
09/07/2013 * |
375,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B79578050 |
|
5 |
10384104 |
05/10/2012 |
1,340,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B61149878 |
FIXED
ASSETS:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
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 records 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] 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. 60.18 |
|
|
1 |
Rs. 102.68 |
|
Euro |
1 |
Rs. 81.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.