MIRA INFORM REPORT
|
Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAPRIHANS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Block-D,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.04.1946 |
|
|
|
|
Com. Reg. No.: |
11-004877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29150MH1946PLC004877 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00097G |
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|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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|
Line of Business
: |
The Company is engaged in the processing of
plastic polymers and manufactures Rigid and Flexible PVC films by Calendering
process, PVDC coated Rigid PVC film and certain plastic products through
extrusion processes. |
|
|
|
|
No. of Employees
: |
362 (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 3100000 |
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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 a satisfactory track record. There seems some continuous dip in the profits of the company.
However, general financial position of the company is good. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Desai |
|
Designation : |
Accountant Head |
|
Contact No.: |
91-2230478664 |
|
Date : |
10.11.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -
400018, Maharashtra, India |
|
Tel. No.: |
91-22-30478664 |
|
Fax No.: |
91-22-24939284 / 29450594 |
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E-Mail : |
|
|
Website : |
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|
Area : |
5640 Sq. ft. |
|
|
|
|
Factory 1: |
Plot Nos. C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane –
400604, Maharashtra, India |
|
Tel. No.: |
91-22-39983417 / 418 / 415 |
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Fax. No.: |
91-22-25822422 |
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|
|
|
Factory 2: |
Plot Nos. 76/77, MIDC Industrial Estate, Trimbak Road, Satpur.
District Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3046400 / 401 |
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Fax. No.: |
91-253-2350616 |
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Email : |
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|
Regional Sales Offices 1 : |
B-103, Ground Floor, Okhla Industries
Area, Phase-1, New Delhi- 110020, India |
|
Tel. No.: |
91-11-41611591 |
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Fax. No.: |
91-11-26814868 |
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Email : |
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|
Sales Offices 2 : |
105, Maurya Complex, B/H. C.U. Shah Collage,
Off Ashram Road, Income Tax Office Circle, Ahmedabad- 380014, Gujarat, India |
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Tel. No.: |
91-079-27542028/27542039 |
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Email : |
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|
Sales Offices 3 : |
New 7/4, Venkatesan Street, (Ground
Floor), East Tambaram, Chennai-600059, Tamil Nadu, India |
|
Tel. No.: |
91-44-22390359/22394589 |
|
Fax. No.: |
91-44-22390341 |
|
Email : |
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|
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|
Sales Offices 4 : |
No.39, 6th cross,
Wilson garden, Bangalore-560027, Karnataka, india |
|
Tel. No.: |
91-80-222235897/22220507 |
|
Fax. No.: |
91-80-22220108 |
|
Email : |
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|
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|
Sales Offices 5 : |
Plot No.4/B, Nagarjuna Nagar Colony,
Behind Surekha Motors, Mansoorabad, L.B. Nagar, Hyderabad-500074, Andhra
Pradesh, India |
|
Email : |
|
|
|
|
|
Sales Offices 6 : |
No.28/714 A, Ground Floor, P S Complex, K. P. Vallon Road,
Kandevanthra, Cohin 682020, Kerla, India |
|
Tel. No.: |
91-484-2320442 |
|
Email : |
|
|
|
|
|
Sales Offices 7 : |
8/A, Rawdon Strret, Kolkata-700017, West
Bengal, India |
|
Tel. No.: |
91-33-22877801 |
|
Email : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mofatraj P. Munot |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
04.10.1944 |
|
Qualification
: |
Higher Secondary |
|
Date of
Appointment : |
28.05.1986 |
|
|
|
|
Name : |
Mr. Robin Banerjee |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
20.08.1955 |
|
Qualification : |
B.Com, A.I.C., A.C.A., A.C.S. |
|
Date of Appointment : |
28.03.2013 |
|
|
|
|
Name : |
Mr. Suresh A. Gandhi |
|
Designation : |
Director |
|
Date of
Birth/Age : |
25.09.1950 |
|
Qualification
: |
Chartered Accountant |
|
Date of
Appointment : |
01.08.1983 |
|
|
|
|
Name : |
Mr. Rakesh Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.01.1952 |
|
Qualification : |
B.Com (Hons), FCA |
|
Date of Appointment : |
11.11.2010 |
|
|
|
|
Name : |
Mr. Mohan Bhandari |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.11.1959 |
|
Qualification : |
B.Sc. (Physics), PG diploma in management studies and packaging
science |
|
Date of Appointment : |
08.08.2014 |
|
|
|
|
Name : |
Mr. Bhoumick Vaidya |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.03.1984 |
|
Qualification : |
LLB |
|
Date of Appointment : |
04.12.2013 |
|
|
|
|
Name : |
Mr. K. V. Mani |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.09.1943 |
|
Qualification : |
BE (Electrical), MBA |
|
Date of Appointment : |
08.08.2014 |
|
|
|
|
Name : |
Ms. Anjali Seth |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.10.1958 |
|
Qualification : |
LLB |
|
Date of Appointment : |
08.08.2014 |
|
|
|
|
Name : |
Mr. Nitin joshi |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.07.1964 |
|
Qualification : |
LLB |
|
Date of Appointment : |
08.08.2014 |
|
|
|
|
Name : |
Mr. Siddharth Shetye |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.07.1979 |
|
Qualification : |
B.com, FCA |
|
Date of Appointment : |
08.08.2014 |
KEY EXECUTIVES
|
Name : |
Mr. K. R. Viswanathan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Desai |
|
Designation : |
Accountant Head |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1088523 |
8.29 |
|
|
1538975 |
11.72 |
|
|
2627498 |
20.01 |
|
|
|
|
|
|
6698325 |
51.00 |
|
|
6698325 |
51.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
9325823 |
71.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5016 |
0.04 |
|
|
350 |
0.00 |
|
Insurance companies |
483020 |
3.68 |
|
|
450 |
0.00 |
|
|
488836 |
3.72 |
|
|
|
|
|
|
510892 |
3.89 |
|
|
|
|
|
|
1742572 |
13.27 |
|
|
625312 |
4.76 |
|
|
|
|
|
|
32948 |
0.25 |
|
|
24879 |
0.19 |
|
|
160 |
0.00 |
|
|
125372 |
0.95 |
|
|
256327 |
1.95 |
|
|
850 |
0.01 |
|
|
3319312 |
25.27 |
|
Total Public shareholding (B) |
3808148 |
28.99 |
|
Total (A)+(B) |
13133971 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13133971 |
100.00 |
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%20LIMITED%20-%20293523%2013-Nov-2014_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the
processing of plastic polymers and manufactures Rigid and Flexible PVC films by
Calendering process, PVDC coated Rigid PVC film and certain plastic products
through extrusion processes. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw material |
|
Countries : |
European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|
|
|
|
Customers : |
Wholesaler, Retailers and Manufacturer |
|
|
|
|
No. of Employees : |
362 (Approximately) |
|
|
|
|
Bankers : |
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and
Company Chartered
Accountants |
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow
subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13133971 |
Equity Shares |
Rs.10/- each |
Rs.131.340
Millions |
Note:
a)
6698325 Equity Shares are held by Bilcare Research
GmbH, the holding company.
b)
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
As at the beginning of the year |
13133971 |
|
Add/(Less) : Movements during the year |
-- |
|
As at the end of
the year |
13133971 |
c)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Bilcare Research GmbH |
6698325 |
51.00% |
|
K. C. Holdings Private Limited |
1072494 |
9.46% |
d)
The
equity shares of the Company having par value of Rs.10/- per share rank
pari-passu in all respects including voting rights and entitlement to dividend.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
131.340 |
131.340 |
131.340 |
|
(b) Reserves & Surplus |
955.834 |
926.342 |
889.084 |
|
(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) |
1087.174 |
1057.682 |
1020.424 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
2.200 |
6.200 |
|
(c) Other long term
liabilities |
5.104 |
5.304 |
5.104 |
|
(d) long-term
provisions |
17.097 |
14.961 |
13.871 |
|
Total Non-current
Liabilities (3) |
22.201 |
22.465 |
25.175 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
178.455 |
172.096 |
119.342 |
|
(c) Other current
liabilities |
121.243 |
105.888 |
111.732 |
|
(d) Short-term
provisions |
41.718 |
45.004 |
30.283 |
|
Total Current
Liabilities (4) |
341.416 |
322.988 |
261.357 |
|
|
|
|
|
|
TOTAL |
1450.791 |
1403.135 |
1306.956 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
167.726 |
192.769 |
205.407 |
|
(ii)
Intangible Assets |
4.524 |
4.077 |
4.365 |
|
(iii)
Capital work-in-progress |
0.399 |
0.000 |
0.046 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.336 |
16.508 |
40.373 |
|
(e) Other Non-current
assets |
26.891 |
26.996 |
27.634 |
|
Total Non-Current
Assets |
218.876 |
240.350 |
277.825 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
366.679 |
278.841 |
296.188 |
|
(c) Trade
receivables |
573.625 |
630.334 |
526.305 |
|
(d) Cash
and cash equivalents |
207.638 |
174.769 |
122.673 |
|
(e)
Short-term loans and advances |
50.667 |
50.688 |
50.970 |
|
(f) Other
current assets |
33.306 |
28.153 |
32.995 |
|
Total Current
Assets |
1231.915 |
1162.785 |
1029.131 |
|
|
|
|
|
|
TOTAL |
1450.791 |
1403.135 |
1306.956 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2419.571 |
2205.909 |
1949.012 |
|
|
|
Other Income |
33.577 |
30.786 |
30.061 |
|
|
|
TOTAL (A) |
2453.148 |
2236.695 |
1979.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1753.201 |
1525.257 |
1341.117 |
|
|
|
Changes in inventories of Finished Goods, Work-in-Progress and Scrap |
(30.514) |
(0.623) |
(5.852) |
|
|
|
Employee benefits expense |
180.670 |
151.364 |
136.023 |
|
|
|
Other expenses |
433.390 |
422.348 |
367.290 |
|
|
|
TOTAL (B) |
2336.747 |
2098.346 |
1838.578 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
116.401 |
138.349 |
140.495 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.034 |
0.030 |
0.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
116.367 |
138.319 |
140.461 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.326 |
34.412 |
33.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
81.041 |
103.907 |
106.722 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.500 |
36.000 |
35.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
52.541 |
67.907 |
71.383 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
241.495 |
201.637 |
158.151 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
19.701 |
19.701 |
19.701 |
|
|
|
Tax on Dividend |
3.348 |
3.348 |
3.196 |
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
241.495 |
201.637 |
158.151 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
321.834 |
268.906 |
270.665 |
|
|
|
Marketing Services |
1.780 |
1.974 |
0.264 |
|
|
TOTAL EARNINGS |
270.880 |
270.929 |
239.986 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
486.079 |
412.534 |
337.206 |
|
|
|
Stores & Spares |
0.802 |
2.358 |
3.771 |
|
|
|
Capital Goods |
3.277 |
5.586 |
0.676 |
|
|
TOTAL IMPORTS |
490.158 |
420.478 |
341.653 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.00 |
5.17 |
5.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.17 |
3.08 |
3.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
4.81 |
6.27 |
7.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.59 |
7.41 |
8.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.61 |
3.60 |
3.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
131.340 |
131.340 |
131.340 |
|
Reserves & Surplus |
889.084 |
926.342 |
955.834 |
|
Net
worth |
1020.424 |
1057.682 |
1087.174 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20293523%2013-Nov-2014_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1949.012 |
2205.909 |
2419.571 |
|
|
|
13.181 |
9.686 |
%20LIMITED%20-%20293523%2013-Nov-2014_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1949.012 |
2205.909 |
2419.571 |
|
Profit |
71.383 |
67.907 |
52.541 |
|
|
3.66% |
3.08% |
2.17% |
%20LIMITED%20-%20293523%2013-Nov-2014_files/image026.gif)
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 |
Yes |
|
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 |
No |
|
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 |
GENERAL INFORMATION
The Company is engaged in the business of manufacture of Rigid and
Flexible PVC film by Calendering process and Plastic Extruded products. It has
manufacturing facilities at Thane and Nasik and Branch offices in 8 cities. The
Company started commercial production in the year 1957.
OPPORTUNITIES,
THREATS AND OUTLOOK
The Company
foresees ample opportunity of growth in the coming years. With the growing
trend of mass consumerism and better living standards, demand for Company’s
products are expected to grow.
Though the Company
is a major player over decades, it faces competition in domestic market, as
similar products being made available by many local players belonging to the
unorganised sector. However, Company always remained as a preferred supplier in
respective segments being a consistent and quality supplier. The overall
capacity in the industry is significantly more than the overall demand leading
to price-cuts and discounts.
FINANCIAL PERFORMANCE
Company’s Gross Sales for the year stood at Rs.2660.000 Millions compared to Rs.2420.000 Millions during the previous year. Prices of major raw materials increased during the year. There were significant increases in the cost of power and fuel. Though the sales realization improved, it could not fully compensate for the input cost increase. The Company earned a profit (before tax) of Rs.81.000 Millions as compared to Rs.104.000 Millions in the previous year. Company’s Financial position for ten (10) years is appended separately in the Annual Report.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
|
1.
Income from operations |
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
673.555 |
650.108 |
|
b) Other operating income |
9.289 |
7.783 |
|
Total
income from Operations(net) |
682.844 |
657.891 |
|
2.Expenditure |
|
|
|
a) Cost of material consumed |
489.123 |
449.206 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(20.554) |
12.850 |
|
c) Employees benefit expenses |
53.368 |
48.123 |
|
d) Depreciation and amortization expenses |
8.123 |
6.998 |
|
e) Power and Fuel |
50.674 |
46.275 |
|
f) Other expenditure |
72.225 |
61.908 |
|
Total expenses |
652.959 |
625.360 |
|
3. Profit from operations before other income and
financial costs |
29.885 |
32.531 |
|
4. Other income |
0.649 |
0.524 |
|
5. Profit from ordinary activities before finance costs |
30.534 |
33.055 |
|
6. Finance costs |
0.010 |
0.009 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
30.524 |
33.046 |
|
8. Exceptional item |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
30.524 |
33.046 |
|
10.Tax expenses |
10.690 |
11.710 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
19.834 |
21.336 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
19.834 |
21.336 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
131.340 |
131.340 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
|
16.i) Earnings per share (before extraordinary
items) |
1.51 |
1.62 |
|
ii) Earnings per share (after extraordinary items) |
1.51 |
1.62 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
1. Public Shareholding |
|
|
|
- Number of shares |
3808148 |
3808148 |
|
- Percentage of shareholding |
28.99 |
28.99 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
6698325 |
6698325 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
71.83 |
71.83 |
|
Percentage of shares (as a % of total share capital of the
company) |
51.00 |
51.00 |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
2627498 |
2627498 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
28.17 |
28.17 |
|
Percentage of shares (as a % of total share capital of the
company) |
20.01 |
20.01 |
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
|
SOURCES OF FUNDS |
30.09.2014 As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
131.340 |
|
(b) Reserves & Surplus |
993.680 |
|
Sub
Total |
1125.020 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
4.904 |
|
(d) long-term
provisions |
17.097 |
|
Sub
Total |
22.001 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term
borrowings |
0.000 |
|
(b) Trade payables |
175.383 |
|
(c) Other current
liabilities |
156.329 |
|
(d) Short-term
provisions |
22.336 |
|
Sub
Total |
354.048 |
|
TOTAL |
1501.069 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
163.709 |
|
(b) Non-current Investments |
0.000 |
|
(c) Deferred tax assets (net) |
4.510 |
|
(d) Long-term Loan and Advances |
44.121 |
|
(e) Other
Non-current assets |
26.709 |
|
Sub
Total |
239.049 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
338.038 |
|
(c) Trade receivables |
658.307 |
|
(d) Cash and cash
equivalents |
218.477 |
|
(e) Short-term loans
and advances |
20.592 |
|
(f) Other current
assets |
26.606 |
|
Sub
Total |
1262.020 |
|
|
|
|
TOTAL |
1501.069 |
Notes:
- The company is
engaged mainly in processing of plastic polymers and its products are
covered under a single reportable segment as per accounting standard on
segment reporting (AS 17) issued by ICAI.
- Consequent to
schedule II to the companies Act, 2013, depreciation for the current
quarter and for the current half year is lower by Rs.0.411 Million and
Rs.2.450 Millions respectively. Further in respect of assets where the
remaining useful life is nil as on 1st April, 2014 the residual
value of the said assets has been adjusted against opening balance of
retained earnings (net deferred Tax) amounting to Rs.3.322 Millions.
- The above
results were approved by the board of directors at its meeting held on 10th
November, 2014 and a ‘Limited review’ of the same has been carried out by
the auditors of the company.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10475103 |
09/01/2014 |
172,500,000.00 |
BANK OF MAHARASHTRA |
READY MONEY TERRACE, DR. ANNIE BESANT ROAD, WORLI |
B95303384 |
FIXED ASSETS:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
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.61.55 |
|
K Pound |
1 |
Rs.97.52 |
|
Euro |
1 |
Rs.76.48 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.