MIRA
INFORM REPORT
|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KALPENA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
2 B, Pretoria Street, Kolkata-700071, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
21-039431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 188.146 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L19202WB1985PLC039431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK03269A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK2239D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of PVC Compound and XLPE Compound. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
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 8700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track
record. General position of the company seems to be good. Trade relations are reported as fair. Business is active. Payment terms
are usually correct as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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-operatives
Contact No.: 91-33-22823744
LOCATIONS
|
Registered Office : |
2 B, Pretoria Street, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22823744/ 3745/ 8818 |
|
Fax No.: |
91-33-22823739 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Kolkata Works I Kandua, Village + P.O. – Chatubhujkathi, P.S. – Sankrail, Howrah –
711302, West Bengal, India Dullagargh, Santragachi, West Bengal, India |
|
|
|
|
Factory 2 : |
Kolkata Works II Village – Bhasa,
No.14, P.O. and P.S. Bishnupur, Diamond Harbour Road, South 24 Parganas -
743503, West Bengal, India |
|
|
|
|
Factory 3 : |
Daman Works 168/151-158, Dhabel
Industrial Co- Operative Society Limited, Dhabel, Daman – 396215, India |
|
|
|
|
Factory 4 : |
Dadra Work Survey No.24/3,
Village – Demini, Demini Road, Dadra, Dadra and Nagar Haveli – 396230, India |
|
|
|
|
Factory 5 : |
Bhiwadi Works A/1163, RIICO Industrial Area – IV, District – Alwar, Bhiwadi –
301019, Rajasthan, India |
|
|
|
|
Factory 6 : |
Falta Works Falta Special
Economic Zone, Plot No.29, Sector I, Village – Simulberia, Mouza – Bisra,
District South 24 PGS |
|
|
|
|
Mumbai Office : |
106, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-67021470-2 |
|
Fax No.: |
91-22-67021473 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Narrindra Suranna |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
01.08.1961 |
|
Qualification : |
B.Com (Hons.), L.L.B from Calcutta University and MBA |
|
Date of Appointment : |
17.07.1996 |
|
|
|
|
Name : |
Mr. Rajesh Kumar Kothari |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.com |
|
|
|
|
Name : |
Mr. Samir Kumar Paul |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Nirmalendu Guha |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
79 Years |
|
Qualification : |
M. Tech (P. Eng and Mgt.), C. Eng, FIE (India), FI Plant E (UK), Hon
FIPE, MMFI. |
|
|
|
|
Name : |
Dr. Rupak Dasgupta |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
17.06.1944 |
|
Qualification : |
B.Sc. (Hons), M.Sc.(Tech) and Phd from Calcutta University. |
|
Date of Appointment : |
01.11.2002 |
|
|
|
|
Name : |
Mr. Nilay Guha |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
20.09.1964 |
|
Qualification : |
MBA |
|
Date of Appointment : |
11.02.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Tiwari |
|
Designation : |
Senior President |
|
|
|
|
Name : |
Mr. I. C. Dakalia |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ananth B. Chakrabartty |
|
Designation : |
Company Secretary |
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 |
|
|
|
|
|
|
|
|
152972 |
0.81 |
|
|
13700703 |
72.82 |
|
|
13853675 |
73.63 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
13853675 |
73.63 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
800 |
0.00 |
|
|
800 |
0.00 |
|
|
|
|
|
|
2946228 |
15.66 |
|
|
|
|
|
|
1495161 |
7.95 |
|
|
411846 |
2.19 |
|
|
106876 |
0.57 |
|
|
98318 |
0.52 |
|
|
8558 |
0.05 |
|
|
4960111 |
26.36 |
|
Total
Public shareholding (B) |
4960911 |
26.37 |
|
Total
(A)+(B) |
18814586 |
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) |
18814586 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Compound and XLPE Compound. |
|
|
|
|
Products : |
PVC Compounds
PE Compounds
Filled Compound and
Master Batches
Colour and Speciality Master Batches-
Footware Compound
Pipe Compounds
Engineering Plastics
|
|
|
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
PVC Compound |
MT |
51000 |
36915 |
|
PE Compound |
MT |
103500 |
73110 |
|
PVC Sole and Hawai Chappal |
Pairs/kg |
8500000 |
- |
|
**Agglomerates |
MT |
16000 |
3713 |
|
**Reprocessed Granules |
|
1000 |
481 |
|
Scrap |
MT |
NA |
NA |
Note:
*Installed Capacity is certified by the Management and not verified by Auditors
being technical matter.
**Includes the Installed capacity of transferror Company.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Note : LONG TERM BORROWINGS Terms
of repayment of long-term borrowings are as follows: Term
Loans from Banks a)
USD 6.25 million equivalent to Rs.292.189 Millions (31.03.2012:
USD 875 million equivalent to Rs.409.062 Millions) loan is secured
by exclusive charge on existing movable and immovable assets of Bhasa Unit in
Kolkata and Silvassa Unit-I, Exclusive charge on all movable fixed assets of
Kandua Unit, Kolkata, Exclusive charge on all movable assets of Bhiwadi Unit,
and is repayable in 16 equal quarterly installments; the next installment is
due on 30th May, 2013. b)
USD 19 million equivalent to Rs.1052.600 Millions (31.03.2012:
Nil) loan is secured by 1st pari passu charge by way of equitable mortgage
over all present and future movable and immovable properties located at
Surangi Unit and all present and future movable properties located at Daman
and Falta Unit, and is repayable in 16 equal quarterly installments; the next
installment is due on 20th August, 2013. c)
Indian rupee loan amounting Rs.470.000 Millions (31.03.2012: Rs.
250.000 Millions) is secured by exclusive charge on movable and immovable
assets of Dankuni Unit in Kolkata and is repayable in 16 equal quarterly
installments; the next installment is due on 17th May, 2013. Term
Loan from Others a)
Indian rupee loan amounting Rs. 3.564 Millions (31.03.2012 : Rs.
Nil) is secured by Hypothecation against Motor Car and repayable in 60 equal
monthly installments. SHORT-TERM
BORROWINGS * Includes
Buyers Credit and Packing Credit Working Capital
Loans from Banks are secured by way of hypothecation of stocks of raw
materials, work-in-progress, finished goods, stores and spares and book debts
of the Company. Mortgage of Flat located at D-403, Dharam Palce, CHS limited,
Shantvaan, Borivalli (E) , Mumbai-400066, on First Pari-passu basis. These
loans are further secured by a second charge over the residual value on the
Fixed assets of the units both present and future located at the Dabhel
Industrial area, Daman and others. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. Mukherjee and Company Chartered Accountants |
|
|
|
|
Other Related
Parties : |
Shriram Financial Consultants Private Limited (A shareholder holding more
than 20% of equity shares of the company) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30600000 |
Equity Shares |
Rs. 10/- each |
Rs. 306.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18814586 |
Equity Shares |
Rs. 10/- each |
Rs. 188.146 Millions |
i) Terms/ Rights attached to Equity Shares:
The Company has only
one class of shares referred to as equity shares having a par value of Rs.
10/-. Each holder of equity shares is entitled to vote per share. In the event
of liquidation, the equity shareholders are eligible to receive the remaining
assets of the company, after distribution of all preferential amounts, in
proportion of their shareholding.
The dividend
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
During the year ended 31 March 2013, the amount of per share dividend
recognised as distribution to equity shareholders is Rs.1.20 per Equity Share
of Rs. 10/- each.
ii) Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
18814586 |
188.146 |
|
Add: Shares issued in the ratio of 2:3 to the shareholders of Bavaria Poly Private Limited. Pursuant to a Scheme of amalgamation
without payment being received in Cash. |
- |
- |
|
|
- |
- |
|
Balance
as at the end of the year |
18814586 |
188.146 |
iii) Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shriram Financial Consultants Private
Limited |
8957034 |
47.61% |
|
Shyambaba Trexim Private Limited |
3110336 |
16.53% |
|
Subh Labh Vintrade Private Limited |
1550000 |
8.24% |
|
Inbara Holdings Private Limited |
1450000 |
7.71% |
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 |
188.146 |
188.146 |
184.946 |
|
(b) Reserves & Surplus |
1,980.692 |
1,808.850 |
1,615.951 |
|
(c) Share Capital Suspenses |
0.000 |
0.000 |
3.200 |
|
(d) 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) |
2,168.838 |
1,996.996 |
1,804.097 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,429.026 |
541.563 |
409.062 |
|
(b) Deferred tax liabilities
(Net) |
158.509 |
116.207 |
100.534 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.437 |
2.106 |
2.618 |
|
Total
Non-current Liabilities (3) |
1,589.972 |
659.876 |
512.214 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,763.618 |
1,591.938 |
1,179.002 |
|
(b) Trade payables |
748.445 |
652.638 |
516.909 |
|
(c) Other current liabilities |
963.373 |
430.487 |
111.723 |
|
(d) Short-term provisions |
33.956 |
49.933 |
50.003 |
|
Total
Current Liabilities (4) |
3,509.392 |
2,724.996 |
1,857.637 |
|
|
|
|
|
|
TOTAL |
7,268.202 |
5,381.868 |
4,173.948 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,077.961 |
1,102.984 |
958.831 |
|
(ii) Intangible Assets |
4.219 |
4.847 |
5.964 |
|
(iii) Capital work-in-progress |
660.954 |
159.643 |
30.260 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.359 |
25.360 |
25.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
293.758 |
430.670 |
194.401 |
|
(e) Other Non-current assets |
47.587 |
32.292 |
25.779 |
|
Total
Non-Current Assets |
3,109.838 |
1,755.796 |
1,240.595 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,223.912 |
873.194 |
752.093 |
|
(c) Trade receivables |
2,219.388 |
2,157.506 |
1,725.783 |
|
(d) Cash and cash equivalents |
176.949 |
169.419 |
164.710 |
|
(e) Short-term loans and
advances |
533.629 |
422.790 |
279.160 |
|
(f) Other current assets |
4.486 |
3.163 |
11.607 |
|
Total
Current Assets |
4,158.364 |
3,626.072 |
2,933.353 |
|
|
|
|
|
|
TOTAL |
7,268.202 |
5,381.868 |
4,173.948 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
11668.607 |
9103.903 |
8430.648 |
|
|
|
Other Income |
122.789 |
28.419 |
45.199 |
|
|
|
TOTAL (A) |
11791.396 |
9132.322 |
8475.847 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
10188.909 |
7783.239 |
7184.646 |
|
|
|
Changes in inventories of finished goods |
(58.289) |
(59.294) |
17.837 |
|
|
|
Employee benefit expenses |
141.085 |
108.534 |
89.606 |
|
|
|
Other expenses |
840.729 |
721.016 |
705.664 |
|
|
|
TOTAL (B) |
11112.434 |
8553.495 |
7997.753 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
678.962 |
578.827 |
478.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
253.844 |
168.562 |
129.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
425.118 |
410.265 |
348.213 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
118.932 |
88.352 |
70.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
306.186 |
321.913 |
277.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
106.480 |
79.477 |
86.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
199.706 |
242.436 |
191.322 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
915.817 |
761.488 |
666.397 |
|
|
|
|
|
|
|
|
|
Add |
BALANCE
BROUGHT FORWARD FROM AMALGAMATED
COMPANY |
0.000 |
0.000 |
(8.122) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
40.000 |
40.000 |
|
|
|
Proposed
final dividend on Equity Shares |
22.578 |
41.392 |
41.392 |
|
|
|
Corporate
Dividend Tax |
3.837 |
6.715 |
6.715 |
|
|
BALANCE CARRIED
TO THE B/S |
1049.109 |
915.817 |
761.488 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1668.795 |
1208.987 |
625.693 |
|
|
|
Exchange Fluctuation |
(9.536) |
8.104 |
29.498 |
|
|
TOTAL EARNINGS |
1659.259 |
1217.091 |
655.191 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4271.554 |
2633.810 |
2521.040 |
|
|
|
Stores & Spares |
6.575 |
2.849 |
0.205 |
|
|
|
Capital Goods |
768.122 |
6.642 |
41.753 |
|
|
TOTAL IMPORTS |
5046.251 |
2643.301 |
2562.998 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
10.61 |
12.99 |
11.71 |
|
|
|
- Diluted |
10.61 |
12.99 |
11.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.69
|
2.65
|
2.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.62
|
3.54
|
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.65
|
6.19
|
6.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.16
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.47
|
1.06
|
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.33
|
1.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
184.946 |
188.146 |
188.146 |
|
Reserves & Surplus |
1,615.951 |
1,808.850 |
1,980.692 |
|
Share Capital Suspenses |
3.200 |
0.000 |
0.000 |
|
Net
worth |
1,804.097 |
1,996.996 |
2,168.838 |
|
|
|
|
|
|
long-term borrowings |
409.062 |
541.563 |
1,429.026 |
|
Short term borrowings |
1,179.002 |
1,591.938 |
1,763.618 |
|
Total
borrowings |
1,588.064 |
2,133.501 |
3,192.644 |
|
Debt/Equity
ratio |
0.880 |
1.068 |
1.472 |
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 |
8,430.648 |
9,103.903 |
11,668.607 |
|
|
|
7.986 |
28.171 |
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 |
8,430.648 |
9,103.903 |
11,668.607 |
|
Profit After Tax |
191.322 |
242.436 |
199.706 |
|
|
2.27% |
2.66% |
1.71% |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2013 Rs.
in Millions |
As
on 31.03.2012 Rs.
in Millions |
|
SHORT-TERM BORROWINGS |
|
|
|
From other parties |
34.076 |
0.000 |
|
|
|
|
|
Total |
34.076 |
0.000 |
OPERATIONS
The Company has once
again repeated an impressive performance in polymer compounds business. Revenue
from Operations and other income for FY 2012-13 was Rs. 11791.400 Millions
against Rs. 9132.300 Millions in the previous year 2011- 12 which is higher by
29.18 % compared to previous year. However, the PAT was Rs. 199.700 Millions
for the Current year as against Rs. 242.400 Millions in the previous year. This
is mainly due to high finance cost associated with new project at Dankuni.
The Company’s
Production and Sales have recorded a significant growth over the previous year.
Higher level of Capacity utilization backed by a strong volume growth, tighter
cost control geared the company to register notable performance for the year,
in spite of a miniscule price increase. The Company has consciously been
following a policy of steady growth in production for last several years.
NEW PROJECTS
The company, in
order to diversify its product concentration risk and take advantage of its
in-house compounding knowledge, has set up an ambitious flexible packaging
project at Dankuni, West Bengal.
A state of the art
flexible packaging unit, complete with blown and extrusion film lines,
printing, lamination, slitting and pouching facilities along with ink making
facilities in Bhasa, West Bengal. The total project cost is estimated at Rs
1500.000 Millions. The commercial production is expected to commence from 1st
September, 2013. The company has also commenced full scale pre-marketing
activities with its target customers so that the plant, once commissioned,
would be able to deliver quality products to prospective customers in multiple
segments in the shortest possible time.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
ECONOMIC OVERVIEW:
The World economy has
posed challenging issues for policymakers during the last couple of years.
Governments across the globe have responded with quantitative easing and
stimulus policies, and have endeavored to reduce excessive deficits. As a
result, the downside risks have been contained. Policy action has infact
lowered acute crises in the Euro Zone and the United States. Stimulus plans in
Japan are also expected to boost growth.
INDUSTRY OVERVIEW
The products of
Kalpena Industries Limited find application mainly in cable industries,
packaging industries and footwear Industries. The Indian cable industry is
highly fragmented with a large number of producers. The market for cables and
wires is mainly dominated by the unorganized sector controlling about 70% of
the domestic demand for wires and cables. Due to inflationary pressure, the
growth in power, real estate and chemical sector is showing downward turn.
There is no clear road map for improvement of power and real estate sectors
where High Voltage cable is required and Kalpena has geared up its production
capacity phenomenally in the Financial Year 2012-13.
OUTLOOK
In order to
overcome the stagnation in the growth of cable industries and Infrastructure
Development, the company has diversified its activities in manufacturing of
High Standard Flexible Packaging and Industrial Ink. The Company has already
setup state of the art manufacturing facility of Flexible Packaging with fully
automated equipments of international standards. Due to locational advantage,
Kalpena is expected to have a very good market share in eastern India as well
as in Bangladesh and Nepal. As a backward integration, Kalpena has also
invested in manufacturing of Industrial Ink where commercial production has
already started. The financials of both the units i.e. Flexible Packaging and
Industrial Ink is expected to be reflected in Financial Year 2013-14.
COMPANY’S
PERFORMANCE:
FINANCIAL
PERFORMANCE:-
·
Gross turnover for the year is Rs. 11790.000
Millions against Rs.9130.000 Millions in 2011 . 12.
·
PBIDT for the year Rs.678.900 Millions as against
578.800 Millions in 2011-12.
·
Profit after Tax for the year Rs. 199.700 Millions
against Rs. 242.400 Millions in 2011-12.
·
Capital Structure of the Company as at 31st March
2013 is Rs. 188.100 Millions comprising of 18814586 nos. of equity shares of
Rs. 10/- each.
·
The Board of Directors has recommended an equity
dividend of 12% i.e. Rs. 1.20 per equity shares of Rs. 10/- each.
FUTURE OUTLOOK
The Company
continues to be one of the leading market players in manufacturing of polymer
compounds. It has offered a range of products to domestic and industrial users.
In the years to come, the Company will come up with
more range of new
products to satisfy the diverse needs of the Customers. Kalpena Industries
Limited is confident of accomplishing volume growth and consequently the market
share in very near future. The company, being the only local player for Medium
Voltage cables, enjoys possibility of achieving higher volumes and margins. The
marketing team is making incessant effort for increasing the presence in
overseas market. Increased application of polymers and Performance polymers in
the field of Consumer durable, Automobiles and also in Alternative and
Renewable Energy sector provide ample opportunity to Kalpena in the field of
polymer and performance polymer to enhance its business.
FIXED ASSEST:
- Free hold land
- Factory Building
- Plant and Machinery
- Motor Car
- Scooter, Moped and Cycle
- Laboratory Equipment
- Electrical Installation
- Office Equipment
- Air Conditioner
- Computer
- Technical Know-how
- Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.86 |
|
UK Pound |
1 |
Rs. 98.82 |
|
Euro |
1 |
Rs.80.72 |
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 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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.