MIRA INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
XPRO INDIA LIMITED |
|
|
|
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Registered
Office : |
Barjora - Mejia Road, P.O. Ghutgoria, Tehsil, Barjora, District
Bankura- 722202, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
26.11.1997 |
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Com. Reg. No.: |
21-085972 |
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Capital
Investment / Paid-up Capital : |
Rs.116.595 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
L25209WB1997PLC085972 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALX00037C |
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PAN No.: [Permanent Account No.] |
AAACX0120H |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Supplier of Cast Sheets and Synthetic
Resins. |
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|
|
No. of Employees
: |
356 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealing with some cautions. |
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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-129-2233915)
LOCATIONS
|
Registered Office |
Barjora - Mejia Road, P.O. Ghutgoria, Tehsil, Barjora, District
Bankura – 722202, West Bengal, India |
|
Tel. No.: |
91-3241-257263/ 4 |
|
Fax No.: |
91-3241-257266 |
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E-Mail : |
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Website : |
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Delhi Office: |
ECE House, 2nd floor, 2BA, Kasturba Gandhi Marg, New Delhi – 110001, India |
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Tel. No.: |
91-11-2376530/02 |
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Fax No.: |
91-11-23711446 |
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E-Mail : |
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Corporate Office/ Export : |
1, Industrial Area, N.I.T., Faridabad -121 001, Haryana, India |
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Tel. No.: |
91-129-2233915 / 17 |
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Fax No.: |
91-129-4028300 |
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E-Mail : |
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Biax Division: |
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Coex Division: |
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Sidharth Birla |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mrs. Madhushree Birla |
|
Designation : |
Director |
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|
Name : |
Mr. Amitabha Ghosh |
|
Designation : |
Director |
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|
Name : |
Mr. Amitabha Guha |
|
Designation : |
Director |
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|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. P. Murari |
|
Designation : |
Director |
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|
Name : |
Mr. Utsav Parekh |
|
Designation : |
Director |
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|
Name : |
Mr. S. Ragothaman |
|
Designation : |
Director |
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|
Name : |
Mr. C. Bhaskar |
|
Designation : |
Managing Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Mr. S.C. Jain |
|
Designation : |
Company Secretary |
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|
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|
Name : |
Mr. H. Bakshi |
|
Designation : |
President and Chief Operating Officer
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|
Name : |
Mr. V.K. Agarwal |
|
Designation : |
Executive Vice President and Chief Financial officer |
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|
Name : |
Mr. N. Ravindran |
|
Designation : |
Joint President (Marketing) |
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|
Name : |
Mr. Anil Jain |
|
Designation : |
Executive Vice President, Coex Division (RNJ) |
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|
Name : |
Mr. Manmohan Krishna |
|
Designation : |
Executive Vice President, Coex Division (FBD) |
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|
Name : |
Mr. U.K. Saraf |
|
Designation : |
Executive Vice President, Coex Division (GRN) |
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|
Name : |
Mr. Sunil Mehta |
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Designation : |
Executive Vice President, Biax Division (Pithampur) |
SHAREHOLDING PATTERN
As on: 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
204236 |
1.75 |
|
|
54600650 |
46.83 |
|
|
5664286 |
48.58 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
5664286 |
48.58 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9683 |
0.08 |
|
|
3196 |
0.03 |
|
|
12879 |
0.11 |
|
|
|
|
|
|
3111196 |
2.67 |
|
|
|
|
|
|
3312306 |
28.41 |
|
|
1637961 |
14.05 |
|
|
720872 |
6.18 |
|
|
522630 |
4.48 |
|
|
68314 |
0.59 |
|
|
4548 |
0.04 |
|
|
125380 |
1.08 |
|
|
5982335 |
51.31 |
|
Total Public
shareholding (B) |
5995214 |
51.42 |
|
Total (A)+(B) |
11659500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
11659500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Cast Sheets and Synthetic
Resins. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
356 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and sells Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
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Wholly owned
subsidiaries |
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Promoters: |
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Companies where
common management may be deemed to exist |
Digjam Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
20000000 |
Unclassified Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11659487 |
Equity Shares |
Rs.10/- each
|
Rs.116.595
Millions |
1. Share Capital Suspense comprises of 12 equity shares pending to be
allotted as fully paid up some non- resident equity shareholders without
payment being received in cash in terms of Regulation 7 of notification No.
FEMA 20/2000 RB of May 3, 2000 and 1 equity of Rs.10 pending to be allotted as
fully paid to a non-resident shareholder by way of bonus share in terms of RBI
regulations.
2
The Company has issued only one class of shares referred to as equity shares
having a par value of Rs.10. All equity shares carry one vote per share without
restrictions and are entitled to dividend, as and when declared. All shares
rank equally with regard to the Company’s residual assets.
3
The amount of per share dividend recognised as distributions to equity shareholders
for the year ended March 31, 2013 is Re.1.00 (previous year: Rs.2.50),
subject to approval by shareholders in the ensuing annual general meeting.
4 Shareholder(s) holding
more than 5% shares in the Company as on March 31, 2013 are:
i)
IntelliPro Finance Private Limited : 20,16,000 shares; 17.29% (previous
year: 20,00,000 shares; 17.59%) and
ii)
iPro Capital Limited: 28,30,000 shares; 24.27% (previous year: 28,05,000; 24.67%).
5. Reconciliation of the
number of shares outstanding:
|
|
2012-2013 |
2011-2012 |
|
Number
of shares at the beginning of the year |
1,13,69,000 |
1,11,14,000 |
|
Shares
issued and allotted on exercise of employee options during the year |
2,90,500 |
2,55,000 |
|
Number
of shares at the end of year
|
1,16,59,500 |
1,13,69,000 |
6 Employees’ Stock Option
Scheme(s)
The
Company has two stock option schemes.
- Employees’ Stock Option Scheme - 2008 (“ESOP 2008”)
ESOP
2008 was approved by the Shareholders of the Company in their meeting held on July
29, 2008 and provides for 437500 stock options representing one equity share
each. The grant date of the scheme is April 29, 2009. All options were granted
at Rs.11 per share (market price at the time of grant was Rs.17.50). The
difference between grant price and fair market value of Rs.6.50 per option has
been recognised as employee compensation expenses in the financial statements.
A compensation committee comprising independent members of the Board of
Directors administers the Scheme.
- Employees’ Stock Option Scheme - 2009 (“ESOP 2009”)
ESOP
2009, approved by the Shareholders of the Company in their meeting held on July
23, 2009, provides for 457500 stock options representing one equity share each.
The grant date of the scheme is April 1, 2010. All options were granted at
Rs.30.85 per share (market price at the time of grant). A compensation
committee comprising independent members of the Board of Directors administers
the Scheme. Under both schemes, 30% of the options granted vest with the
eligible employees on the expiry of one year, another 30% on the expiry of two
years and the balance 40% on the expiry of three years from the date of grant
respectively.
Information about options outstanding:
|
|
2013-2014 |
|
|
|
ESOP 2008 |
ESOP 2009 |
|
Options
outstanding, beginning of the year |
194500 |
331500 |
|
Options
Exercised |
164500 |
126000 |
|
Options
lapsed/surrendered/forfeited |
30000 |
35000 |
|
Options
outstanding, end of the year |
0.000 |
170500 |
|
Of
which: |
|
|
|
Vested
but not exercised |
0.000 |
1500 |
|
Unvested |
0.000 |
169000 |
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 |
116.595 |
113.690 |
111.140 |
|
(b) Reserves & Surplus |
1309.121 |
1361.204 |
1055.893 |
|
(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) |
1425.716 |
1474.894 |
1167.033 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1230.838 |
184.199 |
370.700 |
|
(b) Deferred tax liabilities (Net) |
2.600 |
33.700 |
11.9 |
|
(c)
Other long term liabilities |
0.657 |
0.095 |
2.362 |
|
(d)
Long-term provisions |
18.168 |
10.874 |
5.561 |
|
Total
Non-current Liabilities (3) |
1252.263 |
228.868 |
390.523 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
423.022 |
334.158 |
276.378 |
|
(b)
Trade payables |
317.558 |
216.724 |
432.228 |
|
(c)
Other current liabilities |
252.522 |
306.940 |
292.943 |
|
(d)
Short-term provisions |
13.597 |
35.008 |
32.677 |
|
Total
Current Liabilities (4) |
1006.699 |
892.830 |
1034.226 |
|
|
|
|
|
|
TOTAL |
3684.678 |
2596.592 |
2591.782 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
883.718 |
946.638 |
1188.754 |
|
(ii)
Intangible Assets |
24.780 |
26.011 |
28.222 |
|
(iii)
Capital work-in-progress |
1256.729 |
53.517 |
69.328 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.161 |
7.161 |
7.162 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
85.570 |
142.643 |
30.139 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2257.958 |
1175.970 |
1323.605 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
262.343 |
195.523 |
265.353 |
|
(c)
Trade receivables |
349.657 |
304.665 |
612.27 |
|
(d)
Cash and cash equivalents |
542.867 |
781.775 |
282.895 |
|
(e)
Short-term loans and advances |
243.935 |
102.851 |
99.717 |
|
(f)
Other current assets |
27.918 |
35.808 |
7.942 |
|
Total
Current Assets |
1426.720 |
1420.622 |
1268.177 |
|
|
|
|
|
|
TOTAL |
3684.678 |
2596.592 |
2591.782 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2253.157 |
2456.881 |
3070.066 |
|
|
|
Other Income |
84.929 |
63.673 |
7.483 |
|
|
|
TOTAL (A) |
2338.086 |
2520.554 |
3077.549 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1658.989 |
1663.680 |
2168.086 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
13.436 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(34.039) |
10.234 |
(38.439) |
|
|
|
Employees benefits expense |
174.619 |
162.336 |
194.282 |
|
|
|
Other expenses |
392.985 |
380.798 |
453.081 |
|
|
|
TOTAL (B) |
2192.554 |
2230.484 |
2777.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
145.532 |
290.070 |
331.985 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
109.522 |
104.324 |
106.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.010 |
185.746 |
225.207 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
108.005 |
115.444 |
131.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(71.995) |
70.302 |
94.102 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(30.882) |
17.706 |
(19.697) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(41.113) |
52.596 |
113.799 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
39.038 |
64.102 |
29.007 |
|
|
TOTAL EARNINGS |
39.038 |
64.102 |
29.007 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
133.514 |
113.338 |
112.767 |
|
|
|
Stores & Spares |
2.387 |
3.423 |
4.438 |
|
|
|
Capital Goods |
742.169 |
51.563 |
60.307 |
|
|
TOTAL IMPORTS |
878.070 |
168.324 |
177.512 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
(3.54) |
4.64 |
10.27 |
|
|
|
Diluted |
(3.52) |
4.53 |
9.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.76) |
2.09 |
3.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.20) |
2.86 |
3.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.97) |
2.77 |
3.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.04 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.16 |
0.35 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.59 |
1.23 |
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 |
111.140 |
113.690 |
116.595 |
|
Reserves & Surplus |
1055.893 |
1361.204 |
1309.121 |
|
Net
worth |
1167.033 |
1474.894 |
1425.716 |
|
|
|
|
|
|
long-term borrowings |
370.700 |
184.199 |
1230.838 |
|
Short term borrowings |
276.378 |
334.158 |
423.022 |
|
Total
borrowings |
647.078 |
518.357 |
1653.860 |
|
Debt/Equity
ratio |
0.554 |
0.351 |
1.160 |
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 |
3070.066 |
2456.881 |
2253.157 |
|
|
|
(19.973) |
(8.292) |
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 |
3070.066 |
2456.881 |
2253.157 |
|
Profit |
82.353 |
52.596 |
(41.113) |
|
|
2.68% |
2.14% |
(1.82%) |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10482844 |
09/04/2014 * |
926,700,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 11, DR. U. N.BRAHMACH ARI STREET, KOLKATA, West Bengal - 700017, INDIA |
C05081799 |
|
2 |
10429441 |
09/04/2014 * |
972,900,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSSPLACE,KOLKATA, West Bengal - 700001, INDIA |
C05202403 |
|
3 |
10412444 |
22/03/2013 |
130,000,000.00 |
PUNJAB NATIONAL BANK |
135, B. R. B. B. ROAD, KOLKATA, West Bengal-700 001, INDIA |
B71004014 |
|
4 |
10395374 |
09/04/2014 * |
1,514,700,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 11, DR. U. N. BRAHMACH |
C05075122 |
|
5 |
10325686 |
14/12/2011 |
655,164,397.00 |
KBC BANK DEUTSCHLAND AG |
WACHTSTRASSE 16, BREMEN, - 28195, GERMANY |
B28820298 |
|
6 |
10312329 |
18/10/2011 |
150,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, TRINITY TOWER, 83,TOPSIA ROAD |
B23296072 |
|
7 |
10311995 |
09/04/2014 * |
831,700,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, INDIA |
C05082177 |
|
8 |
10304400 |
09/04/2014 * |
1,299,200,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 11, DR. U. N.BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, INDIA |
* Date of charge modification
COMPANY OVERVIEW:
The Company is a public
company incorporated as “Biax Films Limited” on November 26, 1997 under the
Companies Act, 1956; the present name was adopted w.e.f. September 22, 1998.
Equity shares of the Company are listed on Calcutta Stock Exchange and National
Stock Exchange and are admitted for trading on Bombay Stock Exchange. Organized
into operating divisions for operational convenience, the Company is engaged
mainly in the business of Polymers Processing at multiple locations and is the
leading manufacturer in India of Coextruded Plastic Sheets, Thermoformed Liners
and Speciality Films (including Dielectric Films and special purpose BOPP
Films).
REVIEW OF KEY BUSINESS MATTERS
Domestic economic
conditions remain stressed. The global economy is struggling to effectively
recover. A number of developed economies are in various degrees of recession,
and growth in many developing countries is affected by its spill-over. This is
impacting consumer sentiments and demand. Indian economic growth, decelerated
to about 5%, the weakest in a decade, facing
challenges from unfavourable global and domestic factors and the slump has spread to both consumption and exports. The
manufacturing sector continued a sharp decline in growth from 2.7% in 2011-12 to 1.9% in 2012-13. Industry faced
unprecedented headwinds, with domestic demand across many sectors including consumer durables and capital goods
remaining muted, a weakening currency, and high inflation and interest rates. Corporate earnings across a wide
spectrum appear to be significantly affected.
In the circumstances, the Company’s markets and its operations were
subject to many severe challenges, as a
result of which the profit performance, particularly in the last 3
quarters of the year under review, has been at its
lowest since inception. The Company had to contend with cost increase
across the board, including steep increases in power tariff (in some cases with
retrospective effect). Sales from continuing businesses were lower at
Rs.2526.200 Millions against Rs.2701.700 Millions last year and their gross
profits fell to Rs.36.000 Millions from Rs.185.700 Millions. Performance is
dealt with in greater detail in the Managements’ Discussion and Analysis
Report.
These
conditions are however reasonably viewed by us as transient. The potential for
the Company’s end markets continues to be robust and Management is confident of
the competitiveness and quality of its product offerings. Shareholders can
observe from these reports and accounts that the Company is nearing completion
of significant investments – actually the largest in its history – to
strengthen and expand its core operations through a prudent mix of its own
liquidity and by leveraging its sound financial standing. All the new
investments are expected to be on line in a few months and after a
stabilization period, during which we expect the burden of the interest and
deprecation to keep the bottom line under some pressure, the investments should
be in a position to generate attractive returns under normal market and
economic conditions, subject of course to relevant risks.
The strategic
intent of the management is towards specialization in certain types of polymer
films (including thin,
dielectric and
metalized films). The plants at Barjora and Pithampur concentrate on thin BOPP
Films for special
applications
and the Company remains the only indigenous producer of such films. On the
general product side, the Indian BOPP Films industry has a situation of
significant over-supply resulting in about 52% capacity utilisation and obvious
fierce competition and un-remunerative pricing. As a consequence Biax Division
reported lower sales, volumes and deeply impacted financial results. The
consumer durables industry, particularly refrigerators, (significant client
base for Coex Division) had negative growth. The Company however was able to
maintain marginally reduced volumes though value additions were lower. The
Company has continuously taken measures to improve operations, trim overheads,
control discretionary spend and strengthen liquidity.
Employees Stock
Option (“ESOP”) Schemes are implemented in accordance with SEBI Guidelines.
Details of
options granted and outstanding along with other particulars, as
required, are annexed hereto.
COMPANY AND INDUSTRY
STRUCTURE
Company operations are focused in their segment of core competence viz. Polymers Business and following disposal of the Thermo sets Division structured into 2 operating Divisions. Each operating division has been kept self-sufficient managerially to perform its own duties and functions, with support provided at a corporate level as and when required. A summary of performance is given below.
|
POLYMERS BUSINESS |
As on: 31.03.2013 |
|
|
(net of inter-unit
adjustments) |
Production |
Sales |
|
|
MT |
Rs. In Millions |
|
Biax Division |
2862 |
583.700 |
|
Coex Division |
16628 |
1942.500 |
|
Thermosets Division (Till August 18, 2011) |
0.000 |
0.000 |
|
Total |
19490 |
2526.200 |
The industry structure in the field of polymers processing is spread wide, from miniscule to fairly large capacities. There is no direct thumb-rule in terms of "sizevs. Profitability" and it is possible for players to work out their own viable economics depending upon various factors, mainly a combination of product mix and market segment or niche. Supply chain linkages to clients play an additional role for some. Since polymers are freely available at prices synchronized to global prices, market focus besides technical and service competence has been the key to success.
It is fair to say that the Company is a mid-sized player with significant strengths in its market segments, but remains subject to usual market pressures. In the overall, the Company’s operations are relatively capital intensive; raw material and power constitute the largest proportions of direct costs. hey believe that opportunities are substantial both in terms of market growth and product diversity and that threats from replacement products are not significant. The main raw materials used by the Company are Thermoplastic Resins (such as Polypropylene, Styrenic Polymers and LD/LLD Polyethylene, etc.).
They firmly recognize that total customer satisfaction is the key to their success. Their aim is to build sound customer relationships through creation of value for them, and in the process earn an equitable return for themselves. Quality is built into products through appropriate manufacturing technology and work methods. Manufacturing at all units is carried out by suitably qualified personnel under strict quality standards. Continuous product development for specific applications has helped us in proactively developing technically sustainable solutions with clear customer benefits. Quality Systems at all manufacturing units are certified under relevant ISO 9001:2008 standards.
Biax Division
Biax Division manufactures a range of coextruded Biaxially Oriented Polypropylene ("BOPP") Films and Dielectric Films on sophisticated, automated production lines, having multipurpose use in applications ranging from food packaging to specialized films for use in electronics, besides being used for print lamination, cigarette overwraps, adhesive tape etc. Per capita consumption of packaging products in the Asia-Pacific markets remains well below that of Europe and North America, signifying good potential. Flexible packaging in India has been developing and driven by prevailing low consumption of flexible packaging in India in line with changing consumption patterns for packaged food and other convenience products and trends in retail. With BOPP films constituting a significant input into this space and with development of new applications, the oriented films market in India continues to grow at a rapid pace, significantly higher than the global growth rate. In this backdrop, Indian BOPP industry continues to also grow encouraging sizable investment by existing players and new entrants. With fall in export markets, and creation of substantial capacity for packaging films, domestic markets for these are highly competitive. Volatility in input prices, anti-dumping duty and seasonal swings compound matters. Their focus however remains dedicated within their core strengths to special products and niche markets, largely thin films for specialized electrical applications, which together with consistent high quality and service standards enabled us to maintain near full capacity utilization with their products continuing to be well received at home and abroad. Their strategic intent for BOPP films remains directed towards thin and dielectric films and the Company has commenced work on capacity expansion. Their plants continued to operate profitably and total production during the year was 2,862 MT (not directly comparable with 3,889 MT (against 3,573 MT last year) following subdued demand and higher stock level at customer end. Steep increases in power tariff with retrospective effect in Bengal were a cause for concern.
Coex Division
Coex Division manufactures coextruded sheets, thermoformed refrigerator liners and coextruded cast films. Their products are usually custom-made to customer needs and based on various polymers including Polystyrene, PP and PE. Applications for their product range are wide, including sheets for refrigerator liners, disposable containers, automotive parts, etc. Cast films are high clarity films including stretch wrap and cling, specially formulated films for medical disposables, hygiene films, and others for packaging. The consumer durables segment experienced the worst year in recent times and the refrigerator sector, the division’s major market segment, was no exception. This set-back is seen as temporary and a return to normalcy is expected. They continue to be the leading supplier of sheets to the white goods industry through consistent focus on product quality, development and superior service, which have also been recognized by major customers. In the cast films segment, their focus has been on special films and continuous innovation. Reflecting market circumstances and their own standing, the total production of sheets, including as liners, (adjusted for inter-unit transfers) and cast films at this division at 16,628 MT during the year was marginally lower (~6%) than during the previous year (16,880 MT). In keeping with strategic direction to arrest the decline of viability at Faridabad, focus at this location was on production of only cast films pending other steps to evolve new solutions. During the year, the Company enhanced capacity at Ranjangaon through addition of a fully automated thermoforming line to meet specific additional requirements from its customers. Further addition to sheet extrusion capacity to keep pace with planned growth in refrigerator sector is on the anvil.
STATEMENT OF AUDITED
RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2014
|
SI. |
Particulars |
Standalone |
||
|
3 months ended |
Year ended |
|||
|
March 31,
2014 |
December 31,
2013 |
March 31,
2014 |
||
|
See note 5 |
Unaudited |
Audited |
||
|
1 |
Net
Sales/Income from Operations (net of excise duty) |
729.429 |
513.213 |
2426.001 |
|
2 |
Expenses |
|
|
|
|
|
a.
Cost of materials consumed |
577.025 |
367.568 |
1856.438 |
|
|
b.
Purchases of stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c.
Changes in inventories of finished goods, work-in- progress and stock-in-trade |
(7.190) |
7.260 |
(34.039) |
|
|
d.
Employee benefits expense |
39.228 |
44.739 |
177.537 |
|
|
e.
Depreciation and amortisation expense |
26.809 |
29.019 |
112.225 |
|
|
f.
Other Expenses |
96.361 |
91.304 |
399.842 |
|
|
g.
Total Expenses |
732.233 |
539.890 |
2509.138 |
|
3 |
Profit/(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(2.804) |
(26.677) |
(83.137) |
|
4 |
Other
Income |
15.247 |
12.670 |
55.099 |
|
5 |
Profit/ (loss) from ordinary
activities before finance costs & exceptional items (3+4) |
12.443 |
(14.007) |
(28.038) |
|
6 |
Finance
costs |
35.828 |
33.926 |
122.950 |
|
7 |
Profit/ (loss) from
ordinary activities after finance costs but before Exceptional Items (5-6) |
(23.385) |
(47.933) |
(150.988) |
|
8 |
Exceptional
items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/(loss) from
ordinary activities before tax (7+8) |
(23.385) |
(47.933) |
(150.988) |
|
10 |
Tax
Expense |
(6.700) |
(14.800) |
(46.500) |
|
11 |
Net Profit/(Loss) from
ordinary activities after tax (9-10) |
(16.685) |
(33.133) |
(104.488) |
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the
period (11+12) |
(16.685) |
(33.133) |
(104.488) |
|
14 |
Paid-up
Equity Share Capital (Face value: Rs. 10 / share) |
116.595 |
116.595 |
116.595 |
|
15 |
Reserves
excluding Revaluation Reserves |
0.000 |
0.000 |
0.000 |
|
16 |
Earnings
per Share (of Rs.10 each) (not annualised) (Rs.) |
|
|
|
|
|
before
& after extraordinary items: - Basic |
(0.14) |
(0.28) |
(0.89) |
|
|
-
Diluted |
(0.14) |
(0.28) |
(0.89) |
SELECT INFORMATION
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013
|
|
|
3 months ended |
Year ended |
|
|
|
|
31.03.2014 |
31.12.2014 |
31.03.2014 |
|
A |
Particulars of
Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
-
Number of Shares |
5995214 |
6142714 |
5995214 |
|
|
-
Percentage of Shareholding |
51.42 |
52.68 |
51.42 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
Nil |
Nil |
Nil |
|
|
b)
Non-Encumbered |
|
|
|
|
|
-
Number of Shares |
5664286 |
5516786 |
5664286 |
|
|
-
Percentage of Shares (as a % of the total Shareholding of Promoters and
Promoter Group) |
100 |
100 |
100 |
|
|
•
Percentage of Shares (as a % of the total Share Capital of the Company) |
48.58 |
47.32 |
48.58 |
|
|
||||
|
B |
Investor Complaints |
|
|
|
|
|
Pending
at the beginning of the Quarter |
Nil |
|
|
|
|
Received
during the Quarter |
1 |
|
|
|
|
Disposed
off during the Quarter |
1 |
|
|
|
|
Remaining
unresolved at the end of the Quarter |
Nil |
|
|
1. STATEMENT OF
ASSETS AND LIABILITIES:
(Rs. In Millions)
|
|
Particulars |
Standalone: Year
ended 31.03.2014 |
|
Audited |
||
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
a. Share Capital |
116.595 |
|
|
b. Reserves and surplus |
1204.633 |
|
|
Sub-Total: |
1321.228 |
|
2 |
Non-current
liabilities |
|
|
|
a. Long-term borrowings |
1583.534 |
|
|
b. Deferred tax liabilities (net) |
0.000 |
|
|
c. Other long-term liabilities |
0.657 |
|
|
d. Long-term provisions |
19.143 |
|
|
Sub-Total: |
1603.334 |
|
3 |
Current liabilities |
|
|
|
a. Short-term borrowings |
288.338 |
|
|
b. Trade payables |
372.220 |
|
|
c. Other current liabilities |
384.049 |
|
|
d. Short-term provisions |
0.000 |
|
|
Sub-Total: |
1044.607 |
|
|
Total - Equity and
Liabilities |
3969.169 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a. Fixed assets |
2696.529 |
|
|
b. Non-current investments |
7.162 |
|
|
c. Deferred Tax Assets |
43.900 |
|
|
d. Long-term loans and advances |
90.947 |
|
|
Sub-Total: |
2838.538 |
|
2 |
Current assets |
|
|
|
a. Inventories |
285.920 |
|
|
b. Trade receivables |
314.901 |
|
|
c. Cash and cash equivalents |
240.219 |
|
|
d. Short-term loans and advances |
280.207 |
|
|
e. Other current assets |
9.384 |
|
|
Sub-Total: |
1130.631 |
|
|
Total - Assets |
3969.169 |
2. These audited Financial Results were, after review by the Audit Committee, approved by the Board at its meeting held on May9, 2014
3. Sales and results
during the year were severely impacted by production cuts at major OEM
customers in face
of
depressed markets and economic conditions; it is reasonably believed that these
circumstances are not long term or lasting in
nature
4.
Commercial production commenced at company’s new and highly
sophisticated BOPP Dielectric film unit located at Barjora, Dist. Bankura,
(West Bengal) with effect from may 2, 2014.
Capacity utilisation is expected to grow in stages through the year.
5. Figures for the quarters ended March 31,2013 and March 31,2014 are, in accordance with Listing Agreements), the balancing figures between audited figures for the Ml financial year ended March 31,2013 and March 31,2014 and the published year to date figures upto the third quarter of the respective financial years; figures would need to be interpreted/analysed accordingly.
6.There is no separate reportable segment as per AS 17 issued by the Institute of Chartered Accountants of India, as the Company is mainly in the business of Polymer Processing.
7. Consolidated financial results include wholly owned subsidiaries, Xpro Global Limited and Xpro Global Pte. Limited, Singapore.
8. Figures have been regrouped/rearranged where necessary.
CONTINGENT
LIABILITIES AND COMMITMENTS
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the company, not acknowledged as debts |
0.250 |
0.250 |
|
Sales Tax, Excise and customs matters under appeal |
43.658 |
52.242 |
|
Total |
43.908 |
52.492 |
(In the opinion of the company, the
possibility relating to net to outflow on the above accounts are remote)
FIXED ASSETS
Tangible Assets
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computer
- Equipment and Fittings
Intangible Assets
- Software
- Technical Knowhow
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.60.11 |
|
|
1 |
Rs.102.32 |
|
Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.