MIRA
INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BHANSALI ENGINEERING POLYMERS LIMITED |
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Registered
Office : |
Bhansali House, A-5, Off. |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.04.1984 |
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Com. Reg. No.: |
11-032637 |
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Capital
Investment / Paid-up Capital : |
Rs.169.906 Millions |
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CIN No.: [Company Identification
No.] |
L27100MH1984PLC032637 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in manufacturing of ABS and SAN resins. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management non co-operative (91-22-26731779)
LOCATIONS
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Registered Office : |
Bhansali House, 5-A, Off. Veera Desai Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
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Tel. No.: |
91-22-26731779-84 |
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Fax No.: |
91-22-26731796 |
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E-Mail : |
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Website : |
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Factory 1 : |
Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya
Pradesh, India |
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Tel. No.: |
91-7165-226376/79 |
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Fax No.: |
91-7165-226381 |
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Website : |
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Factory 2 : |
Plot No. SP-138-143, Ambaji Industrial Area, Abu Road-307026,
Rajasthan, India |
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Tel. No.: |
91-2974-226781-84 |
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Fax No.: |
91-2974-226737 |
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Website : |
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Marketing Branches |
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Branch 1 : |
Meera Classics, Shop No.B-7, Opp. Santosh Mandal Karyalaya, Bethika
Nagar, Thergaon, Chinchwad, Pune-400033, India |
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Mobile No.: |
91-9773333521 |
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E-Mail : |
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Branch 2 : |
10-F, Aditya Complex, Mahivir Hall, Char Rasta, Ajwa Road,
Baroda-390019 India |
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Mobile No.: |
91-9904199917 |
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E-Mail : |
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Branch 3 : |
137/3, R.B.C. Road, Near Dum Dum Main Post Office, Kolkata-700028,
India |
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Mobile No.: |
91-9831021245 |
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E-Mail : |
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Branch 4 : |
Unit No.302, 3rd Floor, Plam Court Buiding, 20/4, Sukhrali
Chowk, Opp. Huda Park, Sector-14, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-0124-4805880-84 |
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E-Mail : |
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Branch 5 : |
No. 3113/A, 18th cross, 2nd Main Road,
Bhanashankari, 2nd stage, off K.r. road banglore-560078, india |
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Tel. No.: |
91-080-2679002/03/05 |
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Fax No.: |
91-080-26769903 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. M.C. Gupta |
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Designation : |
Chairman |
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Address : |
House No-771, Sector -15, Part-11, Gurgaon-122001, |
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Date of Birth/Age : |
23.07.1938 |
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Date of Appointment : |
30.09.2002 |
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DIN No.: |
01362556 |
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Name : |
Mr. Babulal M Bhansali |
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Designation : |
Managing Director |
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Address : |
Plot No.22, Bhansali House JVPD Scheme, |
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Date of Birth/Age : |
05.03.1954 |
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Date of Appointment : |
03.01.1989 |
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DIN No.: |
00102930 |
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Name : |
Mr. Jayesh B Bhansali |
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Designation : |
Executive Director |
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Address : |
Plot No.22, Bhansali House JVPD Scheme, |
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Date of Birth/Age : |
25.07.1983 |
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Date of Appointment : |
24.06.2006 |
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DIN No.: |
01062853 |
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Name : |
Mr. Bakhtiar S Bhesania |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.11.1933 |
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Date of Appointment : |
26.07.2003 |
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DIN No.: |
00026222 |
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Name : |
Mr. Dilip kumar |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. B.V. Kapadia |
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Designation : |
Senior V.P (Operations) |
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Name : |
Mr. D.N. Mishra |
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Designation : |
VP (Legal) and Company Secretary |
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Name : |
Mr. Kenji Asakawa |
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Designation : |
Executive Director (Technical) |
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Name : |
Mr. Satendra Pal |
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Designation : |
Senior V.P. (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
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A) Shareholding of Promoter and Promoter Group |
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|
28435427 |
17.14 |
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50616552 |
30.51 |
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3803612 |
2.29 |
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|
3803612 |
2.29 |
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|
82855591 |
49.94 |
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Total shareholding of Promoter and Promoter Group (A) |
82855591 |
49.94 |
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(B)
Public Shareholding |
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|
6500 |
0.00 |
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|
38500 |
0.02 |
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|
45000 |
0.03 |
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|
58304054 |
35.14 |
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|
13521051 |
8.15 |
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|
9326445 |
5.62 |
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|
1853499 |
1.12 |
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|
60047 |
0.04 |
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|
37102 |
0.02 |
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|
15345 |
0.01 |
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|
49740 |
0.03 |
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|
1688765 |
1.02 |
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|
1500 |
0.00 |
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|
1000 |
0.00 |
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|
83005049 |
50.03 |
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Total
Public shareholding (B) |
83050049 |
50.06 |
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Total
(A)+(B) |
165905640 |
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) |
165905640 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing of ABS and SAN resins. |
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PRODUCTION STATUS
INSTALLED CAPACITY:
|
Financial Year / Period |
Installed Capacity (12 months Basis) |
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(MT) |
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2004-05 (9 Months) |
48000 |
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2005-06 (12 Months) |
48000 |
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2006-7 (12 Months) |
48000 |
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2007-08 (12 Months) |
48000 |
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2008-09 (12 Months) |
48000 |
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2009-10 (12 Months) |
48000 |
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2010-11 (12 Months) |
51000 |
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2011-12 (12 Months) |
51000 |
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2012-13 (12 Months) |
51000 |
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2013-14 (12 Months) |
51000 |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Allahabad Bank, Industrial Finance Branch, Apeejay House No:3, Dinsha
Wachha Road, Mumbai, Maharashtra, India |
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Facilities : |
Note: 1.
Vehicle loans are secured by hypothecation of
vehicles average term ranges from 3-6 years. 2.
The above Working Capital facilities is secured
by a first charge on all the immovable assets of the Company and
hypothecation of all movable properties, both present and future and
guaranteed by the Managing director. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. L. Dasharda and Associates Chartered Accountant |
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Address : |
2, Shreyas, Ground Floor, |
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PAN No.: |
AAAFB2781M |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165905640 |
Equity Shares |
Rs.1/- each |
Rs.165.906
Millions |
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Terms / rights attached
to Equity Shares
The company has
only one class of equity shares having a par value of Rs 1/- per share. Each
equity shareholder is entitled to one vote per share. The company declares and
pays dividend in Indian rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31st March, 2014 the amount of dividend, per share, recognised as
distribution to equity shareholders is Re 0.10/- per share (year ended 31st
March, 2013 Rs 0.10/- per share)
Details of
shareholders holding more than 5% shares in the Company.
Equity Shares of
Rs. 1/- each fully paid up.
|
Name |
31st March, 2014 |
|
|
Nos. |
% Holding |
|
|
B.M. Bhansali |
15834197 |
9.54% |
|
Bhansali
International Private Limited |
13333500 |
8.04% |
|
Sheraton
Properties and Finance Limited |
11709000 |
7.06% |
|
Bentley
Commercial Enterprises Limited |
8883152 |
5.35% |
|
MKJ Enterprises
Limited |
8708043 |
5.25% |
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 |
165.906 |
165.906 |
165.906 |
|
(b) Reserves & Surplus |
1741.988 |
1944.791 |
2050.614 |
|
(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) |
1907.894 |
2110.697 |
2216.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
44.230 |
41.791 |
8.100 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
27.031 |
22.129 |
19.175 |
|
Total Non-current Liabilities (3) |
71.261 |
80.559 |
27.275 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
539.351 |
255.858 |
550.535 |
|
(b) Trade payables |
1207.732 |
1132.715 |
1352.813 |
|
(c) Other current
liabilities |
33.766 |
49.137 |
81.893 |
|
(d) Short-term provisions |
28.200 |
24.741 |
21.985 |
|
Total Current Liabilities (4) |
1809.049 |
1708.126 |
2007.226 |
|
|
|
|
|
|
TOTAL |
3788.204 |
3899.382 |
4251.021 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1315.313 |
1554.115 |
1655.282 |
|
(ii) Intangible Assets |
12.478 |
1.485 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
15.607 |
2.771 |
5.471 |
|
(d) Long-term Loan and Advances |
31.490 |
18.535 |
14.157 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1374.888 |
1576.906 |
1674.910 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
|
|
|
(b) Inventories |
906.793 |
387.663 |
419.022 |
|
(c) Trade receivables |
1076.591 |
1561.703 |
1860.632 |
|
(d) Cash and cash
equivalents |
135.190 |
77.512 |
135.668 |
|
(e) Short-term loans and
advances |
293.264 |
252.941 |
155.430 |
|
(f) Other current assets |
1.478 |
42.657 |
5.359 |
|
Total Current Assets |
2413.316 |
2322.476 |
2576.111 |
|
|
|
|
|
|
TOTAL |
3788.204 |
3899.382 |
4251.021 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5069.212 |
4189.184 |
4144.005 |
|
|
|
Other Income |
11.840 |
9.177 |
7.009 |
|
|
|
TOTAL (A) |
5081.052 |
4198.361 |
4151.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4372.353 |
3540.404 |
3438.613 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(76.816) |
(74.575) |
(45.976) |
|
|
|
Employees benefits expense |
171.696 |
159.159 |
130.216 |
|
|
|
Other expenses |
443.883 |
414.991 |
418.851 |
|
|
|
TOTAL (B) |
4911.116 |
4039.979 |
3941.704 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
169.936 |
158.382 |
209.310 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.175 |
112.573 |
134.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.761 |
45.809 |
75.030 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.893 |
43.642 |
57.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
27.868 |
2.167 |
18.001 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.060 |
(9.687) |
7.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
14.808 |
11.854 |
10.883 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
11.514 |
181.183 |
69.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4372.353 |
3540.404 |
3438.613 |
|
|
|
Stores & Spares |
19.248 |
20.548 |
18.722 |
|
|
TOTAL IMPORTS |
4391.601 |
3560.952 |
3457.335 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.09 |
0.07 |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.29 |
0.28 |
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.55 |
0.05 |
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.74 |
0.06 |
0.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31 |
0.15 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.37 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
165.906 |
165.906 |
165.906 |
|
Reserves & Surplus |
1944.791 |
1841.323 |
1741.988 |
|
Net
worth |
2110.697 |
2007.229 |
1907.894 |
|
|
|
|
|
|
long-term borrowings |
58.430 |
41.791 |
44.230 |
|
Short term borrowings |
501.533 |
255.858 |
539.351 |
|
Total
borrowings |
559.963 |
297.649 |
583.581 |
|
Debt/Equity
ratio |
0.265 |
0.148 |
0.306 |
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 |
4144.005 |
4189.184 |
5069.212 |
|
|
|
1.090 |
21.007 |
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 |
4144.005 |
4189.184 |
5069.212 |
|
Profit |
10.883 |
11.854 |
14.808 |
|
|
0.26% |
0.28% |
0.29% |
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 |
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 |
Yes |
|
15] |
Capital in
the business |
Yes |
|
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 |
No |
|
25] |
Conduct of
the banking account |
--- |
|
26] |
Buyer visit
details |
--- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
CORPORATE INFORMATION:
Bhansali
Engineering Polymers Limited is a Public Listed company registered in India,
incorporated under the provisions of the Companies Act,1956 and its shares are
listed with NSE and BSE.
The company is engaged
in manufacturing of ABS and SAN resins which is classified under the category
of Highly Specialized Engineering Thermoplastics. The manufacturing facilities
of the company is located at Abu Road, Rajasthan and Satnoor in Madhya Pradesh.
OPERATIONS AND FUTURE PLAN:
During the fiscal
2013-14, the overall performance of the company depicted considerable
improvement in terms of
growth in sales
revenue which was all time high at Rs 568.84 Crores-an increase by 21% over the
sales revenue of previous fiscal. Notwithstanding the gain in revenue, its
getting translated into surplus got adversely affected due to spurt in
international price of monomers. However, what was within the realm of
management control, every factor thereof showed impressive improvement. This is
evident from the fact that the key cost elements viz. energy, manpower and
finance could be reduced in terms of percentage of sales turnover, to 0.35%,
0.42% and 0.74% respectively. This definitely is commendable due to high degree
of inflation prevailing in the Indian economy. Had the company resorted to
frequent price increase of its products, the strategy to penetrate deeper into
the price sensitive automotive market segment would have been defeated. The
Company is building strong base in this high growth oriented automotive ABS
market segment which accounts for highest consumption when compared to other
ABS market segments. Moreover, in consumer durable ABS market segment the
Company is also getting empanelled as OEM supplier like in automotive sector.
Esteemed customers in both these segments have carried out due diligence audit
towards their respective TQM programme. Your company has also been directing
concerted efforts to implement TPM/TQM Programme at all levels of management
and employees through structured programme under advisory/ consultancy wing of
Confederation of Indian Industries (CII). The transformational effects of these
programmes are distinctly visible.
It is fairly
indicative that the weakening of rupee which occurred in the course of last two
years is no longer a threat. On the contrary, rupee has started gaining
strength and may recoup to mid 50 level, which may further improve the
profitability of Company in the current financial year.
The future plan of
the company which was highlighted in the Annual Report of the last fiscal is
very much on track. Its first phase of establishing 67 KTPA of ABS and SAN will
be a reality in the current financial year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
ECONOMIC OUTLOOK :
After almost two
years of GDP growth rate slowing down to 5% level, now we see a silver lining
in the cloud because of change in the political scenario of the country which
is likely to accelerate the pace of reform leading to stimulating the growth of
GDP to 7%-8 % level. Policy paralysis and unabated inflation caused gloomy
picture,
despite macro
economic fundamentals, on long term basis, remained strong. Short term
redressal to control Current Account Deficit could be successfully carried out
by change of Guard in the Reserve Bank of India. The new Governor could contain
CAD at around 2% level, consequent where upon rupee is getting revitalized.
Furthermore, inflation has been causing deep concern, specially at the consumer
price level. This too has started showing sign of recovery. The new government
will have to devise policy to work on the supply side to bring Consumer Price
Index (CPI) down and give comfort to the consumers who otherwise have to face
difficult times to meet their necessary expenditures. The company’s good time
relates to higher disposable income; in other words, we can progress only when
the country is in the high growth trajectory. It may take a year or two for the
economy to return to 7%-8% GDP growth level but with better political
management of the economy, this period could as well be shorter. In any case
during the slow economic progress time, the two wheeler automotive sector
showed buoyance and the four wheeler sector was sluggish. ABS consumed in two
wheeler sector is relatively higher, therefore marketwise, your company did not
face a difficult situation.
The unpalatable
truth is that against the demand, ABS supply from two domestic manufacturers,
is inadequate. And therefore, the capacity addition by your company needs
attention. Presently the strategic direction of your company is to focus on
high value added products and thereby carry out selective and niche marketing
programme.
Thereafter, the company will gradually expand its capacity, commensurate with
growth in consumption by these remunerative market segments as almost 80%
output of your company caters to these specialty segments from automotive,
electronic and appliances sectors. Selective marketing is an imperative requirement
because two locations manufacturing facility adversely affects the cost of
logistics. Cost advantage enjoyed by the sole domestic competitor can be
largely negated, by such selective marketing strategy.
IDUSTRY STRUCTURE
AND DEVELOPENT:
In the text of
previous Annual Report, we have elaborately presented the strategic direction
which your company
has adopted, in
the wake of the growth of Indian ABS Market, which has been well maintained on
an average basis in a span of last 15 years. However during past two/three
years, when GDP growth rate fell below 7%, it
affected adversely
the ABS Market demand. The relationship between GDP growing at or over 7% per
annum and consumption of ABS supporting manufacture of lifestyle goods is quite
visible because it relates to disposable
income available
in the hands of middle income group consumers. Therefore, it is quite obvious
that higher GDP
growth rate by
attracting foreign investments in infrastructure sector will accentuate this
phenomenon and thereby push the consumption of lifestyle goods; consequently
the demand for ABS will substantially increase. In a nutshell, there is no
change in the picture that was presented to you in the text of previous Annual
Report and we continue with our approach to position JV products viz.
Kralastic, Techniace and Unibrite in the emerging automotive and appliances
sectors which is expected to improve financial performance substantially in the
fiscal
SEGMENT WISE
PERFORMANCE:
The company deals into
one business segment consisted of ABS & SAN Polymers. During Fiscal year
2013-14,
the total sales of
ABS resins amounted to 5015.3 Millions
as against 3989.5 Millions during last fiscal registering
a growth of 25%
and sale of SAN resins amounted ` 673.0 Millions as against ` 567.4
Millions in the last fiscal
registering a growth of 18%.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90243687 |
31/07/2013 * |
2,100,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 2ND FLOOR, Allahabad, |
B82769738 |
STANDALONE UNAUDITED FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 30th JUNE 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter
Ended on 30.06.2014 |
|
1. |
Income from Operation |
|
|
|
Gross Sales |
1692.049 |
|
|
Less: Excise duty
|
169.964 |
|
|
Net Sales/Income from Operations |
1522.085 |
|
2. |
Expenditure |
|
|
|
Change
in inventories of Finished Goods and stock in process |
(10.579) |
|
|
Consumption
of raw materials |
1338.623 |
|
|
Employee
benefits expenses |
46.324 |
|
|
Power
and fuel |
0.000 |
|
|
Depreciation
and amortization expenses |
11.606 |
|
|
Other
expenses |
96.517 |
|
|
Total Expenses |
1482.491 |
|
|
|
|
|
3. |
Profit From Operations before Other
Income, Interest and Exceptional Items (1-2) |
39.594 |
|
4. |
Other
Income |
4.117 |
|
5. |
Profit Before Interest and
Exceptional Items (3+4) |
43.711 |
|
6. |
Financial
Costs |
36.328 |
|
7. |
Profit After Interest but
before Exceptional Items (5-6) |
7.383 |
|
8. |
Exceptional
Items |
- |
|
9. |
Profit from Ordinary
Activities before Tax (7+8) |
7.383 |
|
10. |
Provision
for taxation |
- |
|
11. |
Net Profit from Ordinary
Activities after Tax (9-10) |
7.383 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
165.906 |
|
13. |
Reserves
Excluding Revaluation Reserve |
- |
|
|
|
|
|
14. |
Basic and Diluted Earning Per
Share (EPS) (Rs. 1)-Not Annualised |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.004 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.004 |
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
-Number
of Shares |
83050049 |
|
|
-
Percentage of Shareholding |
50.03% |
|
|
|
|
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
50000000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
60.35% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
30.14% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
32855591 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
39.65% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
19.80% |
|
Particulars |
3 Months Ended 31.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
6 |
|
Disposed of during the quarter |
6 |
|
Remaining unresolved at the end of the
quarter |
Nil |
FIXED ASSETS
·
Plant and machinery
·
Computer software and
licenses
·
Office equipment
·
Vehicles
·
Furniture and fixture
·
Land and building
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.61.03 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
42 |
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.