MIRA INFORM REPORT
|
Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PODDAR PIGMENTS LIMITED |
|
|
|
|
Registered
Office : |
E-10-11, F-14-16, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.11.1991 |
|
|
|
|
Com. Reg. No.: |
17-006307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 106.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24117RJ1991PLC006307 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Color and Additive Master batches for dope dyeing of man-made fibers and
various Engineering Plastic Compounds. |
|
|
|
|
No. of Employees
: |
410 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2338000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. h |
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 willfully 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 |
CRISIL |
|
Rating |
Long term rating = A |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
June 18, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1 |
|
Rating Explanation |
Strong degree of safety and carry lowest credit
risk. |
|
Date |
June 18, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-141-2770202]
LOCATIONS
|
Registered Office/ Factory : |
E-10-11, F-14-16, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan, India |
|
Tel. No.: |
91-141-2770702/ 3 / 2770287/ 291 |
|
Fax No.: |
91-141-2771922 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
No
302, Nanak Chambers, 3rd Floor, Opposite Fun Republic, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra,
India |
|
Tel. No.: |
91-22-26740582 |
|
Fax No.: |
91-22-26732905 |
|
E-Mail : |
|
|
|
|
|
Regional Office 1 : |
Rosy Tower, 3rd Floor, 8, M.G. Road, Chennai
– 600034, Tamilnadu, India |
|
Tel. No.: |
91-44-28269247/ 28260929 |
|
Fax No.: |
91-44-28253316 |
|
|
|
|
Regional Office 2 : |
Mangalam-B, 2nd Floor, 26, Hemanta Basu
Sarani, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22318147/ 48 |
|
Fax No.: |
91-33-22318290 |
|
|
|
|
Regional Office 3 : |
A-283, Ground Floor, Okhla Industrial Area, Phase –
I, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26816368 |
|
Fax No.: |
91-11-26816370 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S.S. Poddar |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
B.E. (Civil) |
|
Experience : |
42 Years |
|
Date of Appointment : |
01.07.1994 |
|
|
|
|
Name : |
Mr. Kishore Rungta |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.09.1951 |
|
Qualification : |
B. Com. |
|
Expertise in
specific functional area : |
He is an industrialist having vast experience. |
|
Date of Appointment : |
25.07.2011 |
|
Other Directorship : |
· MAN Structural Private Limited · Indoman Structurals Private Limited · Astha Prime Commodite Private Limited · Pukhraj Enterprises Private Limited · Tirupati Build Projects Private Limited · Mohit Tower Private Limited · Tirupati Prime Commodite Private Limited · Sapphire Telecom Private Limited |
|
|
|
|
Name : |
Mrs. Mahima P. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.K. Sonthalia |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.09.1957 |
|
Qualification : |
B. Com. |
|
Expertise in
specific functional area : |
He is an industrialist having vast experience. |
|
Date of Appointment : |
28.02.1994 |
|
Other Directorship : |
· Siddharth Media Holdings Private Limited · Express Publications (Madurai) Limited · Dinamani Publications Limited · Express Publications (Chennai) Limited · Express News Services Private Limited · Ambattur Enterprises Limited · Kannada Prabha Publications Limited · Claris Global Solutions (India) Private Limited · Sterling Newspapers Private Limited |
|
|
|
|
Name : |
Mr. N. Gopalaswamy |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.02.1932 |
|
Qualification : |
B. Sc./ B. E. |
|
Expertise in
specific functional area : |
He is senior member of the Institute of Industrial
Engineers, U.S.A. and also the fellow of Institute of Engineers India. He is
having about 5 decades of experience. |
|
Date of Appointment : |
01.06.1994 |
|
Other Directorship : |
· Dalmia Bharat Limited · Shri Najaraj Ceramic and Chemical Industries Limited · Sri Shanmugha Mines and Minerals Limited · Sri Swaminatha Mines and Minerals Limited · Sri Subramanya Mines and Minerals Limited · Integrated Enterprises (India) Limited · DCB Power Ventures Limited · Dalmia Cement (Bharat) Limited |
|
|
|
|
Name : |
Mr. R.K. Sureka |
|
Designation : |
Director and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
2118468 |
19.97 |
|
|
4293292 |
40.46 |
|
|
6411760 |
60.43 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
6411760 |
60.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11600 |
0.11 |
|
|
25100 |
0.24 |
|
|
36700 |
0.35 |
|
|
|
|
|
|
826201 |
7.79 |
|
|
|
|
|
|
2435617 |
22.96 |
|
|
850764 |
8.02 |
|
|
48958 |
0.46 |
|
|
28829 |
0.27 |
|
|
20129 |
0.19 |
|
|
4161540 |
39.22 |
|
Total Public shareholding (B) |
4198240 |
39.57 |
|
Total (A)+(B) |
10610000 |
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) |
10610000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Color and Additive Master batches for dope dyeing of man-made fibers and
various Engineering Plastic Compounds. |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
410 (Approximately) |
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Bankers : |
· Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.N. Gutgutia and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Parties holding significant influence : |
· Trustline Capital Finance Private Limited · Pluto Trade links Limited ·
G.K.S. Logistics Private Limited ·
G.K.S. Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10610000 |
Equity Shares |
Rs. 10/- each |
Rs. 106.100 Millions |
|
|
|
|
|
1) During the current year and in the previous year, there have been no movements in the number of equity share outstanding.
2) The Company has only one class of equity shares, having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amount, in proportion to their shareholding.
The details of
shareholders holding more than 5% as at 31st March, 2014 are set out below:
|
Names of the
shareholders |
As at 31 March, 2014 |
|
|
|
No. of shares held |
% holding |
|
Pluto Trade Links Limited |
2,054,300 |
19.36 |
|
G.K.S. Holdings Limited |
1,088,820 |
10.26 |
|
Trustline Capital Finance Private Limited |
978,500 |
9.22 |
|
Kusum Poddar |
884,766 |
8.34 |
|
Rochna Poddar |
590,000 |
5.56 |
|
Mahima Poddar |
555,000 |
5.23 |
The company has bought back 1590000 equity shares during the financial
year 2009-10.
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 |
106.100 |
106.100 |
106.100 |
|
(b) Reserves & Surplus |
712.277 |
605.524 |
502.436 |
|
(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) |
818.377 |
711.624 |
608.536 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
45.530 |
|
(b) Deferred tax liabilities (Net) |
41.174 |
37.324 |
36.950 |
|
(c)
Other long term liabilities |
5.464 |
5.884 |
5.790 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
46.638 |
43.208 |
88.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
63.723 |
108.968 |
98.975 |
|
(b)
Trade payables |
190.724 |
149.268 |
95.959 |
|
(c)
Other current liabilities |
53.247 |
95.081 |
111.602 |
|
(d)
Short-term provisions |
34.344 |
32.474 |
30.478 |
|
Total
Current Liabilities (4) |
342.038 |
385.791 |
337.014 |
|
|
|
|
|
|
TOTAL |
1207.053 |
1140.623 |
1033.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
281.516 |
303.281 |
317.461 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.120 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
34.313 |
39.760 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
14.805 |
8.499 |
6.742 |
|
(e)
Other Non-current assets |
3.091 |
7.303 |
9.248 |
|
Total
Non-Current Assets |
299.412 |
353.516 |
373.211 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
1.600 |
1.000 |
|
(b)
Inventories |
378.273 |
352.788 |
300.409 |
|
(c)
Trade receivables |
424.573 |
390.590 |
288.467 |
|
(d)
Cash and cash equivalents |
49.022 |
7.582 |
24.929 |
|
(e)
Short-term loans and advances |
55.773 |
34.547 |
45.804 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
907.641 |
787.107 |
660.609 |
|
|
|
|
|
|
TOTAL |
1207.053 |
1140.623 |
1033.820 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3132.270 |
2755.527 |
2219.158 |
|
|
|
Other Income |
17.447 |
19.274 |
11.297 |
|
|
|
TOTAL (A) |
3149.717 |
2774.801 |
2230.455 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2515.046 |
2221.564 |
1773.053 |
|
|
|
Other Manufacturing Expenses |
79.974 |
82.254 |
73.301 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
9.651 |
(9.767) |
(44.093) |
|
|
|
Employees benefits expense |
126.828 |
105.720 |
89.209 |
|
|
|
Other expenses |
179.418 |
155.588 |
130.404 |
|
|
|
Exceptional Items |
9.686 |
0.769 |
19.401 |
|
|
|
TOTAL (B) |
2920.603 |
2556.128 |
2041.275 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
229.114 |
218.673 |
189.180 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.096 |
16.891 |
17.929 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
217.018 |
201.782 |
171.251 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.985 |
26.523 |
26.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
191.033 |
175.259 |
144.258 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
56.350 |
47.345 |
45.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
134.683 |
127.914 |
98.440 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
955.272 |
748.185 |
546.252 |
|
|
|
Other Earnings |
17.762 |
16.704 |
20.706 |
|
|
TOTAL EARNINGS |
973.034 |
764.889 |
566.958 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1183.931 |
1118.025 |
926.632 |
|
|
|
Stores & Spares |
8.602 |
9.085 |
9.170 |
|
|
|
Capital Goods |
4.923 |
0.512 |
18.458 |
|
|
TOTAL IMPORTS |
1197.456 |
1127.622 |
954.260 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.69 |
12.06 |
9.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
852.400 |
760.200 |
|
Total Expenditure |
794.000 |
705.800 |
|
PBIDT (Excl OI) |
58.400 |
54.400 |
|
Other Income |
4.600 |
6.500 |
|
Operating Profit |
63.000 |
60.800 |
|
Interest |
2.000 |
1.600 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
61.000 |
59.200 |
|
Depreciation |
6.300 |
8.400 |
|
Profit Before Tax |
54.700 |
50.800 |
|
Tax |
15.000 |
14.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
39.700 |
36.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
39.700 |
36.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.30 |
4.64 |
4.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.31 |
7.94 |
8.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.83 |
15.84 |
14.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.25 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.15 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65 |
2.04 |
1.96 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
106.100 |
106.100 |
106.100 |
|
Reserves & Surplus |
502.436 |
605.524 |
712.277 |
|
Net
worth |
608.536 |
711.624 |
818.377 |
|
|
|
|
|
|
Long-term borrowings |
45.530 |
0.000 |
0.000 |
|
Short term borrowings |
98.975 |
108.968 |
63.723 |
|
Total
borrowings |
144.505 |
108.968 |
63.723 |
|
Debt/Equity ratio |
0.237 |
0.153 |
0.078 |
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 |
2219.158 |
2755.527 |
3132.270 |
|
|
|
24.170 |
13.672 |
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 |
2219.158 |
2755.527 |
3132.270 |
|
Profit |
98.440 |
127.914 |
134.683 |
|
|
4.44% |
4.64% |
4.30% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80007053 |
17/05/2014 * |
431,500,000.00 |
STATE BANK OF INDIA |
SME BRANCH ,2ND FLOOR, ANUKAMPA TOWER, CHURCH ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
C06067342 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Buyers credit in Foreign Currency |
0.000 |
34.481 |
|
|
|
|
|
Total |
0.000 |
34.481 |
CORPORATE INFORMATION
Subject
is a public limited company domiciled in India, incorporated under the
provisions of Companies Act, 1956. Its shares are listed on Bombay Stock
Exchange. The Company is a manufacturer of Color and Additive Master batches
for dope dyeing of man-made fibers and various plastic applications.
REVIEW OF
OPERATIONS
During the year, the Company performed well in all areas of its
operations, with impressive top line growth and consistent earnings, reflecting
the effective corporate strategy of creating multiple drivers of growth. The
Company has maintained its leadership, due to continuous thrust on Research,
Development and Technology up-gradation innovative products and is expected to
further improve its performance in forthcoming years.
The Company has scaled new heights in overall performance and has set
new benchmarks in terms of turnover (including export benefit). During the
year, the Company has achieved a turnover of Rs. 3400.700 Millions as against Rs.
3004.300 Millions in the previous year, registering an increase of 13.19 % over
the previous year. The growth in sales volume, despite a subdued economical
scenario, was made possible due to a focus on value added products.
EXPORT
The Company has also improved its performance in Exports and achieved a
direct export turnover of Rs. 965.000 Millions as against Rs. 758.000 Millions
in previous year, registering an increase of 27.31%. Despite stiff competition
from other countries, international buyers show preference to the company’s
product due to its quality. The international market is expected to grow
further.
MARKETING
Through consistent efforts in maintaining and improving the
international quality standards, the Company has noticed that there is good
demand for its products. This has helped in facing price competition in both
domestic and international markets and also achieved increased volume. With
sustained efforts, they expect further improvements in their performance in the
current year. The Company will continue to seek new markets while consolidating
its hold over the existing customers.
MANAGEMENT
DISCUSSION AND ANALYSIS
FINANCIAL AND
OPERATIONAL PERFORMANCE
The Company, registered a growth of 13.19% in sales for the year ended
31.03.14 over the previous year. For the same period, it achieved a sales
turnover of Rs. 3400.700 Millions as against Rs. 3004.300 Millions in the
previous year. The plant operated smoothly and on schedule during the year. The
company operated the plant at near-full capacity, producing 12037 MT, as
against 11650 MT the previous year. The Company achieved ISO 9001:2008
standards, reflecting its commitment towards quality and customer satisfaction.
Operating margins were under pressure due to sharp depreciation of the rupee.
This led to a substantial increase in input costs.
SEGMENT-WISE/
PRODUCT-WISE PERFORMANCE
Domestic sales saw 8.15% growth this year, contributing Rs. 2399.700
Millions, as against Rs. 2218.800 Millions in the previous year. Export sales
(excluding export benefits) saw 27.31% growth this year, contributing Rs.
965.000 Millions, as against Rs. 758.000 Millions in the previous year. Since
direct export operations contributed more than 10% of the company’s total
revenue, they consider this geographic segment to be a primary segment.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Plastics and textiles find their place in countless facets of the modern
life. From health and well-being, nutrition, shelter and transportation to
safety and security, communication, leisure activities, etc, they are present
everywhere. Plastics and textiles improve their lives, bring them joy,
convenience, efficiency and connection to others. In some forms, these
materials can even prove to be life savers. In short, the versatility and
adaptability of these materials make them an indispensible part of an
increasingly complex world. Hence, it is rational to expect the demand for
these products to only increase in the future, as they are amongst the largest
manufacturing industries in the world.
The Company manufactures color and additive Masterbatches for the dope
dyeing of man-made fibres (MMF), various plastic applications and engineering
plastics and compounds. These are essential products required for textile and
plastic products. Masterbatch consumption in India is estimated to be 400 KT in
2016-17 from 255 KT during the year 2012-13. India’s exports of man-made fibres
(MMF) have shown some growth this quarter after seven consecutive quarters of
decline. MMF exports for the 9 months period, April to December 2013, touched
US $ 4.2 billion against US $3.8 billion in the previous year.
With the increasing costs of natural and blended textiles, the demand
for synthetic textiles is bound to increase. As per Technopak, a retail
consultancy, the total textile and apparel market size (domestic and export),
estimated at $89 billion in 2011, is projected to grow at a 9% CAGR to reach
$223 billion by 2021. The domestic textile and apparel market size, estimated at
$58 billion in 2011, is projected to grow to $141 billion by 2021. The key
growth segment is technical textiles, which is likely to see a 10% CAGR,
followed by 9% in apparels and 8% in home textiles.
Polymer consumption in India is poised to grow multifold, with the help
of new developments in packaging applications, infrastructure growth,
modernization of agricultural sector, improved healthcare facilities, improved
lifestyles and disposable incomes, automobiles demand and rural penetration.
The key growth drivers for this sector are food and processed food items, FMCG
and cosmetics. Polymer demand in India is likely to touch 16.5 MMT in 2016-17
from 11 MMT in 2012-13. The Indian plastics industry is growing at close to 15%
p.a. As the consumption of masterbatches is linked to the consumption of
polymers and synthetic dope dyed fibers, the domestic market is also expected
to grow at the rate of 15% p.a. for the next few years.
The global textile fibre industry is expected to grow from 81MMT to 105
MMT by 2020. Of this, the growth of polyester will account for over 68%. India
is poised to strengthen its global foothold, with its production rising from
the current 8% to 10% of the global volume. Polyester fibre and yarn continue
to be the major contributors to the growth of the fibre industry. The global
capacity polyester fibre and yarn is expected to reach 44MMT by 2015, as
compared to 41.31 MMT in 2012. Demand has largely been lead by the Asian
countries, with China contributing 9% growth.
India's domestic textile front is also in a very strong position. While
the global per capita consumption of man-made fibre is around 12 kg per annum,
it is merely 3.5 kg in India, hence providing significant scope for the
increase in domestic consumption.
Polyester is the primary MMF in all the major product segments, and
accounts for 54% of the global textile consumption, owing to its versatility.
They have witnessed an increase in the share of MMF amongst all fibres,
particularly in China. This trend is likely to favor the overall polyester
consumption. The domestic market is expected to have a healthy filament demand
growth, owing to import substitution and new application areas in FDY (Fully
Drawn Yarn). Domestic polyester demand grew by 6% during the year led by Fully
Drawn Yarn (FDY) and PET. FDY witnessed the highest growth rate of 17%, owing
to increased applications and newer areas of consumption.
India’s per capita consumption of plastic is at 6.6kg, far behind that
of the US (67.3Kg), China (36.7Kg) and Brazil (24.6Kg). However, the polymer
industry is growing at 2.5 times India’s GDP growth. Besides, the
subcontinent’s surging industrialization and increasingly powerful economy
holds immense untapped growth potential.
The company has made in-roads into some of the world’s largest
masterbatch markets. The growth from export sales is expected to be around 15%
per annum for the next few years. The company’s thrust on the continuous
development of new and innovative products will enable it to stay ahead of the
competition. With the growing demand of masterbatches, it can optimistically be
stated that in the coming years, the company is headed towards excellent growth
and better all-round performance.
STATEMENT
OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30.09.2014
(RS.
IN MILLIONS)
|
PARTICULARS |
QUARTER ENDED |
SIX MONTH ENDED |
|
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Sales |
819.324 |
935.481 |
1754.805 |
|
Less : Excise duty |
59.241 |
83.179 |
142.420 |
|
Net Sales/Income from Operations |
760.083 |
852.302 |
1612.385 |
|
Other Operating Income |
0.125 |
0.106 |
0.231 |
|
Total Income from
operations (net) |
760.208 |
852.408 |
1612.616 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
651.226 |
679.565 |
1330.791 |
|
(b) Changes in inventories of finished
goods, work in progress and stock in trade |
(56.732) |
12.298 |
(44.434) |
|
(c) Employee
benefit expenses |
37.471 |
36.380 |
73.851 |
|
(d) Depreciation and amortization expenses |
8.389 |
6.331 |
14.720 |
|
(e) Other Expenses |
73.864 |
65.756 |
139.620 |
|
Total Expenses |
714.218 |
800.330 |
1514.548 |
|
|
|
|
|
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
45.990 |
52.078 |
98.068 |
|
Other Income (including exchange fluctuation gain/(loss) ) |
6.450 |
4.546 |
10.996 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
52.440 |
56.624 |
109.064 |
|
Finance costs |
1.627 |
1.964 |
3.591 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
50.813 |
54.660 |
105.473 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities before
tax |
50.813 |
54.660 |
105.473 |
|
Tax Expenses |
14.290 |
15.000 |
29.290 |
|
(a) Income tax |
14.500 |
15.000 |
29.500 |
|
(b) Deferred tax |
(0.210) |
-- |
(0.210) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
36.523 |
39.660 |
76.183 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
36.523 |
39.660 |
76.183 |
|
Paid-up equity share capital (Face Value of the Share shall be indicated) |
106.100 |
106.100 |
106.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per share (before extraordinary
items) (of Rs. 10/- each) (not annualized) - Basic |
3.44 |
3.74 |
7.18 |
|
- Diluted |
3.44 |
3.74 |
7.18 |
|
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not
annualized) - Basic |
3.44 |
3.74 |
7.18 |
|
- Diluted |
3.44 |
3.74 |
7.18 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
4198240 |
4198240 |
4198240 |
|
Percentage of
Shareholding |
39.57 |
39.57 |
39.57 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
6411760 |
6411760 |
6411760 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
60.43 |
60.43 |
60.43 |
|
|
PARTICULARS |
Quarter
Ended 30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
9 |
|
|
Disposed of during the quarter |
9 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
PARTICULARS |
QUARTER ENDED |
SIX MONTH ENDED |
|
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Domestic (Net of Excise duty) |
510.227 |
622.544 |
1132.771 |
|
b. Export |
249.981 |
229.864 |
479.845 |
|
Total Sales (Net) |
760.208 |
852.408 |
1612.616 |
|
Other - Unallocable |
-- |
-- |
-- |
|
Net Sales/Income
from Operations |
760.208 |
852.408 |
1612.616 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
a. Domestic |
41.996 |
49.388 |
91.384 |
|
b. Export |
13.459 |
13.261 |
26.720 |
|
Profit before
Interest, Tax and Unallocable Expense |
55.456 |
62.649 |
118.105 |
|
Less: Finance Costs |
1.627 |
1.964 |
3.591 |
|
Other unallocable Exp. (Net of unallocable Income) |
3.016 |
6.025 |
9.041 |
|
Profit before tax
and before exceptional item |
50.813 |
54.660 |
105.473 |
|
|
|
|
|
|
Less: Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit before tax |
50.813 |
54.660 |
105.473 |
|
|
|
|
|
|
3. Capital Employed |
Assets used in the
Company's business are not capable of being specifically identified with any
of the segments and it is not practicable to provide segmental disclosures in
relation to total assets and liabilities with any reasonable degree of
accuracy. |
||
NOTES
1)
As per Accounting Standard of ICAI (AS-17),
Geographical Segment has been identified as primary segment and no disclosure has
been made for Business Segment since the Company has only one reportable
product/plant.
2)
The above Financial Results were reviewed by the
Audit Committee and thereafter approved by the Board of Directors at their
meeting held on 18.10.14.
3)
Consequent to Schedule II to The Companies Act,
2013 becoming applicable w.e.f.01.04.2014 , depreciation for the current year
has been recalculated on the basis of useful lives as prescribed in Schedule II
, depreciation for the period 01.04.14 to 30.09.14 is higher by Rs 2.041
Millions due to change as stated above. An amount of Rs 4.875 Millions has been
recognised in the opening balance of the retained earnings for the assets where
remaining useful life as per schedule II to the said act has became NIL.
4)
Figure of previous periods are re-arranged,
wherever necessary, to confirm to the figures of the current period.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(A) Claim against company
not acknowledged as debts: |
|
|
|
(i) Income Tax matters in appeals |
1.636 |
1.322 |
|
(ii) Sales Tax demands not admitted by the company and for which
appeals have been filed with appropriate authorities. |
0.588 |
0.479 |
|
(iii) Service Tax demand not admitted by the company and for which
appeals have been filed with appropriate authorities. |
0.417 |
0.312 |
|
|
|
|
|
(B) Guarantees: |
|
|
|
(i) Bank Guarantees |
0.000 |
0.076 |
|
(ii) Letter of Credit against purchase of raw materials |
123.791 |
135.410 |
|
(iii) Bonds Executed with Customs and Excise Authorities |
3.000 |
3.000 |
|
|
|
|
|
(C) Other
Contingent Liabilities: |
|
|
|
(i) Bill discounting with banks (since realised Rs. 0.407 Million
(2012-13 Rs. 24.421 Millions) |
0.407 |
24.421 |
FIXED ASSETS:
· Land (Leasehold)
· Buildings
· Plant and Machineries
· Furniture and Fixtures
· Vehicles
· Office Equipments
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
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.