MIRA
INFORM REPORT
|
Report Date : |
27.11.2014 |
IDENTIFICATION DETAILS
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Name : |
DIC INDIA LIMITED (w.e.f. 06.08.2004) |
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Formerly Known
As : |
COATES OF INDIA LIMITED |
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Registered
Office : |
Transport |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
02.04.1947 |
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Com. Reg. No.: |
21-015202 |
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Capital
Investment / Paid-up Capital : |
Rs. 91.790 Millions |
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CIN No.: [Company Identification
No.] |
L24223WB1947PLC015202 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALC00179E |
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PAN No.: [Permanent Account No.] |
AABCC0703C |
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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
: |
Manufacturer of Printing Inks, Surface Coatings and Allied Products. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 8300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the
company is sound. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating: “AA-“ |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
08.02.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: “A1+“ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
08.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sandeep Chatterjee |
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Designation : |
Chief Finance Officer |
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Contact No.: |
91-33-24496591 |
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Date : |
21.11.2014 |
LOCATIONS
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Registered/ Corporate Office / Factory 1 : |
Transport Depot Road, Kolkata - 700088, West Bengal, India |
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Tel. No.: |
91-33-24496591-96, 24493984/ 85/ 24492345/ 46 |
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Fax No.: |
91-33-24495267 / 2311 / 0433 |
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E-Mail : |
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Website : |
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Factory 2 : |
Chandivali Farm,
Off Saki Vihar Road, Mumbai - 400072, Maharashtra, India |
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Factory 3 : |
C - 55 A and B,
Phase II, Dist. Gautam Budh Nagar, Noida - 201305, Uttar Pradesh, India |
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Factory 4 : |
Plot No.633 and 634,
G.I.D.C. Industrial Estate, Phase IV, Vatva, Ahmedabad - 382445, Gujarat,
India |
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Factory 5 : |
66A, Bommasandra
Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562158, Karnataka,
India |
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Sales Office and Depots : |
Located at: v Bangalore v Hyderabad v Madurai v Baroda v Kanpur v Chennai v Delhi v Madurai |
DIRECTORS
As on. 27.06.2014
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Name : |
Dr. Prabir Kumar Dutt |
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Designation : |
Chairman and Chief Executive Officer |
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Address: |
Flat No.2A, 2nd Floor, P-384/B, Kevatala Lane, Kolkata –
700029, West Bengal, India |
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Date of Birth/Age : |
14.02.1942 |
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Qualification : |
M. Tech, Ph.D |
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Date of Appointment : |
02.05.1984 |
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Name : |
Mr. Dipak Banerjee |
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Designation : |
Director |
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Address: |
57A, Garcha Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
19.02.1946 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Samir Bhaumik |
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Designation : |
Managing Director |
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Address: |
Flat No.302, Pearl Court, III Essel Towers, Main Mehrauli, Gurgaon
Road, Gurgaon – 122002, Haryana, India
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Date of Birth/Age : |
21.11.1953 |
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Qualification : |
B.Com (Hons),
LLB, FCA |
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Date of Appointment : |
29.10.2007 |
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Name : |
Mr. Subir Bose |
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Designation : |
Director |
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Address: |
37, Abhiripukur Road, Kolkata, West Bengal, India |
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Date of Birth/Age : |
10.12.1949 |
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Date of Appointment : |
27.07.2007 |
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Name : |
Mr. Paul Koek |
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Designation : |
Director |
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Address: |
76, Bayshore Road, #04-17, Costa Del Sol, Singapore |
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Date of Birth/Age : |
14.06.1960 |
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Date of Appointment : |
29.06.2004 |
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Name : |
Mr. Bhaskar Nath Ghosh |
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Designation : |
Director |
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Address: |
Flat no5E, 11 Broad Street, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
31.01.1946 |
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Date of Appointment : |
25.07.2009 |
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Name : |
Mr. Yoshiaki Masuda |
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Designation : |
Director |
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Name : |
Mr. Utpal Sengupta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Timir Baran Chatterjee |
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Designation : |
Senior Executive Vice President (Corporate Affairs and Legal) and
Company Secretary |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.Com (Hons), M.Com, FCS, MIIA ( |
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Experience : |
32 Years |
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Date of Appointment : |
21.08.1996 |
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Name : |
Mr. Sandip Chatterjee |
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Designation : |
Chief Finance Officer |
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Audit Committee: |
Mr. Dipak Banerjee - Chairman |
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Mr. Subir Bose |
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Mr. Bhaskar Nath Ghosh |
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Mr. Paul Koek |
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Shareholders’/ Investors’ Grievance Committee : |
Mr. Utpal Sengupta - Chairman |
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Dr. Prabir Kumar Dutt |
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Mr. Paul Koek |
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Remuneration Committee: |
Mr. Dipak Banerjee – Chairman |
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|
Kazuo Kudo |
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Mr. Paul Koek |
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Name : |
Mr. Sandeep Chatterjee |
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Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
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|
6586077 |
71.75 |
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|
6586077 |
71.75 |
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Total shareholding
of Promoter and Promoter Group (A) |
6586077 |
71.75 |
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(B) Public
Shareholding |
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|
9 |
0.00 |
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|
2038 |
0.02 |
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|
240 |
0.00 |
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50 |
0.00 |
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|
2337 |
0.03 |
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|
536291 |
5.84 |
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|
1253509 |
13.66 |
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|
727624 |
7.93 |
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|
73139 |
0.80 |
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|
22401 |
0.24 |
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|
50636 |
0.55 |
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|
102 |
0.00 |
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|
2590563 |
28.22 |
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Total Public
shareholding (B) |
2592900 |
28.25 |
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Total (A)+(B) |
9178977 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
9178977 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printing Inks, Surface Coatings and Allied Products. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
--- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
Plot No. Y-14, Block EP, Sector V, Salt Lake, Electronics Complex,
Bidhan Nagar, Kolkata – 700091, West Bengal, India |
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Holding Company : |
DIC Asia Pacific Pte Limited., Singapore |
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Ultimate Holding Company: |
DIC Corporation, Japan |
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Fellow Subsidiaries : |
· Benda-Lutz Werke GmbH · Coates Screen Inks GmbH. · DIC (Malaysia) Sdn. Bhd. · DIC (Shanghai) Co. Limited · DIC Alkylphenol Singapore Pte. Limited · DIC Australia Pty Limited · DIC Compounds (Malaysia) Sdn. Bhd. · DIC INDIA LIMITED · DIC Europe GmbH DIC Fine Chemicals Private Limited · DIC Graphics (Hong Kong) Limited . · DIC Lanka (Private) Limited · DIC Performance Resins GmbH · Hartmann Druckfarben GmbH · Nantong DIC Color Co. Limited · P.T. Pardic Jaya Chemicals · PT. DIC Graphics Fellow Subsidiary · Siam Chemical Industry Co. Limited · Sun Chemical AG · Sun Chemical Group S.P.A. · Sun Chemical N.V./S.A. · Sun Chemical ZAO · Deqing Dic Synthetic Resins Limited · Sun Chemical Limited |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,178,977 |
Equity Shares |
Rs.10/- each |
Rs. 91.790
Millions |
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Reconciliation of number
of Equity Shares outstanding
|
|
As on 31.12.2013 |
|
|
|
(No. of shares) |
(Rs. in Million) |
|
Shares outstanding as at the beginning of the year |
9,178,977 |
91.790 |
|
Shares outstanding as at the end of the year |
9,178,977 |
91.790 |
Rights, preferences
and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of Rs.10.00 per Equity Share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
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As on 31.12.2013 |
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|
(No. of shares) |
(% of holding) |
|
Shares held by the
Holding Company |
|
|
|
DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
|
|
|
|
|
Shareholders
holding more than 5% of the Shares in the Company |
|
|
|
DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
There were no shares issued pursuant to contracts without payment being received in cash, by way of bonusissue and no shares were bought back in the period of five years immediately preceeding the date as at which the Balance Sheet is prepared.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
91.790 |
91.790 |
91.790 |
|
(b) Reserves & Surplus |
2821.970 |
2739.560 |
2567.290 |
|
(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) |
2913.760 |
2831.350 |
2659.080 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
86.920 |
82.140 |
69.210 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.440 |
17.290 |
21.520 |
|
Total
Non-current Liabilities (3) |
103.360 |
99.430 |
90.730 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
232.880 |
340.380 |
227.040 |
|
(b) Trade payables |
883.910 |
821.820 |
945.450 |
|
(c) Other current liabilities |
294.370 |
410.660 |
280.130 |
|
(d) Short-term provisions |
46.100 |
45.140 |
55.110 |
|
Total
Current Liabilities (4) |
1457.260 |
1618.000 |
1507.730 |
|
|
|
|
|
|
TOTAL |
4474.380 |
4548.780 |
4257.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
933.790 |
916.900 |
762.330 |
|
(ii) Intangible Assets |
35.570 |
33.880 |
0.000 |
|
(iii) Capital work-in-progress |
6.330 |
67.580 |
134.450 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.120 |
34.590 |
42.960 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1008.810 |
1052.950 |
939.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1083.940 |
1145.400 |
1035.280 |
|
(c) Trade receivables |
2026.670 |
2023.390 |
1884.350 |
|
(d) Cash and cash equivalents |
64.000 |
49.010 |
140.480 |
|
(e) Short-term loans and
advances |
285.590 |
272.120 |
257.230 |
|
(f) Other current assets |
5.370 |
5.910 |
0.460 |
|
Total
Current Assets |
3465.570 |
3495.830 |
3317.800 |
|
|
|
|
|
|
TOTAL |
4474.380 |
4548.780 |
4257.540 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Income |
7117.040 |
7159.910 |
6769.940 |
|
|
Other Income |
8.940 |
4.430 |
31.490 |
|
|
TOTAL
(A) |
7125.980 |
7164.340 |
6801.430 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5004.230 |
5076.870 |
4832.760 |
|
|
Purchases of Stock-in-Trade |
338.760 |
302.910 |
294.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
8.110 |
(17.090) |
(67.870) |
|
|
Employees benefits expense |
439.450 |
434.340 |
411.690 |
|
|
Other expenses |
1048.860 |
897.450 |
818.710 |
|
|
TOTAL
(B) |
6839.410 |
6694.480 |
6289.290 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
286.570 |
469.860 |
512.140 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.730 |
54.040 |
42.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
241.840 |
415.820 |
470.140 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
121.860 |
100.900 |
88.240 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
119.980 |
314.920 |
381.900 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(5.390) |
99.970 |
117.390 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
125.370 |
214.950 |
264.510 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1442.840 |
1292.060 |
1096.680 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
12.540 |
21.490 |
26.450 |
|
|
Dividend |
6.240 |
5.960 |
5.960 |
|
|
Tax on Dividend |
36.720 |
36.720 |
36.720 |
|
|
Total
(M) |
55.500 |
64.170 |
69.130 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
1512.710 |
1442.840 |
7581.350 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on FOB basis |
469.100 |
332.420 |
317.502 |
|
|
Commission |
4.570 |
1.420 |
1.621 |
|
|
TOTAL
EARNINGS |
473.670 |
333.840 |
319.123 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1272.040 |
1681.670 |
1625.521 |
|
|
Spare Parts |
11.180 |
4.060 |
6.627 |
|
|
Capital Goods |
25.880 |
55.050 |
41.345 |
|
|
Goods Traded in |
246.790 |
210.450 |
224.415 |
|
|
TOTAL
IMPORTS |
283.850 |
269.560 |
272.387 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
13.66 |
23.42 |
28.82 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
1.76 |
3.00 |
96.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.03 |
6.56 |
100.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.69 |
7.03 |
161.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.11 |
2.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.12 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38 |
2.16 |
2.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
91.790 |
91.790 |
91.790 |
|
Reserves & Surplus |
2567.290 |
2739.560 |
2821.970 |
|
Net
worth |
2659.080 |
2831.350 |
2913.760 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
227.040 |
340.380 |
232.880 |
|
Total
borrowings |
227.040 |
340.380 |
232.880 |
|
Debt/Equity
ratio |
0.085 |
0.120 |
0.080 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6769.940 |
7159.910 |
7117.040 |
|
|
|
5.760 |
-0.599 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6769.940 |
7159.910 |
7117.040 |
|
Profit |
264.510 |
214.950 |
125.370 |
|
|
3.91% |
3.00% |
1.76% |
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 |
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) |
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 |
No |
|
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 LOAN
(Rs.
In Millions)
|
PARTICULAR |
As
on 31.12.2013 |
As
on 31.12.2012 |
|
Short Term
Borrowing |
|
|
|
Loan repayable on demand : From a Bank |
|
|
|
Working Capital Demand Loan |
200.00 |
230.00 |
|
Total |
200.00 |
230.00 |
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC ENVIRONMENT
After a dull 2012, a pick-up in real GDP
growth in India was noticed in the reports of quarter ended June 2013, which
was driven largely by robust growth of agricultural activity, supported by an
improvement in net exports. However, this pick-up could not be sustained in the
following quarters and a weakness was noticed in industrial activity,
indicators of services and subdued domestic consumption demand hinting at
continuing headwinds to growth. As per budget estimates, the Indian economy is
expected to grow by 4.9 per cent during 2013-14. While
the agricultural growth is expected to return to trend levels, the outlook for
industrial activity remains subdued given the slow pace of investments and
structural bottlenecks such as shortage of power, coal, natural gas etc. Growth
in services and exports is also likely to be sub-par in the backdrop of a
sluggish global economy.
India's “twin deficit” challenge also came
under the spotlight during the year. The Current Account Deficit widened
to an all time high at 5.4 per cent of GDP during the first 9 months of 2012-13 vs. 4.1 per cent during the same period of the previous year mainly contributed by high
oil prices, subdued merchandise exports coupled with a marginal decline in net
services exports. ‘On the other hand, the fiscal deficit which seemed like
heading towards 6 per cent of GDP in the middle of
the year, was reined in by the Government to 5.2 per cent of GDP (Budget 2013 estimates) through aggressive compression in
expenditure.
At the industry level, the cost of borrowing
has been increased for the companies. The increased liability has
burdened companies which have now resorted to
cutting down expenditure. The extreme volatility in the rupee
movement also impacted the economy in a major
way during the financial year. Rupee depreciated to an all time high of
Rs.6.884 Million in August 2013 against the dollar. With the depreciation of
rupee, imports became costlier and thus became a burden and impacted the
Company adversely.
The sudden downward movement of the rupee was
finally arrested after the Reserve Bank of India stepped in with unprecedented
fiscal measures. Further measures which resulted in declining of gold imports
and turnaround in exports helped narrow the current account gap during the
quarter ended September 2013. Several policy measures were announced by the
Government during the year. Some of the key interventions include the setting
up of the “Cabinet Committee on
investments” to ensure expeditious clearance and implementation of big-ticket
infrastructure projects, direct cash transfers
of subsidies, diesel and LPG subsidy restructuring etc.
PERFORMANCE REVIEW
In the face of adverse economic environment,
your Company recorded a turnover of Rs. 7086.64 million as against Rs 7123.86
million in the previous year registering a minor decrease of 0.52% in terms of
value and 1.89% in terms of volume. However, an increase in operational
expenses arising out of increased freight and power cost resulted in Profit
before tax going down from Rs. 314.92 million in the previous year to Rs.
119.98 million in the current year. Consequently, the Profit after tax also
fell from Rs. 214.95 million to Rs. 125.37 million in the current fiscal.
Amongst the various reasons that have
contributed to this slowdown is the fluctuating dollar which has increased
theimport burden and raising the raw material costs coupled with intense competition
in the printing ink segment.
However, to ensure that the slowdown is a
temporary measure, your Company has taken several steps to put the
Company back on the growth path. Amongst the
measures taken are cost effectiveness, rationalization of
expenditures, improving operational
efficiencies and induction of new technology. The Management expects that the
Company would go back to its growth trajectory in the near future.
OUTLOOK
With an uneven recovery across various
economies, the outlook for global growth continues to remain moderate.
Weak domestic demand and some improvement in
exports notwithstanding, activity in major emerging market
economies has noticed a deceleration. The
inevitable taper of quantitative easing in the US, given the large
dependence of EMEs on external financing would
have a major bearing on the economies of the emerging
economies.
On the domestic front, the printing ink
industry for the last two years have become stagnant. The weakness in the
consumer goods market has further added to the
woes of the printing ink industry. The uncertainty in the political
scenario was also a speed breaker to the
growth of the economy. The results in the upcoming elections to be
announced sometimes in May 2014 would hold the
key to any significant bearing on the direction of the Indian
economy. It is expected that a stable
government would be a catalyst in taking major decisions which would push
forward the pace of reforms and thereby
directly improving the macro-economic environment from the 2nd half of
2014 onwards. Till that time, it would be a
challenge to hold on to the situation.
To ensure future growth, the Company is, with
the assistance of its ultimate holding company DIC Corporation,
contemplating infusion of the latest
technology in printing inks industry to enhance its product range. The
managerial strength has already been augmented
with the induction in the Board of Directors of Mr Yasuo Ikeda, who has
technical expertise in the printing ink industry and has been associated with the
DIC Group since 1990.
Contingent Liabilities
Claims against the Company not acknowledged as
debt :
i) Income Tax matters Rs.19.99 Million (2012 -
Rs. 20.39 Million) pending in appeals.
ii) Disputed Indirect Tax matters for which appeals
before the relevant authorities are pending disposal
are as follows :
a) Custom Duty matters Rs.2.45 Million (2012 -
Rs.9.31 Million)
b) Excise Duty matters Rs.46.93 Million (2012
- Rs.45.02 Million)
c) Service Tax matters Rs.38.39 Million (2012
- Rs.37.10 Million)
d) Sales Tax / VAT matters Rs.25.12 Million
(2012 - Rs.202.12 Million)
iii) Rent under dispute Rs. 1.99 Million (2012
- Rs. Nil) pending in appeals.
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED ON 31ST
DECEMBER, 2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Months Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1838.696 |
1759.167 |
5366.816 |
|
|
|
b. Other Operating Income |
7.616 |
7.440 |
22.254 |
|
|
|
Total Income from
Operations (Net) |
1846.312 |
1766.607 |
5389.070 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
1383.038 |
1295.881 |
4006.116 |
|
|
|
b. Purchase of Stock-in trade |
94.203 |
71.579 |
234.683 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(63.790) |
30.882 |
(20.293) |
|
|
|
d. Employees Benefit Expenses |
109.215 |
113.493 |
387.488 |
|
|
|
e. Depreciation and Amortisation Expenses |
31.429 |
31.658 |
94.984 |
|
|
|
f. Other expenses |
260.892 |
308.387 |
827.482 |
|
|
|
Total Expenses |
1814.987 |
1851.880 |
5530.460 |
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
31.325 |
(85.273) |
(141.390) |
|
|
4 |
Other Income |
1.219 |
0.481 |
2.251 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
32.544 |
(84.792) |
139.139 |
|
|
6 |
Finance Costs |
14.453 |
15.332 |
41.926 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
18.091 |
(100.124) |
181.065 |
|
|
8 |
Exceptional items |
Nil |
Nil |
211.243 |
|
|
9 |
Profit from
ordinary activities before tax |
18.091 |
(100.124) |
(392.308) |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
Nil |
Nil |
|
|
|
|
- Deferred Tax |
(3.193) |
0.606 |
-68.818 |
|
|
11 |
Net Profit from
ordinary activity after tax |
21.284 |
100.730 |
-323.490 |
|
|
12 |
Extraordinary Items |
Nil |
Nil |
Nil |
|
|
13 |
Net Profit After
Tax |
21.284 |
100.730 |
323.490 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
91.790 |
91.790 |
91.790 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
2.32 |
(10.97) |
35.24 |
|
|
|
Diluted EPS |
2.32 |
(10.97) |
35.24 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
2592900 |
2592900 |
2592900 |
|
|
|
- Percentage of shareholding |
28.25% |
28.25% |
28.25% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
6586077 |
6586077 |
6586077 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
71.75% |
71.75 |
71.75 |
|
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR ENDED
31ST DECEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
|
a. Information about
Primary Business Segments |
|
|
|
1. Segment Revenue
(Net Sales/ Income From Operation) |
|
|
|
Inks |
1716.176 |
1656.194 |
|
Lamination Adhesives |
130.136 |
110.413 |
|
Total |
1846.312 |
1766.607 |
|
|
|
|
|
2. Segment
Result (Profit/ Loss Before Tax and Interest |
|
|
|
Inks |
89.033 |
(49.388) |
|
Lamination Adhesives |
5.592 |
(12.868) |
|
Total |
94.625 |
(62.256) |
|
|
|
|
|
Less : Interest |
14.366 |
15.131 |
|
|
|
|
|
Less : Other Unallocable Expenses |
63.387 |
23.036 |
|
|
|
|
|
Add : Unallocable Income |
1.219 |
0.481 |
|
|
|
|
|
Totol Profit Before
Tax |
18.091 |
(100.124) |
|
|
|
|
|
Capital Employed
(Segment Assets – Segment Liabilities) |
|
|
|
Inks |
2568.606 |
2560.610 |
|
Lamination Adhesives |
386.814 |
344.924 |
|
Total |
2955.420 |
2905.534 |
|
Particulars |
Quarter ended 31.12.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
NIL |
|
Disposed
of during the quarter |
NIL |
|
Remaining
unresolved at the end of the quarter |
NIL |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80011861 |
24/09/2004 |
77,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, |
- |
|
2 |
90249920 |
05/02/1992 |
3,000,000.00 |
I.D.B.I. BANK LTD. |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 4 |
- |
|
3 |
90249897 |
18/04/1991 |
7,800,530.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 40 |
- |
|
4 |
90249889 |
12/03/1991 |
9,351,017.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 40 |
- |
|
5 |
90249143 |
05/03/1991 |
8,200,000.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 40 |
- |
|
6 |
90249887 |
15/02/1991 |
20,000,000.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 40 |
- |
|
7 |
90251067 |
30/01/1991 |
15,000,000.00 |
THE SHANGHAI BANKING CORPORATION |
31; B.B.D. BAG, CALCUTTA, West Bengal - 700001, IN |
- |
|
8 |
90251695 |
19/09/1990 |
35,000,000.00 |
BANK OF BARODA |
3 - B; CAMAC STREET, CALCUTTA, West Bengal - 70001 |
- |
|
9 |
90251059 |
30/04/2003 * |
93,000,000.00 |
STANDARD CHARTERED BANK |
19; NETAJI SUBHASH ROAD, CALCUTTA, West Bengal - 7 |
- |
|
10 |
90250957 |
05/09/2012 * |
610,900,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700 |
B57910200 |
|
11 |
90249406 |
10/10/1961 |
1,000,000.00 |
NATIONAL AND GRINDLAYS BANK LTD. |
29; NETAJI SUBHASH ROAD, CALCUTTA, West Bengal, IN |
- |
|
12 |
90249392 |
25/07/1956 |
600,000.00 |
LLOYDS BANK LTD. |
29; NETAJI SUBHASH ROAD, CALCUTTA, West Bengal, IN |
- |
* Date of charge modification
FIXED ASSETS:
Tangible assets:
v Land – Freehold
v Land – Leasehold
v Buildings
v Plant and Machinery
v Furniture and Equipments
v Vehicles
v Office Equipment
v Computers
Intangible assets
v Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.77 |
|
|
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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 |
|
58 |
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.