MIRA INFORM REPORT
|
Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ECOPLAST LIMITED |
|
|
|
|
Registered
Office : |
National Highway Road, No. 8, Water Works, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.05.1981 |
|
|
|
|
Com. Reg. No.: |
04-004375 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200GJ1981PLC004375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTE00181G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE5030H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Multilayer Co-extruded Plastic Films. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy, Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually 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
|
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
March 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Sejal |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-2632-226257 |
|
Date : |
02.09.2014 |
LOCATIONS
|
Registered Office/ Factory : |
National Highway Road, No. 8, Water Works, Cross Road, Abrama, Valsad
-396001, Gujarat, India |
|
Tel. No.: |
91-2632-226257 |
|
Fax No.: |
91-2632-226073 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office/ Sales Office : |
4, Magan Mahal, 215, Sir, |
|
Tel. No.: |
91-22-26830064 |
|
Fax No.: |
91-22-28366384 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pheroze Pestonji Kharas |
|
Designation : |
Chairman |
|
Address : |
25 Spenta, B. G. Kher Marg, Mumbai-400006, |
|
Date of Birth/Age : |
08.12.1934 |
|
Date of Appointment : |
07.05.1981 |
|
|
|
|
Name : |
Mr. Jaymin Balawantrai Desai |
|
Designation : |
Managing Director |
|
Address : |
Aashiana, 4th Floor, Valsad-396001, |
|
Date of Birth/Age : |
30.09.1960 |
|
Date of Appointment : |
23.06.1990 |
|
|
|
|
Name : |
Mr. Bankim Bhupendra Desai |
|
Designation : |
Director |
|
Address : |
5/24 Varma Nagar, |
|
Date of Birth/Age : |
14.06.1956 |
|
Date of Appointment : |
25.08.2007 |
|
|
|
|
Name : |
Mr. Jehangir Adi Moos |
|
Designation : |
Director |
|
Address : |
Karai Estate, |
|
Date of Birth/Age : |
21.05.1944 |
|
Date of Appointment : |
04.08.1989 |
|
|
|
|
Name : |
Mr. Bhupendra Maganlal Desai |
|
Designation : |
Director |
|
Address : |
26, Vaikunth Society, Near |
|
Date of Birth/Age : |
26.08.1947 |
|
Date of Appointment : |
27.01.2009 |
|
|
|
|
Name : |
Mr. Dhananjay Thakorbhai Desai |
|
Designation : |
Director |
|
Address : |
Shree Rang, Madanwad, Valsad-396001, |
|
Date of Birth/Age : |
23.08.1942 |
|
Date of Appointment : |
20.01.2006 |
|
|
|
|
Name : |
Mr. Mukul B. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhuprndra M. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. D. Desai |
|
Designation : |
Compliance Officer |
KEY EXECUTIVES
|
Name : |
Ms. Jyoti |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholder |
Total
No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
1259889 |
42.00 |
|
|
513267 |
17.11 |
|
|
1773156 |
59.11 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
1773156 |
59.11 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
169476 |
5.65 |
|
|
|
|
|
|
754804 |
25.16 |
|
|
296413 |
9.88 |
|
|
6151 |
0.21 |
|
|
6151 |
0.21 |
|
|
1226844 |
40.89 |
|
Total Public shareholding (B) |
1226844 |
40.89 |
|
Total (A)+(B) |
3000000 |
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) |
3000000 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Amita Jaymin Desai |
4,75,016 |
15.83 |
|
Charulata Nitinbhai Patel |
3,45,207 |
11.51 |
|
Indumati Balvantrai Desai |
1,28,137 |
4.27 |
|
Jankee J Desai |
5,800 |
0.19 |
|
Jaymin Balvantrai Desai |
87,901 |
2.93 |
|
Kunal Plastics Private Limited |
36,440 |
1.21 |
|
Naheed Rushad Divecha |
1,000 |
0.03 |
|
Nargis Pheroze Kharas |
33,900 |
1.13 |
|
Nitinkumar Manubhai Patel |
70,051 |
2.34 |
|
Pheroze Pestonji Kharas |
81,980 |
2.73 |
|
Silver Stream Properties Private Limited |
4,76,827 |
15.89 |
|
Stuti J Desai |
19,412 |
0.65 |
|
Vispi Russ Balaporia |
1,062 |
0.04 |
|
Yasmin Karl Divecha |
5,423 |
0.18 |
|
Zarine Kharas |
5,000 |
0.17 |
|
Total |
17,73,156 |
59.11 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Multilayer Co-extruded Plastic Films. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Retailers |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG TERM
BORROWINGS (I) The above Loans are Secured by Mortgage of Land and Factory Building of the Company at Abrama-Valsad, Office Building at Andheri (East) Mumbai and hypothecation of Plant and Machineries and Other Movable Fixed Assets of the Company, both present and future and further secured by personal guarantee of Managing Director. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Akkad Mehta and Company Chartered Accountants |
|
Address : |
2, Vatika, 14, Baptista Road, Opposite Ishwarlal Park, Vile Parle
(West), Mumbai-400056, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Synergy Films Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
1. The reconciliation of the number of shares
outstanding is set out below:
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
Rs. In Millions |
|
|
Equity shares outstanding at the beginning of the |
3000000 |
30.000 |
|
Add : Fresh issue during the year |
-- |
-- |
|
Less : Buy back during the year |
-- |
-- |
|
Equity Shares outstanding a the end of the year |
3000000 |
30.000 |
2. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders.
3. The Paid-up Capital includes 1,500,000 Equity Shares of Rs.10 each allotted as fully paid up Bonus shares by capitalising Rs.5,000,000 out of General Reserve and Rs.10,000,000 out of Revaluation Reserve prior to Listing of Companies Equity Shares.
4. Details of shares held by each shareholder
holding more than 5% shares:
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
%holding in that class of |
|
|
Equity shares voting rights |
|
|
|
Mrs. Amita J. Desai |
475016 |
15.83 |
|
Mrs. Charulata N. Patel |
344607 |
11.49 |
|
Silver Systems Properties Private Limited |
476827 |
15.89 |
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
163.365 |
148.993 |
133.879 |
|
(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) |
193.365 |
178.993 |
163.879 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.961 |
22.963 |
19.241 |
|
(b) Deferred tax liabilities (Net) |
12.984 |
14.285 |
17.996 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.114 |
3.040 |
2.054 |
|
Total Non-current Liabilities (3) |
37.059 |
40.288 |
39.291 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
123.422 |
88.424 |
93.762 |
|
(b) Trade payables |
95.650 |
86.977 |
38.901 |
|
(c) Other current
liabilities |
17.199 |
17.368 |
15.426 |
|
(d) Short-term provisions |
5.896 |
5.477 |
5.213 |
|
Total Current Liabilities (4) |
242.167 |
198.246 |
153.302 |
|
|
|
|
|
|
TOTAL |
472.591 |
417.527 |
356.472 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
114.621 |
118.458 |
122.007 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.212 |
3.592 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.176 |
6.129 |
13.325 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46.397 |
31.801 |
26.532 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
169.406 |
159.980 |
161.864 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
106.535 |
99.439 |
72.467 |
|
(c) Trade receivables |
172.242 |
141.837 |
109.499 |
|
(d) Cash and cash
equivalents |
11.321 |
6.418 |
4.223 |
|
(e) Short-term loans and
advances |
11.482 |
8.852 |
8.371 |
|
(f) Other current assets |
1.605 |
1.001 |
0.048 |
|
Total Current Assets |
303.185 |
257.547 |
194.608 |
|
|
|
|
|
|
TOTAL |
472.591 |
417.527 |
356.472 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
819.840 |
758.358 |
597.170 |
|
|
|
Other Income |
2.253 |
6.134 |
1.743 |
|
|
|
TOTAL |
822.093 |
764.492 |
598.913 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
631.874 |
567.238 |
423.804 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.536) |
(2.657) |
6.533 |
|
|
|
Employees benefits expense |
40.620 |
36.165 |
31.504 |
|
|
|
Exceptional Item |
0.000 |
7.196 |
0.000 |
|
|
|
Other expenses |
92.940 |
94.373 |
80.489 |
|
|
|
TOTAL |
761.898 |
702.315 |
542.330 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
60.195 |
62.177 |
56.583 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
18.619 |
19.767 |
17.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
41.576 |
42.410 |
39.304 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.601 |
14.298 |
13.561 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
26.975 |
28.112 |
25.743 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.418 |
8.814 |
7.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
18.557 |
19.298 |
17.937 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.713 |
63.098 |
50.845 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
2.500 |
1.500 |
|
|
|
Dividend |
3.600 |
3.600 |
3.600 |
|
|
|
Tax on Dividend |
0.584 |
0.584 |
0.584 |
|
|
BALANCE CARRIED
TO THE B/S |
87.584 |
75.713 |
63.098 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on FOB basis |
121.375 |
114.741 |
79.980 |
|
|
TOTAL EARNINGS |
121.375 |
114.741 |
79.980 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
341.214 |
298.945 |
187.436 |
|
|
|
Stores & Spares |
1.252 |
0.711 |
1.328 |
|
|
|
Capital Goods |
4.643 |
0.000 |
4.581 |
|
|
TOTAL IMPORTS |
347.109 |
299.656 |
193.345 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.19 |
6.43 |
5.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.26 |
2.52 |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.29 |
3.71 |
4.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.81 |
6.89 |
7.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75 |
0.62 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.30 |
1.27 |
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 |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
133.879 |
148.993 |
163.365 |
|
Net worth |
163.879 |
178.993 |
193.365 |
|
|
|
|
|
|
long-term borrowings |
19.241 |
22.963 |
21.961 |
|
Short term borrowings |
93.762 |
88.424 |
123.422 |
|
Total borrowings |
113.003 |
111.387 |
145.383 |
|
Debt/Equity ratio |
0.690 |
0.622 |
0.752 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operation |
597.170 |
758.358 |
819.840 |
|
|
|
26.992 |
8.107 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operation |
597.170 |
758.358 |
819.840 |
|
Profit |
17.937 |
19.298 |
18.557 |
|
|
3.00% |
2.54% |
2.26% |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Public and
Shareholders |
|
|
|
Deposits from Public |
14.541 |
8.901 |
|
Deposits from Shareholders |
1.500 |
0.020 |
|
Car Loan under Hire Purchase |
2.474 |
3.496 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
24.329 |
6.342 |
|
|
|
|
|
From Others |
|
|
|
Inter Corporate Deposits |
8.000 |
8.000 |
|
Fixed Deposits from Public and Shareholders |
4.666 |
4.438 |
|
Car Finance under H.P. Agreement |
1.022 |
0.919 |
|
|
|
|
|
Total |
56.532 |
32.116 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10048419 |
13/12/2011 * |
233,300,000.00 |
BANK OF BARODA |
Nani Khatriwad, Valsad, Gujarat - 396001,
INDIA |
B29357092 |
* Date of charge modification
CORPORATE INFORMATION
Subject is Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing, processing and selling of Co-extruded Plastic Film for Packaging, Industrial and Consumer applications. The principal place of business of the company is at Abrama-Valsad. The Company caters to both domestic and international markets. It has various certifications like ISO 9001, ISO 14001 and ISO 22000 registration for products thereby complying with globally accepted quality standards.
OPERATIONS
Financial
Year 2013-14 was full of uncertainties. Growth in domestic market has slowed
down coupled with high inflation and higher interest rates which has impacted
business sentiments. Liquidity crunch in market has adversely affected business
in all sectors.
Raw material
prices kept increasing consistently month after month ending with overall
increase of 26% for the year over previous year. This restricted company’s
ability to recover the same from customers.
During the period
30th September, 2013 to 14th October, 2013 the operations at the company's
factory were affected due to stoppage of production and disconnection of power
supply pursuant to order dated 20th September, 2013 passed by
Gujarat Pollution Control Board, Gandhinagar. The said order was later revoked
14th October, 2013 and factory operations were resumed. This
resulted in production loss and adversely affected the operating results for
the year.
During the
year, sales volume has dropped by 10% compared to the previous year while net
sales have increased by 8% to Rs.819.800 millions from Rs.758.400 millions in
the previous year. However for reasons explained as above Profit before Tax has
dropped by 24% to Rs.27.000 millions from Rs.35.400 millions in previous year.
The company
continues to make investments in equipment’s and ancillaries to achieve
operating efficiency and provide customers with improved film performance and
quality consistent with their requirements.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY
OUTLOOK
Majority of
the units in our Industry are in the unorganised sector with the exception of a
few large units who operate with integrated film plants.
Plastics raw
material consumption declined by 2% in the year 2013-14 from the previous year's
figure of 14%. There is a general sense of optimism on growth in the coming
year.
New
polyethylene plants will start production in the coming year 2014-15. This
should help bring about price stability and sustainable growth in the film
business.
OUTLOOK
The outlook
for the Company is positive. The Company's ability to innovate on film
structures has been well recognised and that is one of the main attributes for
taking advantage of the growth potential in Speciality films, in the Industrial
Sector.
CONTINGENT
LIABILITIES:
|
(i) Contingent
Liabilities |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
In respect of claims against the Company not acknowledged as debts(Net) |
0.224 |
224.273 |
|
Customs duty on raw materials imported under advance authorisation, against which export obligation is to be fulfilled |
1.149 |
2.529 |
|
|
|
|
|
(ii) Commitments |
|
|
|
The Company has given irrevocable and unconditional Corporate Guarantee/ Collateral Securities to North Eastern Development Finance Corporation Ltd. (NEDFC), Assam/ Bank of Baroda – Valsad on behalf of Synergy Films Pvt. Ltd., a Subsidiary company in which the company is holding 100 % of the equity shares as on 31/03/2014 as a collateral security for Working capital Term Loan availed by subsidiary company |
41.000 |
41.000 |
|
On account of Capital Commitments ( Net of advances) |
6.150 |
0.000 |
FIXED ASSETS
œ Land – Freehold
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ
Office equipment
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Sr. No. |
Particulars |
30.06.2014 |
|
|
|
(Unaudited) |
|
1 |
Income from operation |
|
|
|
(a) Net Sales/ Income from operation (Net of Excise Duty) |
213.354 |
|
|
(b) Other Operating Income |
0.335 |
|
|
Total Income |
213.689 |
|
2 |
Expenses |
|
|
|
a. Cost of Materials Consumed |
178.349 |
|
|
b. Change in inventories of finished goods & work-in- progress |
(8.292) |
|
|
c. Employee benefits expense |
9.970 |
|
|
d. Depreciation and amortization |
3.812 |
|
|
e. Other Expenses |
21.160 |
|
|
Total expenses |
204.999 |
|
3 |
Profit from Operations before other Income Interest & Exceptional Item(1-2) |
8.690 |
|
4 |
Profit before Interest & Exceptional Item |
8.690 |
|
5 |
Finance Costs |
4.699 |
|
6 |
Profit after Interest but before Exceptional Item (4-5) |
3.991 |
|
7 |
Exceptional Items |
-- |
|
8 |
Profit from
ordinary activities before Tax (6-7) |
3.991 |
|
9 |
Tax Expenses |
0.842 |
|
10 |
Net Profit from ordinary activities after Tax (8-9) |
3.149 |
|
11 |
Extraordinary Items (Net of Tax Expense Rs. |
-- |
|
12 |
Net Profit for the
period (10-11) |
3.149 |
|
13 |
Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
30.000 |
|
14 |
Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year |
|
|
15 |
Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
1.05 |
|
|
b) Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
1.05 |
|
|
|
|
|
A |
Particulars of
shareholding |
|
|
1 |
Public Shareholding |
|
|
|
Number of Shares |
1226844 |
|
|
% of Share holding |
40.90% |
|
2 |
Promoters and promoter group. |
|
|
|
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
1773156 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
59.10% |
NOTES:
1. The unaudited financial results of the Company (Ecoplast Ltd) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on August 09, 2014.
2. A Limited Review has been carried out by the Statutory Auditors for the standalone results of the Company for the Quarter ended June 30, 2014.
3. The Company is evaluating the Impact on useful lives and depreciation of Fixed Assets under Schedule II to the Companies Act, 2013 which become effective from April 01, 2014. Pending such evaluation, the depreciation for the current quarter is based on the rate / useful lives under the earlier Companies Act, 1956 which are considered representative of the useful lives of fixed assets.
4. Other expenditure includes (Loss)/gain on account of Foreign Exchange Fluctuations as per AS 11; Gain of Rs. 10.15 lacs for the quarter ended June 30, 2014 and loss of Rs 24.01 lacs for corresponding quarter for the previous year.
5. The Company is primarily engaged in the business of manufacture of plastic film, which as per Accounting Standard - 17 on “Segment Reporting” notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in exercise of the powers conferred under sub section (1) of Section 469 of the Companies Act, 2013 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.
6. Tax Expenses includes Income Tax & Deferred Tax
7. The figures of the previous periods have been re-grouped/re-arranged wherever considered necessary for the purpose of comparison.
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.60.54 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
45 |
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.