MIRA
INFORM REPORT
|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESSEL PROPACK LIMITED |
|
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Registered
Office : |
P.O. Vasind, Taluka Shahapur, Thane – 421604, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.12.1982 |
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Com. Reg. No.: |
11-028947 |
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Capital Investment
/ Paid-up Capital : |
Rs. 314.131 Millions |
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CIN No.: [Company Identification
No.] |
L74950MH1982PLC028947 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME01100B MUME5540D MUME05539C MUME05385C MUME04861D |
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PAN No.: [Permanent Account No.] |
AAACE1568L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Composite Laminated Collapsible
Tubes, Laminates and Plastic Films. |
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No. of Employees
: |
868 (In India) (Approximately) 2645 (Globally) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects EPL’s dominant market position in the laminated
tubes worldwide marked by geographical diversified established clientele,
healthy liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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
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 that 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 |
CARE |
|
Rating |
Long Term Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2 |
|
Rating Explanation |
Strong degree safety and low credit risk. |
|
Date |
12.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ganesh |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-24819000 |
LOCATIONS
|
Registered Office : |
P.O. Vasind, Taluka Shahapur, Thane – 421604, Maharashtra,
India |
|
Tel. No.: |
91-22-24933280/ 3281/ 24939686 / 9689 |
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Fax No.: |
91-22-24963137/ 24935188 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Top Floor, Times Tower, Kamala City, Senapati Bapat Marg Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24819000/ 24819200 |
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Fax No.: |
91-22-24963137/ 24914649 |
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Units : |
Located at: · Vasind · Murbad · Wada · Goa · Silvassa, · Nalagarh ·
Chakan |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Subhash Chandra |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
64 years |
|
Qualification
and Experience : |
is one of the founder Members and associated with the Company since 1982 as Chairman. He has a wealth of experience in the industry in various sectors such as Packaging, Media, Entertainment, etc. He is also serving as a Director on the Board of various reputed Companies. He has been recipient of numerous honorary degrees, industry awards, and civic honors, including being named ‘Global Indian Entertainment Personality of the Year’ by FICCI for 2004, ‘Business Standard’s Businessman of the Year in 1999, ‘Entrepreneur of the Year’ by Ernst and Young in 1999 and ‘Enterprise CEO of the Year by International Brand Summit’. |
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|
|
|
Name : |
Mr. Tapan Mitra |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
75 Years |
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Qualification
and Experience : |
Masters degree from the Calcutta University, Postgraduate studies at McGill University, Canada. Masters degree in Business Administration from the University of Geneva and Fellow member of the Institute of Chartered Accountants of India. He has served as Chairman of Confederation of Indian Industries (CII), Eastern Region, Chairman of Haldia Petrochemicals Limited, Managing Director of Indal, Industrial Investment Bank of India as well as on a number of national committees of CII. |
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|
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|
Name : |
Mr. Boman Moradian |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
63 Years |
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Qualification
and Experience : |
Mechanical Engineer from VJTI, Mumbai, M.M.S in Operations from Jamnalal Bajaj Institute of Management Studies. He has 38 years of rich experience having worked in various capacities at Bharat Bijlee Limited, Ambalal Sarabhai Enterprises Limited, Decom Marketing Limited and Shilpi Advertising Limited since 1988, he is involved in freelance Management Consultation practice in Productivity, Marketing and Mathematical Modelling of Systems for various corporate clients. He is visiting faculty at Jamnalal Bajaj Institute of Management Studies, Mumbai. |
|
Date of Appointment : |
14.03.2006 |
|
|
|
|
Name : |
Mr. Mukund M. Chitle |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
64 Years |
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Qualification
and Experience : |
He has over 35 years of experience as a practicing Chartered Accountant. He was the President of the Institute of Chartered Accountants of India in 1997 - 1998. He was the Member of The International Auditing Practices Committee of The International Federation of Accountants from January 1998 to June 2000. Member of Verma Committee on Restructuring of Weak Public Sector Banks, Member of Dr. Tarapur Committee on Procedures and Performance Audit of Public Services appointed by Reserve Bank of India and Member of Company Law Advisory Committee of Central Government in 1992 and 1993. |
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|
|
|
Name : |
Mr. Ashok Kumar Goel |
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Designation : |
Vice Chairman and Managing Director |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.07.1988 |
KEY EXECUTIVES
|
Name : |
Mr. Aashay S. Khandwala |
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Designation : |
Vice President (Legal) and Company Secretary |
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Name : |
Ms. Shilpa |
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Designation : |
Accounts Departments |
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Name : |
Mr. Ganesh |
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Designation : |
Accounts Executive |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
334750 |
0.21 |
|
|
95604118 |
60.86 |
|
|
95938868 |
61.07 |
|
|
|
|
|
|
89305 |
0.06 |
|
|
89305 |
0.06 |
|
Total shareholding of Promoter and Promoter Group (A) |
96028173 |
61.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2586124 |
1.65 |
|
|
102763 |
0.07 |
|
|
1850150 |
1.18 |
|
|
14750339 |
9.39 |
|
|
19289376 |
12.28 |
|
|
|
|
|
|
16206201 |
10.32 |
|
|
|
|
|
|
16892858 |
10.75 |
|
|
7204570 |
4.59 |
|
|
1480107 |
0.94 |
|
|
1455207 |
0.93 |
|
|
1170 |
0.00 |
|
|
23730 |
0.02 |
|
|
41783736 |
26.60 |
|
Total Public shareholding (B) |
61073112 |
38.87 |
|
Total (A)+(B) |
157101285 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
157101285 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Composite Laminated Collapsible
Tubes, Laminates and Plastic Films. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Poland ·
Germany |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Switzerland |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
868 (In India) (Approximately) 2645 (Globally) (Approximately) |
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Bankers : |
¨ Axis Bank Limited ¨ DBS Bank Limited ¨ IDBI Bank Limited ¨ ING Vysya Bank Limited ¨ Standard Chartered Bank ¨ State Bank of India ¨ The Ratnakar Bank Limited ¨ Yes Bank Limited |
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Facilities : |
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NOTE: LONG TERM
BORROWINGS
*Other related party viz. Aqualand (India) Limited SHORT TERM
BORROWINGS a) Rs. 200.346 millions (Rs. 392.346 millions) are secured by first pari-passu charge on current assets and second pari-passu charge on all fixed assets of the company (except all fixed assets situated at Chakan). Charge is yet to be created for loan amount Rs. 60,000 millions (Rs. Nil). Additionally, loan Rs. Nil (Rs. 151.623 millions) are secured by first pari passu charge on current assets and second pari-passu charge on all fixed assets of the company (except all fixed assets situated at Chakan) and collaterally secured by security provided and guarantee issued by other related party*. b) Unsecured short term loan from banks of Rs. Nil (Rs. 250.000 millions) are against security provided and guarantee issued by other related party*. *Other related party viz. Aqualand (India) Limited |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MGB and Company Chartered Accountants
|
|
|
|
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Holding Company : |
Rupee Finance and Management Private Limited (w.e.f. 12 February 2014) |
|
|
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Subsidiary
Companies : |
Direct Subsidiaries · Arista Tubes Inc. * , USA EP Lamitubes Limited #, India Lamitube Technologies (Cyprus) Limited, Cyprus Packaging India Private Limited, India Essel Packaging (Nepal) Private Limited ^ Step down
Subsidiaries · Lamitube Technologies Limited **, Mauritius EP Lamipack Limited ^^, India The Egyptian Indian Company for Modern Packaging S.A.E.^,
Egypt Essel Propack MISR for Advanced Packaging S.A.E., Egypt Essel Packaging (Guangzhou) Limited, China Essel Propack Philippines, Inc, Philippines MTL de Panama S.A., Panama Packtech Limited, Mauritius Arista Tubes Limited, United Kingdom Essel Propack UK Limited, United Kingdom Essel de Mexico, S.A. de C.V., Mexico Tubo pack de Colombia S.A., Colombia Essel Propack LLC, Russia Essel Propack Polska Sp. Z.O.O., Poland Essel Propack America, LLC, USA |
|
|
|
|
Associate : |
P.T. Lamipak Primula |
|
|
|
|
Joint Venture : |
· Essel Deutschland GmbH and Company, KG Dresden Essel Deutschland Management GmbH |
|
|
|
|
Fellow Subsidiary :
|
Whitehills Advisory Services Private Limited (w.e.f. 12 February 2014) |
|
|
|
|
Other related parties with whom
transactions have taken place during the year and balances outstanding at the
year end. |
· Aqualand (India) Limited Ayepee Lamitubes Limited Churu Trading Company Private Limited (merged with Sprit
Textiles Private Limited w.e.f. 1 October 2012) Continental Drug Company Private Limited Essel Corporate Resources Private Limited Ganjam Trading Company Private Limited Pan India Paryatan Private Limited Prajatma Trading Company Private Limited (merged with
Sprit Textiles Private Limited w.e.f. 1 October 2012) Rama Associates Limited Zee Entertainment Enterprises Limited Sprit Textiles Private Limited |
NOTE:
^ These subsidiaries have discontinued their operations.
* 7.35% (7.35%) is held through Lamitube Technologies (Cyprus) Limited.
^^ Incorporated during the year, Direct Subsidiary till 17 February 2014 and merged with EP Lamitubes
Limited with effect from 31 March 2014.
** Direct subsidiary till 26 March 2014
# Incorporated during the year.
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
157101285 |
Equity Shares |
Rs.2/- each |
Rs.314.203 Millions |
|
|
Less: Call in Arrears
|
|
Rs. 0.072 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 314.131
Millions |
a) Reconciliation of number of shares outstanding
|
Particulars |
31.03.2014 |
|
|
|
Number of
Equity Shares |
Rs. In millions |
|
At the beginning of the year |
157101285 |
314.203 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
157101285 |
314.203 |
b) Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Calls in arrears
|
Particulars |
31.03.2014 |
|
|
|
Number of
Equity Shares |
Rs. In millions |
|
Aggregate amount of calls unpaid - others |
71650 |
0.072 |
|
|
|
|
d) Details of each shareholder
holding more than 5% equity shares
|
Name of Shareholder |
31.03.2014 |
|
|
|
Number of
Equity Shares |
Percentage
of holding |
|
Ganjam Trading Company Private Limited |
2,000,100 |
1.27% |
|
Rupee Finance and Management Private Limited |
82,779,160 |
52.69% |
|
Warburg Value Fund |
8,250,000 |
5.25% |
|
|
|
|
f) No bonus shares have been issued and no shares bought back during five years preceding 31 March 2014.
g) 500155 equity shares of Rs.2 each fully paid up were allotted on 14 September, 2012 for consideration other than cash, purusant to the Scheme of merger of Ras Propack Lamipack Limited and Ras Extrusions Limited
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 |
314.131 |
314.131 |
314.131 |
|
(b) Reserves & Surplus |
7010.856 |
6696.062 |
6355.091 |
|
(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) |
7324.987 |
7010.193 |
6669.222 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2652.572 |
2312.215 |
2050.983 |
|
(b) Deferred tax liabilities (Net) |
227.635 |
224.226 |
165.607 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
1.375 |
|
(d) long-term provisions |
61.436 |
150.588 |
204.012 |
|
Total Non-current Liabilities (3) |
2941.643 |
2687.029 |
2421.977 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
299.177 |
1129.059 |
2137.983 |
|
(b) Trade payables |
479.027 |
319.356 |
327.899 |
|
(c) Other current
liabilities |
1341.822 |
1264.519 |
1506.813 |
|
(d) Short-term provisions |
261.468 |
171.974 |
135.541 |
|
Total Current Liabilities (4) |
2381.494 |
2884.908 |
4108.236 |
|
|
|
|
|
|
TOTAL |
12648.124 |
12582.130 |
13199.435 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2986.851 |
2582.188 |
2299.072 |
|
(ii) Intangible Assets |
71.029 |
49.585 |
53.945 |
|
(iii) Capital work-in-progress |
62.469 |
11.608 |
160.215 |
|
(iv)
Intangible assets under development |
24.651 |
12.851 |
9.518 |
|
(b) Non-current Investments |
5699.563 |
5633.346 |
5635.346 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
442.062 |
348.902 |
368.250 |
|
(e) Other Non-current assets |
19.819 |
27.440 |
25.965 |
|
Total Non-Current Assets |
9306.444 |
8665.920 |
8552.311 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
727.806 |
638.277 |
546.726 |
|
(c) Trade receivables |
899.363 |
1012.657 |
1011.713 |
|
(d) Cash and cash
equivalents |
54.993 |
145.973 |
26.854 |
|
(e) Short-term loans and
advances |
1317.855 |
1618.885 |
2717.571 |
|
(f) Other current assets |
341.663 |
500.418 |
344.260 |
|
Total Current Assets |
3341.680 |
3916.210 |
4647.124 |
|
|
|
|
|
|
TOTAL |
12648.124 |
12582.130 |
13199.435 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6660.320 |
5791.282 |
4966.166 |
|
|
|
Other Income |
262.062 |
344.795 |
452.610 |
|
|
|
TOTAL |
6922.382 |
6136.077 |
5418.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3367.566 |
2737.645 |
2335.599 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(69.207) |
2.303 |
2.971 |
|
|
|
Employees benefits expense |
570.586 |
568.850 |
484.732 |
|
|
|
Other expenses |
1493.447 |
1332.228 |
1206.491 |
|
|
|
TOTAL |
5362.392 |
4641.026 |
4029.793 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1559.990 |
1495.051 |
1388.983 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
450.092 |
549.897 |
587.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1109.898 |
945.154 |
801.624 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
366.452 |
330.848 |
286.116 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS AND TAX |
743.446 |
614.306 |
515.508 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS
(NET) |
12.904 |
47.349 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
756.350 |
661.655 |
515.508 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
211.457 |
163.231 |
24.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
544.893 |
498.424 |
490.746 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1241.166 |
930.442 |
1059.258 |
|
|
|
|
|
|
|
|
|
Less |
PURSUANT TO THE
SCHEME OF MERGER |
0.000 |
0.000 |
451.805 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
54.489 |
49.850 |
49.075 |
|
|
|
Dividend |
196.377 |
117.826 |
102.116 |
|
|
|
Tax on Dividend |
33.374 |
20.024 |
46.291 |
|
|
BALANCE CARRIED
TO THE B/S |
1501.819 |
1241.166 |
930.442 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales excluding deemed exports |
557.494 |
456.784 |
336.671 |
|
|
|
Plant and machinery |
3.829 |
137.494 |
0.000 |
|
|
TOTAL EARNINGS |
561.323 |
594.278 |
336.671 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1653.932 |
1413.011 |
1185.253 |
|
|
|
Stores & Spares |
74.071 |
48.913 |
82.294 |
|
|
|
Capital Goods |
484.394 |
392.284 |
418.517 |
|
|
TOTAL IMPORTS |
2212.397 |
1854.208 |
1686.064 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.47 |
3.17 |
3.12 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
1871.000 |
|
Total Expenditure |
|
|
1509.000 |
|
PBIDT (Excl OI) |
|
|
362.000 |
|
Other Income |
|
|
51.900 |
|
Operating Profit |
|
|
413.900 |
|
Interest |
|
|
96.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
317.100 |
|
Depreciation |
|
|
111.500 |
|
Profit Before Tax |
|
|
205.600 |
|
Tax |
|
|
60.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
145.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
145.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.87 |
8.12 |
9.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.36 |
11.43 |
10.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02 |
9.56 |
6.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.09 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40 |
0.49 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.36 |
1.13 |
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 |
314.131 |
314.131 |
314.131 |
|
Reserves & Surplus |
6355.091 |
6696.062 |
7010.856 |
|
Net
worth |
6669.222 |
7010.193 |
7324.987 |
|
|
|
|
|
|
long-term borrowings |
2050.983 |
2312.215 |
2652.572 |
|
Short term borrowings |
2137.983 |
1129.059 |
299.177 |
|
Total
borrowings |
4188.966 |
3441.274 |
2951.749 |
|
Debt/Equity
ratio |
0.628 |
0.491 |
0.403 |
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 |
4966.166 |
5791.282 |
6660.320 |
|
|
|
16.615 |
15.006 |
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 |
4966.166 |
5791.282 |
6660.320 |
|
Profit |
490.746 |
498.424 |
544.893 |
|
|
9.88% |
8.61% |
8.18% |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 25.03.2014 |
|
LODGING NO.:- ITXAL/720/2014 FILING
DATE:- 25/03/2014 REG.
NO.:- ITXA/1004/2014 REG. DATE: 10/06/2014 |
|
PETITIONER: COMMISSIONER OF INCOME TAX RESPONDENT:
ESSEL PROPACK LIMITED PETN. ADV : SHEHNAZ (SHEROO) VISPY BHARUCHA DISTRICT: MUMBAI |
|
BENCH: DIVISION STATUS: PRE-ADMISSION CATEGORY:
TAX APPEAL LAST DATE: 02/09/2014
STAGE: LAST CORAM: ACCORDING TO SITTING LIST
ACCORDING TO SITTING LIST |
|
ACT: INCOME TAX ACT, 1961 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10515470 |
24/07/2014 |
440,000,000.00 |
ING VYSYA BANK LIMITED |
ING VYSYA HOUSE,
C/12, BLOCK - G, BANDRA KURLA CO |
C16796260 |
|
2 |
10464529 |
15/11/2013 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B91272872 |
|
3 |
10453557 |
16/09/2013 |
679,800,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, C-2, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, MUMBAI,
MAHARASHTRA |
B86876083 |
|
4 |
10417524 |
22/03/2013 |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B72518764 |
|
5 |
10385859 |
15/11/2013 * |
550,000,000.00 |
THE RATNAKAR BANK LIMITED |
1ST LANE, SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B91423053 |
|
6 |
10352152 |
17/10/2012 * |
500,000,000.00 |
GE CAPITAL SERVICES INDIA |
401, 402, 4TH
FLOOR, AGGARWAL MILLENNIUM TOWER, |
B63591341 |
|
7 |
10334405 |
17/10/2012 * |
500,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B62278817 |
|
8 |
10309485 |
17/10/2012 * |
200,000,000.00 |
DBS BANK LTD |
5TH FLOOR, FORT HOUSE, DR. DN ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B62627377 |
|
9 |
10296679 |
24/07/2014 * |
160,000,000.00 |
ING VYSYA BANK LIMITED |
ING VYSYA HOUSE,
C/12, BLOCK - G, BANDRA KURLA CO |
C16797243 |
|
10 |
10296883 |
19/09/2013 * |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B89119358 |
|
11 |
10191800 |
12/08/2014 * |
690,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
N.G.N. VAIDYA MARG,, BANK STRE |
C19693555 |
|
12 |
10142795 |
11/11/2008 |
150,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A50650936 |
|
13 |
80056364 |
29/09/2009 * |
160,000,000.00 |
STANDARD CHARTERED BANK |
23-25, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A72691132 |
|
14 |
80050856 |
04/12/2008 * |
380,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
G.N. VAIDYA MARG, MUMBAI, MA |
A54514252 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loan from banks |
0.000 |
88.125 |
|
Buyers credit from banks |
85.609 |
237.210 |
|
Term loan from others |
15.351 |
0.000 |
|
Deferred sales tax loan |
197.381 |
254.522 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Short term loan from banks |
0.000 |
250.000 |
|
Working capital loan from banks |
40.540 |
50.000 |
|
Buyers credit from banks |
58.290 |
97.089 |
|
Inter-corporate deposits |
0.000 |
188.000 |
|
|
|
|
|
Total |
397.171 |
1164.946 |
CORPORATE INFORMATION
Subject is a producer of plastic packaging material in the form of multilayer collapsible tubes and laminates used primarily for packaging of toothpaste, personal care, cosmetics, pharmaceuticals, household and industrial products.
REVIEW OF BUSINESS AND OPERATIONS:
The Company is a leading manufacturer globally of Laminated and Plastic Collapsible tubes and laminates. Its products are extensively used by industry in packaging of their products in categories such as cosmetics, foods, pharmaceuticals and toothpaste. The packaging industry, more so for viscous and creamy products, continues to grow given its symbiotic linkage to Fast Moving Consumer Goods (FMCG). The FMCG industry is a key driver of economic growth globally, and will continue in future too given the major demographic shift in the developed world and fast improving standards of living in the developing markets. As a leader in the tube space that packages creamy products, the Company is constantly striving to grow the market and gain share through innovative offerings and efficient supply chain.
MANAGEMENT
DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW:
The Company is in the
business of plastic packaging materials, manufacturing and marketing globally a
wide range of laminated and extruded plastic tubes, caps and closures and
flexible laminates.
Tubes are
eminently suited for packing viscous products such as pastes, gels and creams.
Besides preserving and protecting the product from elements and preserving
freshness, flavor and fragrance, tubes as a packaging form offer superior value
proposition in terms of ease of dispensing the product, hygienic storage in a
multiple usage situation and excellent brand visibility on retail shelves.
Tubes hitherto a popular packaging form for toothpastes and pharma ointments,
are now fast becoming a favoured packaging worldwide for a range of consumer
products such as face creams, hair conditioners, shaving creams, cosmetics and
shampoo.
Caps and closures
are integral part of tubes that help keep the products safe, free from
contamination and unexposed to air following every use. These are variously
designed especially in case of cosmetics, pharmaceuticals, skin and personal
care products, so as to enhance the aesthetics of the pack, improve the
convenience of storing and to provide novelty of dispensing the product.
Typical designs include stand-up caps, flip top caps etc. Closures thus become
additional brand differentiators.
Flexible laminates
on the other hand, find use as pouches, sachets and wrappers for packing solid,
powder and liquid products. They offer excellent brand visibility at low cost.
A number of products use these laminates, such as detergent powders, soap
tablets, staple and processed foods, confectionaries, oils, shampoos, biscuits,
chocolates, pharmaceuticals etc.
The Company
pioneered laminated tubes in India. Over the last 30 years, the Company has
transformed into a leading global player in laminated tubes, manufacturing and
selling over 6 billion tubes across 12 countries. The products that get packed
into the Company’s tubes are the Fast Moving Consumer goods and pharmaceuticals
which touch the lives of billions of consumers in many more countries across
the world. In fact, the Company’s tubes provide the consumers with the first
experience of the brands they package. The plastic extruded tubes and the
flexible laminates are relatively recent forays by the Company targeting select
markets viz. India, Europe and the USA in the case of plastic extruded tubes
and India in the case of flexible plastic laminates. The Company’s key
strengths include a strong domain knowledge of polymers and plastic structures
coupled with nano technology, proven Research and Development capability,
global customer network and a vertically integrated manufacturing model that
helps the Company to respond to market needs speedily. The Company thus makes
printed, decorated and capped tubes from polymer granules.
The market for the
Company’s products is huge in the developed economies of Europe and America. It
is growing rapidly in the emerging economies of Asia, Africa and Latin America
driven by a booming Fast Moving Consumer Goods (FMCG) industry. As the disposable income in these markets
grows, both the usage and sophistication of packaging is witnessing a sea
change. Tubes in a sense are a more evolved and sustainable form of packaging,
and in the long term stand to benefit from conversion from other packaging
forms such as bottles and jars. This trend is very visible specially in the
developed markets opening up for the Company a large market in the non-oral
care categories. Also, the aluminium tube hitherto popular for packaging of
pharmaceutical ointments/ gels is set to be replaced by laminated tube given
the developments in barrier technology for laminates and newer dispensing
systems. This again is opening up a large global market for the Company’s
laminated tubes.
OPERATIONAL PERFORMANCE
REVIEW:
During FY 14, the
Company’s global sales grew 16% and operating profits 22.4% on top of a similar
performance in the previous year. Operating margin expanded by 60 bps. Key
factors contributing to this are:
·
A strong turnaround in the European operations, led
by the Poland unit ramping up on back of large long term contract and cutting
its operating losses by 58% and the German unit strongly recovering in volume
and profitability.
·
The improved profitability of the Americas region,
helped by higher operational efficiencies in the US unit and sales expansion in
the Latin America units.
·
Continued double digit growth and high capacity
utilization in the India tubing operations.
·
Expansion of non-oral care category, which
accounted for 39.1% of sales during the year.
·
Improvement in asset productivity, including
reduction in inventory days.
·
Strong customer engagement leading to new business
with existing and new customers.
SEGMENT
PERFORMANCE REVIEW:
The Company’s key business
is in plastic packaging materials. The business is managed by four geographical
segments viz.
1.
Americas (with operations in the USA, Mexico and
Colombia)
2.
Europe (with operations in the UK, Germany, Poland
and Russia)
3.
AMESA - Africa, Middle East and South Asia (with
operations in Egypt and India)
4.
EAP - East Asia Pacific (with operations in China,
Philippines and Indonesia)
FINANCE:
During the year,
the Company achieved a significant reduction in its global Finance cost by 11%
or Rs. 98 mio over the previous year. Average borrowing rate reduced sharply by
140 bps globally. This was achieved through proactive management of the
borrowings and improved credit rating. Overall debt level was managed through
continuous monitoring of the operating cash flows, judicious capex commitments
and working capital controls. Consequently the net debt as at end of FY 14
reduced by Rs. 350.000 millions in constant exchange terms as compared to FY
13. Debt service capability ratio and the interest cover improved by over 20%
over the previous year and now make a healthy balance sheet. Inventory control
was made stringent during the year and the operating management was made
accountable for ageing inventory in a move to weed out inefficiencies. This
should pave way for leaner operations in the coming years. Foreign currency
exposures are closely monitored and hedged through forward contracts and open
exposures are controlled within limits. Consequently, the forex loss in the
Profit and Loss account is only Rs. 3.900 millions for the global operations.
OUTLOOK:
The performance of
the business over the last two years has been satisfying. The strategy for
growth is clear. The Company’s existing business can grow three times over as
the market eco-system has been expanded as explained elsewhere in this report.
Global customers are seen consolidating their sourcing with global suppliers
like the Company. Even more exciting is the long term growth opportunity
presented by the cosmetics, hair care and personal care FMCG brands converting
from other packaging forms into laminated tubes. The Company sees a huge
opportunity to convert the pharma packaging from aluminum to laminated tubes;
this opens up another large market. Implementation will remain key. In this
regard, the Company has proactively invested in new capability for the
cosmetics and pharma categories and has been fast re-shaping its processes and
people to lead this second phase of conversion into laminated tubes. The
ongoing Mission High Five has successfully energized and aligned the
organization to this new strategy. With its well acknowledged large scale,
global presence and long term commitment to all its stake holders, the Company
hopes to grow and create value to shareholders.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Unexpired Letters of Credit (net of
liability provided) |
17.041 |
26.159 |
|
Guarantees and counter guarantees given by the Company [includes Rs. 5294.214 millions (Rs. 5673.306 millions) for loans taken by Subsidiaries]. Loans outstanding against these guarantees are Rs. 4233.114 millions (Rs. 3635.492 millions) |
5297.214 |
5676.306 |
|
Disputed Indirect Taxes
* |
185.689 |
245.882 |
|
Disputed Direct Taxes ^ |
83.356 |
109.706 |
|
Claims not acknowledged
as debts |
4.996 |
4.996 |
|
Deferred Sales Tax
Liability assigned |
68.605 |
68.605 |
|
Duty
benefit availed under EPCG scheme, pending export obligations |
181.207 |
114.658 |
|
* Does not include disputed excise duty of Rs.115.428 (Rs.115.428 millions) for alleged undervaluation in inter unit transfer of web, for captive consumption as it does not have significant impact on profits of the Company since excise duty paid by one unit is admissible as Cenvat credit at other unit. Further, the appeal filed by Excise Department against the decision (in Company’s favour) of High Court is pending before the Hon’ble Supreme Court. ^ Without considering relief granted by the Appellate Authorities in favour of the Company, tax effect Rs. 35.34 millions (Rs. 33.477 millions) (approx.), which is pending with relevant authority. |
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2014
(Rs. in Millions)
|
PARTICULARS |
Quarter
Ended 30 June 2014 |
|
PART I |
Unaudited |
|
1 Income from operations Net Sales / Income from operations (net of excise duty) Other operating income |
1817.600 53.400 |
|
|
|
|
Total income from operations (net) |
1871.000 |
|
|
|
|
2 Expenses: Cost of materials consumed Changes in inventories of finished goods and work in progress Employee benefits expense Depreciation and amortisation expense Other expenses |
949.800 11.700 152.100 111.500 388.900 |
|
Total expenses |
1614.000 |
|
3 Profit from operations before other income, finance costs and exceptional items (1-2) |
257.000 |
|
4 Other income |
51.900 |
|
5 Profit from ordinary activities before finance costs and exceptional items (3+4) |
308.900 |
|
6 Gain/(Loss) on foreign exchange difference (net) |
(6.500) |
|
7 Finance costs |
96.800 |
|
8 Profit after finance cost but before exceptional items (5+6-7) |
205.600 |
|
9 Exceptional Items (Refer note 6) |
0.000 |
|
10 Profit before Tax for the period (8+9) |
205.600 |
|
11 Tax expense (current tax, deferred tax, mat credit entitlement, excess provisions etc;) |
60.200 |
|
12 Net Profit after tax for the period (10-11) |
145.400 |
|
13 Paid-up equity share capital (Face Value Rs. 2/- each) |
314.100 |
|
14 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
15 Earnings Per Share (EPS) Basic and Diluted Earnings Per Share (not annualised) |
0.93 |
|
|
|
|
A PARTICULARS OF SHARE
HOLDINGS 1 Public shareholding - Number of Shares (Lacs) - Percentage of Shareholding 2 Promoters and Promoters Group Shareholding a. Pledged / Encumbered (Lacs) - Number of Shares (Lacs) - Percentage of shares (as a % of the total shareholding of Promoter & Promoter Group) - Percentage of shares (as a % of the total Share Capital of the Company) b. Non-encumbered - Number of Shares (Lacs) - Percentage of shares (as a % of the total shareholding of Promoter & Promoter Group) - Percentage of shares (as a % of the total Share Capital of the Company) |
610.73 38.88% 20.00 2.08% 1.27% 940.28 97.92% 59.85% |
|
|
|
|
B INVESTOR COMPLAINTS
(Nos.) |
|
|
Pending at the beginning of the quarter Received during the quarter Disposed off during the quarter Remaining unresolved at the quarter |
0 0 0 0 |
NOTES:
1.
The
above financial results were reviewed by the Audit Committee and approved by
the Board of Directors of the Company in its meeting held on 30 July 2014. The
Statutory Auditors have carried out a limited review of the above financial
results.
2.
None
of the financials of the Subsidiaries / Associates / Joint Ventures have been
consolidated in the above results.
3.
Under
AS-17, the Company has only one major identifiable business segment viz.
Plastic Packaging Material.
4.
The
Board of Directors of the Company at its meeting held on 25 June 2014 has
approved the Scheme of Amalgamation of EP Lamitubes Limited (wholly owned subsidiary
of the Company) with the Company. No shares are proposed to be issued pursuant
to the said amalgamation since EP Lamitubes Limited is a wholly owned
subsidiary of the Company. The aforesaid Scheme of Amalgamation is subject to
requisite approvals of statutory / regulatory authorities.
5.
The
useful life of fixed assets have been revised in accordance with the Schedule
II to the Companies Act 2013, which is applicable from accounting periods
commencing on or after 1 April 2014. Consequently, an amount of Rs. 31.900 Millions (net of tax of Rs. 16.400 Millions) representing assets
beyond their useful life as of 1 April 2014 has been charged to retained
earnings and in respect of the remaining assets, the effect on depreciation for
the current quarter is not material.
6.
Exceptional
items for the quarter ended 31 March 2014 is gain of Rs. 20.600 Millions on sale of investment to
its step down subsidiary.
7.
The
Company has realised entire overdue interest of Rs. 257.900 Millions from a Company covered in
the register maintained u/s 301 of the Companies Act, 1956.
8.
Figures
for the quarter ended 31 March 2014 are the balancing figures between the
audited figures in respect of full financial year and the published year to
date figures upto third quarter of relevant financial year.
9. Figures of the previous period have been regrouped / reclassified/ rearranged wherever considered necessary.
FIXED ASSETS
· Freehold Land
Leasehold
Land
Leasehold
Improvements
Buildings
Plant
and Machinery
Furniture
and Fixtures
Vehicles
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.