MIRA INFORM REPORT
|
Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMMBI INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
EMMBI POLYARNS LIMITED |
|
|
|
|
Registered
Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.11.1994 |
|
|
|
|
Com. Reg. No.: |
000387 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.176.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120DN1994PLC000387 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of HDPE and PP - Woven Polymer
Based Products. |
|
|
|
|
No. of Employees
: |
Information denied 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Rating
also takes into consideration experience of promoters in polymer based
packaging products and increased presence of company in export market. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
22.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
22.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Assistant Manager in Finance |
|
Contact No.: |
91-22-67845555 |
|
Date : |
14.11.2014 |
LOCATIONS
|
Registered Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village,
U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.), India |
||
|
Tel. No.: |
91-22-67845555 |
||
|
Fax No.: |
Not Available |
||
|
E-Mail : |
|||
|
Website : |
|||
|
|
|
||
|
Corporate Office : |
Valecha Chambers, 3rd Floor, Opposite Infiniti Mall, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
||
|
Tel. No.: |
91-022-67845555 |
||
|
Fax No.: |
91-022-67845506 |
||
|
|
|
||
|
Unit 1 : |
191/2/4, Masat Village,
Meghwad Road, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, Gujarat,
India |
||
|
|
|
||
|
Unit 2 : |
99/2/1, Madhuban
Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and
Nagar Haveli, Silvassa – 396230, Gujarat, India |
||
|
|
|
||
|
Unit 3 : |
99/2/9, Madhuban
Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and
Nagar Haveli, Silvassa – 396230, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Makrand M. Appalwar |
|
Designation : |
Chairman and Managing Director |
|
DIN No.: |
00171950 |
|
|
|
|
Name : |
Mrs. Rinku M. Appalwar |
|
Designation : |
Executive Director & Chief Financial
Officer |
|
DIN No.: |
00171976 |
|
|
|
|
Name : |
Dr. Mitravinda M. Appalwar |
|
Designation : |
Non-Executive Directors |
|
DIN No.: |
02716731 |
|
|
|
|
Name : |
Sanjay R. Rathi |
|
Designation : |
Non-Executive Directors |
|
DIN No.: |
00022432 |
|
|
|
|
Name : |
Mr. Prashant K. Lohiya |
|
Designation : |
Non-Executive Directors |
|
DIN No.: |
02990858 |
|
|
|
|
Name : |
Dr. Venkatesh G. Joshi |
|
Designation : |
Non-Executive Directors |
|
DIN No.: |
01234871 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal R. Patvi |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Nitin |
|
Designation : |
Assistant Manager in Finance |
|
|
|
|
BOARD COMMITTEES |
|
|
|
|
|
Audit Committee
: |
Mr. Sanjay R. Rathi (Chairman) Mr.Prashant K. Lohiya Dr. Venkatesh G. Joshi Mrs.Rinku M. Appalwar |
|
|
|
|
Nomination &
Remuneration Committee : |
Mr. Sanjay R. Rathi (Chairman) Mr. Prashant K. Lohiya Dr. Venkatesh G. Joshi |
|
|
|
|
Committee of
Directors Committee : |
Mr. Makrand M. Appalwar (Chairman) Mr. Sanjay R. Rathi Mrs. Rinku M. Appalwar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
6483700 |
36.65 |
|
|
2675000 |
15.12 |
|
|
127450 |
0.72 |
|
|
127450 |
0.72 |
|
|
9286150 |
52.49 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
9286150 |
52.49 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
932795 |
5.27 |
|
|
|
|
|
|
3676473 |
20.78 |
|
|
3724675 |
21.05 |
|
|
70157 |
0.40 |
|
|
70157 |
0.40 |
|
|
8404100 |
47.51 |
|
Total Public shareholding (B) |
8404100 |
47.51 |
|
Total (A)+(B) |
17690250 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17690250 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Makarand Moreshwar Appalwar |
34,34,200 |
19.41 |
|
Emmbi Laboratories Pvt Ltd |
16,25,000 |
9.19 |
|
Rinku Makrand Appalwar |
11,36,750 |
6.43 |
|
Maithili Agrotech Pvt Ltd |
10,50,000 |
5.94 |
|
Rinku Makrand Appalwar |
8,00,000 |
4.52 |
|
Makrad Moreshwar Appalwar |
8,00,000 |
4.52 |
|
Mitravinda Moreshwar Appalwar |
1,94,000 |
1.10 |
|
Moreshwar Balwant Appalwar |
1,18,725 |
0.67 |
|
Maithili Makrand Appalwar |
61,750 |
0.35 |
|
Avinash R Laddha |
48,000 |
0.27 |
|
Prashant Kailashchandra Lohiya |
6,250 |
0.04 |
|
Kailashchandra Balchand Lohia |
4,550 |
0.03 |
|
Sarla Kailashchandra Lohia |
3,000 |
0.02 |
|
Sanjay R Rathi |
2,100 |
0.01 |
|
Sangeeta R Rathi |
1,050 |
0.01 |
|
Sushiladevi R Rathi |
750 |
0.00 |
|
M B Appalwar |
25 |
0.00 |
|
Total |
92,86,150 |
52.49 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Sanjay Gulabchand Bafna |
742713 |
4.20 |
|
|
Adarsh Zacharias Augustine |
185638 |
1.05 |
|
|
Total |
928351 |
5.25 |
Details of Locked-in Shares
|
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as %
of |
|
Makarand Moreshwar Appalwar |
2,40,000 |
1.36 |
|
Total |
2,40,000 |
1.36 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of HDPE and PP - Woven Polymer
Based Products. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS - NOT
AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v Punjab National Bank v Export Import Bank of India v Axis Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM
BORROWINGS
SHORT TERM
BORROWINGS Working Capital Loans :
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. J. Shah and Associates Chartered Accountants |
|
Address : |
Shop
No. D-11, Sai Darshan - B, Ram Baug Lane, Opposite Mulji Nagar, Borivali
(West), Mumbai – 400092, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates / Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17690250 |
Equity Shares |
Rs.10/- each |
Rs.176.900 Millions |
|
|
|
|
|
4699530 Equity Shares out of Shares Issued, Subscribed and Paid up were allotted as Bonus Shares in the last five years (Dt: 20.08.2009) by way of capitalisation of free reserves of the company
8657700 Equity Shares out of Shares Issued, Subscribed and Paid up were issued during the year ended 31 March, 2010 for cash as initial public offer in February,2010
1200000 Equity Shares out of Shares Issued, Subscribed and Paid up were alloted during the year ended 31 March, 2013 on conversion of share warrant monies.
The Details of
Shareholders Holding more than 5% Shares:
|
|
31.03.2014 |
|
|
Name of
Shareholder |
Number of Shares (In Millions) |
% holding |
|
Makrand
Moreshwar Appalwar |
4.220 |
23.87 |
|
Rinku Makrand
Appalwar |
1.930 |
10.89 |
|
Emmbi Laboratories
Private Limited |
1.630 |
9.19 |
|
Maithili Agrotech Private Limited |
1.050 |
5.94 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
176.900 |
176.900 |
164.900 |
|
(b) Reserves & Surplus |
405.020 |
366.850 |
331.270 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
8.100 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
581.920 |
543.750 |
504.270 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
61.450 |
84.450 |
46.020 |
|
(b) Deferred tax liabilities (Net) |
43.090 |
37.050 |
30.900 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
43.050 |
35.780 |
19.110 |
|
Total Non-current
Liabilities (3) |
147.590 |
157.280 |
96.030 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
591.180 |
474.170 |
381.810 |
|
(b) Trade
payables |
14.690 |
30.480 |
11.120 |
|
(c) Other
current liabilities |
68.470 |
62.180 |
52.380 |
|
(d) Short-term
provisions |
6.320 |
4.300 |
16.070 |
|
Total Current
Liabilities (4) |
680.660 |
571.130 |
461.380 |
|
|
|
|
|
|
TOTAL |
1410.170 |
1272.160 |
1061.680 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
514.490 |
474.880 |
394.870 |
|
(ii)
Intangible Assets |
5.260 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
36.120 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.990 |
2.990 |
2.990 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.820 |
33.290 |
91.940 |
|
(e) Other
Non-current assets |
0.120 |
0.180 |
0.230 |
|
Total Non-Current
Assets |
560.680 |
511.340 |
526.150 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
486.310 |
405.540 |
293.700 |
|
(c) Trade
receivables |
311.500 |
255.540 |
204.300 |
|
(d) Cash
and cash equivalents |
1.510 |
3.680 |
7.620 |
|
(e)
Short-term loans and advances |
50.170 |
96.060 |
29.910 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
849.490 |
760.820 |
535.530 |
|
|
|
|
|
|
TOTAL |
1410.170 |
1272.160 |
1061.680 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1590.500 |
1401.910 |
1022.570 |
|
|
|
Other Income |
0.590 |
0.320 |
0.960 |
|
|
|
TOTAL |
1591.090 |
1402.230 |
1023.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1060.580 |
906.780 |
483.050 |
|
|
|
Purchases of Stock-in-Trade |
122.630 |
192.070 |
259.190 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(76.760) |
(97.490) |
(36.400) |
|
|
|
Employees benefits expense |
55.010 |
60.970 |
59.470 |
|
|
|
Other expenses |
275.460 |
213.800 |
158.740 |
|
|
|
TOTAL |
1436.920 |
1276.130 |
924.050 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
154.170 |
126.100 |
99.480 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
63.110 |
52.990 |
32.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
91.060 |
73.110 |
67.110 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
28.900 |
24.880 |
16.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
62.160 |
48.230 |
50.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.820 |
15.810 |
17.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
43.340 |
32.420 |
33.090 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
94.210 |
67.020 |
39.670 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAX ON PROPOSED DIVIDEND |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF TAXES OF EARLIER YEARS |
0.000 |
0.190 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
MAT CREDIT
UTILISED IN EARLIER YEARS |
0.000 |
1.310 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
4.420 |
3.540 |
4.950 |
|
|
|
Dividend Distribution Tax |
0.750 |
0.570 |
0.800 |
|
|
BALANCE CARRIED
TO THE B/S |
132.380 |
94.210 |
67.020 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
811.320 |
584.990 |
489.130 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15.490 |
38.640 |
47.320 |
|
|
|
Capital Goods |
0.000 |
0.540 |
0.000 |
|
|
TOTAL IMPORTS |
15.490 |
39.180 |
477.320 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
2.45 |
1.91 |
2.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.72 |
2.31 |
3.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
9.69 |
8.99 |
9.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.42 |
3.80 |
4.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.12 |
1.03 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.33 |
1.16 |
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 |
164.900 |
176.900 |
176.900 |
|
Reserves & Surplus |
331.270 |
366.850 |
405.020 |
|
Net worth |
496.170 |
543.750 |
581.920 |
|
|
|
|
|
|
long-term borrowings |
46.020 |
84.450 |
61.450 |
|
Short term borrowings |
381.810 |
474.170 |
591.180 |
|
Total borrowings |
427.830 |
558.620 |
652.630 |
|
Debt/Equity ratio |
0.862 |
1.027 |
1.122 |
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) |
|
Revenue from operations |
1022.570 |
1401.910 |
1590.500 |
|
|
|
37.097 |
13.452 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
1022.570 |
1401.910 |
1590.500 |
|
Profit |
33.090 |
32.420 |
43.340 |
|
|
3.24% |
2.31% |
2.72% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
41.000 |
35.290 |
31.630 |
|
|
|
|
|
|
Total |
41.000 |
35.290 |
31.630 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
From Corporates |
4.570 |
3.460 |
|
|
|
|
|
Total |
4.570 |
3.460 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10470373 |
09/08/2014 * |
55,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Wal Bhat Road, Goregaon (East), Mumbai, Maharashtra - 400063,
INDIA |
C23403843 |
|
2 |
10407002 |
14/02/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, |
B69169209 |
|
3 |
10407001 |
12/02/2013 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, |
B69168524 |
|
4 |
10403195 |
24/12/2013 * |
665,000,000.00 |
Punjab National bank |
Goregaon (East) Branch, 8, Cama Industrial Estate,
Goregaon (East), Mumbai, Maharashtra - 400063, |
B93595676 |
|
5 |
10373999 |
20/12/2012 * |
90,000,000.00 |
Axis Bank Limited |
Ground Floor, Axis House, C-2, Wadia
Industrial Centre, P. B. Marg, Worli, Mumbai, Maharashtra - 400025,
INDIA |
B68059203 |
|
6 |
10259786 |
20/12/2012 * |
65,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, |
B68184373 |
|
7 |
10250929 |
07/01/2013 * |
250,000,000.00 |
Export - Import Bank of India |
Centre One Building, Floor 21, World Trade
Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B66695305 |
|
8 |
10041394 |
09/08/2014 * |
310,000,000.00 |
PUNJAB NATIONAL BANK |
Goregaon (East) Branch, 8, Cama Industrial
Estate, Goregaon (East), Mumbai, Maharashtra - 400063, |
C23384746 |
* Date of charge modification
GENERAL INFORMATION
Subject (Formerly known as Emmbi Polyarns Limited) ('the Company') is a public limited company and is listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange (India) Limited (NSE). The Company is engaged in the business of manufacturing and trading of HDPE and PP - Woven Polymer Based Products.
OPERATIONS
During the year, the
Company has achieved Revenue from Operations and other Income aggregating to
Rs. 1591.090 million as against Rs. 1402.230 million during the previous year,
registering an increase of about 13% over the previous year. Profit after
providing for taxes is Rs. 43.340 million as against Rs. 32.420 million.
EXPORTS
F.O.B Value of Exports
during the year were Rs. 811.320 million as against Rs. 584.990 million that is
a net year on Year Growth of around 38.69%. Exports in the current financial
year contributed to 54.54% in the net sales. Company has expanded its presence
in 45 countries from 38 Countries in the previous year which has resulted
healthy growth in the territory of operation.
MANAGEMENT
DISCUSSION AND ANALYSIS
FORWARD-LOOKING STATEMENTS
The report contains
forward-looking statements, identified by words like 'plans', 'expects',
'will', 'anticipates', 'believes', intends', 'projects', 'estimates' and so on.
All statements that address expectations or projections about the future, but
not limited to the Company's strategy for growth, product development, market
position, expenditures and financial results, are forward-looking statements.
Since these are based on certain assumptions and expectations of future events,
the Company cannot guarantee that these are accurate or will be realised. The
Company's actual results, performance or achievements could thus differ from
those projected in any forward looking statements. The Company assumes no
responsibility to publicly amend, modify or revise any such statements on the
basis of subsequent developments, information or events.
INDUSTRY OVERVIEW
The year 2013-14 quite
interesting as the world was optimizing its supply chains and reducing the
inventory levels. As a result many companies which are buying the packaging
material through distributors are looking for the direct manufacturing
companies as vendors to them. The Company is one of the front runners in this
process and has created a Special task force to cater to this newly developed
opportunity.
Indian companies in the
international market are typically helped by the cost advantage they are
offering over the western manufacturing companies. It is expected that Indian
Raffia industry will grow @ 15 to 18% for the specialty segment for next five
to seven years. The company is very well positioned to en-cash this Boom and
they expect the constant growth of around 20 % to 25 % annually for next 5 to 7
years.
DOMESTIC BUSINESS OUTLOOK
The steps which were
initiated last year are showing their definite fruits this financial year.
There was also a steep growth of products in the Domestic market that was
achieved by newly launched products such as “Aqua Save” which encompasses the
Range of Water Storage Tanks from 250 Liters to 2000 Liters, Canal Liners and
Pond Liners and various other proper ty packaging products. The management is
also in the process of creating a network of retail distributors for their new
product range.
The Company is involved in
producing various types of Specialty Bulk Packaging material for the Indian
Market. In Domestic market, the Company remains one of the most active players
for the packaging needs of the E Commerce Companies, FMCG Products such as
Detergent Powder, Branded Salt and Branded Wheat flour etc.
INTERNATIONAL BUISNESS
OUTLOOK
Company has improved its
share in the international market for various packaging needs for products like
Construction Aggregates, Chemicals, Seeds, Fertilizers, and Cement and Food
Grains etc. Some of the high value added products, the Company makes for the
international market are Car/Automobile Covers, Container Liners, Anti
Corrosive Packaging, Electrically conductive polymer based packaging etc.
As per the new policy of
export promotion one of the Flagship product of the company’s Export profile is
declared under “Focus Product Scheme” and Few more customer countries are added
to “Focus Market” of the Ministry of Commerce for the Financial Year 2013-14.
This will yield a good boost to Indian Exports and in turn the companies Export
performance.
In order to achieve the
desired top line in the Export sector The Company has decided to expand its
reach in more geographical areas. This will reduce Companies’ dependence on any
single market.
CONTINGENT
LIABILITIES AND COMMITMENTS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Contingent
liabilities |
|
|
|
Guarantees |
|
|
|
- Guarantee by Banks to Electricity Department (Silvassa) |
4.450 |
4.450 |
|
- Guarantee furnished to Banks in respect of Letter of Credit |
-- |
-- |
|
|
|
|
|
b) Commitments |
|
|
|
Estimated amount of contracts unexecuted on capital account |
5.700 |
1.050 |
|
|
|
|
|
c) The
Income tax demand for the A. Y. 2010-11 of Rs. 902.200 millions is disputed
for which appeal has been made with CIT (Appeal). |
-- |
-- |
FIXED ASSETS
œ
Freehold Land
œ
Building
œ
Compound Wall
œ
Plant and Machinery
œ
Electrical Installation
œ
Furniture and Fixtures
œ
Crates
œ
Office Equipment
œ Other Equipment
œ Vehicles
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs.
In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Income from Operations |
385.240 |
|
|
|
b) Other Operating Income |
3.560 |
|
|
|
Total Income from Operations (Net) |
388.800 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
253.680 |
|
|
b) |
Purchase of stock in-trade |
38.930 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(12.670) |
|
|
d) |
Employee benefit expenses |
12.630 |
|
|
e) |
Depreciation and amortization expense |
9.100 |
|
|
f) |
Other
expenses |
60.390 |
|
|
Total Expenses |
362.050 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional items
(1-2) |
26.750 |
|
4 |
Other
Income |
0.070 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
26.820 |
|
6 |
Finance
Costs |
15.360 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
11.460 |
|
8 |
Exceptional
Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
11.460 |
|
|
10 |
Tax
Expense |
|
|
|
|
-
Current
Tax |
3.060 |
|
|
|
-
Deferred
Tax Charges |
-- |
|
|
|
-
Tax
of earlier years |
0.510 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
7.900 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
7.900 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
176.900 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic |
0.45 |
|
|
|
Diluted |
0.45 |
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of
Shares |
8426100 |
|
|
|
-
Percentage of Shareholding |
47.63% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number
of shares |
-- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
- Number
of shares |
9264150 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
52.37% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining unresolved
at the end of the quarter |
Nil |
NOTES:
- The Financial results have
been reviewed by Audit Committee and approved by the Board of directors in
its meeting held on August 08, 2014. The above results have been reviewed by
Statutory Auditors of the Company as required under Clause 41 of the
Listing Agreement.
- The entire operation of the
Company relate to only one segment viz. Polymer based multiple products.
- Effective from April 01,
2014, the company has charged depreciation on the basis of remaining
useful life of the assets as per requirement of Schedule II of the
Companies Act 2013 ("the Act") or as reassessed by the Company.
Consequent to this, depreciation charged for the quarter ended June 30,
2014 is higher by Rs 1.43 millions. In respect of the assets completing
its useful life, an amount of Rs 0.93 million (Rs 1.37 million being WDV
of assets completing its useful life and Rs 0.44 million being deferred
tax reversal thereon) has been adjusted against opening balance of the
retained earnings in accordance with the transitional provision provided
in Note 7 (b) of the Schedule II of the Act.
- Figures for the Previous
period /quarter have been rearranged/re-grouped wherever necessary, to
confirm with the figures for the current year/quarter.
- Figures of the quarter ended
March 31, 2014 are the balancing figures between audited figures in
respect of the full financial year ended March 31, 2014 and unaudited
published year-to-date figures upto December 31, 2013 being the date of
the end of the third quarter of the financial year ended March 31, 2014.
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.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.