MIRA
INFORM REPORT
|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED (w.e.f. 27.09.2002) VISTA FILM PACKAGING AMALGAMATED WITH POSITIVE PACKAGING INDUSTRIES LIMITED |
|
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Formerly Known
As : |
ENPAC (INDIA) PRIVATE LIMITED |
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Registered
Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400 021, Maharashtra |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
11-078296 |
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Capital
Investment / Paid-up Capital : |
Rs.607.580 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U74952MH1994FLC078296 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04200A |
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PAN No.: [Permanent Account No.] |
AAACP2836Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of flexible packaging material, laser / electronically engraved printing cylinders, Cast Poly Propylene Film, metalized films, Labels, Ethylene Vinyl Acetate encapsulant (Solar) and Back Sheet. |
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|
|
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No. of Employees
: |
1400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14000000 |
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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. The company possesses an adequate financial profile marked by strong
networth and improving gearing supported by regular infusion of equity. Management has reported a improving business performance with healthy
revenue growth for past years. The ratings also take into consideration the limited pricing
flexibility and susceptibility to intense industry competition. However, trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of established market position, the subject can be considered
for business dealings at usual trade terms and conditions. Note: Mr. Pritesh, Finance Head at erstwhile “Vista Film Packaging”
confirmed that “Vista Film Packaging” has been amalgamated with “Positive
Packaging Industries Limited” as on FY 2009. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt is
likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like messaging
service Weibo Corporation has filed to raise $ 500 million via a US initial
public offering. Alibaba, which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = A- |
|
Rating Explanation |
Having adequate degree of safety and carry low credit risk. |
|
Date |
31.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A2+ |
|
Rating Explanation |
Having strong degree of safety and carry low credit risk. |
|
Date |
31.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Pritesh |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-39211400 |
|
Date : |
27.05.2014 |
LOCATIONS
|
Registered / Head Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22837206 (5 lines) / 30011700 |
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Fax No.: |
91-22-22023774 |
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E-Mail : |
positive@positivepackaging.com |
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Website : |
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|
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Commercial/ Corporate Office : |
202, A-Wing, Sector-15, The Great Eastern Summit, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India |
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Tel No.: |
91-22-39211400 |
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Fax No.: |
91-22-39211430 |
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|
|
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Factory 1 : |
Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410203, Maharashtra, India |
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Tel. No.: |
91-2192-391300-391309 |
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Fax No.: |
91-2192-391510 |
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E-Mail: |
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Factory 2 : |
Positive Packaging Ambernath 21/1, Chikhloli MIDC, Kalyan Badlapur Road, Ambernath West, District Thane – 421505, Maharashtra, India |
|
Tel. No.: |
91-251-2685300 |
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Fax No.: |
91-251-2683300 |
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|
|
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Overseas Office 1 : |
Positive Packaging Industries (Pty.) Limited Suite 1a, Strathway Strathmore Park, 305 Musgrave Road, Durban 4001
(South Africa), PO Box 50602, Musgrave, Durban 4062 South Africa |
|
Tel. No.: |
+ 27 31 202 2096 |
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Fax No.: |
+ 27 31 202 3920 |
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E-Mail : |
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Overseas Office 2 : |
Positive Packaging Europe 5th Floor, 116 Baker Street, London W1U 6TS, United Kingdom |
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Tel. No.: |
+ 44 (0) 20 7935 7124 |
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Fax No.: |
+ 44 (0) 20 7935 6495 |
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E-Mail : |
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Division : |
Vista Film
Packaging B-84, Addl. Ambernath MIDC, Anandnagar, Ambernath (East), Thane- 421 506, Maharashtra, India |
|
Tel. No.: |
91 -251-3081200 / 2621246 |
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Fax No.: |
91 -251–2621978 |
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DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Ganga Ram
Nilacanta Iyer |
|
Designation : |
Director |
|
Address : |
703, |
|
Date of Birth/Age : |
22.09.1934 |
|
Qualification : |
M. A., C.A.I.I.B. and Fellow of Economic Development Institute, World Bank |
|
Date of Appointment : |
21.05.1996 |
|
DIN No.: |
00001246 |
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|
|
|
Name : |
Mr. Anil
Krishnaji Kale |
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Designation : |
Managing director |
|
Address : |
F, Wing, 205, |
|
Date of Birth/Age : |
01.12.1958 |
|
Qualification : |
ACS, ACWA |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
00046855 |
|
PAN No.: |
AABPK4641G |
|
|
|
|
Name : |
Mr. Ashok Santadas Lakhani |
|
Designation : |
Director |
|
Address : |
51-A, Miramar, 3
Napeansea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1949 |
|
Date of Appointment : |
09.08.1994 |
|
DIN No.: |
00047221 |
|
PAN No.: |
AAAPL2830R |
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|
|
|
Name : |
Mr. Pranesh Madhu Kankanwadi |
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Designation : |
Director |
|
Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38,
Sector 17, Vashi, Navi Mumbai – 400705, |
|
Date of Birth/Age : |
11.01.1965 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
00047425 |
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PAN No.: |
AAIPK3904F |
|
|
|
|
Name : |
Mr. Naraindas Parmanad Kriplani |
|
Designation : |
Director |
|
Address : |
No. 6 Bourdillon Road, Flat 6, 2nd Floor, Old Lkoyi Lagos, Nigeria |
|
Date of Birth/Age : |
26.10.1935 |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
00062471 |
|
PAN No.: |
AFYPK1834M |
|
|
|
|
Name : |
Mr. Chitoor Hariharan Laxminarayan |
|
Designation : |
Whole time Director |
|
Address : |
2/295, |
|
Date of Birth/Age : |
22.10.1957 |
|
Qualification : |
CA |
|
Date of Appointment : |
26.09.2002 |
|
DIN No.: |
00062585 |
|
PAN No.: |
AACPC5466E |
|
|
|
|
Name : |
Mr. Sanjay Naraindas Kirpalani |
|
Designation : |
Director |
|
Address : |
4 A, |
|
Date of Birth/Age : |
16.09.1966 |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
00088075 |
|
|
|
|
Name : |
Mr. Vilas
Madhukar Dighe |
|
Designation : |
Director |
|
Address : |
Tehmi Terrace Society, Dr Ambedkar Road, Dadar (East), Mumbai - 400014, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1947 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
02064647 |
|
|
|
|
Name : |
Mr. Anil
Bhagwandas Sadhwani |
|
Designation : |
Additional
Director |
|
Address : |
75, Lady Aylesford Avenue, Stanmore HA7 4 FG, Middlesex, England |
|
Date of Birth/Age : |
17.10.1959 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05345531 |
|
|
|
|
Name : |
Mr. Ashok
Vishvanath Kamble |
|
Designation : |
Whole-time director |
|
Address : |
F 101, Lenyandri Chs, Sector 19A, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1965 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05345532 |
KEY EXECUTIVES
|
Name : |
Ms. Rakhi Pradeep Chavan |
|
Designation : |
Secretary |
|
Address : |
A/10, Sudarshani CHS Limited, Sector 2, Plot No 480, Airoli, Navi Mumbai - 400708, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1985 |
|
Date of Appointment : |
06.09.2012 |
|
PAN No.: |
AHJPC0427B |
|
|
|
|
Name : |
Mr. Pritesh |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2013
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
40562455 |
|
C H Laxminarayan |
|
36 |
|
N P Kriplani |
|
11833 |
|
Ashok Lakhani |
|
4471 |
|
Star Services and Investment Limited, |
|
662956 |
|
L Ramkrishnan |
|
18 |
|
Mekhala C Laxminarayan |
|
18 |
|
Goldera International Limited, Mauritius |
|
1846707 |
|
|
|
|
|
Total |
|
43088494 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
2031840 |
|
|
|
|
|
Total |
|
2031840 |
AS ON 18.10.2013
|
Names of Allottee (Equity Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
285959 |
|
|
|
|
|
Total |
|
285959 |
As on 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.96 |
|
Directors or relatives of Directors |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of flexible packaging material, laser / electronically
engraved printing cylinders, Cast Poly Propylene Film, metalized films,
Labels, Ethylene Vinyl Acetate encapsulant (Solar) and Back Sheet. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C / Cheque / Credit |
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Purchasing : |
L/C / Cheque / Credit |
GENERAL INFORMATION
|
Customers : |
End Users and Others |
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No. of Employees : |
1400 (Approximately) |
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Bankers : |
· State Bank of India, Mumbai Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Standard Chartered Investments and Loans
(India) Limited, Floor No. 3A, CRESCENZO Building, C-38/39, "G"
Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra,
India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
Far East Holdings Limited |
|
|
|
|
Fellow Subsidiary
Company: |
· Goldera International Limited · Star Service and Investments Limited |
|
|
|
|
Subsidiary Company
: |
ICM Packaging Private Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Positive Packaging Industries South Africa (Pty) Limited · Positive Packaging Industries Nigeria Limited · Montana Exports Private Limited · Fine Chemicals Nigeria Limited · Avon Crowncaps and Containers (Nig.) Plc. · Acumen Enterprises FZCO · Positive Packaging United (M.E.) FZCO · Primetech M.E. FZCO · Alpha Corporation Limited · Dubai Flex Pack (LLC) · Positive Packaging East Africa (Pty) Limited · Gravics Systems South Africa (Pty) Limited · Encept Premedia Private Limited (w.e.f. 27th August 2012) · Positive Packaging Middle East LLC |
CAPITAL STRUCTURE
After 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50800000 |
Equity Shares |
Rs.10/- each |
Rs.508.000 Millions |
|
2200000 |
Preference Shares |
Rs.100/- each |
Rs.220.000 Millions |
|
|
Total |
|
Rs.728.000 millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43374453 |
Equity Shares |
Rs.10/- each |
Rs.433.745 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50800000 |
Equity Shares |
Rs.10/- each |
Rs.508.000 Millions |
|
2200000 |
Preference Shares |
Rs.100/- each |
Rs.220.000 Millions |
|
|
Total |
|
Rs.728.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40440464 |
Equity Shares |
Rs.10/- each |
Rs.404.405 Millions |
|
2031840 |
Preference Shares |
Rs.100/- each |
Rs.203.184 Millions |
|
|
Total |
|
Rs.607.589 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
607.580 |
537.930 |
418.310 |
|
(b) Reserves & Surplus |
2602.250 |
1820.920 |
1522.870 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
352.900 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3562.730 |
2358.850 |
1941.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
901.060 |
1235.270 |
613.280 |
|
(b) Deferred tax liabilities (Net) |
125.860 |
147.540 |
131.240 |
|
(c) Other long term liabilities |
101.030 |
42.650 |
86.010 |
|
(d) long-term provisions |
31.130 |
21.960 |
23.460 |
|
Total Non-current Liabilities (3) |
1159.080 |
1447.420 |
853.990 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1069.200 |
903.450 |
876.500 |
|
(b) Trade payables |
1336.390 |
841.280 |
809.710 |
|
(c) Other current
liabilities |
662.350 |
422.820 |
209.280 |
|
(d) Short-term provisions |
56.990 |
87.730 |
32.910 |
|
Total Current Liabilities (4) |
3124.930 |
2255.280 |
1928.400 |
|
|
|
|
|
|
TOTAL |
7846.740 |
6061.550 |
4723.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3459.030 |
2044.060 |
2072.610 |
|
(ii) Intangible Assets |
59.780 |
14.160 |
5.440 |
|
(iii) Capital
work-in-progress |
157.500 |
345.060 |
22.040 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
55.140 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
234.860 |
640.690 |
112.100 |
|
(e) Other Non-current assets |
31.830 |
25.040 |
32.160 |
|
Total Non-Current Assets |
3943.000 |
3124.150 |
2244.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1442.530 |
1024.560 |
778.370 |
|
(c) Trade receivables |
1680.690 |
1448.760 |
1277.290 |
|
(d) Cash and cash
equivalents |
57.330 |
62.010 |
54.490 |
|
(e) Short-term loans and
advances |
508.740 |
259.360 |
236.610 |
|
(f) Other current assets |
214.450 |
142.710 |
132.460 |
|
Total Current Assets |
3903.740 |
2937.400 |
2479.220 |
|
|
|
|
|
|
TOTAL |
7846.740 |
6061.550 |
4723.570 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8438.540 |
7232.970 |
6120.360 |
|
|
|
Other Income |
136.790 |
111.540 |
67.140 |
|
|
|
TOTAL (A) |
8575.330 |
7344.510 |
6187.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
5622.580 |
4811.000 |
4366.430 |
|
|
|
Purchases of stock-in-trade |
221.730 |
76.120 |
39.90 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(22.960) |
(81.460) |
(10.500) |
|
|
|
Employee benefit expense |
641.190 |
497.600 |
415.240 |
|
|
|
Other Expenses |
1176.920 |
1024.240 |
823.360 |
|
|
|
TOTAL (B) |
7639.460 |
6327.500 |
5634.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
935.870 |
1017.010 |
553.070 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.340 |
198.630 |
133.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
734.530 |
818.380 |
419.930 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
355.220 |
301.040 |
242.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
379.310 |
517.340 |
177.670 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
133.560 |
193.320 |
38.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
245.750 |
324.020 |
139.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
813.710 |
747.040 |
667.660 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
201.470 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
13.240 |
29.910 |
29.910 |
|
|
|
Preference Dividend |
0.440 |
3.590 |
7.180 |
|
|
|
Proposed Equity Dividend |
19.140 |
18.760 |
18.760 |
|
|
|
Dividend Distribution Tax |
3.170 |
3.620 |
4.170 |
|
|
BALANCE CARRIED
TO THE B/S |
1023.470 |
813.710 |
747.040 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
3488.000 |
3056.000 |
2481.420 |
|
|
|
Other Earnings |
|
|
0.740 |
|
|
TOTAL EARNINGS |
3488.000 |
3056.000 |
2482.160 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2387.030 |
1711.680 |
1279.560 |
|
|
|
Stores & Spares |
52.080 |
40.270 |
1688.190 |
|
|
|
Capital Goods |
472.600 |
290.080 |
377.350 |
|
|
TOTAL IMPORTS |
2911.710 |
2042.030 |
3345.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
6.41 |
8.53 |
3.49 |
|
|
|
Diluted |
6.19 |
8.52 |
3.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.86
|
4.41 |
2.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.49
|
7.15 |
2.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.93
|
9.14 |
3.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.22 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55
|
0.91 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.30 |
1.29 |
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 |
418.310 |
537.930 |
607.580 |
|
Reserves & Surplus |
1522.870 |
1820.920 |
2602.250 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
352.900 |
|
Net
worth |
1941.180 |
2358.850 |
3562.730 |
|
|
|
|
|
|
long-term borrowings |
613.280 |
1235.270 |
901.060 |
|
Short term borrowings |
876.500 |
903.450 |
1069.200 |
|
Total
borrowings |
1489.780 |
2138.720 |
1970.260 |
|
Debt/Equity
ratio |
0.767 |
0.907 |
0.553 |
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 |
6120.360 |
7232.970 |
8438.540 |
|
|
|
18.179 |
16.668 |
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 |
6120.360 |
7232.970 |
8438.540 |
|
Profit |
139.400 |
324.020 |
245.750 |
|
|
2.28% |
4.48% |
2.91% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
298.140 |
228.200 |
117.570 |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
THE COMPANY AND
NATURE OF ITS OPERATIONS:
Subject headquartered in Mumbai, Maharashtra, India, carries on the business of manufacturing flexible packaging material, laser / electronically engraved printing cylinders, Cast Poly Propylene Film, metalized films, Labels, Ethylene Vinyl Acetate encapsulant (Solar) and Back Sheet. The Company caters to FMCG and retail segment.
OPERATING RESULTS AND
PROFITABILITY
Net Revenue for the year, excluding revenue from the new Divisions, has grown at a healthy rate of 14% from Rs. 7232.970 millions to Rs. 8228.000 millions, whereas the volume growth was recorded at 12%. The value growth was supported by improved sales realization, better product mix and depreciation of the Rupee.
Domestic Sales increased by 20% from Rs.3862.000 millions in the previous year to Rs. 4616.000 millions. Export Sales grew by 9% to Rs. 3612.000 millions as against Rs. 3316.000 millions.
The Sales achieved by the new Divisions was Rs. 211.000 millions.
ACQUISITION /
AMALGAMATION
During the year, the Company has acquired a Label manufacturing business from SGRE Labels Private Limited on slump sale basis w.e.f. 19th September 2012. Label manufacturing is akin to Flexible packaging. The demand for Labels has been growing and it is expected to grow much faster in view of the opening up of retail market to Foreign Direct Investment. It has a good customer base and is a profit-making business.
ICM Packaging Private Limited, a Wholly-owned Subsidiary, has been amalgamated with the Company w.e.f. 1st January 2013 as per the Scheme of Amalgamation approved by the Hon’ble High Court of judicature at Bombay on 12th April 2013. Post amalgamation, the business of erstwhile ICM Packaging is being carried out under a separate Division known as Flexibles- Positive Packaging, Ambernath. The amalgamation would help the Company leverage the resources and optimize the capacity utilization. Financial results of the Company for the year include the figures of the amalgamated Company w.e.f. 1st January 2013.
OUTLOOK
The financial year 2012-13 saw an increasingly challenging economic environment. High inflation, declining GDP and growing fiscal and current account deficits impacted the overall economy adversely. The slowdown in industrial production, sluggish demand, delayed policy measures and high interest rates have taken a toll on the investment climate and resulted in deferment of capital expenditure and fresh investments in critical sectors like power, supply chain network, infrastructure, etc. The global economy continued to face challenges and uncertainties with most emerging economies witnessing a slowdown due to slack demand in the advanced economies.
Despite the adverse economic conditions stated above, the Flexible Packaging industry continued its growth momentum both in the global as well as domestic market.
The potential for the Flexible Packaging industry in the medium term looks promising. Food and grocery products and fast moving consumer goods are the largest and fastest growing industries and these are the major consumers of flexible packaging products. The large funds committed and the thrust given by the Government to the creation of infrastructure development facilities like mega food parks, cold chains and supply and distribution network would help in making these products available to remote locations, which would otherwise remain inaccessible. Increase in per capita income, changing lifestyle patterns, health consciousness, opening of shopping malls and growing retail markets are driving the growth of flexible packaging products.
On the other hand, rising raw material prices, utility cost increases and continuous investment in and upgradation of plant and machinery hardly gives any scope for reduction in manufacturing costs. The intense competition from small units and difficulty in convincing large customers to give timely price escalation/revisions constrain our ability to absorb the cost increases due to which margins continue to be under pressure.
Innovation and technology upgradation are the main focus areas of the Company. Offering value-add yet cost-effective products with better shelf life, light-weight packaging and supplementing the sustainability initiatives of customers will help us maintain leadership position and improve margins.
With new acquisitions stabilizing and optimization of existing capacities, the Company is confident of maintaining the growth trajectory.
Net Sales for the first four months of the current financial year 2013-14 i.e. from April ? July 2013 are Rs. 2,945 million as against Rs. 2,495 million in the corresponding period of the previous year, registering a growth of 18%.
AMALGAMATION OF ICM
PACKAGING PRIVATE LIMITED
a) A Scheme of Amalgamation for the amalgamation of ICM Packaging Private Limited (ICM or the Transferor Company) (a wholly owned subsidiary) with Subject (the Company or Subject or the Transferee Company), with effect from 1st January 2013, (the Appointed date) was sanctioned by the Hon’ble High Court of Judicature at Bombay (the Court), vide its Order dated 12th April 2013 and certified copies of the Order of the Court sanctioning the Scheme were filed with the Registrar of Companies, Maharashtra on 1st May 2013 (the Effective Date). The Transferor Company was engaged in the business of flexible packaging. The amalgamation would help the Company leverage the resource and optimize the capacity utilization
b) The amalgamation has been accounted for under the Purchase method as prescribed by Accounting Standard (AS-14) on Accounting for Amalgamation notified under the Companies (Accounting Standards) Rules, 2006. The Company has carried out the accounting treatment prescribed in the Scheme as sanctioned by the Hon’ble High Court of Judicature at Bombay. The required disclosures as per paragraph 42 of Accounting Standard 14 (AS-14) Accounting for Amalgamations as prescribed under the Companies (Accounting Standards) Rules, 2006 has been provided. Accordingly, the Scheme has been given effect to in these accounts and all the assets and liabilities of ICM stands transferred to and vested in the Transferee Company with effect from the Appointed Date. In accordance with the Scheme, the assets and liabilities of ICM have been taken over and recorded at their fair values as determined by the Board of Directors of PPIL.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
Borrowings |
|
|
|
Deferred payment liabilities |
312.570 |
305.280 |
|
Deferred sales tax loan |
48.870 |
68.020 |
|
Total |
361.440 |
373.300 |
|
|
|
|
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Disputed tax demand / claims: |
|
|
|
Sales tax |
-- |
0.370 |
|
Excise duty * |
31.680 |
54.580 |
|
Claims against the Company not acknowledged as debts |
9.170 |
0.000 |
|
Total |
40.850 |
54.950 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10345354 |
24/12/2012 * |
300,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FREE |
B66999384 |
|
2 |
10321431 |
12/12/2011 |
167,378,990.00 |
LANDESBANK BADEN-WURTTEMBERG |
AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUBLIC OF GERMANY, STUTTGART, - 70173, GERMANY |
B27047331 |
|
3 |
10221241 |
13/04/2011 * |
450,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 AND 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
B11994233 |
|
4 |
10168717 |
11/05/2012 * |
1,494,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B40769184 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
· Goodwill
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.