MIRA INFORM REPORT
|
Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAPRIHANS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Block-D, Shivsagar
Estate, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.04.1946 |
|
|
|
|
Com. Reg. No.: |
11-004877 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.131.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29150MH1946PLC004877 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00097G |
|
|
|
|
Legal Form : |
A Public Limited Liability
Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture of Rigid and Flexible PVC film by Calendering process and
Plastic Extruded products. |
|
|
|
|
No. of Employees
: |
362 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4230000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established and a reputed company having a satisfactory
track record. There seems slight dip in the profits of the company during financial
year 2013. However, general financial position of the company is good. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered normal 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140
mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. Dinesh |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-22-24921900/ 4000/ 8000 |
|
Date : |
14.03.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -
400018, Maharashtra, India |
|
Tel. No.: |
91-22-24921900 – 05/ 40001800 / 40001818/ 30478664/ 30478665/ 30478711 |
|
Fax No.: |
91-22-24939284 / 29450594 / 29460693/ 24934042 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5640 Sq. ft. |
|
|
|
|
Factory 1: |
Plot Nos. C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane –
400604, Maharashtra, India |
|
Tel. No.: |
91-22-39983417 / 418 / 415 |
|
Fax. No.: |
91-22-25822422 |
|
|
|
|
Factory 2: |
Plot Nos. 76/77, MIDC Industrial Estate, Trimbak Road, Satpur.
District Nasik – 422007, Maharashtra, India |
|
Tel. No.: |
91-253-3046400 / 401 |
|
Fax. No.: |
91-253-2350616 |
|
Email : |
|
|
|
|
|
Regional Sales Offices : |
Located at : ·
New Delhi ·
Gujarat ·
Tamil Nadu ·
Karnataka ·
Andhra Pradesh ·
Kerala ·
Bengal |
DIRECTORS
As on 02.08.2013
|
Name : |
Mr. Mofatraj P. Munot |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
04.10.1944 |
|
Qualification
: |
Higher Secondary |
|
Date of
Appointment : |
28.05.1986 |
|
Other
Directorship : |
|
|
|
|
|
Name : |
Mr. Robin Banerjee |
|
Designation : |
Managing Director (w.e.f. 29.04.2013) |
|
Date of Birth/Age : |
20.08.1955 |
|
Qualification : |
B.Com, A.I.C., A.C.A., A.C.S. |
|
Date of Appointment : |
28.03.2013 |
|
Other
Directorship : |
Maxwell Ind Limited |
|
|
|
|
Name : |
Mrs. Naina P. Hegde |
|
Designation : |
Dy. Managing Director (w.e.f.
25th October, 2012) |
|
Date of Birth/Age : |
18.12.1962 |
|
Qualification : |
B.Com., ACA |
|
Date of Appointment : |
25.11.2012 |
|
|
|
|
Name : |
Mr. Suresh A. Gandhi |
|
Designation : |
Director |
|
Date of
Birth/Age : |
25.09.1950 |
|
Qualification
: |
Chartered Accountant |
|
Date of
Appointment : |
01.08.1983 |
|
|
|
|
Name : |
Mr. Rakesh Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.01.1952 |
|
Qualification : |
B.Com (Hons), FCA |
|
Date of Appointment : |
11.11.2010 |
|
Other
Directorship : |
|
|
|
|
|
Name : |
Mr. Rahul G. Divan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1968 |
|
Qualification : |
Fellow ICAEW, Fellow ICAI, Foundation (Oxford Polytechnic) |
|
Date of Appointment : |
11.11.2010 |
|
Other
Directorship : |
Integra Engineering India Limited |
|
|
|
|
Name : |
Mr. Dhaval K. Vussonji |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.11.1978 |
|
Qualification : |
B.Com, ACA, LLB, Solicitor |
|
Date of Appointment : |
04.11.2010 |
|
|
|
|
Name : |
Mr. Krishnava S. Dutt |
|
Designation : |
Director (w.e.f. 7th
December, 2012) |
|
Date of Birth/Age : |
16.10.1974 |
|
Qualification : |
BSL, LLB |
|
Date of Appointment : |
07.12.2012 |
|
Other Directorship
: |
|
KEY EXECUTIVES
|
Name : |
Mr. K. R. Viswanathan |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1116873 |
8.50 |
|
|
1636118 |
12.46 |
|
|
2752991 |
20.96 |
|
|
|
|
|
|
6698325 |
51.00 |
|
|
6698325 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
9451316 |
71.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5016 |
0.04 |
|
|
483370 |
3.68 |
|
|
450 |
0.00 |
|
|
488836 |
3.72 |
|
|
|
|
|
|
376437 |
2.87 |
|
|
|
|
|
|
1624194 |
12.37 |
|
|
647006 |
4.93 |
|
|
546182 |
4.16 |
|
|
23520 |
0.18 |
|
|
19820 |
0.15 |
|
|
544 |
0.00 |
|
|
124717 |
0.95 |
|
|
376731 |
2.87 |
|
|
850 |
0.01 |
|
|
3193819 |
24.32 |
|
Total Public shareholding (B) |
3682655 |
28.04 |
|
Total (A)+(B) |
13133971 |
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) |
13133971 |
100.00 |
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%20LIMITED%20-%20258882%2018-Mar-2014_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Rigid and Flexible PVC film by Calendering process and
Plastic Extruded products. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
European Countries |
GENERAL INFORMATION
|
No. of Employees : |
362 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and
Company Chartered
Accountants |
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow
subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13133971 |
Equity Shares |
Rs.10/- each |
Rs.131.340
Millions |
6698325 Equity Shares are held by Bilcare Research GmbH, the holding
company.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
As at the beginning of the year |
13133971 |
|
Add/(Less) : Movements during the year |
-- |
|
As at the end of
the year |
13133971 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Bilcare Research GmbH |
6698325 |
51.00% |
|
K. C. Holdings Private Limited |
1072494 |
9.46% |
The equity shares
of the Company having par value of Rs.10/- per share rank pari-passu in all
respects including voting rights and entitlement to dividend.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
131.340 |
131.340 |
131.340 |
|
(b) Reserves & Surplus |
926.342 |
889.084 |
841.798 |
|
(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) |
1,057.682 |
1,020.424 |
973.138 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2.200 |
6.200 |
10.300 |
|
(c) Other long term
liabilities |
5.304 |
5.104 |
5.104 |
|
(d) long-term provisions |
14.961 |
13.871 |
13.258 |
|
Total Non-current
Liabilities (3) |
22.465 |
25.175 |
28.662 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
172.096 |
119.342 |
143.400 |
|
(c) Other
current liabilities |
105.888 |
111.732 |
112.885 |
|
(d) Short-term
provisions |
45.004 |
30.283 |
28.793 |
|
Total Current
Liabilities (4) |
322.988 |
261.357 |
285.078 |
|
|
|
|
|
|
TOTAL |
1,403.135 |
1,306.956 |
1,286.878 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
192.769 |
205.407 |
233.333 |
|
(ii)
Intangible Assets |
4.077 |
4.365 |
5.459 |
|
(iii)
Capital work-in-progress |
0.000 |
0.046 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.508 |
40.373 |
36.512 |
|
(e) Other
Non-current assets |
26.996 |
27.634 |
27.063 |
|
Total Non-Current
Assets |
240.350 |
277.825 |
302.367 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
278.841 |
296.188 |
307.115 |
|
(c) Trade
receivables |
630.334 |
526.305 |
534.916 |
|
(d) Cash
and cash equivalents |
174.769 |
122.673 |
117.886 |
|
(e)
Short-term loans and advances |
50.688 |
50.970 |
0.462 |
|
(f) Other
current assets |
28.153 |
32.995 |
24.132 |
|
Total Current
Assets |
1,162.785 |
1,029.131 |
984.511 |
|
|
|
|
|
|
TOTAL |
1,403.135 |
1,306.956 |
1,286.878 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2,205.909 |
1,949.012 |
1872.384 |
|
|
|
Other Income |
30.786 |
30.061 |
35.886 |
|
|
|
TOTAL (A) |
2,236.695 |
1,979.073 |
1,908.270 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1,525.257 |
1,341.117 |
1302.295 |
|
|
|
Changes in inventories of Finished Goods, Work-in-Progress and Scrap |
(0.623) |
(5.852) |
(15.627) |
|
|
|
Employee benefits expense |
151.364 |
136.023 |
133.681 |
|
|
|
Other expenses |
422.348 |
367.229 |
339.271 |
|
|
|
TOTAL (B) |
2,098.346 |
1,838.517 |
1,759.620 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
138.349 |
140.556 |
148.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.030 |
0.034 |
0.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
138.319 |
140.522 |
148.609 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.412 |
33.739 |
35.418 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
103.907 |
106.783 |
113.191 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.000 |
35.400 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
67.907 |
71.383 |
74.191 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
201.637 |
158.151 |
111.857 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
19.701 |
19.701 |
19.701 |
|
|
|
Tax on Dividend |
3.348 |
3.196 |
3.196 |
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
241.495 |
201.637 |
158.151 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
268.906 |
270.665 |
234.948 |
|
|
|
Marketing Services |
1.974 |
0.264 |
5.038 |
|
|
TOTAL EARNINGS |
270.880 |
270.929 |
239.986 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
412.534 |
337.206 |
384.913 |
|
|
|
Stores & Spares |
2.358 |
3.771 |
2.456 |
|
|
|
Capital Goods |
5.586 |
0.676 |
3.046 |
|
|
TOTAL IMPORTS |
420.478 |
341.653 |
390.415 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.17 |
5.43 |
5.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.04 |
3.61 |
3.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.71 |
5.48 |
6.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.41 |
8.17 |
8.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60 |
3.94 |
3.45 |
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 |
131.340 |
131.340 |
131.340 |
|
Reserves & Surplus |
841.798 |
889.084 |
926.342 |
|
Net
worth |
973.138 |
1020.424 |
1057.682 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20258882%2018-Mar-2014_files/image022.gif)
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 |
1,872.384 |
1,949.012 |
2,205.909 |
|
|
|
4.093 |
13.181 |
%20LIMITED%20-%20258882%2018-Mar-2014_files/image024.gif)
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
|
1,872.384 |
1,949.012 |
2,205.909 |
|
Profit |
74.191 |
71.383 |
67.907 |
|
|
3.96% |
3.66% |
3.08% |
%20LIMITED%20-%20258882%2018-Mar-2014_files/image026.gif)
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
No |
GENERAL INFORMATION
The Company is engaged in the business of manufacture of Rigid and
Flexible PVC film by Calendering process and Plastic Extruded products. It has
manufacturing facilities at Thane and Nasik and Branch offices in 8 cities. The
Company started commercial production in the year 1957.
PERFORMANCE:
The Company’s gross turnover for the year amounted to Rs.2420.500
Millions as compared to Rs.2110.800 Millions in the previous year. The Company
earned a profit (before tax) of Rs.103.900 Millions as compared to Rs.106.800
Millions in the previous year.
OPPORTUNITIES,
THREATS AND OUTLOOK
The Company foresees ample opportunity of growth in coming
years whether in India or developing nations like Brazil, Latin America, Africa
and Middle East. With the growing trend of mass consumerism and better living
standards in these Countries, demand for Company’s products is expected to grow to new
height.
Though the Company is a major player over decades, it faces competition in domestic market, as similar products are being made available by many local players belonging to the unorganised sector. However, Company always remained as a preferred supplier in respective segments, being a consistent and quality supplier. The overall capacity in the industry is significantly more than the overall demand leading to price-cuts and volume discounts. Company also faces severe competition in international market which is dominated by countries like China.
FINANCIAL PERFORMANCE
Company’s Gross Sales for the year stood at Rs.2420.500 Millions compared to Rs.2110.800 Millions during the previous year. Prices of major raw materials increased during the year. There were significant increases in the cost of power and fuel. Though the sales realization improved, it could not fully compensate for the input cost increase. The Company earned a profit (before tax) of Rs.103.900 Millions as compared to Rs.106.800 Millions in the previous year. Company’s Financial position for ten (10) years is appended separately in the Annual Report.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
617.541 |
644.587 |
1851.884 |
|
b) Other operating income |
7.037 |
5.834 |
20.193 |
|
Total
income from Operations(net) |
624.578 |
650.421 |
1872.077 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
413.365 |
460.887 |
1308.268 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
34.027 |
(1.659) |
10.346 |
|
c) Employees benefit expenses |
43.387 |
44.766 |
130.610 |
|
d) Depreciation and amortization expenses |
8.891 |
8.710 |
26.462 |
|
e) Power and Fuel |
40.029 |
54.282 |
153.114 |
|
f) Other expenditure |
56.558 |
60.600 |
177.436 |
|
Total expenses |
596.257 |
627.586 |
1806.236 |
|
3. Profit from operations before other income and
financial costs |
19.321 |
22.835 |
65.841 |
|
4. Other income |
0.509 |
0.508 |
1.526 |
|
5. Profit from ordinary activities before finance costs |
19.830 |
23.343 |
67.367 |
|
6. Finance costs |
0.007 |
0.011 |
0.028 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
19.823 |
23.332 |
67.339 |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit from ordinary activities before tax
Expense: |
18.923 |
23.332 |
67.339 |
|
10.Tax expenses |
7.300 |
8.200 |
27.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
12.523 |
15.132 |
43.239 |
|
12.Extraordinary Items (net of tax expense) |
- |
- |
- |
|
13.Net Profit / (Loss) for the period (11 -12) |
12.523 |
15.132 |
43.239 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
131.340 |
131.340 |
131.340 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) |
0.95 |
1.15 |
3.29 |
|
ii) Earnings per share (after extraordinary items) |
0.95 |
1.15 |
3.29 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
3682655 |
3625736 |
|
|
- Percentage of shareholding |
28.04 |
27.61 |
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
6698325 |
6698325 |
6698325 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
70.87 |
70.87 |
70.87 |
|
Percentage of shares (as a % of total share capital of the
company) |
51.00 |
51.00 |
51.00 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
275.2991 |
2809910 |
275.2991 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
29.13 |
29.55 |
29.13 |
|
Percentage of shares (as a % of total share capital of the
company) |
20.96 |
21.39 |
20.96 |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
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 |
||
Notes:
- The company is
engaged mainly in processing of plastic polymers and its products are
covered under a single reportable segment as per accounting standard on
segment reporting (AS 17) issued by ICAI.
- Figures of
the previous period have been regrouped whenever necessary.
- The above
results were approved by the board of directors at its meeting held on 6th
February, 2014 and a ‘limited review’ of the same has been carried out by
the auditors of the company.
- The workmen
at Nasik Factory went on an illegal strike during the period 18th
December, 2013 to 10th January, 2014 and the factory operation
was partially affected. Effective 11th January, 2014 the
illegal strike has been called-off. The workmen have resumed duties and
the factory operation is normal.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10475103 |
09/01/2014 |
172,500,000.00 |
Bank of Maharashtra |
Ready Money Terrace, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India |
B95303384 |
FIXED ASSETS:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs101.65. |
|
Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.