MIRA INFORM REPORT
|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIBLENDS INDIA LIMITED |
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Registered
Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.01.1991 |
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Com. Reg. No.: |
11-059943 |
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Capital Investment
/ Paid-up Capital : |
Rs. 64.973
Millions |
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CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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No. of Employees
: |
496 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
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 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The ratings reflect PBIL’s established market position in the master batch
business marked by adequate liquidity position and fair profitability levels
of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
30.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
30.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Corporative (91-22-26736468)
LOCATIONS
|
Registered Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off. |
|
Tel. No.: |
91-22-26705200/ 26736468/ 9/ 66952696/ 7/ 67205200 |
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Fax No.: |
91-22-26736808 |
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E-Mail : |
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Website : |
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Head Office : |
Kolsite House, 30, Shah Industrial Estate, Dattaji Salvi Marg
Off. Veera Desai Road, Andheri (West) , Mumbai - 400053, Maharashtra,
India |
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Tel. No.: |
91-22-26736468/ 9/ 67205200/ 66952696/ 7 |
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Fax No.: |
91-22-26736808 |
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E-Mail: |
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Factory 1 : |
74/1, 74/2 and 75/3, |
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Tel. No.: |
91-260-2221772/ 73/ 74 |
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Fax No.: |
91-260-2221771 |
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E-Mail: |
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Factory 2 : |
Khasara No.216, Village Raipur, Pargana: Bhagwanpur, Tehsil, Roorkee,
District- Haridwar - 247667, Uttarakhand, India |
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Tel. No.: |
91-1332-235046/ 7 |
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Fax No.: |
91-1332-235045 |
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E-Mail: |
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Factory 3 : |
S. No. 110/1, 3, 4, 5, 6 (Part), Daman Industrial Estate, Daman and
Diu, India |
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Hemkunt House, No. 1108-1110, |
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Tel No: |
91-11-25750988/ 25711962 |
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Fax No: |
91-11-25755319 |
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Email: |
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Chennai Office: |
C -1, Gems Court, 14, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
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Tel No: |
91-44-28332553 |
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Fax No: |
91-44-28332823 |
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Email: |
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507/ E, Navketan, 5th Floor, Opposite Clock Tower, S. D. Road, Secunderabad – 500003, Hyderabad, India |
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Tel No: |
91-40-27806431 |
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Fax No: |
91-40-27806431 |
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Email: |
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Ahmedabad Office: |
402, Lalita Complex, Near HDFC Bank, Jain Mandir Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel No: |
91-79-26564828/ 26447841 |
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Fax No: |
91-79-26427281 |
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Email: |
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Kolkata Office: |
Shree Ganesh Centre, 216, D/ 2 Floor, Acharya J.C. Bose Road, Kolkata – 700017, West Bengal, India |
|
Tel No: |
91-33-22905963/ 22876308 |
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Fax No: |
91-33-22904221 |
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Email: |
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Unit No. 211, II Floor Barton Center, M.G. Road, Bangalore – 560001, Karnataka, India |
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Tel No: |
91-80-25550318/ 25598897 |
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Fax No: |
91-80-25598897 |
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Email: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shreevallabh
G. Kabra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Satyanarayan G. Kabra |
|
Designation : |
Vice-Chairman and Managing Director |
|
Date of Birth/Age : |
70 years |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Over 47 years in business and industry and founder
promoter of Kolsite Group of Companies |
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|
|
|
Name : |
Mr. Anand S. Kabra |
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Designation : |
Executive Director |
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|
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|
Name : |
Mr. Haridas S. Sanwal |
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Designation : |
Independent Director |
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Name : |
Mr. Pushp Raj Singhvi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B. Com, L.L.B. |
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Experience : |
Over 45 years in marketing of Petrochemicals in India and Abroad |
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|
|
|
Name : |
Dr. Yatish B.
Vasudeo |
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Designation : |
Independent Director |
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Date of Birth/Age : |
60 Years |
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Qualification : |
M. Sc., Ph. D., L.P.R.I (London) |
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Experience : |
Over 25 years in Plastic Industry |
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|
|
|
Name : |
Mr. Sudarshan K. Parab |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Ashwini |
|
Designation : |
Commercial Department |
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|
|
|
Name : |
Mr. Himanshu S. Mhatre |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
4735464 |
36.44 |
|
|
3280610 |
25.25 |
|
|
8016074 |
61.69 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8016074 |
61.69 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3400 |
0.03 |
|
|
800 |
0.01 |
|
|
229800 |
1.77 |
|
|
234000 |
1.80 |
|
|
|
|
|
|
370462 |
2.85 |
|
|
|
|
|
|
2810706 |
21.63 |
|
|
1306780 |
10.06 |
|
|
256578 |
1.97 |
|
|
247996 |
1.91 |
|
|
8582 |
0.07 |
|
|
4744526 |
36.51 |
|
Total Public shareholding (B) |
4978526 |
38.31 |
|
Total (A)+(B) |
12994600 |
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) |
12994600 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total
(A)+(B)+(C) |
|
1 |
Kabra Extrusiontechnik Limited |
19,17,781 |
14.76 |
|
2 |
Varun Satyanarayan Kabra |
13,05,204 |
10.04 |
|
3 |
Anand Shreevallabh Kabra |
12,63,924 |
9.73 |
|
4 |
Kolsite Corporation LLP |
13,62,829 |
10.49 |
|
5 |
Shreevallabh Gopilal Kabra |
6,79,836 |
5.23 |
|
6 |
Satyanarayan Gopilal Kabra |
5,98,928 |
4.61 |
|
7 |
Saritadevi Satyanarayan Kabra |
4,63,600 |
3.57 |
|
8 |
Veenadevi Shreevallabh Kabra |
3,73,172 |
2.87 |
|
9 |
Ekta Anand Kabra |
50,800 |
0.39 |
|
|
Total |
80,16,074 |
61.69 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Colloids (Widnes) Limited - Pension Fund |
229800 |
1.77 |
|
|
Total |
229800 |
1.77 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
496 (Approximately) |
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Bankers : |
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Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. G. Ogale and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Associate Concern and Promoter Companies : |
Kabra Extrusiontechnik Limited |
|
|
|
|
Enterprise over which key management personnel exercise significant
influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 5/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12994600 |
Equity Shares |
Rs. 5/- each |
Rs. 64.973
Millions |
|
|
|
|
|
Reconciliation of number of Equity Shares
outstanding at the beginning and at the end of the year
|
|
31.03.2013 |
31.03.2012 |
|
Number of shares outstanding at the beginning of the year |
12994600 |
6497300 |
|
Number of shares allotted during the year upon Sub-division |
|
6497300 |
|
Number of shares outstanding at the end of the year |
12994600 |
12994600 |
Shares in the company held by each shareholder holding more than 5%
Shares
|
Name of the shareholders |
31.03.2013 |
|
|
|
Number of shares |
% of Holding |
|
Kabra Extrusiontechnik Limited |
1592200 |
12.25 |
|
Varun Satyanarayan Kabra |
1305204 |
10.04 |
|
Anand Shreevallabh Kabra |
1263924 |
9.73 |
|
Kolsite Corporation LLP |
1102943 |
8.49 |
|
Kolsite Machine Fabrik Private Limited |
-- |
-- |
|
Shreevallabh Gopilal Kabra |
679836 |
5.23 |
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 |
64.973 |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
1102.944 |
1002.506 |
888.248 |
|
(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) |
1167.917 |
1067.479 |
953.221 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
143.793 |
163.412 |
150.685 |
|
(b) Deferred tax liabilities (Net) |
76.459 |
54.872 |
41.237 |
|
(c) Other long term
liabilities |
108.848 |
97.690 |
80.325 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
329.100 |
315.974 |
272.247 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
425.631 |
329.363 |
323.598 |
|
(b) Trade payables |
253.542 |
153.580 |
130.412 |
|
(c) Other current
liabilities |
58.155 |
31.202 |
11.825 |
|
(d) Short-term provisions |
123.331 |
102.686 |
134.638 |
|
Total Current Liabilities
(4) |
860.659 |
616.831 |
600.473 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
639.840 |
592.382 |
582.788 |
|
(ii) Intangible Assets |
8.194 |
9.848 |
0.000 |
|
(iii) Capital work-in-progress |
2.287 |
12.453 |
0.359 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
35.844 |
37.140 |
39.874 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
16.173 |
3.014 |
2.227 |
|
Total Non-Current Assets |
702.338 |
654.837 |
625.248 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
591.838 |
563.357 |
552.104 |
|
(c) Trade receivables |
854.447 |
633.102 |
526.311 |
|
(d) Cash and cash
equivalents |
6.846 |
14.372 |
9.379 |
|
(e) Short-term loans
and advances |
187.970 |
115.395 |
106.109 |
|
(f) Other current
assets |
14.237 |
19.221 |
6.790 |
|
Total Current Assets |
1655.338 |
1345.447 |
1200.693 |
|
|
|
|
|
|
TOTAL |
2357.676 |
2000.284 |
1825.941 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4089.926 |
3411.247 |
2769.270 |
|
|
|
Other Income |
3.423 |
2.997 |
4.502 |
|
|
|
TOTAL (A) |
4093.349 |
3414.244 |
2773.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3105.228 |
2481.934 |
2010.462 |
|
|
|
Purchase of Stock-In-Trade |
0.498 |
0.055 |
0.256 |
|
|
|
Changes in Inventory of Finished Goods and WIP |
(61.288) |
(16.099) |
(61.251) |
|
|
|
Employee Benefits Expenses |
115.454 |
97.767 |
83.148 |
|
|
|
Other Expenses |
605.667 |
525.946 |
436.624 |
|
|
|
TOTAL (B) |
3765.559 |
3089.603 |
2469.239 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
327.790 |
324.641 |
304.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.683 |
44.763 |
31.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.107 |
279.878 |
272.557 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.805 |
40.126 |
36.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
230.302 |
239.752 |
236.028 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.653 |
72.635 |
50.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
153.649 |
167.117 |
185.438 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
764.921 |
667.663 |
635.084 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.000 |
17.000 |
100.000 |
|
|
|
Provision for Proposed Dividend |
45.481 |
45.481 |
45.481 |
|
|
|
Provision for Tax on Proposed Dividend |
7.730 |
7.378 |
7.378 |
|
|
BALANCE CARRIED
TO THE B/S |
849.359 |
764.921 |
667.663 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1316.352 |
999.181 |
552.814 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1310.617 |
1140.714 |
969.346 |
|
|
|
Stores & Spares |
5.512 |
4.206 |
0.000 |
|
|
|
Capital Goods |
8.256 |
7.562 |
0.000 |
|
|
TOTAL IMPORTS |
1324.385 |
1152.482 |
969.346 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.82 |
12.86 |
14.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.75
|
4.89 |
6.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63
|
7.03 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.93
|
12.29 |
13.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.22 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.49
|
0.46 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.18 |
2.00 |
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 |
64.973 |
64.973 |
64.973 |
|
Reserves & Surplus |
888.248 |
1002.506 |
1102.944 |
|
Net
worth |
953.221 |
1067.479 |
1167.917 |
|
|
|
|
|
|
long-term borrowings |
150.685 |
163.412 |
143.793 |
|
Short term borrowings |
323.598 |
329.363 |
425.631 |
|
Total
borrowings |
474.283 |
492.775 |
569.424 |
|
Debt/Equity
ratio |
0.498 |
0.462 |
0.488 |
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 |
2769.270 |
3411.247 |
4089.926 |
|
|
|
23.182 |
19.895 |
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 |
2769.270 |
3411.247 |
4089.926 |
|
Profit |
185.438 |
167.117 |
153.649 |
|
|
6.70% |
4.90% |
3.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10429827 |
09/05/2013 |
200,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B76616309 |
|
2 |
10392170 |
12/12/2012 |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B64217953 |
|
3 |
10324162 |
13/04/2012 * |
200,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25, BARAKHAMBA |
B38838496 |
|
4 |
80014638 |
13/04/2012 * |
236,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST] - 400013, MUMBAI, MAHARASHTRA, INDIA |
B38839320 |
|
5 |
90162802 |
13/04/2012 * |
462,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B38194437 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Inter Corporate Deposit |
76.564 |
96.075 |
|
Fixed Deposits |
67.229 |
67.337 |
|
|
|
|
|
Total |
143.793 |
163.412 |
OPERATIONS
During the year, the Company has achieved Operational and Other Income of Rs.4093.349 Millions as against Rs.3414.244 Millions during the previous year, registering an increase of about 19.89% over the previous year. Profit after providing for taxes is Rs.153.649 Millions as against Rs.167.117 Millions during the previous year, registering a decrease of about 8.06% over the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Plastiblends India Limited is a part of Kolsite Group of Companies and a leading manufacturer of masterbatches. Plastiblends produces a wide variety of white, black, color, specialty and high performance masterbatches, additives and compounds. Masterbatches are one of the essential ingredients in plastics processing used for enhancing performance and appearance of plastics. Masterbatch industry can be categorized into organized sector, medium sector and small sector. Organised sector, in which the Company operates, provides the benefits of strong Research and Development support, high quality standards and strong distribution network. Small and medium sector manufacturing units are smaller manufacturing units spread throughout India serving market in their vicinity.
Plastiblends India Limited despite all the adverse economic conditions and volatile polymer market continues to grow in domestic and international markets. Company’s aggressive marketing efforts in international markets to expand its presence in new territories/countries and its strong brand building efforts in domestic market helped it to grow at much higher rates than its peers in the same market segment. In domestic markets, Plastiblend’s market share is growing steadily at the cost of competition due to focused efforts to promote value added products and efforts to reach maximum customers in each market segments. The major efforts are in the segments such as Agricultural end uses as films - mulch, shade nets, green house and specified drip irrigation pipes, Packaging - multilayer films for consumer goods packaging and Fibers - Nonwoven and PET fiber.
BUSINESS OUTLOOK
Global masterbatch market is expected to grow due to increasing shift towards packaged products and increasing demand for consumer goods, automobiles etc. With the growing consumption of polymer, masterbatch industry will be direct beneficiary and the outlook is very optimistic for masterbatch industry.
The company will continue its focus on product and service innovation supported by dedicated R & D facility recognized by the Department of Scientific and Industrial Research (DSIR).
Company’s participation in various trade fairs including the Argen Plas, Arab Plas, Jordan Plas etc has generated good response and is helping the company expand its geographical reach and strengthen the marketing network.
Company consistently strives to maintain global quality standards, which has helped it penetrate the export markets. Plastiblends has emerged as a leading player in the organized segment with overall market share of 12%.
High performance masterbatches with a thrust on exports is expected to be a major growth driver for the company going forward.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees |
9.160 |
10.680 |
|
Letter of Credit |
25.349 |
42.587 |
|
Less : Fixed deposits shown under the head cash and cash
equivalents include deposits pledged with the banks as margins to secure
letters of credit and guarantees issued by banks |
0.600 |
6.622 |
|
Net amount |
33.909 |
46.645 |
|
Disputed income tax demand |
0.610 |
2.495 |
|
Service tax matter under dispute |
41.519 |
40.297 |
FIXED ASSETS:
TANGIBLE ASSETS
- Land
- Building
- Plant and Equipments
- R & D Equipments
- Furniture and Fixture
- Vehicles
- Electrical Installation and Fittings
- Office Equipments
INTANGIBLE ASSETS
- Software
UN-AUDITED
FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST
DECEMBER, 2013
(Rs. In Millions)
|
Sl. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
31.12.2013 Unaudited |
30.09.2013 Unaudited |
31.12.2013 Unaudited |
|
1 |
Income
from operations |
|
|
|
|
|
(a) Net
Sales / Income from Operations (Net of excise duty) |
1173.608 |
1117.327 |
3413.881 |
|
|
(b) Other
Operating Income |
-- |
-- |
-- |
|
|
Total
Income from operations (net) |
1173.608 |
1117.327 |
3413.881 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost
of material consumed |
848.055 |
794.179 |
2372.130 |
|
|
(b)
Purchases of stock-in-trade |
0.184 |
0.167 |
2.222 |
|
|
(c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
6.166 |
(3.220) |
74.182 |
|
|
(d)
Employee benefit expenses |
35.756 |
29.855 |
100.027 |
|
|
(e)
Depreciation and amortisation expense |
10.900 |
10.813 |
32.415 |
|
|
(f) Other
expenses |
174.089 |
169.639 |
520.799 |
|
|
Total
expenses |
1075.150 |
1001.433 |
3101.775 |
|
3 |
Profit/(Loss)
from Operations before Other Income, finance cost & Exceptional Items (1
-2) |
98.458 |
115.894 |
312.106 |
|
4 |
Other
Income |
3.025 |
28.754 |
33.507 |
|
5 |
Profit/
(Loss) from ordinary activities before finance cost & Exceptional Items
(3+4) |
101.483 |
144.648 |
345.613 |
|
6 |
Finance
costs |
14.616 |
16.094 |
45.739 |
|
7 |
Profit/(Loss)
from ordinary activities after finance cost but before Exceptional Items
(5-6) |
86.867 |
128.554 |
299.874 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from Ordinary Activities before tax (7+ 8) |
86.867 |
128.554 |
299.874 |
|
10 |
Tax Expense / (credit) |
27.550 |
40.513 |
95.075 |
|
11 |
Net Profit / (Loss) after tax (9-10) |
59.317 |
88.041 |
204.799 |
|
12 |
Paid-up
Equity Share Capital (Face value of Rs.10/-each) |
64.973 |
64.973 |
64.973 |
|
13 |
Earnings per share (face value of Rs. 10/- each) - not
annualized |
|
|
|
|
|
Basic EPS
(Rs.) |
4.56 |
6.78 |
15.76 |
|
|
Diluted
EPS (Rs.) |
4.56 |
6.78 |
15.76 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding : |
|
|
|
|
|
(a) Number of shares |
5110351 |
5209712 |
5110351 |
|
|
(b) Percentage of shareholding |
39.33 |
40.09 |
39.33 |
|
2 |
Promoters and Promoter group shareholding : (a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
Nil |
Nil |
Nil |
|
|
(b) Non Pledged / Non Encumbered |
|
|
|
|
|
- Number of shares |
7884249 |
7784888 |
7884249 |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
60.67 |
59.91 |
60.67 |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
|
|
Pending at
the beginning of the quarter |
Ni |
|
|
|
|
Received
during the quarter |
Ni |
|
|
|
|
Disposed
of during the quarter |
Ni |
|
|
|
|
Remaining
unresolved at the end of the quarter |
Ni |
|
|
Note:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 21, 2014.
2. The figures for the previous period are re-classified / re-arranged /
re-grouped, whenever necessary.
3. The figures for the last quarter are the balancing figures between the
audited figures in respect of the full financial year and the year to date
figures upto the third quarter of the financial year.
4. Board have recommended a dividend of 100% i.e. Rs. 5/- per share of Rs. 5/-
each;
5. The Company is operating only in one segment.
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. 60.10 |
|
|
1 |
Rs. 102.40 |
|
Euro |
1 |
Rs. 81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.