MIRA
INFORM REPORT
|
Report Date : |
28.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEXPLAST INDUSTRIES LIMITED (w.e.f. 14.10.1996) |
|
|
|
|
Formerly Known
As : |
TEXPLAST ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
Gut No 39/40 Village Nehroli, Taluka Wada, Thane – 421312, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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Date of Incorporation
: |
31.12.1970 |
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|
Com. Reg. No.: |
11-014933 |
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Capital
Investment / Paid-up Capital : |
Rs.51.103 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014933 |
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|
|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09989A |
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|
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PAN No.: [Permanent Account No.] |
AAACT6218N |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
Line of Business
: |
Manufacturers of HDPE Woven Bags used for packaging of,
Chemicals and Fertilizers. |
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|
|
|
No. of Employees
: |
Information decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. External borrowings of the company seems to be increasing compared to previous
year. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payments terms are
reported to be slow but correct. The company can be considered for business dealings with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = B – (Suspended) |
|
Rating Explanation |
Have high risk of default |
|
Date |
November 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = A4 (Suspended) |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk |
|
Date |
November 2013 |
Reason for Suspension: The suspension follows ICRA’s inability to carry
out a rating surveillance in the absence of the requisite information from the
company.
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
Management non-cooperative (Tel No. : 91-22-23075019)
LOCATIONS
|
Registered / Factory Office: |
Gut No. 39/40, Village Nehroli, Taluka Wada, Thane – 421312,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Corporate Office : |
210-212, Anand Estate, 2nd Floor, 189/A, Sane Guruji Marg, Mumbai –
400011, Maharashtra, India |
|
Tel. No.: |
91-22-23075019/ 23075022/ 23075308 |
|
Fax No.: |
91-22-23075019 |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sukumar N. Shah |
|
Designation : |
Whole time Director |
|
Address : |
1302-B, Surya Apartment, Bulbhai Desai Road, Mumbia-400026,
Maharashtra, India |
|
Date of Birth/Age : |
16.02.1951 |
|
Date of Appointment : |
01.06.1972 |
|
|
|
|
Name : |
Mr. Bharat N. Doshi |
|
Designation : |
Whole time Director |
|
Address : |
Sion Hospital, Gujarat Society, Room No. 5/188, near Jain Temple,
Sion, Mumbia-400022, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1944 |
|
Date of Appointment : |
27.01.2006 |
|
DIN No.: |
02421434 |
|
|
|
|
Name : |
Mr. Sunil Premshankar Tripathi |
|
Designation : |
Additional Director |
|
Address : |
Prem Shankar Zopda, P. D. Road, Mahalaxmi, Mumbai-400026, Maharashtra,
India |
|
Date of Birth/Age : |
01.01.1975 |
|
Date of Appointment : |
14.01.2014 |
|
DIN No.: |
06787896 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Category
of Shareholder |
No.
of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2725850 |
53.71 |
|
|
474250 |
9.35 |
|
|
3200100 |
63.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3200100 |
63.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
155100 |
3.06 |
|
|
|
|
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|
612300 |
12.07 |
|
|
945000 |
18.62 |
|
|
162200 |
3.20 |
|
|
2000 |
0.04 |
|
|
160000 |
3.15 |
|
|
200 |
0.00 |
|
|
1874600 |
36.94 |
|
Total Public shareholding (B) |
1874600 |
36.94 |
|
Total (A)+(B) |
5074700 |
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) |
5074700 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of HDPE Woven Bags used for packaging of,
Chemicals and Fertilizers. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information decline by management |
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Bankers : |
·
Bank of Baroda, Marine Drive Branch, Mumbai
400020, Maharashtra, India ·
India Indian Overseas Bank, 378, Lady Jamshedji
Road, Mumbai – 400016, Maharashtra, India |
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Facilities : |
SECURED
LOAN (Rs.
In Millions)
|
|
Banking
Relations : |
--- |
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|
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Auditors : |
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|
Name : |
Anand Jain and Associates Chartered Accountants |
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Memberships : |
----- |
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Collaborators : |
----- |
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Associate
Concern : |
·
Pristine Chemicals Private Limited, India (CIN No. :U99999MH1992PTC066428) ·
Sudeep Plastics |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5460000 |
Equity Shares |
Rs.10/- each |
Rs. 54.600 Millions |
|
800 |
Preference Share |
Rs.500/- each |
Rs. 0.400 Million |
|
|
Total |
|
Rs. 55.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5110300 |
Equity Shares |
Rs.10/- each |
Rs. 51.103 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
51.103 |
51.103 |
50.926 |
|
(b) Reserves & Surplus |
58.329 |
48.321 |
38.259 |
|
(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) |
109.432 |
99.424 |
89.185 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
100.795 |
112.829 |
70.548 |
|
(b) Deferred tax liabilities (Net) |
23.734 |
9.706 |
15.238 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.353 |
3.418 |
2.673 |
|
Total Non-current Liabilities (3) |
128.882 |
125.953 |
88.459 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
221.600 |
158.968 |
76.325 |
|
(b) Trade payables |
439.508 |
246.508 |
78.530 |
|
(c) Other current
liabilities |
41.592 |
32.832 |
34.789 |
|
(d) Short-term provisions |
5.289 |
1.113 |
0.877 |
|
Total Current Liabilities (4) |
707.989 |
439.421 |
190.521 |
|
|
|
|
|
|
TOTAL |
946.303 |
664.798 |
368.165 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
144.905 |
151.761 |
83.812 |
|
(ii) Intangible Assets |
0.309 |
0.045 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
49.768 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.020 |
0.017 |
0.017 |
|
(c) Deferred tax assets (net) |
1.839 |
1.600 |
1.111 |
|
(d) Long-term Loan and Advances |
7.057 |
5.588 |
3.407 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
154.130 |
159.011 |
138.115 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
331.318 |
184.697 |
117.901 |
|
(c) Trade receivables |
304.681 |
257.459 |
40.699 |
|
(d) Cash and cash
equivalents |
44.521 |
31.955 |
25.747 |
|
(e) Short-term loans and
advances |
12.813 |
7.088 |
13.838 |
|
(f) Other current assets |
98.840 |
24.588 |
31.865 |
|
Total Current Assets |
792.173 |
505.787 |
230.050 |
|
|
|
|
|
|
TOTAL |
946.303 |
664.798 |
368.165 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
894.588 |
681.628 |
296.046 |
|
|
|
Other Income |
104.725 |
71.262 |
36.099 |
|
|
|
TOTAL (A) |
999.313 |
752.890 |
332.145 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
547.998 |
342.575 |
249.730 |
|
|
|
Purchases of Stock-in-Trade |
358.514 |
277.117 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(124.553) |
(44.560) |
(48.506) |
|
|
|
Employees benefits expense |
29.938 |
28.694 |
36.032 |
|
|
|
Other expenses |
95.541 |
75.138 |
56.352 |
|
|
|
Prior Period Items |
0.070 |
0.065 |
0.152 |
|
|
|
TOTAL (B) |
907.508 |
679.029 |
293.760 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.805 |
73.861 |
38.385 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.275 |
37.149 |
17.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.530 |
36.712 |
20.418 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.122 |
21.633 |
10.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
15.408 |
15.079 |
9.983 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.400 |
5.151 |
0.769 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
10.008 |
9.928 |
9.214 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.925 |
10.997 |
1.783 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.933 |
20.925 |
10.997 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
208.445 |
213.751 |
210.466 |
|
|
TOTAL EARNINGS |
208.445 |
213.751 |
210.466 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
2.530 |
|
|
|
Capital Goods |
3.767 |
4.938 |
18.980 |
|
|
TOTAL IMPORTS |
3.767 |
4.938 |
21.510 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.96 |
1.95 |
1.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.12 |
1.46 |
3.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.26 |
10.84 |
12.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.63 |
2.27 |
3.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.95 |
2.73 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.15 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
50.926 |
51.103 |
51.103 |
|
Reserves & Surplus |
38.259 |
48.321 |
58.329 |
|
Net
worth |
89.185 |
99.424 |
109.432 |
|
|
|
|
|
|
long-term borrowings |
70.548 |
112.829 |
100.795 |
|
Short term borrowings |
76.325 |
158.968 |
221.600 |
|
Total
borrowings |
146.873 |
271.797 |
322.395 |
|
Debt/Equity
ratio |
1.647 |
2.734 |
2.946 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
296.046 |
681.628 |
894.588 |
|
|
|
130.244 |
31.243 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
296.046 |
681.628 |
894.588 |
|
Profit |
9.214 |
9.928 |
10.008 |
|
|
3.11% |
1.46% |
1.12% |
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 |
No |
|
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 |
No |
|
16] |
Details of sister concerns |
No |
|
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 LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
9.016 |
9.319 |
|
Interoperate Borrowings |
9.213 |
3.700 |
|
Differed sales tax loan |
1.716 |
2.136 |
|
Loans and advances from directors |
31.779 |
36.609 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Interoperate Borrowings |
49.100 |
68.900 |
|
Total |
100.824 |
120.664 |
BUSINESS
PERFORMANCE
The financial year
2012-13 proved to be a challenging year amidst global economic uncertainties
and disturbances in many parts of the world. Despite these constraints and
challenging environment, the Company performed reasonably well and the
highlights of the performance are as under:
·
Revenue from operations increased by 31.24% to Rs.
894.500 Millions
·
Exports decreased by 2.48% to Rs. 208.400 millions
·
Profit Before Tax rose by 2.17% to Rs.15.400
Millions
·
Prof it After Tax rose by 0.80% to Rs. 10.000
Millions
MANAGEMENT
DISCUSSION & ANALYSIS REPORT
Industrial Structure & Development
The global economy
in the Financial Year (FY) 2012-13 improved slowly, but was short on
expectations. Several European economies experienced recession due to high
unemployment, banking fragility, fiscal tightening and sluggish growth. The
U.S. economy improved marginally, driven mainly by housing and the consumer
sectors; however, capital investments remained sluggish. Among the Asian
economies, China going through a political transition, experienced considerably
slow growth. Deceleration in industrial output and exports weakened India's
economic growth significantly.
Flexible
Intermediate Bulk Containers, or bulk bags, super sacks, totes, were introduced
in the United States about forty years ago. Since that time, they have grown
rapidly as more and more companies have realized their cost saving potential.
Since its beginnings, the bulk bag industry has grown exponentially and the
forecast show similar prospects for growth given a stable economic climate, and
reasonable demand for dry, packaged goods.
Less labour is
required to handle these units over traditional methods, and that packaging
costs can average less than the bulk containers. With these systems, dispensing
time for a ton of material is less than five minutes, and disposal problems
associated with large numbers of bags and drums are removed. But the real
incentives for conversion to the FIBC have been with material handling and
ease. Bulk bag users report that discharge times of less than five minutes is a
dramatic improvement over paper sacks (One man would have to lift and open
forty 50 Ib. sacks to discharge 2000 Ibs.). Much like rigid intermediate bulk
containers, and the bag in the box concept, FIBC's have come to occupy an
important niche between smaller size packaging and bulk containers for dry
products. Principal advantages to the package include the following:
No assembly or
disassembly required
• Less Labour is
required to fill, transport and empty the bag
• Drum Size
packaging can be eliminated on basis of cost
• Units are
collapsible for economical storage
• Bags can be re-used at Customer's risk
The growth of the
container has come primarily at the expense of the 50 and 100 pound multi-wall
paper bag. About 65% of the growth experienced by super sacks came from bags,
with the rest coming from drums; Gaylord boxes and new applications.
The FIBC business
is both commodity and custom oriented. Yet, despite the high volumes sometimes
required by customers, producers tailor their products to their customers
because of the uniqueness of material handling situations encountered and the
range of products packaged. This tends to strengthen the positions of producers
with manufacturing facilities in India where the emphasis is on service,
quality and competitive pricing.
The $500 billion
global packaging industry is multi-technology, multi product and multi process
industry. World demand of Bulk Packaging is expected to grow at 5.8% p.a. to
$58 billion. Your Company is focused on the $5 Billion FIBC segment. The
Company has a good domestic market share and has registered as a niche player
in the international market. The FIBC industry is set to grow at about 5%
globally and around 13-15% per annum
domestically over
the next four years basically on account of growing demand for FIBC in end-use
industry and the growing awareness in the Pharmaceutical and food industries.
Output of the Indian FIBC industry is 2,00,000 MT per year or about 100 million
FIBC bags per year (source: IFIBCA). The Indian FrBC industry is growing
rapidly, and is presently estimated to have overtaken Turkey as the world's
second largest producer next to China. The Indian woven sack industry has
registered an annual compounded growth rate of 15% or more overthe last decade.
Indian Economy:
More than 6 Per
Cent Growth Forecast for Next Fiscal Considerable Enhancement for Social Sector
Spending India on Verge of Creating Quality Jobs to Seize 'Demographic
Dividend'. Indian economy is likely to grow between 6.1% to 6.7% in 2013-14 as
the downturn is more or less over and the economy is looking up.'Following the
slowdown induced by the global financial crisis in 2008-09, the Indian economy
responded strongly to fiscal and monetary stimulus and achieved a growth rate
of 8.6 per cent and 9.3 per cent respectively in 2009-10 and 2010-11, but due
to ~a combination of both external and domestic factors, the economy
decelerated growing at 6.2% and an estimated 5% in 2011-12 and 2012-13
respectively. The Economic Survey 2012-13, presented by the Finance Minister
Mr. P. Chidambaram in the Lok Sabha predicts that the global economy is also
likely to recover in 2013 and various government measures will help in
improving the Indian economy's outlook for 2013-14. While India's recent
slowdown is partly rooted in external causes, domestic causes are also
important. The slowdown in the rate of growth of services in 2011-12 at 8.2%,
and particularly in 2012-13 to 6.6 percent from the double-digit growth of the
previous six years, contributed significantly to slowdown in the overall growth
of the economy, while some slowdown could also be attributed to the lower
growth in agriculture and industrial activities. But despite the slowdown, the
services sector has shown more resilience to worsening external conditions than
agriculture and industry. For improved agricultural growth, the survey
underlines the need for stable and consistent policies where markets play an
appropriate role, private investment in infrastructure is stepped up, food
price, food stock management and food distribution improves, and a predictable
trade policy is adopted for agriculture. FDI in retail allowed by the
government can pave the way for investment in new technology and marketing of
agricultural produce in India. Fast agricultural growth remains vital for jobs,
incomes and food security
India continued to
witness high growth in rural income in 2012-13. Rural income growth coupled
with high inflation during most of the year put the focus back on smaller FIBC
bags being offered at lower price points. With income rising in rural areas,
marketers also looked to tap this segment and increasingly came out with
flexible bags that were meant for multi-consumption targeted at rural
households. The higher inflation also forced the marketers to come out with
smaller bags even in urban areas, as prices were rising for most of the
commodities and people looked for products at lower price points.
Review of
Operations
The Company's top
line in comparison to the previous year has increased from Rs. 681.600 Millions
to Rs. 894.500 Millions. The profit after tax also increased from Rs. 0.99
crores to Rs. 10.000 Millions. The- Company's export for the year 2012- 13
stands at Rs. 254.000 Millions in comparison to Rs. 247.200 Millions of the
previous. The deficits and lower growth rates in other countries has not
impacted your company due to its diverse customer base in various countries.
The domestic
markets have also been encouraging, with an increase in turnover from Rs.
625.400 Millions in the previous year to Rs. 407.400 Millions in the year
2012-13, an increase of 53.51%.
Export Recognition
Award
We would like to
draw attention of the members that the Company had received an Award from the
State Government of Maharashtra for appreciation towards export achievement in
respect of plastic products, namely plastic and linoleum, during the year
2009-2010.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10063618 |
03/01/2013 * |
328,900,000.00 |
INDIAN OVERSEAS BANK |
"SADHANA", 378, L. J. ROAD, MAHIM, MUMBAI, MAHARASHTRA - 400016, INDIA |
B69084986 |
|
2 |
10063792 |
02/09/2013 * |
426,100,000.00 |
INDIAN OVERSEAS BANK |
"SADHANA", 378, L.J. ROAD, MAHIM, MUMBAI, MAHARASHTRA - 400016, INDIA |
B86209814 |
* Date of charge modification
FIXED ASSETS
·
Land (Owned)
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipments
·
Furniture and Fixture
·
Computers
·
Vehicles
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 records 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. 61.86 |
|
|
1 |
Rs. 97.69 |
|
Euro |
1 |
Rs. 77.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.