MIRA
INFORM REPORT
|
Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL GLASS LIMITED |
|
|
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|
Registered
Office : |
|
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|
Country : |
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
06.02.1998 |
|
|
|
|
Com. Reg. No.: |
11-113433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.809.160 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28992MH1998PLC113433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTG00256E |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and Specialty
Food and Beverages Industries. |
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|
|
|
No. of Employees
: |
3987 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company
is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitment. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Fund Based Limit) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
July, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 (Non-Fund Based Limit) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
July, 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 Declined
Management Non Cooperative (91-22-30956666)
LOCATIONS
|
Registered Office / Corporate
Office 1 : |
Nicholas Piramal Tower,
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-30466666 / 30466969 |
|
Fax No. : |
91-22-24902363 / 24908824 |
|
E-Mail : |
|
|
Website : |
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|
Area: |
14000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Corporate Office 2 : |
Piramal Tower Annexe, 6th Floor, Peninsula
Corporate Park, Off. Worli Naka,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30466969 /
30466901 |
|
Fax No.: |
91-22-24908824 |
|
E-Mail : |
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Plant Location : |
plant
I
ONGC Road, Tarsadi Village, Kosamba, District Surat – 394 120, Gujarat, India Tel. No.: 91-2629-231701/5 Fax No.: 91-2629-231271 E-Mail: mprasad@gujaratglass.co.in plant
ii
Off. Masar Chowkadi, Masar Gajera Road, Village Ucchad, Tehsil Jambusar, District Bharuch - 392150, Gujarat, India Tel. No.: 91-2644-233313 – 7 Fax No.: 91-2644-233282 E-Mail: sagarwal@gujaratglass.co.in |
|
|
|
|
Overseas Plant Location : |
· Piramal Glass Ceylon PLC, Poruwadanda, Wagawatte, Horana, Srilanka ·
· PGI Decora, 918 E, Malaga Road, Williamstown, NJ 08094, USA |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ajay G. Piramal |
|
Designation : |
Chairman |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
03.08.1955 |
|
Qualification : |
B.Sc., M.M.S. (Bom)., A.M.P. (Harvard) |
|
Date of Appointment : |
06.02.1998 |
|
|
|
|
Name : |
Ms. Vinita Bali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vimal
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharendra
Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shitin Desai |
|
Designation : |
Director |
|
Date of Appointment : |
30.04.2013 |
|
|
|
|
Name : |
Mr. Jiten Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suhail Nathani |
|
Designation : |
Director |
|
Date of Appointment : |
08.02.2013 |
|
|
|
|
Name : |
Ms. Swati A.
Piramal |
|
Designation : |
Director |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
28.03.1956 |
|
Date of Appointment : |
12.03.1998 |
|
|
|
|
Name : |
Mr. Vijay Shah |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
% of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
417140 |
0.52 |
|
|
72990179 |
90.20 |
|
|
107110 |
0.13 |
|
|
107110 |
0.13 |
|
|
73514429 |
90.85 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
73514429 |
90.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1506142 |
1.86 |
|
|
10511 |
0.01 |
|
|
131910 |
0.16 |
|
|
1648563 |
2.04 |
|
|
|
|
|
|
2017932 |
2.49 |
|
|
|
|
|
|
2741222 |
3.39 |
|
|
565267 |
0.70 |
|
|
428573 |
0.53 |
|
|
174680 |
0.22 |
|
|
243691 |
0.30 |
|
|
10010 |
0.01 |
|
|
192 |
0.00 |
|
|
5752994 |
7.11 |
|
Total Public shareholding (B) |
7401557 |
9.15 |
|
Total (A)+(B) |
80915986 |
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) |
80915986 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and
Specialty Food and Beverages Industries. |
GENERAL INFORMATION
|
No. of Employees : |
3987 (Approximately) |
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Bankers : |
· Allahabad Bank · HDFC Bank Limited · Corporation Bank · Axis Bank Limited · The Hongkong and Shangai Banking Corporation Limited · Central Bank of India · Induslnd Bank Limited · DBS Bank Limited ·
Yes Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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|
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Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
Race Course Circle, Vadodara - 390007, Gujarat, India |
|
|
|
|
Subsidiary
Companies : |
· Piramal Glass Ceylon PLC. · Piramal Glass International Inc. · Piramal Glass-USA Inc. · Piramal Glass Flat River LLC · Piramal GIass Williamstown LLC · Piramal Glass (UK) Limited ·
Piramal Glass Europe SARL |
|
|
|
|
Associated
Companies : |
· Piramal Enterprises Limited · Piramal Corporate Services Limited ·
Piramal Realty Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82000000 |
Equity Shares |
Rs.10/- each |
Rs.820.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80923500 |
Equity Shares |
Rs.10/- each |
Rs.809.240 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80915986 |
Equity Shares |
Rs.10/- each |
Rs.809.160 Millions |
|
|
|
|
|
NOTES:
|
a. Reconciliation of shares outstanding at
the beginning & at the end of Reporting Period: |
Equity Shares in Nos. |
|
Issued, Subscribed and
paid-up shares |
|
|
Opening
Balance |
80915986 |
|
Issued
during the year |
-- |
|
Closing
Balance |
80915986 |
b. Terms
and Rights attached to equity shares:
The
company has one class of equity shares having a par value of Rs. 10 per share.
Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets after discharging all liabilities of the Company, in proportion
to their shareholding.
|
|
31st march
2014 |
|
c. Details of shareholders holding more than
5% shares in the Company: |
|
|
PEL
Management Services Private Limited - Trustee of The Shri Hari Trust. |
|
|
- No of shares |
56411924 |
|
- % Holding |
69.72% |
d. At
the time of the Company’s Rights Issue of 62940500 equity shares of Rs.10/-
each for cash at a price of Rs.30/- per share (including a share premium of
Rs.20/-) in 2009, entitlements relating to 488764 Rights shares were held in
abeyance. Subsequently, during FY 2011-12, 481922 equity shares were allotted
after obtaining approval of RBI & 672 equity shares stand cancelled after
the denial of approval by RBI.
Consequent
to the above, total Rights entitlements held in abeyance stands reduced from
488764 shares to 6842 shares.
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 |
809.160 |
809.160 |
809.160 |
|
(b) Reserves & Surplus |
4138.370 |
3985.110 |
4031.340 |
|
(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) |
4947.530 |
4794.270 |
4840.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3063.400 |
2796.140 |
1820.150 |
|
(b) Deferred tax liabilities (Net) |
252.400 |
172.740 |
201.380 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
3315.800 |
2968.880 |
2021.530 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5076.130 |
4866.140 |
5453.570 |
|
(b) Trade payables |
1224.450 |
1055.160 |
924.430 |
|
(c) Other current
liabilities |
1080.130 |
861.210 |
550.660 |
|
(d) Short-term provisions |
981.120 |
864.100 |
834.080 |
|
Total Current Liabilities (4) |
8361.830 |
7646.610 |
7762.740 |
|
|
|
|
|
|
TOTAL |
16625.160 |
15409.760 |
14624.770 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7956.790 |
7828.690 |
6546.500 |
|
(ii) Intangible Assets |
11.070 |
13.470 |
10.700 |
|
(iii) Capital
work-in-progress |
26.410 |
100.260 |
1513.640 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
592.630 |
592.630 |
592.630 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
57.910 |
78.170 |
495.500 |
|
(e) Other Non-current assets |
102.710 |
95.610 |
67.350 |
|
Total Non-Current Assets |
8747.520 |
8708.830 |
9226.320 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2290.130 |
1918.480 |
1393.200 |
|
(c) Trade receivables |
3996.840 |
3607.410 |
3044.050 |
|
(d) Cash and cash
equivalents |
167.290 |
145.520 |
127.460 |
|
(e) Short-term loans and
advances |
1220.540 |
885.640 |
632.890 |
|
(f) Other current assets |
202.840 |
143.880 |
200.850 |
|
Total Current Assets |
7877.640 |
6700.930 |
5398.450 |
|
|
|
|
|
|
TOTAL |
16625.160 |
15409.760 |
14624.770 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10963.190 |
10154.800 |
8547.960 |
|
|
|
Other Income |
236.690 |
221.090 |
198.720 |
|
|
|
TOTAL (A) |
11199.880 |
10375.890 |
8746.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2863.520 |
2580.000 |
2015.940 |
|
|
|
Purchases of Stock-in-Trade |
98.510 |
67.270 |
96.250 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(359.340) |
(448.500) |
(204.680) |
|
|
|
Employees benefits expense |
1344.580 |
1241.080 |
912.820 |
|
|
|
Other expenses |
5219.580 |
5208.290 |
3497.380 |
|
|
|
TOTAL (B) |
9166.850 |
8648.140 |
6317.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2033.030 |
1727.750 |
2428.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
696.340 |
731.040 |
575.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1336.690 |
996.710 |
1853.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
946.460 |
933.970 |
773.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
390.230 |
62.740 |
1080.470 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.300 |
14.300 |
297.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
247.930 |
48.440 |
782.730 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
971.780 |
1019.220 |
643.910 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.210 |
78.270 |
|
|
|
Dividend |
80.920 |
80.920 |
283.210 |
|
|
|
Tax on Dividend |
13.750 |
13.750 |
45.940 |
|
|
BALANCE CARRIED
TO THE B/S |
1125.040 |
971.780 |
1019.220 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
6026.140 |
5542.580 |
4944.860 |
|
|
|
Technical Fees |
49.150 |
109.000 |
99.620 |
|
|
|
Dividend received from Piramal Glass Ceylon PLC |
90.870 |
80.230 |
66.380 |
|
|
TOTAL EARNINGS |
6166.160 |
5731.810 |
5110.860 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
288.560 |
661.840 |
346.300 |
|
|
|
Capital Goods and Spares |
334.260 |
315.390 |
898.700 |
|
|
TOTAL IMPORTS |
622.820 |
977.230 |
1245.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.06 |
0.60 |
9.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.21 |
0.47 |
8.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.56 |
0.62 |
12.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.44 |
0.43 |
8.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.01 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.65 |
1.60 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.88 |
0.70 |
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 |
809.160 |
809.160 |
809.160 |
|
Reserves & Surplus |
4031.340 |
3985.110 |
4138.370 |
|
Net
worth |
4840.500 |
4794.270 |
4947.530 |
|
|
|
|
|
|
long-term borrowings |
1820.150 |
2796.140 |
3063.400 |
|
Short term borrowings |
5453.570 |
4866.140 |
5076.130 |
|
Total
borrowings |
7273.720 |
7662.280 |
8139.530 |
|
Debt/Equity
ratio |
1.503 |
1.598 |
1.645 |
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 |
8547.960 |
10154.800 |
10963.190 |
|
|
|
18.798 |
7.961 |
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 |
8547.960 |
10154.800 |
10963.190 |
|
Profit |
782.730 |
48.440 |
247.930 |
|
|
9.16% |
0.48% |
2.26% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
796.160 |
626.010 |
122.880 |
|
|
|
|
|
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferment Loan (Unsecured Payable in 6 equal annual installments from 2011 to 2016) |
85.760 |
128.630 |
|
SHORT-TERM
BORROWINGS |
|
|
|
a. Packing Credit
from: |
|
|
|
Corporation Bank |
304.500 |
432.490 |
|
ANZ Bank |
417.230 |
434.480 |
|
HSBC Bank |
292.380 |
433.930 |
|
CITI Bank |
0.000 |
135.770 |
|
Standard Chartered Bank |
164.780 |
0.000 |
|
Kotak Mahindra Bank |
22.880 |
0.000 |
|
b. Short Term loan
from: |
|
|
|
CITI Bank |
977.300 |
892.080 |
|
ANZ Bank |
350.000 |
0.000 |
|
Central Bank of India |
500.000 |
0.000 |
|
HSBC Bank |
0.000 |
550.000 |
|
Kotak Mahindra Bank |
550.000 |
0.000 |
|
YES Bank |
0.000 |
400.000 |
|
DBS Bank |
750.000 |
750.000 |
|
Deposits |
6.360 |
4.810 |
|
Total |
4421.190 |
4162.190 |
OPERATIONS REVIEW
As part of the long term strategy of the Company, they continue to focus on Cosmetics and Perfumery (C&P) segment. During the year this segment grew by 10% from Rs.8232.000 Millions to Rs.9093.000 Millions. They have executed multiple projects for marquee global brands from India this year.
The Specialty Food and Beverages (SF&B) Segment de-grew by 1% from Rs. 3,789 Million to Rs. 3,759 Million. This was mainly due to discontinuation of a major brand in USA.
In the Pharmaceutical segment, they maintained their leadership position in the domestic market. During the year this segment grew by 17% from Rs.4090.000 Millions to Rs.4767.000 Millions.
BUSINESS OVERVIEW:
Subject is a manufacturer of glass containers for the Cosmetics and Perfumery, Pharmaceuticals and Specialty Food and Beverage industries. PGL manufactures a wide range of glass bottles and jars, in sizes ranging from 2 ml to 2.5 litres. PGL has manufacturing facilities in India, USA and Sri Lanka.
MARKET OVERVIEW:
Market Size
· Cosmetics and Perfumery Global market size is estimated to be US$ 2.4 – US$ 2.7 billion.
· Pharmaceutical Global market size is estimated to be US$ 2.1 – US$ 2.4 billion.
· Specialty Food and Beverages is estimated to be US$ 1.5 – US$ 1.7 billion.
Cosmetics and
Perfumery Business:
The glass containers manufactured in Cosmetics and Perfumery are used to fill nail polish, perfumes, skin care creams, foundations, attars, etc. The main raw materials for glass manufacturing are semi snow quartz, soda ash, lime stone powder.
This market is broadly classified into five segments depending on the end bottle price.
· Select Clubbed as Premium Segment
· MNC - Mass
·
Low Mass
· Skin Care Clubbed as Mass Segment
· Nail Polish or Colour Cosmetics
The CandP glass packaging constitutes 52% of the current sales and has been growing at a CAGR of 19.8 % over the last 5 years. For FY 14, C&P division grew at 10%.
The Cosmetics and Perfumery Division of Piramal Glass caters to international marquee customers like LVMH, Yves Rocher, YSL, Coty, Unilever, Revlon, L’Oreal, P&G, Elizabeth Arden, Estee Lauder etc. apart from local C&P brand owners in international markets like Erkul Kozmetic, Compagnie De Diffusion, Cosmed, Expak, Baralan International, Estico Limited., Revolline Limited. These customers use the glass bottles and jars for products like nail polish, make-up foundations, perfumes, skin care creams etc.
Pharmaceuticals
Business:
It caters to the requirements of Pharmaceutical Industry for packaging like molded vials for injectibles and bottles for syrups, droppers and infusions In the Indian market, PGL enjoys a leadership position in the domestic market.
Products manufactured conform to US, Indian and European pharmacopeia in Type I, Type II and Type III formulations. PGL is a leading supplier of glass containers to both multinational and Indian pharmaceutical companies like GlaxoSmithKline, Pfizer, Cipla, Abbott, Alembic, Ranbaxy, E-Merck, Aventis, Dabur, Himalaya drugs, Dr. Reddy’s Laboratories etc.
In FY-14, this segment continued to see competition in the form of replacement with PET especially in the Oral formulations and amber glass bottles in the range of 60 ml to 100 ml. PGL has focused on export markets, mainly USA, and currently 51% of PGL Pharmaceutical division comprises of exports.
The high-end Borosilicate Glass (or Type-I Glass) market has been an attractive growth segment for PGL, particularly for exports to USA as also “deemed exports” in India as more and more injectibles manufacturing facility in India receive US FDA approval.
Specialty Food and
Beverages Business:
The Specialty Food and Beverages division provides bottles for wine, liquor and food which are often unique in design and decoration. This business is very freight intensive and hence localized. Piramal Glass is catering to this segment from Sri Lanka and USA. PGL has consciously grown in exports from Sri Lanka, earlier mainly to India, and today to Far East and Australia. In Sri Lanka the strategy has been to migrate to more and more premium customers. In USA, focus is on winning new customers and new brands in the specialty liquor segment.
Since the US acquisition, they have gradually been able to increase our sales in this segment through acquisition of new customers and retaining old ones. USA operations have an edge over its European competitors due to lower freight. PGL caters to global customers like Diageo, Pernod Ricard, Cadbury Schweppes, UB Group, etc.
CONTINGENT LIABILITIES
(Rs. In
Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
|
a) Disputed Liability |
|
|
|
- Central Excise authorities |
10.300 |
10.670 |
|
- Sales Tax Authorities |
— |
— |
|
- Income Tax |
7.250 |
7.250 |
|
b) Counter Guarantees issued to others |
400.820 |
422.380 |
|
- Counter guarantees given for working
capital loan and overdraft facilities of US $ 50.50 million (PY US $ 50.50
million) granted to the wholly owned subsidiary in USA viz. Piramal Glass USA,
Inc |
2996.000 |
2715.500 |
|
- Counter guarantee given for insurance
cover granted to the wholly owned subsidiary in USA viz. Piramal Glass USA,
Inc |
83.900 |
96.670 |
|
- Counter guarantees given for working capital
loan of EURO 16.50 (PY EURO 16.50) millions granted to the wholly owned
subsidiary in Europe viz. Piramal Glass Europe SARL |
68.300 |
80.000 |
|
c) The Company has provided Corporate
Guarantees and/or has given pari passu charge on the entire fixed assets
(movable and immoveable) both present and future (except assets having
exclusive charge) of the Company situated at Jambusar and Kosamba, for Term
Loans aggregating to US $ 20 million granted to the wholly owned subsidiary
in USA viz. Piramal Glass USA, Inc. |
1198.400 |
1086.200 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10457892 |
15/10/2013 |
305,000,000.00 |
AXIS BANK LIMITED |
2ND FLR, AXIS BANK TOWER, BOMBAY DYEING MILLS COMP, PANDURANG BHUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B88662358 |
|
2 |
10444408 |
26/07/2013 |
1,500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B82773755 |
|
3 |
10439383 |
10/07/2013 |
500,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B80565534 |
|
4 |
10435441 |
14/05/2013 |
275,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, C2, WADIA INTERNATIONAL CENTER, P B MARG,, MUMBAI, MAHARASHTRA - 400013, INDIA |
B79015251 |
|
5 |
10403063 |
11/01/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
B68115963 |
|
6 |
10367790 |
06/07/2012 |
530,000,000.00 |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIM |
LEVEL 10, 1 QUEENS ROAD CENTRAL,, HONG KONG, - 000000, HONG KONG |
B44470037 |
|
7 |
10339933 |
10/02/2012 |
1,090,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B34023788 |
|
8 |
10312725 |
22/09/2011 |
455,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, BOMBAY DYEING MILLS COM |
B23393135 |
|
9 |
10290366 |
20/05/2011 |
450,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, BOMBAY DYEING MILLS COM |
B14341515 |
|
10 |
10181777 |
30/09/2009 |
400,000,000.00 |
INDUSIND BANK |
425 DADASAHEB BHADKAMKAR MARG, MUMBAI, MAHARASHTRA |
A71338420 |
|
11 |
90147275 |
29/11/2004 * |
640,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH; APPEJAY HOUSE, 3; DINS |
- |
|
12 |
90145996 |
29/08/2012 * |
3,250,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG, |
B57729014 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Software
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE, 2014
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
3004.900 |
|
|
Other Operating
Income |
19.700 |
|
|
Total Income From Operations (Net) |
3024.600 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
764.100 |
|
|
Purchase
of stock in trade |
14.100 |
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
13.100 |
|
|
Employee
benefits expenses |
347.800 |
|
|
Depreciation
and amortization expenses |
240.400 |
|
|
Energy
Cost |
747.100 |
|
|
Freight
Cost |
258.700 |
|
|
Foreign
Exchange (Gain) / Loss (Net) |
(37.400) |
|
|
Other
expenses |
385.300 |
|
|
Total Expenses |
2733.200 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
291.400 |
|
|
|
|
|
4. |
Other
Income |
-- |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
291.400 |
|
|
|
|
|
6. |
Interest |
224.000 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
67.400 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
67.400 |
|
|
|
|
|
10. |
Tax
Expense |
26.100 |
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
41.300 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
41.300 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
809.200 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.51 |
|
|
b) Basic
and diluted EPS after extraordinary items |
0.51 |
|
|
|
|
|
A. 17. |
Public Shareholding |
|
|
|
-Number
of Shares |
7,401,557 |
|
|
-
Percentage of Shareholding |
9.15% |
|
|
|
|
|
18. |
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 |
73,514,429 |
|
|
-
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) |
90.85% |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
1. The Standalone financial results for the Quarter ended June 30, 2014, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13 August 2014. The statutory auditors of the company have carried out a limited review of the above standalone financial results for the quarter ended June 30 2014.
2. The activity of the company falls under one segment i.e. Manufacturing of Glass Containers. Accordingly there are no separate reportable segments as per Accounting Standard 17 on "Segment Reporting" issued by ICAI.
3. Effective from 1st April 2014 the company has revised depreciation rates on tangible fixed assets as per the useful life specified in the schedule I1 of the companies Act, 2013 or as re-assessed by the company. Due to the above, depreciation charged for the quarter ended June 30th, is higher by Rs 15.16 lacs. Further, as provided in schedule 11, an amount of Rs 148.839 Millions (net of deferred taxes) has been charged to the opening balance of retained earnings.
Figures of the previous year / period are regrouped wherever necessary.
AS PER WEBSITE
PRESS RELEASES
PIRAMAL GLASS:
UPDATES ON DELISTING OFFER
Kotak Mahindra Capital Company Limited ("Manager to the Offer") has submitted to BSE a Copy of Corrigendum to Exit Offer Public Announcement regarding Delisting Offer ("Offer") for acquisition of all Equity Shares of Piramal Glass Ltd ("Target Company") from Public Shareholders by The Sri Hari Trust acting through its Corporate Trustee - PEL Management Services Private Limited (“Acquirer”) in compliance with Securities & Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations").Source : BSE
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.60.87 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.