MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAIRA CAN COMPANY
LIMITED |
|
|
|
|
Registered
Office : |
ION House, Dr. E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.03.1962 |
|
|
|
|
Com. Reg. No.: |
11-012289 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.221
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28129MH1962PLC012289 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11380F /
MUMK12715D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK4319B /
AAACK4319B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Subject is
engaged in the Manufacturer of Open Top Sanitary Cans, Lithographed and Plain
Metal Containers and Special Containers. |
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|
|
|
No. of Employees
: |
250 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1620000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exists |
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|
|
|
Comments : |
Subject is a well-established and a reputed company having a satisfactory
track record. The company has achieved better growth in its profit during
2013. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever bond
offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Long Term Fund Based Limits] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3+ [Short Term Non Fund Based Limits] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
October 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Joshi |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-22-66608711 |
|
Date : |
05.05.2014 |
LOCATIONS
|
Registered Office : |
ION House, Dr. E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-56608711 (4
lines) / 66608712 / 66608713 |
|
Fax No.: |
91-22-56635401 /
66608714 / 66635401 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
2000 Sq. Ft. |
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
Kairacan – GCMMF
Complex, Anand – 388001, |
|
Tel. No.: |
91-2692-63237 /
63238 / 63239 |
|
Fax No.: |
91-2692-62559 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Post Box No.23,
Amul dairy Compound, Anand – 388 001, |
|
Tel. No.: |
91-2692-266634/35/36 |
|
Fax No.: |
91-2692-241117 |
|
E-Mail : |
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|
|
|
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Factory 2 : |
District Kheda,
Kanjari – 387325, |
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|
|
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Factory 3 : |
Dudhsagar Dairy Compound,
Mehsana – 384002, |
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|
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Factory 4 : |
Unit Plot No.
704/1-2, Phase IV, GIDC, Vithal Udyog Nagar, Anand, |
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E-Mail : |
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Factory 5 : |
Located at Vashi |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Premal N. Kapadia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ashok B Kulkarni |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
K. Jagannathan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Utsav R. Kapadia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
R. S. Sodhi |
|
Designation : |
(Nominee of GCMMF) |
|
|
|
|
Name : |
Jayen Mehta |
|
Designation : |
(Nominee of GCMMF) |
|
|
|
|
Name : |
Mr. Nanak G. Sheth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hiten Vanjara |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
400364 |
43.42 |
|
|
151799 |
16.46 |
|
|
552163 |
59.88 |
|
|
|
|
|
|
3260 |
0.35 |
|
|
3260 |
0.35 |
|
Total shareholding of Promoter and Promoter
Group (A) |
555423 |
60.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
244996 |
26.57 |
|
|
|
|
|
|
44529 |
4.83 |
|
|
50666 |
5.49 |
|
|
26519 |
2.88 |
|
|
26519 |
2.88 |
|
|
366710 |
39.77 |
|
Total Public shareholding (B) |
366710 |
39.77 |
|
Total (A)+(B) |
922133 |
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) |
922133 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the Manufacturer of Open Top Sanitary Cans, Lithographed and Plain
Metal Containers and Special Containers. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material and Tin Plates |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Open Top Sanitary Cans and General Line Containers |
M.T. |
18,000 per annum |
18,000 per annum |
|
Ice Cream Cones (Waffles and Wafers) |
Nos. |
Not Applicable |
700 Lakhs per annum |
|
Can Making Machinery [The Company is
registered with DGTD, New Delhi for Manufacture of 100 Nos. Can Making
Machinery per annum on the Basis of maximum utilization of capacity.] |
|
-- |
100 per annum |
ACTUAL PRODUCTION:
|
Particulars |
Unit |
Actual
Production |
|
Open Top Sanitary Cans and General Line Containers |
Nos. |
627.44 Lakhs |
|
Ice Cream Cones (Waffles and Wafers) |
Nos. |
334.59 Lakhs |
GENERAL INFORMATION
|
Suppliers : |
Tin Printing Company |
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Customers : |
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No. of Employees : |
250 [Approximately] |
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Bankers : |
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Facilities : |
Nature of
security and terms of repayments for secured borrowings:
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and
Mistry Chartered
Accounts |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary Company: |
Puma Properties Limited |
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
20000 |
11% Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.2.000 Millions |
|
|
TOTAL
|
|
Rs.22.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
922133 |
Equity Shares |
Rs.10/- each
|
Rs.9.221 Millions
|
NOTES:
Equity Shares: The
Company has issued only one class of equity shares having a par value of Rs.10
per share. Each shareholder is eligible for one vote per share held. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders, except in case of interim dividend. In the event of liquidation,
the equity shareholders are eligible to receive the remaining assets of the
Company, after distribution of all preferential amounts, in proportion to their
shareholding.
The Details of Shareholders holding more than 5% of total no. of shares
in the Company
|
Name of the shareholders |
As on 31.03.2013 |
|
|
|
No. of Shares
Held |
% of Holding |
|
Gujarat Co-Op. Milk Marketing Federation Limited |
238016 |
25.81 |
|
Harshadray Private Limited |
136313 |
14.78 |
|
Rekha Harshadray Kapadia |
96950 |
10.51 |
|
Premal N. Kapadia |
90349 |
9.80 |
|
Bharat A. Kapadia |
65514 |
7.10 |
|
Shefali Narendra Kapadia |
54057 |
5.86 |
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 |
9.221 |
9.221 |
9.221 |
|
(b) Reserves & Surplus |
396.278 |
205.237 |
178.425 |
|
(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) |
405.499 |
214.458 |
187.646 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
53.497 |
46.381 |
16.131 |
|
(b) Deferred tax liabilities (Net) |
2.139 |
0.647 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
55.636 |
47.028 |
16.131 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
118.521 |
62.275 |
60.153 |
|
(b) Trade
payables |
143.563 |
151.587 |
152.039 |
|
(c) Other
current liabilities |
100.550 |
100.805 |
90.478 |
|
(d) Short-term
provisions |
11.569 |
7.998 |
7.611 |
|
Total Current
Liabilities (4) |
374.203 |
322.665 |
310.281 |
|
|
|
|
|
|
TOTAL |
835.338 |
584.151 |
514.058 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
201.047 |
174.889 |
44.537 |
|
(ii)
Intangible Assets |
0.070 |
0.122 |
0.194 |
|
(iii)
Capital work-in-progress |
16.093 |
0.363 |
35.889 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5.218 |
0.718 |
0.718 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
3.252 |
|
(d) Long-term Loan and Advances |
23.822 |
14.734 |
17.547 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
246.250 |
190.826 |
102.137 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
155.145 |
2.000 |
2.000 |
|
(b)
Inventories |
226.628 |
172.435 |
190.388 |
|
(c) Trade
receivables |
82.004 |
94.077 |
78.237 |
|
(d) Cash
and cash equivalents |
29.411 |
20.452 |
48.550 |
|
(e)
Short-term loans and advances |
95.900 |
104.361 |
92.746 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
589.088 |
393.325 |
411.921 |
|
|
|
|
|
|
TOTAL |
835.338 |
584.151 |
514.058 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1161.219 |
1089.798 |
1107.640 |
|
|
|
Other Income |
21.413 |
13.969 |
12.725 |
|
|
|
TOTAL (A) |
1182.632 |
1103.767 |
1120.365 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
710.567 |
662.779 |
645.273 |
|
|
|
Employee Benefits Expense |
80.884 |
64.253 |
65.925 |
|
|
|
Other Expenses |
320.533 |
315.325 |
348.754 |
|
|
|
Profit on Sale of Investment in Subsidiary Company |
(190.050) |
0.000 |
0.000 |
|
|
|
Changes in
Inventories of Finished Goods and Process Stock |
(32.687) |
(9.225) |
8.152 |
|
|
|
TOTAL (B) |
889.247 |
1033.132 |
1068.104 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
298.385 |
70.635 |
52.261 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.337 |
15.695 |
7.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
278.048 |
54.940 |
44.726 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
19.541 |
10.149 |
6.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
258.507 |
44.791 |
38.273 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
62.072 |
15.299 |
21.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
196.435 |
29.492 |
16.747 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.488 |
37.675 |
33.607 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
10.000 |
10.000 |
|
|
|
Proposed Dividend |
4.611 |
2.305 |
2.305 |
|
|
|
Tax on Proposed Dividend |
0.783 |
0.374 |
0.374 |
|
|
BALANCE CARRIED
TO THE B/S |
215.529 |
54.488 |
37.675 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on FOB Value |
70.790 |
116.882 |
153.187 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
372.044 |
393.198 |
385.842 |
|
|
|
Stores & Spares |
4.723 |
4.659 |
13.523 |
|
|
|
Capital Goods |
34.112 |
58.138 |
19.092 |
|
|
TOTAL IMPORTS |
410.879 |
455.995 |
418.457 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
213.02 |
31.98 |
18.16 |
|
|
|
- Diluted |
213.02 |
31.98 |
18.16 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover [Approximately] |
|
|
1300.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
16.61
|
2.67 |
1.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.26
|
4.11 |
3.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.75
|
7.68 |
8.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.42
|
0.51 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.22 |
1.33 |
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 |
9.221 |
9.221 |
9.221 |
|
Reserves & Surplus |
178.425 |
205.237 |
396.278 |
|
Net worth |
187.646 |
214.458 |
405.499 |
|
|
|
|
|
|
long-term borrowings |
16.131 |
46.381 |
53.497 |
|
Short term borrowings |
60.153 |
62.275 |
118.521 |
|
Total borrowings |
76.284 |
108.656 |
172.018 |
|
Debt/Equity ratio |
0.407 |
0.507 |
0.424 |
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 |
1107.640 |
1089.798 |
1161.219 |
|
|
|
(1.611) |
6.554 |
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 |
1107.640 |
1089.798 |
1161.219 |
|
Profit |
16.747 |
29.492 |
196.435 |
|
|
1.51% |
2.71% |
16.92% |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
||||
|
Long Term
Borrowings |
|
|
||||
|
Deposits |
|
|
||||
|
- Fixed Deposits from Public * * Deposit includes deposit received from Directors amounting to Rs.
17,85,000/- |
26.855 |
22.585 |
||||
|
TOTAL
|
26.855 |
22.585 |
||||
|
TERMS OF REPAYMENTS FOR UNSECURED BORROWINGS:
|
||||||
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
ITXAL/2752/2009
FILING DATE: 02/12/2009 REG. NO.: ITXA/4227/2009
REG. DATE: 18/12/2009
|
BACKGROUND:
Subject is a company
incorporated in India under Companies Act, 1956 on March 1st, 1962. The Company
started its manufacturing activity as a Private Limited Company at Anand in the
state of Gujarat, which later became a public limited company on August 24th,
1964. The Company is engaged in the manufacture of Open Top Sanitary Cans,
Lithographed and Plain Metal Containers and Special Containers. The Company is
also in the business of manufacturing of Ice Cream Cones since financial year
2000-2001 and processing and packing of Amul milk. The head office of the
Company is situated at Mahalaxmi, Mumbai in the state of Maharashtra. The
factories are located at Anand, Kanjari, Vithal Udyog Nagar in the State of
Gujarat and Vashi in the state of Maharashtra.
REVIEW OF OPERATIONS:
The Company posted
a better performance by achieving higher sales volume of Rs.1268.900 Millions
for the year, as compared to Rs.1172.400 Millions in the previous year – a
growth of 8%. The profitability has also shown an improved trend as compared to
previous year. A profit from sale of investment of Rs.195.050 Millions, is from
the disposal of the Company’s investment in PUMA Properties Limited and hence
the said Company has ceased to be a wholly owned Subsidiary of our Company. It
is pertinent to mention that the said profit is being utilized by the Company
for the expansion programme undertaken at its Kanjari Unit.
During the year,
the Company has achieved a turnover of Rs.1139.700 Millions of metal cans and
its components as compared to Rs.1058.800 Millions in the previous year,
thereby registering a growth of 8%, consequent upon good mango season leading
to better realization and increase in the dairy demand from Gujarat
Co-operative Milk Marketing Federation Limited (GCMMF). The Company could only
execute export orders worth Rs.72.400 Millions of metal cans and its components
during the year as compared to Rs.118.900 Millions in the previous year. This
huge drop in export sales is mainly due to financial crisis prevailing in
European countries, which affected our exports to Middle East countries.
The Milk and Milk
Products Division (MMPD) has achieved job-work earnings to the tune of
Rs.68.500 Millions during the year ended 31st March, 2013 as compared to
Rs.66.200 Millions in the previous year. Kaira District Co-operative Milk
Producers’ Union Limited (Amul Dairy) has established a new Dairy Plant at
Virar with a processing capacity of about 10 lakh litres of milk per day under
the brand name Amul. This plant is fully automatic and state-of-the-art modern
plant. GCMMF has already informed us that the milk being given to Kaira Can for
processing and packing will be gradually reduced by transferring milk to their
new Dairy Plant at Virar. In view of this development, the Company’s operations
of processing and packing of milk at Vashi Plant has become uneconomical and
unviable. Hence, subsequent to the closure of accounting year 2012-13, the
Company has decided to close the operations at Vashi plant by 30th June, 2013.
It is important to mention that at the behest of the late Dr. V. Kurien, the
Company had embarked on to a business of processing, packing and distribution
of Amul Milk in Mumbai in December, 1992, which was highly appreciated by
GCMMF.
The Sugar Cone Division
has achieved a sales turnover of Rs.60.600 Millions as compared to Rs.47.400
Millions in the previous year – a growth of 28%. The expansion programme of
Sugar Cone Division undertaken by the Company at its Vitthal Udyog Nagar Unit,
Kheda District has been completed in time. The construction of additional shed
has been completed and new imported equipment has been installed in this new
shed and the commercial production has already commenced in the third quarter
of the year. With the installation of the second machine, the production
capacity of Sugar Cone Division has become more than double.
The Company has
already installed and commissioned the new imported Printing and Coating Line
at Kanjari Unit. As the demand for tin containers continues to be increasing,
the Company has undertaken a further expansion of its Kanjari Plant. The
Company has already placed the order for new imported Body Maker, which will be
installed and the commercial production is expected to commence in the third
quarter of the current year. The Company is hopeful of better performance
during the current year.
FIXED ASSETS:
Tangible Assets
- Freehold Land
- Leasehold
Land
- Buildings
- Machinery
- Furniture and
Fixtures
- Vehicles
Intangible
Assets
- 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.60.05 |
|
|
1 |
Rs.101.31 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
52 |
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.