MIRA
INFORM REPORT
|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORI PLAST LIMITED |
|
|
|
|
Registered
Office : |
40, Strand Road, 3rd Floor, Kolkata
– 700001, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.1988 |
|
|
|
|
Com. Reg. No.: |
21-044642 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 98.835 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19202WB1988PLC044642 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALO00235E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO3368A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Selling of PVC, CPVC, HDPE Pipe and
Fittings and Tara Hand Pump and Fittings. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 975000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered 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 |
CRISIL |
|
Rating |
Long term rating: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
19.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3+” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
19.12.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-33-22433396)
LOCATIONS
|
Registered Office : |
40, Strand Road, 3rd Floor, Kolkata
– 700001, West Bengal, India |
|
Tel. No. : |
91-33-22433396/ 22433397/ 22434337/ 22438551 |
|
Fax No. : |
91-33-22432395 |
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E-Mail : |
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|
Website : |
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Factories : |
Located at · Balasore, Orissa, India Behror, Rajasthan,
India Bagnan, West
Bengal, India Sankrail, West
Bengal, India |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Kamal Kishore Agarwal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
51/1, Bon Behari Bose Road, Howrah – 711101, West Bengal, India |
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Date of Birth/Age : |
24.06.1950 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.04.1995 |
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PAN No.: |
ACTPA2492F |
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|
Voter ID No. : |
WB/24/164/069320 |
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DIN No. : |
00365529 |
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Other Directorship
:
|
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|
Name : |
Mr. Ashish Agarwal |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
12A/4, Judges Court Road, Kolkata – 700027, West Bengal, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
25.07.1977 |
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|
Qualification : |
Post- Graduate |
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|
Date of Appointment : |
30.03.2006 |
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|
PAN No. : |
ACTPA2497A |
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|
Voter ID No. : |
WB/24/164/069073 |
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|
DIN No. : |
00365451 |
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Other Directorship
:
|
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Bela Agarwal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
51/1, Bon Behari Bose Road, Howrah – 711101, West Bengal, India |
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|
Date of Birth/Age : |
13.09.1955 |
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|
Qualification : |
Graduate |
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|
Date of Appointment : |
24.07.1997 |
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|
PAN No. : |
ADAPA2779B |
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|
Voter ID No. : |
WB/24/164/06026 |
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DIN No. : |
00266247 |
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Other Directorship
:
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Harshvardhan Agarwal |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
12A/4, Judges Court Road, Kolkata – 700027, West Bengal, India |
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|
Date of Birth/Age : |
04.07.1982 |
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Qualification : |
Post- Graduate |
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Date of Appointment : |
01.09.2008 |
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PAN No. : |
ACUPA0865H |
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DIN No. : |
00364194 |
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Other Directorship
:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders |
No. of Shares |
|
Babulal Bajaj |
53800 |
|
Kamal Kishore Agarwal |
1080162 |
|
Babulal Bajaj (HUF) |
57600 |
|
Anita Agarwal |
1765070 |
|
Ashish Agarwal |
2374080 |
|
Bela Agarwal |
552000 |
|
Kamal Kishore Agarwal (HUF) |
1430000 |
|
Harshvardhan Agarwal |
2424538 |
|
Usha Agarwal |
30000 |
|
Sandhya Jalan |
30000 |
|
Nirupa Sikaria |
30000 |
|
Rekha Agarwal |
30004 |
|
Sweta Agarwal |
26234 |
|
Total |
9883488 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
98.87 |
|
Others |
1.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of PVC, CPVC, HDPE Pipe and
Fittings and Tara Hand Pump and Fittings. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
|
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|
Bankers : |
· State Bank of India, N. S. Road Branch, 8, N. S. Road, Kolkata - 700001, West Bengal, India UCO Bank, Strand Road, Kolkata,
West Bengal, India |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R K Bajaj and Company Chartered Accountants |
|
Address : |
40/5, Strand Road, 2nd Floor, Kolkata - 700001, West Bengal, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AECPB5262K |
|
|
|
|
Associates: |
· Adventec Polymers Private Limited CIN No.: U24231WB2002PTC095430 Param Polymers
Private Limited CIN No.: U25208WB2007PTC120606 C A Polycare Private Limited CIN No.: U25209WB1992PTC055595 Accurate Polumers Private
Limited Alkaraj Properties
and Viniyog Private Limited Tribhuwan Credit and
Properties Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,883,488 |
Equity Shares |
Rs.10/- each |
Rs. 98.835 Millions |
|
|
|
|
|
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 |
98.835 |
98.835 |
49.417 |
|
(b) Reserves & Surplus |
144.943 |
126.398 |
157.652 |
|
(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) |
243.778 |
225.233 |
207.069 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term Borrowings |
45.735 |
7.025 |
7.077 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other Long Term Liabilities |
7.474 |
0.000 |
0.000 |
|
(d) long-term Provisions |
0.394 |
0.394 |
0.394 |
|
Total Non-current Liabilities (3) |
53.603 |
7.419 |
7.471 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
28.408 |
97.377 |
47.731 |
|
(b) Trade Payables |
72.073 |
74.082 |
53.256 |
|
(c) Other Current
Liabilities |
79.442 |
71.633 |
67.258 |
|
(d) Short-term Provisions |
29.009 |
30.154 |
16.524 |
|
Total Current Liabilities (4) |
208.932 |
273.246 |
184.769 |
|
|
|
|
|
|
TOTAL |
506.313 |
505.898 |
399.309 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible Assets |
198.384 |
195.633 |
147.650 |
|
(ii) Intangible Assets |
0.518 |
0.763 |
0.417 |
|
(iii) Capital
Work-in-Progress |
33.408 |
3.592 |
0.312 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.451 |
0.146 |
0.141 |
|
(c) Deferred Tax Assets (net) |
4.565 |
3.730 |
3.212 |
|
(d) Long-term Loan and Advances |
7.300 |
6.427 |
5.642 |
|
(e) Other Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
244.626 |
210.291 |
157.374 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
109.931 |
93.375 |
113.755 |
|
(c) Trade Receivables |
27.455 |
69.198 |
22.467 |
|
(d) Cash and Cash
Equivalents |
91.624 |
109.994 |
80.078 |
|
(e) Short-term Loans and
Advances |
31.688 |
22.113 |
23.870 |
|
(f) Other Current Assets |
0.989 |
0.927 |
1.765 |
|
Total Current Assets |
261.687 |
295.607 |
241.935 |
|
|
|
|
|
|
TOTAL |
506.313 |
505.898 |
399.309 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1252.507 |
1200.058 |
1123.208 |
|
|
|
Other Income |
8.999 |
10.641 |
2.045 |
|
|
|
TOTAL (A) |
1261.506 |
1210.699 |
1125.253 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
874.959 |
807.352 |
797.108 |
|
|
|
Purchases of Stock-in-Trade |
1.468 |
4.572 |
2.618 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(23.941) |
13.860 |
(2.495) |
|
|
|
Employees benefits expense |
71.275 |
64.402 |
65.905 |
|
|
|
Other expenses |
231.139 |
218.483 |
177.187 |
|
|
|
TOTAL (B) |
1154.900 |
1108.669 |
1040.323 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
106.606 |
102.030 |
84.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.041 |
15.372 |
12.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.565 |
86.658 |
72.567 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
14.644 |
15.029 |
14.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
71.921 |
71.629 |
58.097 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.165 |
24.198 |
19.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
47.756 |
47.431 |
38.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
5.303 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.83 |
4.80 |
7.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.79 |
3.92 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.74 |
5.97 |
5.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.37 |
14.37 |
14.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.32 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30 |
0.46 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.08 |
1.31 |
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 |
49.417 |
98.835 |
98.835 |
|
Reserves & Surplus |
157.652 |
126.398 |
144.943 |
|
Net
worth |
207.069 |
225.233 |
243.778 |
|
|
|
|
|
|
long-term borrowings |
7.077 |
7.025 |
45.735 |
|
Short term borrowings |
47.731 |
97.377 |
28.408 |
|
Total
borrowings |
54.808 |
104.402 |
74.143 |
|
Debt/Equity
ratio |
0.265 |
0.464 |
0.304 |
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 |
1123.208 |
1200.058 |
1252.507 |
|
|
|
6.842 |
4.371 |
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 |
1123.208 |
1200.058 |
1252.507 |
|
Profit |
38.330 |
47.431 |
47.756 |
|
|
3.41% |
3.95% |
3.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10479917 |
22/02/2014 |
67,500,000.00 |
STATE BANK OF INDIA |
N. S. ROAD BRANCH, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B97337612 |
|
2 |
10175061 |
28/08/2009 |
48,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA - 756001, INDIA |
A69299857 |
|
3 |
10013950 |
30/03/2013 * |
280,600,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA - 756001, INDIA |
B74512591 |
|
4 |
90254962 |
24/03/2002 * |
30,185,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA, INDIA |
- |
|
5 |
90254952 |
06/12/1996 |
18,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA, INDIA |
- |
|
6 |
90254851 |
18/02/1989 |
2,900,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
0.000 |
7.025 |
|
Total |
0.000 |
7.025 |
CORPORATE INFORMATION
The company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in manufacturing and selling of PVC, CPVC, HDPE Pipe and Fittings and Tara Hand Pump and Fittings. Over the years the company has grown in its Operation which has been multiplied continuously and in the process the company has diversified its products.
BUSINESS PERFORMANCE:
ECONOMIC ENVIRONMENT:
During the financial year 2012-13, India’s GDP growth slipped to the decades low of 5%. High current account deficit (CAD), fiscal deficit and persistently high inflation affected savings growth, domestic consumption and investment cycle. Going forward, inflation and CAD are expected to decline on account of falling prices of gold and commodities. Government is also targeting reduction in fiscal deficit through diesel price hikes and disinvestment plans. These developments coupled with expected normal monsoon signals an improvement in economy as they progress ahead.
India’s twin deficit challenge also came under the spotlight during the year. The Current Account Deficit widened to an all-time high at 5.4% of GDP during the first 9 months of 2012-13 Vs.4.1% during the same period last year, mainly contributed by high oil prices subdued merchandise exports coupled with a marginal decline in the net services exports. On the other hand, the Fiscal Deficit, which seemed like heading towards 6% of GDP in the middle of the year, was reined in by the Government to 5.2% of GDP (Budget 2013 Estimates) through aggressive compression in expenditure.
Several policy measures were announced by the Government during the year. Some of the key interventions include the setting up of the Cabinet Committee on Investments to ensure expeditious clearance and implementation of big-ticket infrastructure projects, direct cash transfers of subsidies, Diesel and LPG subsidy restructuring. Several regulatory reforms including the new Companies Bill, Land Acquisition Bill, FDI in pension and insurance, the Direct Tax Code are on the anvil. Headline WPI inflation levels (Especially in non-food manufactured goods) have also softened in recent months fuelling expectations of further rate cuts by RBI in the ensuing months. This, coupled with the policy interventions as stated above, augurs well for a pick-up in growth in 2013-14.
FINANCIAL
PERFORMANCE:
Domestic Consumption remains one of the key growth engines of the Indian economy. With a large and growing population, significant additions to the working age population over the medium to long-term, rising disposable incomes including in rural areas and the Governments increasing spends on the social sector to foster inclusive growth- the structural drivers for rapid growth in consumption are in place. Even so, the marked slowdown in private consumption in 2012-13 is a cause of concern. Such deceleration of growth is mainly attributable to the elevated levels of inflation in the economy especially for food items due to the inadequate supply side response by the agricultural sector in the face of growing demand for value-added items. The need of the hour is to boost agricultural productivity and value addition by encouraging investments and adoption of best practices in the agricultural value chains while simultaneously improving market linkages. Besides, the recent slowdown in the manufacturing sector needs to be reversed at the earliest since robust industrial growth is essential for creation of sustainable livelihoods and absorption of the increasing working age population of the country. A fillip to industrial growth would be a critical boosting factor for domestic consumption as well.
The Company posted yet another year of improved result with growth and earnings, reflecting the robustness of its corporate strategy of creating multiple drives of growth. This performance is particularly remarkable when viewed against the backdrop of the extremely challenging business context in which it was achieved, namely, a slowdown in the economy, high levels of inflation and the continuing resistance from government on plastics.
Gross revenue for the year grew by 6.36% to Rs.1405.64 lacs. Profit before tax was maintained with increase of
0.41% to Rs. 719.21 lacs.
The company continues to maintain its leadership position in the eastern India by delivering better quality and wide range of products to serve all the customers. The results could have been much better if there had been stability in the prices of raw-materials.
OPERATIONS:
The true potential of Indian economy was amply demonstrated during the period 2004-2005 to 2007-2008 when the growth was approx. 9% p.a. The global economic turnoil in 08-09 led a slowdown in growth rate. While India remains one of the fastest growing major economics growth but slowdown in 2011-2012 and 2012-2013 is a cause of concern. Given the low level of per capital income and the fact that a significant proportion of their population lives in poverty.
It is imperative that the economy reverts to its 8% to 9% growth trajectory sooner than later.
Inspired by vision, driven by policy values and powered by internal vitality and potential the directors look forward to the future with confidence and brighter future for all the stakeholders.
PROSPECTUS AND
FORWARDS:
This Report contains forward-looking statements that involve risk and uncertainities. When used in this Report, the word anticipate, believe, estimate, expect, intend, will and other similar expressions as they relate to the Company and/or its businesses are intended to identify such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements.
FIXED ASSETS
Tangible Assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipment’s
Other
Equipment’s
Intangible Assets
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 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.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.