MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARVEL VINYLS LIMITED |
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Registered Office : |
G – 73, Connaught Circus, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
30.05.1985 |
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Com. Reg. No.: |
55-21085 |
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Capital
Investment / Paid-up Capital : |
Rs. 69.716 Millions |
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CIN No.: [Company
Identification No.] |
L74899DL1985PLC021085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08654C |
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PAN No.: [Permanent
Account No.] |
AAACM1917B |
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Legal Form : |
Public limited liability company. Company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturing of PVC Film and Sheeting, PVC
Floor Covering, PVC Coated/ Laminated Fabric and Knitted Fabrics. |
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No. of Employees : |
Information
Declined By The Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 760000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The rating takes into consideration high competition intensity and
fragmented in the PVC coated fabrie industry. However, the company is
performing well. Financial position of the company is sound. Trade relations reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
ICRA |
|
Rating |
Term loans = BB |
|
Rating Explanation |
Have moderate risk of default |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
January 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
Management non Co-operative
Contact No.: 91-11-23326888
LOCATIONS
|
Registered Office / Corporate : |
G – 73, Connaught Circus, |
|
Tel. No.: |
91-11-23326888 / 23325777 / 23327888 / 3355097 / 23354566 |
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E-Mail : |
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Website : |
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Factory 1 : |
64/3, |
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Factory 2 : |
83-84, Malanpur Industrial Area, District Bhind [M.P.] |
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Factory 3 |
85-86, Malanpur Industrial Area, District Bhind [M.P.] |
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Branches : |
Located at :
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Regional Office : |
A 40 – |
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Tel. No.: |
91-11-25171666 |
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Fax No.: |
91-11-25172444 |
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E-Mail : |
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Regional Office : |
210, |
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Tel. No.: |
91-22-23441311 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Pavan Chawla |
|
Designation : |
Managing Director |
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Name : |
Mr. Pankaj Chawla |
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Designation : |
Whole time Director |
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|
Name : |
Mr. Pradeep Singh |
|
Designation : |
Director – Technical |
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Name : |
Dr. P. K. Bhardwaj |
|
Designation : |
Director |
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Name : |
Mrs. Kirti Bhardwaj |
|
Designation : |
Director |
|
Name : |
Mr. Ankit Chawla |
|
Designation : |
Whole time Director |
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 |
|
|
|
|
|
|
|
|
2346040 |
43.59 |
|
|
1658360 |
30.81 |
|
|
20000 |
0.37 |
|
|
20000 |
0.37 |
|
|
4024400 |
74.77 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4024400 |
74.77 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
797000 |
14.81 |
|
|
|
|
|
|
259200 |
4.82 |
|
|
279400 |
5.19 |
|
|
22583 |
0.42 |
|
|
22583 |
0.42 |
|
|
1358183 |
25.23 |
|
Total
Public shareholding (B) |
1358183 |
25.23 |
|
Total
(A)+(B) |
5382583 |
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) |
5382583 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of PVC Film and Sheeting, PVC Floor
Covering, PVC Coated/ Laminated Fabric and Knitted Fabrics. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information
Declined By The Management. |
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Bankers : |
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Facilities : |
Note : LONG TERM
BORROWINGS Term Loan availed from Union Bank of India are secured against
existing and future current and fixed assets of the Company in addition to
personal guarantee of two directors. Vehicle Loans [Finance Lease Obligations] are secured against vehicles
acquired by the Company. Term Loan from Banks having a total amount of Rs.73.326 Millions, Out
of which Rs.19.206 Millions repayable in next year have been considered as
Current Liability. Vehicle Loans (Finance Lease Obligations) having a total amount of Rs.4.825
Millions, Out of which Rs. 2.304 Millions repayable in next year. SHORT TERM
BORROWINGS Working Capital Loan availed from Union Bank of India are secured
against existing and future current and fixed assets of the Company in
addition to personal guarantee of two directors. In Foreign Currency Loan includes a sum of Rs.111.844 Millions as
buyer’s credit disbursement against Bank Guarantees provided by Union Bank of
India and Rs. 32.634 Millions as PCFC availed from Union Bank of India. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Shanti Prasad and Company Chartered Accountants |
|
Address : |
M-96, Connaught Circus, |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs. 10/- each |
Rs. 55.000 Millions |
|
200000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.20.000
Millions |
|
|
Total |
|
Rs. 75.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5382583 |
Equity Shares |
Rs. 10/- each |
Rs. 53.826 Millions
|
|
|
Less : Amount in arrears |
|
Rs. 4.110
Millions |
|
|
Sub Total |
|
Rs. 49.716 Millions |
|
200000 |
18 % Redeemable Preference Shares |
Rs. 100/- each |
Rs.20.000
Millions |
|
|
Grand Total |
|
Rs. 69.716 Millions |
Reconciliation of the share outstanding as at the beginning and at the
end of the reporting year are same:
|
Particulars |
No. of Shares |
Rs. Millions |
|
Equity Shares |
|
|
|
As at beginning of the year |
5,382,583 |
49.716 |
|
Balance As at end of the year |
5,382,583 |
49.716 |
|
Preference Shares |
|
|
|
As at beginning of the year |
200,000 |
20.000 |
|
Balance As at end of the year |
200,000 |
20.000 |
Terms/ Rights attached to Shares
Equity Shares
The company has only one class of Equity Shares having a par value of
Rs. 10 per Share.
Each holder of equity is entitled to one vote per share.
Preference Shares
The company has only one class of 1 8 % Cumulative Redeemable Preference
Shares having
a par value of Rs. 100/- per share. The Preference share are due for
redemption on 01.04.2014.
Details of Shareholders holding more than 5% shares of the Company:
|
Particulars |
No. of Shares |
% of Total No. of Shares |
|
Equity Shares |
|
|
|
Pavan Chawla |
567,700 |
10.55 |
|
Pankaj Chawla |
711,520 |
13.22 |
|
Ankit Chawla |
281,050 |
5.22 |
|
Suave Enterprises [P] Ltd |
1,658,360 |
30.81 |
|
Preference Shares |
|
|
|
Pankaj Chawla |
47,100 |
23.55 |
|
Mrs. Saroj Chawla |
23,970 |
11.99 |
|
Pavan Chawla [HUF] |
83,480 |
41.74 |
|
Pankaj Chawla [HUF] |
45,450 |
22.73 |
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 |
69.716 |
69.716 |
69.716 |
|
(b) Reserves & Surplus |
119.918 |
95.273 |
81.686 |
|
(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) |
189.634 |
164.989 |
151.402 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
119.473 |
114.671 |
74.835 |
|
(b) Deferred tax liabilities
(Net) |
20.805 |
17.389 |
11.916 |
|
(c) Other long term
liabilities |
0.000 |
0.940 |
0.751 |
|
(d) long-term provisions |
7.310 |
5.598 |
4.211 |
|
Total
Non-current Liabilities (3) |
147.588 |
138.598 |
91.713 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
339.222 |
219.327 |
166.383 |
|
(b) Trade payables |
250.229 |
198.174 |
110.280 |
|
(c) Other current liabilities |
79.626 |
71.280 |
54.248 |
|
(d) Short-term provisions |
22.912 |
19.109 |
21.074 |
|
Total
Current Liabilities (4) |
691.989 |
507.890 |
351.985 |
|
|
|
|
|
|
TOTAL |
1,029.211 |
811.477 |
595.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
276.326 |
271.930 |
162.203 |
|
(ii) Intangible Assets |
0.000 |
0.022 |
0.022 |
|
(iii) Capital work-in-progress |
0.589 |
0.589 |
40.011 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.002 |
0.002 |
0.002 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.659 |
8.052 |
5.623 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
284.576 |
280.595 |
207.861 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
289.977 |
254.229 |
201.890 |
|
(c) Trade receivables |
385.858 |
226.661 |
150.673 |
|
(d) Cash and cash equivalents |
35.582 |
20.123 |
17.229 |
|
(e) Short-term loans and
advances |
33.218 |
29.869 |
17.065 |
|
(f) Other current assets |
0.000 |
0.000 |
0.382 |
|
Total
Current Assets |
744.635 |
530.882 |
387.239 |
|
|
|
|
|
|
TOTAL |
1,029.211 |
811.477 |
595.100 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1,680.509 |
1,303.283 |
897.474 |
|
|
Other Income |
15.494 |
0.645 |
6.453 |
|
|
TOTAL
(A) |
1,696.003 |
1,303.928 |
903.927 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1,173.542 |
849.026 |
641.913 |
|
|
Purchases of Stock-in-Trade |
74.685 |
118.467 |
76.148 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(9.688) |
1.518 |
-50.204 |
|
|
Employees benefits expense |
94.037 |
63.710 |
48.093 |
|
|
Exceptional Items / Extra
Ordinary Items |
(0.003) |
(0.001) |
(0.695) |
|
|
Other expenses |
250.228 |
189.614 |
141.082 |
|
|
TOTAL
(B) |
1,582.801 |
1,222.334 |
856.337 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
113.202 |
81.594 |
47.590 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.283 |
35.850 |
19.439 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
61.919 |
45.744 |
28.151 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
19.468 |
18.608 |
13.113 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
42.451 |
27.136 |
15.038 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
13.110 |
8.880 |
4.727 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
29.341 |
18.256 |
10.311 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
25.216 |
12.514 |
7.175 |
|
|
|
|
|
|
|
Add |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
2.201 |
1.369 |
0.773 |
|
|
Dividend |
3.600 |
3.600 |
3.600 |
|
|
Tax on Dividend |
0.611 |
0.585 |
0.599 |
|
|
Total
(M) |
6.412 |
5.554 |
4.972 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
48.145 |
25.216 |
12.514 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
396.892 |
185.273 |
73.398 |
|
|
TOTAL
EARNINGS |
396.892 |
185.273 |
73.398 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
501.933 |
372.681 |
281.847 |
|
|
Consumables Goods |
16.818 |
11.597 |
4.320 |
|
|
Capital Goods |
3.873 |
7.086 |
10.627 |
|
|
TOTAL
IMPORTS |
522.624 |
391.364 |
296.794 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.670 |
2.610 |
1.140 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.73
|
1.40 |
1.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.53
|
2.08 |
1.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.13
|
3.35 |
2.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.16 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
2.02 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.05 |
1.10 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
69.716 |
69.716 |
69.716 |
|
Reserves & Surplus |
81.686 |
95.273 |
119.918 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
151.402 |
164.989 |
189.634 |
|
|
|
|
|
|
long-term borrowings |
74.835 |
114.671 |
119.473 |
|
Short term borrowings |
166.383 |
219.327 |
339.222 |
|
Total
borrowings |
241.218 |
333.998 |
458.695 |
|
Debt/Equity
ratio |
1.593 |
2.024 |
2.419 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
897.474 |
1303.283 |
1680.509 |
|
|
|
45.217 |
28.944 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
897.474 |
1303.283 |
1680.509 |
|
Profit After Tax |
10.311 |
18.256 |
29.341 |
|
|
1.15% |
1.40% |
1.75% |
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 |
No |
|
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 |
No |
|
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 |
OPERATIONS
During the year production was 19744 MT as
compared to 16215 MT in previous year. The Gross business receipt of The
Company during the year was Rs. 1815.400 Millions as compared to Rs.1391.300
Millions during the previous year representing a growth of 30.58%. Five years
after the outbreak of the global financial crisis, the world economy continues
to remain fragile. The Indian economy demonstrated remarkable resilience in the
initial years of the contagion but finally lost ground last year. Yet, the year
2012-2013 was successful for The Company with the consistence good performance.
Its market share and leadership has grown. The Company continued its higher
growth levels, exceeded its financial targets, progressed on its non-financial
objectives and, remained a dependable partner to all its stakeholders. The new
product range introduced helped in increasing the market share. Further,
innovations were encouraged, operating processes and existing product range
were optimized. The marketing and distribution structure of the Company has
expanded significantly both for domestic and overseas market.
The Company Textile Unit went into production
on full swing last year in November. The company have developed new products
for domestic as well as for exports market. The company has entered into
Footwear, Upholstery S. Fashion Garment Industry. The company is also having
plans to make in-roads into Defense business during this year. This year
increase in volume shall mainly come from exports and open market operations
CORPORATE INFORMATION
The Company is a public limited company
domiciled in India and incorporated on May 30, 1985 under the provisions of
Indian Companies Act, 1956. The Company operates 3 manufacturing units in India,
manufacturing of PVC Film and Sheeting, PVC Floor Covering, PVC Coated/
Laminated Fabric and Knitted Fabrics. The Company caters to both domestic and
international markets.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
The Company Manufactures
Flexible Films, Sheeting, Coated Laminated Textile, Fabrics and Flooring having
application in Automobile, Footwear Upholstery etc. The Companies textile unit
went into production with full swing in November 2012. The product mix of the
Company is changing. The Company has entered into footwear, upholstery, fashion
textile and defense sector. The contribution from exports are likely to double
this financial year
Domestic or overseas
sales are made through the network of dealers. The quality aspect is the utmost
importance. The company continued to dedicate research technology and
innovation to meet the ever-growing requirement of its customers. At Marvel
Vinyls Limited, all its personnel actively participate in continuous
improvement of Product, Quality and design to provide/render a better product
or service to its customers.
The Company is confident
of weathering the ongoing challenges successfully and stands firm in its
commitment of ensuring that it continues to efficiently implement all strategic
imperatives and de rigueur action plans to further strengthen its performance.
It will, simultaneously chart a steady and secure growth trajectory with
judicious prioritization of resources in order to sustain and enhance its leadership
position in the industry.
The Company is convinced
that in its industry, it is important to maintain long term investment plans
irrespective of business cycles. The company has always done so and will
continue to do so even if this translates into a drop in operating margins in
the short-term. The company's capital expenditure program relate primarily to
the company’s continued investments to expand the capacities and to further
improve the cost structure and company's technical/ product development capabilities.
The PVC film industry in
which the Company operates have significant growth potential given the low per
capita consumption levels related to many other Asian economies. This growth
opportunity will attract more competitors and the Company will defend its
market positions in a determined manner. In the long run, the increased
competition is good for all players since it will accelerate the growth of the
market. The Company will continue to focus on driving underlying volume growth
by improving its market positions in existing categories while also leading
market development efforts to build categories and segments for the future.
UNSECURED LOANS
|
Particulars |
Rs
in Millions 31.03.2013 |
Rs
in Millions 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Loans and
advances from Related Parties |
|
|
|
From Directors |
8.158 |
6.708 |
|
From Others |
54.674 |
46.686 |
|
|
|
|
|
Total |
62.832 |
53.394 |
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED ON 31.12.2013
|
Sr. No. |
Particular |
3 Months Ended |
3 Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
448.278 |
488.629 |
1338.623 |
|
|
Other Operating
Income |
15.138 |
10.763 |
36.861 |
|
|
Total Income From Operations (Net) |
463.416 |
499.392 |
1375.484 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
360.787 |
324.285 |
987.773 |
|
|
Purchase
of stock in trade |
16.083 |
18.974 |
38.114 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(44.928) |
33.011 |
(37.913) |
|
|
Employee
benefits expenses |
28.878 |
26.143 |
81.551 |
|
|
Depreciation
and amortization expenses |
5.007 |
5.311 |
15.356 |
|
|
Other
expenses |
71.364 |
71.858 |
218.418 |
|
|
Total Expenses |
437.191 |
479.582 |
1303.299 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
26.225 |
19.810 |
72.185 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.327 |
0.204 |
0.736 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest, Financial and
Exceptional Items (3+4) |
26.552 |
20.014 |
72.921 |
|
|
|
|
|
|
|
6. |
Financial |
16.834 |
12.013 |
42.571 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
9.718 |
8.001 |
30.350 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
9.718 |
8.001 |
30.350 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
3.155 |
2.695 |
9.850 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
6.563 |
5.306 |
20.500 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.002 |
0.002 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
6.563 |
5.308 |
20.502 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
|
|
|
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.22 |
0.99 |
3.81 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.22 |
0.99 |
3.81 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
|
|
|
|
|
-
Percentage of Shareholding |
|
|
|
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
4024400 |
4024400 |
4024400 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
74.77 |
74.77 |
74.77 |
|
Investors
Complaints |
3 Months Ended
31.12.2013 |
|
the beginning of the quarter, received during the quarter, disposed
of during the quarter, unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS FOR THE QUARTER ENDED 31.12.2013
|
Sr. No. |
Particular |
3 Months Ended |
3 Months Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Domestics |
303.504 |
358.701 |
909.200 |
|
|
International |
145.441 |
130.647 |
431.409 |
|
|
Unallocated |
0.231 |
0.166 |
0.602 |
|
|
TOTAL |
449.176 |
489.514 |
1341.211 |
|
|
|
|
|
|
|
2. |
Segment Revenue |
|
|
|
|
|
Domestics |
11.393 |
13.062 |
35.810 |
|
|
International |
19.935 |
14.432 |
51.867 |
|
|
Unallocated |
0.231 |
0.166 |
0.602 |
|
|
TOTAL |
31.559 |
27.660 |
88.279 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Depreciations |
5.007 |
5.311 |
15.536 |
|
|
Finance cost |
16.834 |
14.346 |
42.571 |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
9.718 |
8.003 |
57.927 |
Note :
1. The above results were reviewed by audit committee and there after approved and taken on recorded by the Board of Director at their meeting held on 13.02.2014.
2. Primery Segment: The company is primarily engaged in the business of PVC products, which is governed by the same sent of risk and return and hence. It is not required to furnish segment wise reporting for business segment. Hence the Geographical segment has been presumed to the Primary Segment. The Analysis of Geographical segment is based on the above currency risk.
3. The company has common fixed assets for producing goods for domestic and international market, hence separate figure for capital employed cannot be furnished.
4. Previous year/ Quarter figure have been recasted / regrouped wherever necessary.
5. There have not been investor’s grievances during the IIIrd of this financial year which needs any redressal.
FIXED
ASSETS
- Land
- Building
- Plant and
machinery
- Computers
- Air
conditioners and Coolers
- Water Cooler
- Electrical
Installation
- Vehicles
- Office
Equipments
- Furniture and
Fixture
- Photocopier
Machine
- Laboratory
Equipment
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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.