MIRA INFORM REPORT
|
Report No. : |
314414 |
|
Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINDSOR MACHINES LIMITED (w.e.f. 2005) |
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Formerly Known
As : |
DGP WINDSOR INDIA LIMITED |
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Registered
Office : |
102/103, Devmilan Co-operative Housing Society, Next to Tip Top Plaza,
L.B.S. Road, Thane West, Thane – 400604, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.05.1963 |
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Com. Reg. No.: |
11-012642 |
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Capital
Investment / Paid-up Capital : |
Rs.129.864
Million |
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|
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CIN No.: [Company Identification
No.] |
L99999MH1963PLC012642 |
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IEC No.: |
0388039892 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03988F |
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PAN No.: [Permanent Account No.] |
AAACD4302P |
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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 of Injection Moulding, Pipe Extrusion and Blown Film
Machineries. |
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No. of Employees
: |
600 (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 a well-established company having satisfactory track. The company possesses a favourable financial profile marked by adequate
networth base and comfortable capital structure characterized by zero debt
along with slightly augmenting payables creating an unfavourable gap between
receivables. Management has witnessed a slight growth in its sales volume as well as
net profitability and has recorded a decent profit margin during FY14. Trade relation are fair. Business is active. Payment terms are
reported as usually correct. In view of strong financial support extended from its promoters, the
subject can be considered for 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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. Dilip Tulsiyani |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-8238009111 |
|
Date : |
07.04.2015 |
LOCATIONS
|
Registered Office : |
102/103, Devmilan Co. Operative Housing Society, Next to Tip Top
Plaza, L.B.S. Road, Thane West, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-79-30262131 |
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Mobile No.: |
91-8238009111 (Mr. Dilip Tulsiyani) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office:
|
5403, Phase IV, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-25841591 / 2 / 3 |
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Fax No.: |
91-79-25842059 / 25842145 |
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Factory 1: |
Thane Plot No. E 6, U2, Road, Wagle
Industrial Estate, Thane-400604, |
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E-Mail : |
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Factory 2 : |
Vatva Factory Plot 5402-5403, Phase IV, GIDC, Vatva, Ahmedabad-382445, |
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Tel. No.: |
91-79-25841111/ 25841121/ 25840730/ 25841591/ 2/ 3 |
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Fax No.: |
91-79-25842059/ 25842145 |
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E-Mail : |
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Factory 3 : |
Chhatral Factory Plot No. 6 and 7, GIDC Industrial Estate, Chhatral Taluka, Kalol
Districtr, Mehsana-382729, Gujarat, India |
|
Tel. No.: |
91-2764-233646 / 47 / 48 / 49 |
|
Fax No.: |
91-2764-233643 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. K C Gupte |
|
Designation : |
Executive Director |
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Name : |
Mr. P C Kundalia |
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Designation : |
Director |
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Name : |
Mr. M K Arora |
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Designation : |
Director |
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Name : |
Mr. Jayant Thakur |
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Designation : |
Director |
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Name : |
Mr. Nirmal Gangwal |
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Designation : |
Director (up to 12.08.2013) |
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Name : |
Mr. Pushp Raj Singhavi |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1944 |
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Qualification : |
B.Com, L.L.B |
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Date of Appointment : |
30.03.2011 |
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|
Name : |
Mr. Shishir Dalal |
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Designation : |
Director (up to 29.07.2013) |
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Date of Birth/Age : |
29.05.1956 |
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Qualification : |
B. Com, FCA |
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Date of Appointment : |
29.07.2013 |
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|
Name : |
Ms. Mahua Roy |
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Designation : |
Director (w.e.f. 04.08.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Jaypal Sadhwani |
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Designation : |
Accounts Department |
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Name : |
Ms. Priti Patel |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Dilip Tulsiyani |
|
Designation : |
Accounts Manager |
SHAREHOLDING PATTERN
As on: 31.12.2014
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
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|
37500000 |
57.75 |
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|
37500000 |
57.75 |
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|
Total shareholding of Promoter and Promoter Group (A) |
37500000 |
57.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16066 |
0.02 |
|
|
80202 |
0.12 |
|
|
9600 |
0.01 |
|
|
105868 |
0.16 |
|
|
|
|
|
|
8579926 |
13.21 |
|
|
|
|
|
|
8643446 |
13.31 |
|
|
3480236 |
5.36 |
|
|
6622324 |
10.20 |
|
|
202969 |
0.31 |
|
|
6112088 |
9.41 |
|
|
410 |
0.00 |
|
|
306257 |
0.47 |
|
|
600 |
0.00 |
|
|
27325932 |
42.08 |
|
Total Public shareholding (B) |
27431800 |
42.25 |
|
Total (A)+(B) |
64931800 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
64931800 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Injection Moulding, Pipe Extrusion and Blown Film
Machineries. |
|
|
|
|
Products : |
Blown Film Lines - CROWN Series – Monolayer - DUKE Series - Three Layer Non IBC - REX Series - Three Layer IBC -
BARON - Five Layer
- KTS Series - Twin Screw Extruder for PVC - Downstream for Twin Screw Extruder for PVC - LX Series - Single Screw Extruder for PE/PPR/ABS - Downstream for Single Screw Extruder for PE/PPR/ABS
- KBM Series |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Spares for Injection Moulding Machines |
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Countries : |
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Imports : |
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Products : |
Seamless Steel Tubes |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash, Credit (30 / 60 / 90 Days) |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
Yes Bank Limited |
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Facilities : |
(Rs.
In Million)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Membership : |
-- |
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Holding Company : |
Castle Equipments Private Limited |
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Wholly Owned
Subsidiary : |
Wintech B.V |
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Step down Wholly
Owned Subsidiary : |
Wintal Machines S.R.L |
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Step down
Subsidiary : |
Wintech S.R.L |
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Enterprise over which Key Managerial Person
or individual or relatives of such person exercise control / significant
influence : |
|
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs. 400.000 Million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64931800 |
Equity Shares |
Rs.2/- each |
Rs. 129.864 Million |
|
|
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|
1) The Company has only one class of equity
share having a par value of Rs.2/- each. Each shareholder is eligible for one
vote per share held.
2) Reconciliation of Equity Shares Outstanding
at the beginning and at the end of the year
|
Particulars |
As on 31.03.2014 |
|
|
No. In Million |
Rs. In Million |
|
|
At the beginning of the year |
64.932 |
129.864 |
|
Shares outstanding at the end of the year |
64.932 |
129.864 |
3) Details of Shareholders holding more than
5% shares in the Company
|
Name of
Shareholders |
As on 31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
Castle Equipments Private Limited |
35000000 |
53.90% |
|
Vandana Ramesh Sitlani |
5899748 |
9.09% |
|
V.I.P. Industries Limited |
1000 |
0.00% |
|
Edelweiss Broking Limited |
4559760 |
7.02% |
4) 35000000 Equity Shares (35000000 Equity
shares Previous year) are held by Castle Equipments Private Limited, the
holding Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
129.864 |
129.864 |
129.864 |
|
(b) Reserves & Surplus |
394.099 |
198.225 |
90.396 |
|
(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) |
523.963 |
328.089 |
220.260 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
54.545 |
127.273 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
54.545 |
127.273 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
6.772 |
0.000 |
|
(b) Trade payables |
411.037 |
448.559 |
344.313 |
|
(c) Other current liabilities |
342.159 |
367.040 |
330.493 |
|
(d) Short-term provisions |
7.996 |
0.000 |
1.101 |
|
Total Current Liabilities
(4) |
761.192 |
822.371 |
675.907 |
|
|
|
|
|
|
TOTAL |
1285.155 |
1205.005 |
1023.440 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
209.426 |
169.198 |
136.270 |
|
(ii) Intangible Assets |
6.608 |
12.561 |
17.858 |
|
(iii) Capital work-in-progress |
0.044 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
134.525 |
2.280 |
2.279 |
|
(c) Deferred tax assets (net) |
72.327 |
141.415 |
141.415 |
|
(d) Long-term Loan and Advances |
10.777 |
9.297 |
6.342 |
|
(e) Other Non-current assets |
6.625 |
6.625 |
6.625 |
|
Total Non-Current Assets |
440.332 |
341.376 |
310.789 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
428.235 |
412.513 |
402.260 |
|
(c) Trade receivables |
196.927 |
109.310 |
94.697 |
|
(d) Cash and cash equivalents |
134.168 |
220.244 |
104.354 |
|
(e) Short-term loans and advances |
71.102 |
110.370 |
106.568 |
|
(f) Other current assets |
14.391 |
11.192 |
4.772 |
|
Total Current Assets |
844.823 |
863.629 |
712.651 |
|
|
|
|
|
|
TOTAL |
1285.155 |
1205.005 |
1023.440 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2385.255 |
2164.182 |
2292.044 |
|
|
|
Other Income |
59.085 |
42.541 |
44.534 |
|
|
|
TOTAL (A) |
2444.340 |
2206.723 |
2336.578 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1551.470 |
1478.655 |
1551.623 |
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in-Trade |
11.359 |
21.750 |
33.111 |
|
|
|
Employee benefits expense |
271.188 |
245.748 |
252.156 |
|
|
|
Other Expenses |
306.736 |
309.490 |
295.355 |
|
|
|
TOTAL (B) |
2140.753 |
2055.643 |
2132.245 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
303.587 |
151.080 |
204.333 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.306 |
21.528 |
28.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
290.281 |
129.552 |
176.111 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
25.319 |
21.723 |
21.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
264.962 |
107.829 |
154.419 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.088 |
0.000 |
40.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
195.874 |
107.829 |
114.341 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
198.225 |
90.396 |
(23.945) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
394.099 |
198.225 |
90.396 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
608.785 |
504.423 |
480.590 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
264.645 |
236.405 |
106.173 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.02 |
1.66 |
2.04 |
|
Expected Sales (2014-2015): Rs.2500.000 Million
The above information has been parted by Mr. Dilip Tulsiyani (Account
manager)
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
504.600 |
540.800 |
611.300 |
|
Total Expenditure |
500.300 |
510.700 |
551.500 |
|
PBIDT (Excluding
Other Income) |
4.200 |
30.100 |
59.900 |
|
Other Income |
3.100 |
6.700 |
9.300 |
|
Operating Profit |
7.300 |
36.800 |
69.100 |
|
Interest |
2.000 |
1.300 |
16.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
5.300 |
35.500 |
52.900 |
|
Depreciation |
10.300 |
9.600 |
11.500 |
|
Profit Before Tax |
(5.000) |
25.900 |
41.400 |
|
Tax |
(0.600) |
10.500 |
12.700 |
|
Profit After Tax |
(4.400) |
15.400 |
28.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
8.21 |
4.98 |
4.99 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.73 |
6.98 |
8.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
24.57 |
10.16 |
17.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.33 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.19 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.05 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
129.864 |
129.864 |
129.864 |
|
Reserves & Surplus |
90.396 |
198.225 |
394.099 |
|
Net
worth |
220.260 |
328.089 |
523.963 |
|
|
|
|
|
|
long-term borrowings |
127.273 |
54.545 |
0.000 |
|
Short term borrowings |
0.000 |
6.772 |
0.000 |
|
Total
borrowings |
127.273 |
61.317 |
0.000 |
|
Debt/Equity
ratio |
0.578 |
0.187 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
2,292.044 |
2,164.182 |
2,385.255 |
|
|
|
(5.579) |
10.215 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
2,292.044 |
2,164.182 |
2,385.255 |
|
Profit |
114.341 |
107.829 |
195.874 |
|
|
4.99% |
4.98% |
8.21% |
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 |
Yes |
|
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 |
No |
OPERATIONS:
During the year,
subject has sold 496 machines to achieve turnover of Rs.2365.000 Million as
compared to 436 machines in the previous year with a turnover of Rs.2144.800
Million. During the year, subject has extended its customer base by launching
machines for special applications and concentrated on launching new product
ranges.
The Directors are
confident of continuing the profitable working in the current year also,
although there are challenges for the industry in view of its cyclical nature.
The operations of the Thane unit of subject continue to remain closed.
BUSINESS OUTLOOK:
The current market
scenario is challenging. Scarcity of power in some parts of the country coupled
with anxiety of a stable government, forced customers to defer their expansion
plans and new project investments which ultimately resulted in lower orders and
delays in lifting of finished machines.
However, your
company’s endeavor is to increase its product range, expand its customer base,
reduce product costs and improve quality and value of the offerings. Various
initiatives to address these concerns have been taken by the management and are
in the process of implementation. Some of them have already started yielding
results. The management is optimistic and prepares itself to face the
challenges of the future. Market sentiment is quite optimistic of a turnaround
post the electoral results and this would be a boost to Indian economy and to
the plastic processing industry as a whole.
Some of the new initiatives
launched in the previous year include partnering with key resin distributors
and thereby expanding their customer reach; partnering with retrofitting agents
to offer complete solutions to our esteemed customers and joining hands with
Non-Banking financial companies to provide financial assistance to our esteemed
customers would yield substantial results and growth for subject in the near
future.
MANAGEMENT
DISCUSSION & ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Subject has been
engaged in manufacturing of Extrusion Machines (for Pipe and Blown Film
Extrusion) and Injection Moulding Machines. Overall, the industry for plastic
processing machinery has not shown a significant growth in the last fiscal
year. This scenario was due to the overall drop in economic growth, stagnation
of policies / decision making, apprehensions about the forthcoming elections
and hence most of new investments were deferred. However, with the hope of a
stable government coming at the center, there is optimism for the current
financial year. The market is poised to bounce back and the years ahead could
see a substantial growth in this business.
However, in-spite
of all the above challenges, subject has extended its customer base in new
markets, enhanced its product range, made a break-through acquisition of an
Italian company (Italtech) and is on the verge of launching the First
Two-Platen Injection Moulding Machine shortly. Similarly, subject is on the
verge of developing the First Hybrid in-line flat tubing for drip irrigation
line in collaboration with the world leaders – “THE Machines” of Switzerland.
Continuing its quest for excellence and new developments, subject launched
Extruders to extrude pipes up to 800 mm diameter.
Their Speed series
of Extruders continues to be the game changer and have been successfully
launched into the market and are creating waves in this segment. The new series
of extruders launched at the Plastivision exhibition with 40 L/D ratio has
become the new rage. Our focus on providing Value Added solutions to our
customers continues with renewed vigor and enthusiasm. Fully Automated lines in
Blown Film Extrusion continue to be there strength.
Continuing on the
initiatives taken in the previous year, subject managed to successfully sell
the First Flat Inline flat tubing Line from our partners THE Machines of
Switzerland. The First Hybrid line is being developed at Windsor and would be
launched in the first quarter of current financial year. This line will give
subject an edge over competition in the near future in view of the Premium
technology being offered on this product.
OUTLOOK:
Considering the
opportunities, threats and strengths of your Company, management expects to
increase the market share through new product launches, expanding its
geographical coverage in more and more region(s).
The management is
of the future prospects and growth of subject will depend on the overall
economic scenario. However, all necessary activities have been initiated which
would give us the lead in future.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31ST
DECEMBER 2014
(Rs. In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(UNAUDITED) |
||
|
Net Sales/ Income from Operations |
600.258 |
533.967 |
1629.031 |
|
Other Operating Income |
11.074 |
6.776 |
27.617 |
|
Total income
from operation |
611.332 |
540.743 |
1656.648 |
|
Expenditure |
|
|
|
|
a) Cost of Materials Consumed |
386.863 |
395.257 |
1162.402 |
|
b) Change in inventories of finished goods, work in progress &
stock in trade |
(18.578) |
(39.123) |
(95.919) |
|
c) Employee benefits expense |
84.211 |
76.314 |
233.424 |
|
d) Depreciation and amortization expense |
11.536 |
9.641 |
31.445 |
|
e) Other expenses |
98.989 |
78.245 |
262.615 |
|
Total |
563.021 |
520.334 |
1593.967 |
|
Profit from
operations before Other Income, Interest and Exceptional Items |
48.311 |
20.409 |
62.681 |
|
Other Income |
9.262 |
6.722 |
19.072 |
|
Profit before Interest and Exceptional Items |
57.573 |
27.131 |
81.753 |
|
Interest |
16.169 |
1.245 |
19.426 |
|
Profit after Interest but before Exceptional Items |
41.404 |
25.886 |
62.327 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax |
41.404 |
25.886 |
62.327 |
|
Tax expense |
12.701 |
10.448 |
22.541 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax |
28.701 |
15.438 |
39.786 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
129.864 |
129.864 |
129.864 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
Earnings per
share |
|
|
|
|
Before Extraordinary items (not annualized) |
|
|
|
|
- Basic and Diluted (Rs.) |
0.44 |
0.24 |
0.61 |
|
|
|||
|
Public Shareholding |
|
|
|
|
- No. of shares |
27431800 |
27431800 |
27431800 |
|
- Percentage of shareholding |
42.25 |
42.25 |
42.25 |
|
Promoters and promoter group shareholding |
|
|
|
|
Pledged/ Encumbered |
|
|
|
|
- No. of shares |
19479539 |
19479539 |
19479539 |
|
- Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
51.95 |
51.95 |
51.95 |
|
- Percentage of shares (as a % of the total share capital of the company) |
30.00 |
30.00 |
30.00 |
|
Non-encumbered |
|
|
|
|
- No. of shares |
18020461 |
18020461 |
18020461 |
|
- Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
48.05 |
48.05 |
48.05 |
|
- Percentage of shares (as a % of the total share capital of the company) |
27.75 |
27.75 |
27.75 |
|
|
|||
|
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
11 |
|
|
|
Disposed during the quarter |
11 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
Rs. In Million
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1.
Segment Revenue |
(UNAUDITED) |
||
|
a. Extrusion Machinery
Division |
310.164 |
232.904 |
770.760 |
|
b. Injection Moulding
Machinery |
301.168 |
307.839 |
885.888 |
|
Net
Sales |
611.332 |
540.743 |
1656.648 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
a. Extrusion Machinery
Division |
34.894 |
29.898 |
63.723 |
|
b. Injection Moulding
Machinery |
20.171 |
(6.568) |
8.393 |
|
Total |
55.065 |
23.330 |
72.316 |
|
Unallocated
corporate expenses net of unallocated income |
2.508 |
3.801 |
9.437 |
|
Total
|
57.573 |
27.131 |
81.753 |
|
Less
: Finance Costs |
16.169 |
1.245 |
19.426 |
|
Profit
before Tax |
41.404 |
25.886 |
62.327 |
|
Tax |
12.703 |
10.448 |
22.541 |
|
Profit
after tax |
28.701 |
15.438 |
39.786 |
|
Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Extrusion Machinery
Division |
83.048 |
13.685 |
83.048 |
|
b. Injection Moulding
Machinery |
223.750 |
162.461 |
223.750 |
|
Total capital employed in segments |
306.798 |
176.146 |
306.798 |
|
Unallocated Corporate assets less corporate liabilities |
374.614 |
369.747 |
374.614 |
|
|
|
|
|
|
TOTAL
CAPITAL EMPLOYED IN THE COMPANY |
681.412 |
545.893 |
681.412 |
NOTES:
1.
The above financial results were
reviewed and recommended by the Audit Committee and were approved by the Board
of Directors at its meeting held on February 14, 2015. The Statutory Auditors
have carried out a limited review of standalone financial results.
2.
The Company has filed a miscellaneous
application before the H’ble Board for Industrial and Financial Reconstruction
(“BIFR”)-New Delhi on May 20, 2013 for granting tax reliefs/concessions under the
Income Tax Act, 1961 as per the Sanctioned Scheme of BIFR. The Miscellaneous
application is pending for disposal, hence provisions of Income Tax (including
MAT) has not been made.
3.
The management of the Company has
identified tangible fixed assets and their major components and has reviewed /
determined their remaining useful lives. The tangible fixed assets for which
useful life is different than the one prescribed in the Schedule II are (1)
Testing and Inspection Equipment < 5000 & (2) Testing and Inspection
Equipment > 5000, and there Useful Life are estimated as 1 Year and 3 Years
respectively. Accordingly, the depreciation on tangible fixed assets is
provided for as per the provisions of Schedule II to the Companies Act, 2013.
In respect of assets where the remaining useful life is ‘Nil’, Rs. 73.38 Lacs
their carrying amount (net of tax effect) after retaining the residual value as
on April 01, 2014 as determined by the management has been adjusted against the
opening balance of retained earnings as on that date. This being a technical
matter has been relied upon by the auditors.
4.
The Consolidated accounts will be
published for the year ended March 31, 2015 in accordance with the relavant
provision of law. For the nine months ended December 31, 2014, Wintech B.V.,
wholly own subsidiary, has incurred losses of Euro 1.17 Million (Rs. 91.5
Million) as per its unaudited account for that period.
5.
Pursuant to the requirements of Clause
41 of the listing agreement the statutory Auditors of the company have carried
out a Limited Review of the unaudited quarterly & nine months results of
the company for the quarter and nine months ended on December 31, 2014.
6.
Previous period figures have been
regrouped / reclassified, wherever necessary, to make them comparable with
current period figures.
FIXED ASSETS:
·
·
Building and Roads on
· Office Premises
· Plant and Machinery
· Patterns and Jigs
· Computers
· Electrical Installation and Air- Conditioning Plant
· Drawing office Equipments
· Furniture, Fixture and Office Equipments
· Drawing and Technical Know How
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.92.73 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
YES |
|
--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.