MIRA INFORM REPORT
|
Report Date : |
27.03.2014 |
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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 : |
·
Kalpataru Limited ·
Kalpataru Power ·
Transmission Limited |
|
|
|
|
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 : |
·
Gee-Cee Ventures Limited ·
GCIL Finance Limited ·
Mangal Keshav Capital Limited ·
Mangal Keshav Financial Services Limited ·
Mangal Keshav Insurance ·
Brokers Limited ·
Mangal Keshav Securities Limited ·
M K Commodity Brokers Limited ·
Amforge Industries Limited |
|
|
|
|
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 : |
·
Tata Metaliks Limited ·
Himadri Chemicals and Industries Limited ·
Macmet India Limited |
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-%20260287_MIRA%2027-Mar-2014_files/image007.gif)
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Bilcare
Research GmbH |
6698325 |
51.00 |
|
K C
Holdings Private Limited |
1242609 |
9.46 |
|
Kalpataru
Properties Private Limited |
273736 |
2.08 |
|
Klassik
Garments Private Limited |
97143 |
0.74 |
|
Yugdharm
Investment and Trading Company Private Limited |
22350 |
0.17 |
|
Mrigashish
Investment and Trading Limited |
140 |
0.00 |
|
Shouri
Investment and Trading Company Private Limited |
140 |
0.00 |
|
Mofatraj
Pukharaj Munot |
543371 |
4.14 |
|
Parag
Mofatraj Munot |
445496 |
3.39 |
|
Imtiaz
Kanga |
38288 |
0.29 |
|
Monica
Parag Munot |
26300 |
0.20 |
|
Surendra
Kumar Dalmia |
19950 |
0.15 |
|
Shailesh
Dalmia |
8400 |
0.06 |
|
Tara
Kanga |
5250 |
0.04 |
|
Yasmin
Imtiaz Kanga |
70 |
0.00 |
|
Mohamad
Ismail Kanga |
29748 |
0.23 |
|
Total |
9451316 |
71.96 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Life Insurance
Corporation of India |
483020 |
3.68 |
|
Anjana
S Gandhi |
156000 |
1.19 |
|
Total |
639020 |
4.87 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Rigid and Flexible PVC film by Calendering process and
Plastic Extruded products. |
|
|
|
|
Products : |
·
Sunblis ·
Sundene ·
Sunvic ·
Sunflex ·
Sunpac |
|
|
|
|
Exports : |
|
|
Countries : |
·
Italy ·
UAE ·
Algeria ·
Sudan ·
Yemen |
|
|
|
|
Imports : |
|
|
Countries : |
European Countries |
GENERAL INFORMATION
|
No. of Employees : |
362 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of Maharashtra ·
HDFC Bank Limited ·
State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and
Company Chartered
Accountants |
|
|
|
|
Holding Company: |
· Bilcare Research GmbH · Bilcare Research GmbH Company Limited KG · Films Germany Holding GmbH · Bilcare Research AG · Bilcare Mauritius Limited · Bilcare Limited |
|
|
|
|
Fellow
subsidiaries : |
·
Bilcare Research GmbH ·
Bilcare Research AG ·
Bilcare Limited ·
Kalpataru Limited |
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
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-%20260287_MIRA%2027-Mar-2014_files/image009.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-%20260287_MIRA%2027-Mar-2014_files/image011.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-%20260287_MIRA%2027-Mar-2014_files/image013.gif)
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITIES OF LONG TERM DEBT DETAILS 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 |
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 |
3682655 |
|
- Percentage of shareholding |
28.04 |
27.61 |
28.04 |
|
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:
a. 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.
b. Figures of the previous period have been regrouped whenever necessary.
c. 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.
d. 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, India Prisons Service,
Interpol, etc.
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.60.17 |
|
K Pound |
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
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.