MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL GLASS LIMITED |
|
|
|
|
Registered
Office : |
Nicholas Piramal
Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.02.1998 |
|
|
|
|
Com. Reg. No.: |
11-113433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.809.160 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28992MH1998PLC113433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTG00256E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and
Specialty Food and Beverages Industries. |
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|
|
|
No. of Employees
: |
3997 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19170000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. There is a dip in profit margin of the company in the year 2013. However, overall financials of the company appears to be sound and
healthy. Trade relations reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Fund Based Limit) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 (Non-Fund Based Limit) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
February, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (91-22-30466666)
LOCATIONS
|
Registered Office / Corporate
Office 1 : |
Nicholas Piramal Tower,
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-30466666 |
|
Fax No. : |
91-22-24902363 |
|
E-Mail : |
|
|
Website : |
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|
Area: |
14000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Corporate Office 2 : |
Piramal Tower Annexe, 6th Floor, Peninsula
Corporate Park, Off. Worli Naka,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30466969 /
30466901 |
|
Fax No.: |
91-22-24908824 |
|
E-Mail : |
|
|
|
|
|
Plant Location : |
plant I
ONGC Road, Tarsadi Village, Kosamba, District Surat – 394 120, Gujarat, India Tel. No.: 91-2629-231701/5 Fax No.: 91-2629-231271 E-Mail: mprasad@gujaratglass.co.in plant ii
Off. Masar Chowkadi, Masar Gajera Road, Village Ucchad, Tehsil Jambusar, District Bharuch - 392150, Gujarat, India Tel. No.: 91-2644-233313 – 7 Fax No.: 91-2644-233282 E-Mail: sagarwal@gujaratglass.co.in |
|
|
|
|
Overseas Plant Location : |
· Piramal Glass Ceylon PLC, Poruwadanda, Wagawatte, Horana, Srilanka ·
· PGI Decora, 918 E, Malaga Road, Williamstown, NJ 08094, USA |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Ajay G. Piramal |
|
Designation : |
Chairman |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
03.08.1955 |
|
Qualification : |
B.Sc., M.M.S. (Bom)., A.M.P. (Harvard) |
|
Date of Appointment : |
06.02.1998 |
|
|
|
|
Name : |
Ms. Vinita Bali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vimal
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharendra
Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shitin Desai |
|
Designation : |
Director |
|
Date of Appointment : |
30.04.2013 |
|
|
|
|
Name : |
Mr. Jiten Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat Kewalramani |
|
Designation : |
Director |
|
Address : |
232, |
|
Date of Birth/Age : |
03.03.1960 |
|
Date of Appointment : |
02.04.1998 |
|
|
|
|
Name : |
Mr. Suhail Nathani |
|
Designation : |
Director |
|
Date of Appointment : |
08.02.2013 |
|
|
|
|
Name : |
Ms. Swati A.
Piramal |
|
Designation : |
Director |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
28.03.1956 |
|
Date of Appointment : |
12.03.1998 |
|
|
|
|
Name : |
Mr. Vijay Shah |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholder |
No. of Shares |
% of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
417140 |
0.52 |
|
|
59122053 |
73.07 |
|
|
360588 |
0.45 |
|
|
360588 |
0.45 |
|
|
59899781 |
74.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
59899781 |
74.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1506142 |
1.86 |
|
|
464 |
0.00 |
|
|
756119 |
0.93 |
|
|
2262725 |
2.80 |
|
|
|
|
|
|
8615252 |
10.65 |
|
|
|
|
|
|
3821311 |
4.72 |
|
|
4533705 |
5.60 |
|
|
1783212 |
2.20 |
|
|
172505 |
0.21 |
|
|
239619 |
0.30 |
|
|
10010 |
0.01 |
|
|
1360886 |
1.68 |
|
|
192 |
0.00 |
|
|
18753480 |
23.18 |
|
Total Public shareholding (B) |
21016205 |
25.97 |
|
Total (A)+(B) |
80915986 |
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) |
80915986 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and
Specialty Food and Beverages Industries. |
GENERAL INFORMATION
|
No. of Employees : |
3997 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes: 1. The Rupee Term Loan / ECB is secured by mortgage and pari pasu charge of immovable properties of the company, both present and future. They are further secured by hypothecation of all movables and movable machinery, machinery spares and accessories, stocks, both present and future, subject to prior charge created/to be created in favour of banks for securing the borrowing for cash credit from Bank Facilities and the charge on specific assets referred to in note no 2 below: 2. Loans under Buyer’s Credit are secured by an exclusive charge on the assets and equipments procured under the facility. 3. Cash Credit facilities are secured by Hypothecation of current assets namely, stocks, bills receivables and book debts and all other movables, both present and future, of the Company. 4. The Short Term Loan from Indostar Finance Company
Limited secured by mortgage and second charge of immovable properties of the
Company, both present and future. It is further secured by second charge on
all movables and movable machinery, machinery spares and accessories both
present and future. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
Race Course Circle, Vadodara - 390007, Gujarat, India |
|
|
|
|
Subsidiaries Companies : |
· Piramal Glass Ceylon PLC. · Piramal Glass International Inc. · Piramal Glass-USA Inc. · Piramal Glass Flat River LLC · Piramal GIass Williamstown LLC · Piramal Glass (UK) Limited ·
Piramal Glass Europe SARL |
|
|
|
|
Associated
Companies : |
· Piramal Enterprises Limited (Formerly known as Piramal Healthcare Limited) · Piramal Corporate Services Limited (Formerly known as Piramal Enterprises Limited) ·
Piramal Realty Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82000000 |
Equity Shares |
Rs.10/- each |
Rs.820.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80923500 |
Equity Shares |
Rs.10/- each |
Rs.809.240 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80915986 |
Equity Shares |
Rs.10/- each |
Rs.809.160 Millions |
|
|
|
|
|
NOTES:
|
a. Reconciliation of shares outstanding at
the beginning & at the end of Reporting Period: |
Equity Shares in Nos. |
|
Issued, Subscribed and
paid-up shares |
|
|
Opening
Balance |
80915986 |
|
Issued
during the year |
-- |
|
Closing
Balance |
80915986 |
b. Terms and Rights attached to equity shares:
The
company has one class of equity shares having a par value of Rs. 10 per share.
Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets after discharging all liabilities of the Company, in
proportion to their shareholding.
|
|
31st march
2013 |
|
c. Details of shareholders holding more than
5% shares in the Company: |
|
|
PEL
Management Services Private Limited - Trustee of The Shri Hari Trust. |
|
|
- No of shares |
56351424 |
|
- % Holding |
69.65% |
d.
At the time of the Company's Rights Issue of 62940500 equity shares of Rs. 10/- each for cash at a price of Rs. 30/- per
share (including a share premium of Rs. 20/-) per equity share in 2009,
entitlements relating to 4,88,764 Rights shares were held in abeyance, of which
481922 shares pertained to Overseas Corporate Bodies (OCB), which were held in
abeyance pending requisite approval of the Reserve Bank of India (RBI).
Since
then, one of the OCBs having Rights entitlement of 481250 equity shares
received the requisite RBI approval and the Company has during the previous
financial year 2011-12, allotted the said shares having received the full
subscription amount. Consequently, the paid up share capital of the Company has
increased to Rs. 809.160 millions comprising 80915986 shares of Rs. 10 each and security premium reserve stand
increased by Rs. 9.630 millions.
As
regards the other OCB having Rights entitlement of 672 shares, RBI has denied
its approval during the previous financial year 2011-12 for the same and
consequently, no allotment shall be made in respect of these shares.
Consequent
to the above, total Rights entitlements held in abeyance stands reduced from
488764 shares to 6842 shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
809.160 |
809.160 |
804.350 |
|
(b) Reserves & Surplus |
3985.110 |
4031.340 |
3568.130 |
|
(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) |
4794.270 |
4840.500 |
4372.480 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2796.140 |
1820.150 |
1281.440 |
|
(b) Deferred tax liabilities (Net) |
172.740 |
201.380 |
135.160 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
1.940 |
|
Total Non-current
Liabilities (3) |
2968.880 |
2021.530 |
1418.540 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
4866.140 |
5453.570 |
3956.370 |
|
(b) Trade payables |
1055.160 |
924.430 |
733.560 |
|
(c) Other current liabilities |
861.210 |
550.660 |
820.010 |
|
(d) Short-term provisions |
864.100 |
834.080 |
731.290 |
|
Total Current
Liabilities (4) |
7646.610 |
7762.740 |
6241.230 |
|
|
|
|
|
|
TOTAL |
15409.760 |
14624.770 |
12032.250 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7828.690 |
6546.500 |
6103.970 |
|
(ii) Intangible Assets |
13.470 |
10.700 |
27.990 |
|
(iii) Capital work-in-progress |
100.260 |
1513.640 |
394.500 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
592.630 |
592.630 |
592.630 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78.170 |
495.500 |
688.420 |
|
(e) Other Non-current assets |
95.610 |
67.350 |
54.250 |
|
Total Non-Current
Assets |
8708.830 |
9226.320 |
7861.760 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1918.480 |
1393.200 |
1114.220 |
|
(c) Trade receivables |
3607.410 |
3044.050 |
2581.430 |
|
(d) Cash and cash equivalents |
145.520 |
127.460 |
14.070 |
|
(e) Short-term loans and advances |
885.640 |
632.890 |
340.030 |
|
(f) Other current assets |
143.880 |
200.850 |
120.740 |
|
Total Current
Assets |
6700.930 |
5398.450 |
4170.490 |
|
|
|
|
|
|
TOTAL |
15409.760 |
14624.770 |
12032.250 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10154.800 |
8547.960 |
7622.940 |
|
|
|
Other Income |
221.090 |
198.720 |
113.940 |
|
|
|
TOTAL (A) |
10375.890 |
8746.680 |
7736.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2580.000 |
2015.940 |
1767.590 |
|
|
|
Purchases of Traded Goods |
67.270 |
96.250 |
47.790 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(448.500) |
(204.680) |
(30.490) |
|
|
|
Employee Benefits Expense |
1241.080 |
912.820 |
808.240 |
|
|
|
Other Expenses |
5208.290 |
3497.380 |
3034.860 |
|
|
|
TOTAL (B) |
8648.140 |
6317.710 |
5627.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1727.750 |
2428.970 |
2108.890 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
731.040 |
575.070 |
448.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
996.710 |
1853.900 |
1660.720 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
933.970 |
773.430 |
740.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
62.740 |
1080.470 |
920.650 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.300 |
297.740 |
234.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.440 |
782.730 |
685.850 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1019.220 |
643.910 |
353.830 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on Equity Shares |
80.920 |
283.210 |
281.520 |
|
|
|
Dividend Distribution Tax thereon |
13.750 |
45.940 |
45.660 |
|
|
|
Transfer to General Reserves |
1.210 |
78.270 |
68.590 |
|
|
BALANCE CARRIED
TO THE B/S |
971.770 |
1019.220 |
643.910 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
5542.580 |
4944.860 |
4102.040 |
|
|
|
Technical Fees |
109.000 |
99.620 |
83.860 |
|
|
|
Dividend received from Piramal Glass Ceylon PLC |
80.230 |
66.380 |
0.000 |
|
|
TOTAL EARNINGS |
5731.810 |
5110.860 |
4185.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
661.840 |
346.300 |
297.480 |
|
|
|
Capital Goods and Spares |
315.390 |
898.700 |
407.050 |
|
|
TOTAL IMPORTS |
977.230 |
1245.000 |
704.530 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.60 |
9.67 |
8.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
2667.600 |
2963.900 |
2783.600 |
|
Total Expenditure |
2230.200 |
2319.500 |
2416.100 |
|
PBIDT (Excl OI) |
437.400 |
644.400 |
367.500 |
|
Other Income |
224.500 |
78.700 |
0.000 |
|
Operating Profit |
661.900 |
723.100 |
367.500 |
|
Interest |
261.600 |
196.900 |
90.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
400.300 |
526.200 |
277.400 |
|
Depreciation |
234.400 |
233.700 |
246.600 |
|
Profit Before Tax |
165.900 |
292.500 |
30.800 |
|
Tax |
64.700 |
101.200 |
7.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
101.200 |
191.300 |
23.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.47 |
8.95 |
8.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62 |
12.64 |
12.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43 |
8.63 |
8.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.22 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.60 |
1.50 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.70 |
0.67 |
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 |
804.350 |
809.160 |
809.160 |
|
Reserves & Surplus |
3568.130 |
4031.340 |
3985.110 |
|
Net
worth |
4372.480 |
4840.500 |
4794.270 |
|
|
|
|
|
|
long-term borrowings |
1281.440 |
1820.150 |
2796.140 |
|
Short term borrowings |
3956.370 |
5453.570 |
4866.140 |
|
Total
borrowings |
5237.810 |
7273.720 |
7662.280 |
|
Debt/Equity
ratio |
1.198 |
1.503 |
1.598 |
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 |
7622.940 |
8547.960 |
10154.800 |
|
|
|
12.135 |
18.798 |
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
|
7622.940 |
8547.960 |
10154.800 |
|
Profit |
685.850 |
782.730 |
48.440 |
|
|
9.00% |
9.16% |
0.48% |
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 |
Yes |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liabilities |
|
|
|
Sales Tax Deferment Loan (Unsecured Payable in 6 equal annual installments from 2011 to 2016) |
128.630 |
171.50 |
|
Deposits |
0.000 |
1.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Packing Credit
From: |
|
|
|
Corporation Bank |
432.490 |
460.460 |
|
ANZ Bank |
434.480 |
632.480 |
|
HSBC Bank |
433.930 |
662.860 |
|
CITI Bank |
135.770 |
0.000 |
|
Short Term loan
From: |
|
|
|
CITI Bank |
892.080 |
598.000 |
|
HSBC Bank |
550.000 |
0.000 |
|
HDFC Bank |
0.000 |
750.000 |
|
YES Bank |
400.000 |
250.000 |
|
DBS Bank |
750.000 |
750.000 |
|
Deposits |
4.810 |
4.830 |
|
|
|
|
|
Total |
4162.190 |
4281.130 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444408 |
26/07/2013 |
1,500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B82773755 |
|
2 |
10439383 |
10/07/2013 |
500,000,000.00 |
Axis Bank Limited |
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B80565534 |
|
3 |
10435441 |
14/05/2013 |
275,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, C2, WADIA INTERNATIONAL CENTER, P B MARG, MUMBAI, MAHARASHTRA - 400013, INDIA |
B79015251 |
|
4 |
10403063 |
11/01/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B68115963 |
|
5 |
10367790 |
06/07/2012 |
530,000,000.00 |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIM |
LEVEL 10, 1 QUEENS ROAD CENTRAL, HONG KONG, - 000000, HONG KONG |
B44470037 |
|
6 |
10339933 |
10/02/2012 |
1,090,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B34023788 |
|
7 |
10312725 |
22/09/2011 |
455,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, BOMBAY DYEING MILLS COMPOUND, MUMBAI, MAHARASHTRA - 400025, INDIA |
B23393135 |
|
8 |
10290366 |
20/05/2011 |
450,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, BOMBAY DYEING MILLS COMPOUND, MUMBAI, MAHARASHTRA - 400025, INDIA |
B14341515 |
|
9 |
10275915 |
04/03/2011 |
230,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES, FORT BRANCH, 10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B09087586 |
|
10 |
10181777 |
30/09/2009 |
400,000,000.00 |
INDUSIND BANK |
425 DADASAHEB BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400004, INDIA |
A71338420 |
|
11 |
90147275 |
29/11/2004 * |
640,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH; APPEJAY HOUSE, 3; DINS |
- |
|
12 |
90145996 |
29/08/2012 * |
3,250,000,000.00 |
Allahabad Bank |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG, SECOND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B57729014 |
* Date of charge modification
OPERATIONS REVIEW
As part of the long term strategy of the Company, they continue to focus on Cosmetics and Perfumery (C and P) segment. During the year this segment grew by 17% from Rs. 7052.000 Millions to Rs. 8232.000 Millions. The growth is being driven by new customers, new products developed and sold globally.
They renewed their focus on Specialty Food and Beverages (SF and B) Segment. During the year this segment grew by 8% from Rs. 3503.000 Millions to Rs. 3789.000 Millions.
In the Pharmaceutical segment, they maintained their leadership position in the domestic market. During the year this segment grew by 27% from Rs. 3223.000 Millions to Rs. 4090.000 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
Business Overview:
Subject is a manufacturer of glass containers for the Cosmetics and Perfumery, Pharmaceuticals and Specialty Food and Beverage industries. Subject manufactures a wide range of glass bottles and jars, in sizes ranging from 2 ml to 2.5 liters. PGL has manufacturing facilities in India, USA and Sri Lanka.
Market Overview:
Market Size
Cosmetics and Perfumery Global market size is estimated to be US$ 2.4 – US$ 2.7 billion, growing at 4% per annum.
Pharmaceutical Global market size is estimated to be US$ 2.1 - US$ 2.4 billion, growing at 4% per annum.
Specialty Food and Beverages is estimated to be US$ 1.5 - US$ 1.7 billion, growing at 6% per annum.
Cosmetics and
Perfumery Business:
The glass containers manufactured in Cosmetics and Perfumery are used to fill nail polish, perfumes, skin care creams, foundations, attars, etc. The main raw materials for glass manufacturing are semi snow quartz, soda ash, lime stone powder.
Subject enjoys a global market share of ~ 6.5% and is the only significant player from Asia with presence in the Premium segment.
Pharmaceuticals
Business:
It caters to the requirements of Pharmaceutical Industry for packaging like molded vials for injectibles and bottles for syrups, droppers and infusions In the Indian market, Subject enjoys a leadership position in the domestic markets with about 35% market share.
Specialty Food and
Beverages Business:
The uniquely designed and colored glass containers are used to fill boutique wine and high-end liquor products.
GROWTH DRIVERS
Cosmetics and
Perfumery (C and P)
The Cosmetics and Perfumery Division of Piramal Glass caters to international marquee customers like LVMH, Yves Rocher, YSL, Coty, Unilever, Revlon, L’Oreal, P and G, Elizabeth Arden, Estee Lauder etc. apart from local C and P brand owners in international markets like Erkul Kozmetic, Compagnie De Diffussion, Niasi, Expak, Baralan International, Estico Limited, Revolline Limited These customers use the glass bottles and jars for products like nail polish, make-up foundations, perfumes, skin care creams etc.
Traditionally, the C and P glass bottles market has been dominated by European players like SGD, Pochet, Gerresheimer, Heinz, Zignago, Bormiolli Rocco and Bormiolli Luigi. Most of these players have been in existence for more than a hundred years.
This industry is characterized by capital as well as manual intensity (although manufacturing is highly automated, operations like forming, sorting and decorations are skill based and manual intensive).
PGL is the youngest player in this segment. It entered into this segment in 2000 with foray into nail polish market, and later mass perfumes. Within a few years of entering, PGL became a dominant player in the nail polish glass bottle market globally. Today PGL dominates this segment. It makes 1 out of every 2 nail polish bottles manufactured globally (PGL manufactured about 2.0 billion pieces in FY13)
In 2007, after achieving leadership position in Nail Polish and Mass Perfume markets, under a long term strategy initiative, Subject entered the Premium Segment of C and P and today this segment is the prime focus of the company. In terms of capacity Piramal Glass has the second largest installed capacity globally (545 TPD) and currently enjoys a global market share of ~ 6.5% (sales of Rs. 8,232 Millions). Investment in capacities, leveraging skills from their USA operations, leveraging skills of technical experts from Europe coupled with focus on world class business processes through Manufacturing Excellence initiative has helped the PGL to attain this position.
Subject, is the fastest growing player in this segment, with a growth of 18.4% CAGR (5 years) compared to market growth of 4% globally.
The drivers, for growth of PGL have been increased cost consciousness among western customers coupled with boom in consumption of C and P in emerging economies due to growing young population, higher percentage of working women and increasing disposable income. The demand from emerging economies, particularly the BRIC countries has been significant.
In the premium C and P market, these factors have resulted in PGL getting recognized as a respectable glass manufacturer from Asia, as an alternate supplier to the European glass makers. Successful execution of initial projects has helped PGL in gradually winning a higher percentage of the share of wallet from existing customers – which is the main area of future effort and focus, as most of the leading perfumery companies are already their customers.
Pharmaceutical:
The Pharmaceutical glass container division manufactures amber bottles, amber and flint vials for liquid oral formulations, injectibles, etc. Products manufactured conform to US, Indian and European pharmacopeia in Type I, Type II and Type III formulations. PGL is a leading supplier of glass containers to both multinational and Indian pharmaceutical companies like GlaxoSmithKline, Pfizer, Cipla, Abbott, Alembic, Ranbaxy, E-Merck, Aventis, Dabur , Himalaya drugs, Dr. Reddy’s Laboratories etc.
In FY2013, this segment continued to see competition in the form of replacement with PET especially in the Oral formulations and amber glass bottles in the range of 60 ml to 100 ml. PGL has focused on export markets, mainly USA, and currently 47% of PGL Pharmaceutical division comprises of exports.
The high-end Borosilicate Glass (or Type-I Glass) market has been an attractive growth segment for PGL, particularly for exports to USA as also “deemed exports” in India as more and more injectibles manufacturing facility in India receive US FDA approval.
Specialty Food and Beverages:
The Specialty Food and Beverages division provides bottles for wine, liquor and food which are often unique in design and decoration. This business is very freight intensive and hence localized. Piramal Glass is catering to this segment from Sri Lanka and USA. PGL has consciously grown in exports from Sri Lanka, earlier mainly to India, and today to Far East and Australia. In Sri Lanka the strategy has been to migrate to more and more premium customers. In USA, focus is on winning new customers and new brands in the specialty liquor segment.
Since the US acquisition, they have gradually been able to increase their sales in this segment through acquisition of new customers and retaining old ones. USA operations have an edge over its European competitors due to lower freight. PGL caters to global customers like Diageo, Pernod Ricard, Cadbury Schweppes, UB Group, etc.
Strategy Summary
1. Continued focus on C and P segment. The growth in capacity and skill will help the company in growing both in Premium as well as Mass segment. Growth will also be fuelled by continued efforts to transition some of the C and P production from the USA facility to India.
2. Improvement in product mix and geography mix for Pharmaceutical segment.
3. In Sri Lanka and USA, focus on growth in high-end Specialty bottles segment.
BOARD OF DIRECTORS
Mr. Ajay G. Piramal
Mr. Ajay G. Piramal is the Promoter and Chairman of the Company. Applauded as an entrepreneur and innovator, he enabled the Piramal Group to evolve from a Textile centric business to a conglomerate with diversified business interests across Pharmaceuticals, Packaging, Financial Services, Real Estate and Information Management.
Mr. Piramal did his B. Sc (Hons) from Bombay University (1975). He completed his Master in Management Studies from Jamnalal Bajaj Institute of Management Studies (Class of 1977); and also did an Advanced Management Programme from Harvard Business School (1992).
Mr. Piramal is also the Chairman of Piramal Foundation which makes significant contributions to the community through various CSR initiatives including Piramal Swasthya, Piramal Water, Source for Change and Piramal Foundation for Education Leadership. He is also the Chairman of Health Management and Research Institute (HMRI), a registered nonprofit organization based in Hyderabad which works towards making healthcare accessible, affordable and available to underserved communities, including in partnership with government agencies.
Mr. Piramal is also the Chairman of Pratham India, which is the largest non-governmental organization in the education sector and reaches out to 33 Millions children through its “Read India” campaign.
He is the Chairman of the Board of Governors of Indian Institute of Technology, Indore and is also Member, Board of Dean’s Advisors, Harvard Business School (HBS), Boston.
Ms. Vinita Bali
Ms. Vinita Bali is the Managing Director of Britannia Industries, India’s publicly listed premier food company with revenue in excess of USD 1 Billion. She joined Britannia in January 2005 following 16 years of overseas assignments in a variety of marketing and general management positions in different countries, with eminent multinationals like The Coca-Cola Company and Cadbury Schweppes PLC. Ms. Bali has lived and worked in the UK, Nigeria, South Africa, Chile and the USA, in addition to India.
In the eight years that Ms. Bali has been in Britannia, she has steered the Company on a Health and Nutrition course and delivered its highest ever growth. Britannia has also been at the forefront of several initiatives to address malnutrition, both as a part of its business model and through the Britannia Nutrition Foundation, created in 2009.
Ms. Bali also serves as an Independent Director on the Boards of Syngenta International AG and GAIN (Global Alliance for Improved Nutrition), in addition to other corporate boards in India. She is among the 27 global leaders appointed by the UN to help improve maternal and child health as part of its SUN (Scaling Up Nutrition) initiative.
Ms. Bali has been recognized in forums nationally and internationally and won several awards for her various contributions to business.
Mr. Vimal Bhandari
Mr. Vimal Bhandari is a Commerce Graduate from Mumbai University and a Chartered Accountant. Mr. Bhandari is a proficient and a proven top management professional with over twenty five years of experience in a range of businesses in the financial services industry.
He is currently the CEO and Managing Director of Indostar Capital Finance Private Limited, a wholesale credit institution sponsored by private equity houses like Everstone, Goldman Sachs, Ashmore and others with an initial capitalization of Rs. 9000.000 Millions.
Prior to joining Indostar Capital, he was Country Head of Aegon N.V., the leading Dutch financial services player, which has established a life insurance business in India.
In his early career, Mr. Bhandari was with IL and FS, the Indian infrastructure financing and financial services institution, of which twelve years were spent as the Executive Director on the Board of Directors of the Company. He was directly responsible for the financial services business of IL and FS.
Mr. Bhandari is also on the Board of various public limited companies as an Independent Director. He has also been a member of the Executive Committee of National Stock Exchange of India and is an Executive Committee member of FICCI, the apex Chamber of Commerce.
Mr. Suhail Nathani
Mr. Suhail Nathani is the co-founder of the Economic Laws Practice in India and has been a partner there since 2001. He has been named by Chambers and Partners, Legal 500 and International Who’s Who as a leading lawyer in India. Mr. Nathani obtained his MA in Law degree from Cambridge University, England, where he was a Cambridge Commonwealth Scholar. Subsequently he obtained his LLM from Duke University, USA. He is admitted to practice in India and New York. He is a member of the US Court of International Trade.
After qualifying, Mr. Nathani was based in Washington, D.C., for seven years working in the field of telecommunications law and policy. Thereafter, Mr. Nathani returned to India and practiced as a lawyer and established his own firm in New Delhi. In 2001, he co-founded Economic Laws Practice in Mumbai. The firm has offices at Mumbai, Delhi, Ahmedabad and Pune. He has advised on several investments in the manufacturing, services and real estate sector in India. With around two decades of experience, his areas of specialization include corporate and commercial matters, competition and international trade.
He serves on the board of several public limited companies. He also serves on the panel of lawyers for SEBI and on the WTO Panel for the Government of India. He has represented the Government before the WTO in Geneva and the Competition Commission up to the Supreme Court in India.
Mr. Shitin Desai
Mr. Shitin Desai presently serves as a Consultant to Bank of America Merrill Lynch. Prior to this, he served as an Executive Vice-Chairman of DSP Merrill Lynch Limited and is one of its founding Directors. He also served as an Independent Non-Executive Director of Kalpataru Power Transmission Limited from March 2006 to May 2010. He has more than 35 years experience in the financial services sector. At present he is the Chairman on the Board of Trustees of DSP Blackrock Trustee Company Private Limited He was earlier on the Board of Company from December 2005 to January 2011.
Mr. Desai is also a Director on the Board of Foundation for Promotion of Sports and Games, a Not-for-Profit Company which assists potential athletes to achieve their dream.
Mr. Desai was also a member on the Committee on Takeovers appointed by SEBI, Investor Education and Protection Fund constituted by the Ministry of Corporate Affairs, the RBI Capital Market Committee, Advisory Group of Securities Market of RBI and Insider Trading Committee. He was also a member of FICCI. Mr. Desai is a regular speaker at various platforms on finance and is a Commerce Graduate from University of Mumbai.
CONTINGENT LIABILITIES
(Rs. In
Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
a) Disputed Liability |
|
|
|
- Central Excise authorities |
10.670 |
9.040 |
|
- Sales Tax Authorities |
— |
— |
|
- Income Tax |
7.250 |
5.500 |
|
b) Counter Guarantees issued to others |
422.380 |
260.720 |
|
- Counter guarantees given for working capital
loan and overdraft facilities of US $ 50.50 million (PY US $ 50.50 million)
granted to the wholly owned subsidiary in USA viz. Piramal Glass USA, Inc |
2715.500 |
2569.440 |
|
- Counter guarantee given for insurance
cover granted to the wholly owned subsidiary in USA viz. Piramal Glass USA,
Inc |
96.670 |
81.410 |
|
- Counter guarantees given for working
capital loan of EURO 16.50 (PY EURO 16.50) millions granted to the wholly
owned subsidiary in Europe viz. Piramal Glass Europe SARL |
80.000 |
112.050 |
|
c) The Company has provided Corporate
Guarantees and/or has given pari passu charge on the entire fixed assets
(movable and immoveable) both present and future (except assets having
exclusive charge) of the Company situated at Jambusar and Kosamba, for Term
Loans aggregating to US $ 20 million granted to the wholly owned subsidiary
in USA viz. Piramal Glass USA, Inc. |
1086.200 |
476.320 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE YEAR
ENDED 31ST MARCH 2014
Rs. In Millions
|
Particulars |
3 Months Ended |
Year Ended |
|
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2769.600 |
2722.100 |
10963.200 |
|
b) Other operating income |
15.100 |
61.500 |
236.700 |
|
Total
income from Operations(net) |
2784.700 |
2783.600 |
11199.900 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
740.500 |
764.200 |
2863.500 |
|
b) Purchases of stock in trade |
10.500 |
32.700 |
98.500 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(91.500) |
(206.100) |
(359.300) |
|
d) Employees benefit expenses |
325.900 |
334.200 |
1344.600 |
|
e) Depreciation and amortization expenses |
231.700 |
246.600 |
946.500 |
|
f) Energy Cost |
699.300 |
692.000 |
2683.800 |
|
g) Freight Cost |
272.200 |
226.200 |
948.700 |
|
h) Foreign Exchange (Gain) / Loss (Net) |
140.800 |
124.200 |
(38.300) |
|
i) Other expenditure |
406.600 |
448.700 |
1625.300 |
|
Total expenses |
2736.000 |
2662.700 |
10113.300 |
|
3. Profit from operations before other income and
financial costs |
48.700 |
120.900 |
1086.600 |
|
4. Other income |
-- |
-- |
-- |
|
5. Profit from ordinary activities before finance costs |
48.700 |
120.900 |
1086.600 |
|
6. Finance costs |
147.800 |
90.100 |
696.300 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(99.100) |
30.800 |
390.300 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(99.100) |
30.800 |
390.300 |
|
10.Tax expenses |
(31.100) |
7.400 |
142.300 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(68.000) |
23.400 |
248.000 |
|
12.Extraordinary
Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net
Profit / (Loss) for the period (11 -12) |
(68.000) |
23.400 |
248.000 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
809.200 |
809.200 |
809.200 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
4233.100 |
|
16.i)
Earnings per share (before extraordinary items) of Rs.10/- each) (not
annualised): |
|
|
|
|
(a) Basic and diluted |
(0.84) |
0.29 |
3.06 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
21016205 |
20909037 |
21016205 |
|
- Percentage of shareholding |
25.97 |
25.84 |
25.97 |
|
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 |
59899781 |
60006949 |
59899781 |
|
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) |
74.03 |
74.16 |
74.03 |
|
B.
Investor Complaints |
3 Months Ended 31.03.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
809.200 |
|
(b) Reserves & Surplus |
4233.100 |
|
Total
Shareholders’ Funds |
5042.300 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
3063.400 |
|
(b) Deferred tax liabilities (Net) |
252.400 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term
provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
3315.800 |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short
term borrowings |
5075.900 |
|
(b) Trade
payables |
1224.400 |
|
(c) Other
current liabilities |
1080.100 |
|
(d) Short-term
provisions |
886.500 |
|
Total Current
Liabilities (4) |
8266.900 |
|
|
|
|
TOTAL |
16625.000 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
7994.300 |
|
(b) Non-current Investments |
592.600 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
57.900 |
|
(e) Other
Non-current assets |
102.700 |
|
Total Non-Current
Assets |
8747.500 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
2290.100 |
|
(c) Trade
receivables |
3996.800 |
|
(d) Cash
and cash equivalents |
167.300 |
|
(e) Short-term
loans and advances |
1220.600 |
|
(f) Other
current assets |
202.700 |
|
Total
Current Assets |
7877.500 |
|
|
|
|
TOTAL |
16625.000 |
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
· 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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.