MIRA INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMMBI INDUSTRIES LIMITED |
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Registered
Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village,
U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
04-000387 |
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Capital Investment
/ Paid-up Capital : |
Rs.176.900 Millions |
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CIN No.: [Company
Identification No.] |
L17120DN1994PLC000387 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of speciality polymer processing. |
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No. of Employees
: |
Not Available |
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 2100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Rating
also takes into consideration experience of promoters in polymer based
packaging products and increased presence of company in export market. 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
CARE |
|
Rating |
Long term Bank Facilities=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
22.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
22.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Assistant Manager in Finance |
|
Contact No.: |
91-22-67845555 |
|
Date : |
03.05.2014 |
LOCATIONS
|
Registered Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230, Gujarat,
India |
|
Tel. No.: |
91-22-67845555 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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PLANTS |
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Unit 1 : |
191/2/4, Masat Village, Meghwad Road, U.T. of Dadra & Nagar Haveli,
Silvassa – 396230, Gujarat, India |
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Unit 2 : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of Dadra & Nagar Haveli, Silvassa – 396230, Gujarat, India |
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|
|
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Unit 3 : |
99/2/9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of Dadra & Nagar Haveli, Silvassa – 396230, Gujarat, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Makrand M. Appalwar |
|
Designation : |
Chairman and Managing Director |
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Name : |
Rinku M. Appalwar |
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Designation : |
Executive Director & Chief Financial Officer |
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Name : |
Dr. Mitravinda M. Appalwar |
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Designation : |
Non-Executive Directors |
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Name : |
Sanjay R. Rathi |
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Designation : |
Non-Executive Directors |
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Name : |
CA Prashant K. Lohiya |
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Designation : |
Non-Executive Directors |
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Name : |
Dr. Venkatesh G. Joshi |
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Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal R. Patvi |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Nitin |
|
Designation : |
Assistant Manager in Finance |
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BOARD COMMITTEES |
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AUDIT COMMITTEE /REMUNERATION COMMITTEE |
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|
Name : |
Sanjay R. Rathi |
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Designation : |
Chairman |
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Name : |
Prashant K. Lohiya |
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Name : |
Dr. Venkatesh G. Joshi |
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|
|
Name : |
Rinku M. Appalwar |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6461700 |
36.53 |
|
|
2675000 |
15.12 |
|
|
127450 |
0.72 |
|
|
127450 |
0.72 |
|
|
9264150 |
52.37 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9264150 |
52.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
877544 |
4.96 |
|
|
|
|
|
|
3724729 |
21.06 |
|
|
3719097 |
21.02 |
|
|
104730 |
0.59 |
|
|
104730 |
0.59 |
|
|
8426100 |
47.63 |
|
Total Public shareholding (B) |
8426100 |
47.63 |
|
Total (A)+(B) |
17690250 |
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) |
17690250 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of speciality polymer processing. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Punjab National Bank ·
Export Import Bank of India ·
Axis Bank Limited |
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Facilities : |
NOTES: LONG TERM
BORROWINGS ·
Term Loans are secured by way of deposit of the
title deed in respect of immovable properties of the Company including Land
& Building situated at Plot no. 191/2/4, Massat Village, Meghwad Road, UT
of Dadra & Nagar Haveli, Silvassa - 396230 & at Plot no. 99/2/1&9,
Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, UT of Dadra
& Nagar Haveli, Silvassa - 396230 and by way of hypothecation of Plant
& Machinery and Furniture & Fixtures. The term loan are secured by
way of first charge. ·
Other Loans and Advances are secured by way of
hypothecation of Cars and Transport Vehicles purchased under Hire Purchase
Scheme SHORT TERM
BORROWINGS ·
Cash Credit & Packing Credit loans from
Punjab National Bank are secured by first pari passu charge on hypothecation
of entire current assets, both present and future, of the Company including
stocks and book debts, stock in transits and stock for job work. Second pari
passu charge on immovable properties of the Company including Land &
Building situated at Plot no. 191/2/4, Masat Village, Meghwad Road, UT of
Dadra & Nagar Haveli, Silvassa - 396230 and at Plot no.
99/2/1&9,Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village,
UT of Dadra & Nagar Haveli, Silvassa 396230. ·
Working Capital and Pre-Cum-Post Shipment Loan
from Exim Bank is secured by first Pari-Passu charge on entire current assets
both present & future; Second Pari-Passu charge on the entire movable
fixed assets both present and future; second Pari-Pasu charge on the entire
Land and other Immovable properties both present and future. ·
Working Capital and Pre-Cum-Post Shipment Loan
from Axis Bank is secured by first Pari-Passu charge on entire current assets
both present & future; Second Pari-Passu charge on the entire movable
fixed assets both present and future; second Pari-Pasu charge on the entire
Land and other Immovable properties both present and future. |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
K. J. Shah and Associates Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17690250 |
Equity Shares |
Rs.10/- each |
Rs.176.900 Millions |
|
|
|
|
|
·
46,99,530 Equity Shares out of Shares Issued,
Subscribed and Paid up were allotted as Bonus Shares in the last five years (Dt:
20.08.2009) by way of Capitalisation of free reserves of the company.
·
50,000 Equity Shares out of Shares Issued,
Subscribed and paid up were allotted against conversion of Preference Shares in
the last five years which were converted during the year ended 31st March,
2007.
·
86,57,700 Equity Shares out of Shares Issued,
Subscribed and Paid up were issued during the year ended 31st March, 2010 for
cash as initial public offer in February, 2010.
·
12,00,000 Equity Shares out of Shares Issued,
Subscribed and Paid up were allotted during the year ended 31st March, 2013 on
conversion of share warrant monies.
The Reconciliation
of the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
16.490 |
|
Add : Equity Shares alloted on Conversion of Share Warrants |
1.200 |
|
Equity Shares at
the end of the year |
17.690 |
The Details of
Shareholders Holding more than 5% Shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Makrand
Moreshwar Appalwar |
4.200 |
23.73 |
|
Rinku Makrand
Appalwar |
1.930 |
10.89 |
|
Emmbi
Laboratories Private Limited |
1.630 |
9.19 |
|
Maithili Agrotech Private Limited |
1.050 |
5.94 |
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 |
176.900 |
164.900 |
164.903 |
|
(b) Reserves & Surplus |
366.850 |
331.270 |
303.919 |
|
(c) Money
received against share warrants |
0.000 |
8.100 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
543.750 |
504.270 |
468.822 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
84.450 |
46.020 |
6.537 |
|
(b) Deferred tax liabilities (Net) |
37.050 |
30.900 |
23.556 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
35.780 |
19.110 |
10.626 |
|
Total Non-current Liabilities (3) |
157.280 |
96.030 |
40.719 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
474.170 |
381.810 |
228.041 |
|
(b) Trade payables |
30.480 |
11.120 |
5.263 |
|
(c) Other current
liabilities |
62.180 |
52.380 |
87.936 |
|
(d) Short-term provisions |
4.300 |
16.070 |
14.026 |
|
Total Current Liabilities (4) |
571.130 |
461.380 |
335.266 |
|
|
|
|
|
|
TOTAL |
1,272.160 |
1,061.680 |
844.807 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
474.880 |
394.870 |
220.478 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
36.120 |
108.810 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.990 |
2.990 |
3.677 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.290 |
91.940 |
103.657 |
|
(e) Other Non-current assets |
0.180 |
0.230 |
0.287 |
|
Total Non-Current Assets |
511.340 |
526.150 |
436.909 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
405.540 |
293.700 |
203.420 |
|
(c) Trade receivables |
255.540 |
204.300 |
159.160 |
|
(d) Cash and cash
equivalents |
3.680 |
7.620 |
26.647 |
|
(e) Short-term loans and
advances |
96.060 |
29.910 |
18.671 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
760.820 |
535.530 |
407.898 |
|
|
|
|
|
|
TOTAL |
1,272.160 |
1,061.680 |
844.807 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1,401.910 |
1,022.570 |
754.020 |
|
|
|
Other Income |
0.320 |
0.960 |
4.068 |
|
|
|
TOTAL (A) |
1,402.230 |
1,023.530 |
758.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
906.780 |
483.050 |
327.804 |
|
|
|
Purchase of Stock-in-trade |
192.070 |
259.190 |
249.443 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(97.490) |
(36.400) |
(51.876) |
|
|
|
Employee Benefits Expenses |
60.980 |
59.470 |
34.099 |
|
|
|
Other Expenses |
213.800 |
158.740 |
122.524 |
|
|
|
TOTAL (B) |
1,276.140 |
924.050 |
681.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.090 |
99.480 |
76.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.990 |
32.370 |
20.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.100 |
67.110 |
55.644 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.880 |
16.910 |
10.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.220 |
50.200 |
45.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.800 |
17.110 |
19.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32.420 |
33.090 |
25.687 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.022 |
39.672 |
17.831 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX ON PROPOSED DIVIDEND |
0.000 |
0.010 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAXES OF EARLIER YEARS |
0.190 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
MAT CREDIT UTILISED
IN EARLIER YEARS |
(1.310) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.540 |
4.950 |
3.298 |
|
|
|
Dividend Distribution Tax |
0.570 |
0.800 |
0.548 |
|
|
BALANCE CARRIED
TO THE B/S |
94.212 |
67.022 |
39.672 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
584.990 |
489.130 |
274.922 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
47.320 |
47.320 |
47.318 |
|
|
|
Capital Goods |
0.540 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
47.860 |
47.320 |
47.318 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.91 |
2.01 |
1.56 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
360.000 |
355.500 |
406.400 |
|
Total Expenditure |
324.000 |
326.000 |
366.700 |
|
PBIDT (Excluding Other Income) |
35.900 |
29.500 |
39.700 |
|
Other income |
0.100 |
0.100 |
0.200 |
|
Operating Profit |
36.000 |
29.600 |
39.900 |
|
Interest |
15.000 |
10.600 |
17.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
21.000 |
19.000 |
22.300 |
|
Depreciation |
6.900 |
7.100 |
7.300 |
|
Profit Before Tax |
14.100 |
11.900 |
14.900 |
|
Tax |
4.400 |
3.600 |
3.800 |
|
Profit after tax |
9.700 |
8.400 |
11.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.31 |
3.23 |
3.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.44 |
4.91 |
6.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80 |
4.91 |
6.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03 |
0.85 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.16 |
1.22 |
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 |
164.903 |
164.900 |
176.900 |
|
Reserves & Surplus |
303.919 |
331.270 |
366.850 |
|
Net
worth |
468.822 |
496.170 |
543.750 |
|
|
|
|
|
|
long-term borrowings |
6.537 |
46.020 |
84.450 |
|
Short term borrowings |
228.041 |
381.810 |
474.170 |
|
Total
borrowings |
234.578 |
427.830 |
558.620 |
|
Debt/Equity
ratio |
0.500 |
0.862 |
1.027 |
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 |
754.020 |
1,022.570 |
1,401.910 |
|
|
|
35.616 |
37.097 |
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
|
754.020 |
1,022.570 |
1,401.910 |
|
Profit |
25.687 |
33.090 |
32.420 |
|
|
3.41% |
3.24% |
2.31% |
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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Corporates |
3.460 |
0.000 |
|
|
|
|
|
Total |
3.460 |
0.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10470373 |
14/11/2013 |
55,000,000.00 |
PUNJAB NATIONAL
BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B93562635 |
|
2 |
10407002 |
14/02/2013 |
50,000,000.00 |
PUNJAB NATIONAL
BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B69169209 |
|
3 |
10407001 |
12/02/2013 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B69168524 |
|
4 |
10403195 |
24/12/2013 * |
665,000,000.00 |
PUNJAB NATIONAL
BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B93595676 |
|
5 |
10373999 |
20/12/2012 * |
90,000,000.00 |
AXIS BANK
LIMITED |
GROUND FLOOR,
AXIS HOUSE, C-2,, WADIA INDUSTRIAL CENTRE,
P. B. MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B68059203 |
|
6 |
10259786 |
20/12/2012 * |
65,000,000.00 |
PUNJAB NATIONAL
BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B68184373 |
|
7 |
10250929 |
07/01/2013 * |
250,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE
PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66695305 |
|
8 |
10041394 |
14/11/2013 * |
310,000,000.00 |
PUNJAB NATIONAL
BANK |
GOREGAON (EAST) BRANCH,
8, CAMA INDUSTRIAL ESTATE, |
B93553675 |
* Date of charge modification
FIXED ASSETS:
·
Freehold Land
·
Building
·
Compound Wall
·
Plant and Machinery
·
Electrical Installation
·
Furniture & Fixtures
·
Crates
·
Office Equipment
·
Other Equipment
·
Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS 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) |
403.350 |
351.160 |
1111.110 |
|
b) Other operating income |
3.020 |
4.330 |
10.710 |
|
Total
income from Operations(net) |
406.370 |
355.490 |
1121.820 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
301.630 |
263.740 |
774.360 |
|
b) Purchases of stock in trade |
42.160 |
28.920 |
92.590 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(54.360) |
(46.030) |
(78.200) |
|
d) Employees benefit expenses |
14.160 |
16.790 |
43.270 |
|
e) Depreciation and amortization expenses |
7.320 |
7.110 |
21.350 |
|
f) Other expenditure |
63.130 |
62.540 |
184.720 |
|
Total expenses |
374.030 |
333.080 |
1038.080 |
|
3. Profit from operations before other income and
financial costs |
32.340 |
22.410 |
83.740 |
|
4. Other income |
0.190 |
0.090 |
0.350 |
|
5. Profit from ordinary activities before finance costs |
32.520 |
22.510 |
84.090 |
|
6. Finance costs |
17.590 |
10.590 |
43.150 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
14.930 |
11.910 |
40.940 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
14.930 |
11.910 |
40.940 |
|
10.Tax expenses |
|
|
|
|
--Current Tax |
2.680 |
2.650 |
8.200 |
|
--Deferred Tax |
1.160 |
0.910 |
3.640 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
11.090 |
8.350 |
29.100 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
11.090 |
8.350 |
29.100 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
176.900 |
176.900 |
176.900 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.63 |
0.47 |
1.65 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
8451300 |
8451827 |
8451300 |
|
- Percentage of shareholding |
47.77 |
47.78 |
47.77 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
9238950 |
9238423 |
9238950 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
52.23 |
52.22 |
52.23 |
NOTES:
1.
The Financial results
have been reviewed by Audit Committee and approved by the Board of Directors in
its meeting held on February 12, 2014. The above results have been reviewed by
Statutory Auditors of the Company as required under Clause 41 of the listing
Agreement.
2.
The Company has
acquired a new factory land at Silvassa and the building is under Construction.
3.
The entire operation
of the Company relate to only one segment viz. Polymer based multiple products.
4.
Figures for the
previous year / quarter have been rearranged/ re-grouped wherever necessary, to
confirm with the figures for the current year/ quarter.
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.59.73 |
|
UK Pound |
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--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.