MIRA
INFORM REPORT
|
Report No. : |
338743 |
|
Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NILKAMAL LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel
Road, Village Vasona, Silvassa – 396230, Union Territory of Dadra and Nagar
Haveli |
|
Tel. No.: |
91-260-2699082-083 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
05.12.1985 |
|
|
|
|
Com. Reg. No.: |
54-000162 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 149.225 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209DN1985PLC000162 |
|
|
|
|
IEC No.: |
0390018376 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN2329N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Home and Office Furniture. |
|
|
|
|
No. of Employees
: |
2826 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14070000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Nilkamal Limited (NKL) promoted by Mr. Vamanrai V Parekh and Mr. Sharad
V Parekh in the year 1985, it is an well-established company having fine
track record. Rating on Nilkamal Limited reflects its healthy financial risk profile
marked by steady operational performance and strong net worth base of the
company in FY 15. Rating also derives strength from well-established market position of
company in moulded plastic industry and its reputed brand name in plastic
material handling and furniture segment. However, the assigned rating is partially offsets by exposure of volatility
of raw material prices, presence of high competition prevalent in plastics
industry. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at its
usual trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
July, 2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
July, 2015 |
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
31-03-2013.
LOCATIONS
|
Registered Office / Vasona Factory : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel
Road, Village Vasona, Silvassa – 396230, Union Territory of Dadra and Nagar
Haveli India |
|
Tel. No.: |
91-260-2699082-083 |
|
Fax No.: |
91-260-2699215 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Corporate/ Administrative Office : |
Nilkamal House, 77/ 78, Road No. 13/14, M.I.D.C., Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
Tel No.: |
91–22–28361366 / 28211172 / 28231471 / 26818888 / 26818628 |
|
Fax No.: |
91–22–28367891 / 28361923 |
|
Email : |
|
|
|
|
|
Barjora Factory : |
Plot No. 1498/2613, WBIDC, Barjora Mejia Road, P.S.: Barjora, District
: Bankura-722202, West Bengal, India |
|
|
|
|
Hosur Factory: |
Part of Survey No.149, 151 to 153, 227/ 2K3 and 299/1,
Next to GNB Factory, Koneripalli Post, Nallaganakothapalli Village, Hosur Taluk,
Krishnageri-635117 District, Tamilnadu, India |
|
|
|
|
|
Phase – II,
Industrial Growth Centre, Samba – 184121, Jammu and Kashmir, India |
|
|
|
|
Hooghly Factory
: |
Dayanidhan Compound,
Godown No- 1A and 2, Delhi High Road, Dankuni, Village: Monoharpur, J. L. No.
98, Touzi No. 17, Police Station - Chanditala, District – Hooghly - 712311,
West Bengal, India |
|
|
|
|
Kharadpada Factory : |
Survey No. 389, 391, 393, 396 and 401, Naroli – Kharadpad Road,
Village : Kharadpada, Silvassa – 396 230, Union Territory of Dadra and Nagar
Haveli, India |
|
|
|
|
Noida Factory : |
Plot No. 26, B/C Sector No. 31, Surajpur - |
|
|
|
|
|
19/3-5, 18/1 and 21/6, Pit-Olaivaikkal Village, Koodapakam Villianoor
Road, Villianoor Taluk, Pondicherry - 605 110 (U.T.), India |
|
|
|
|
Sinnar Factory : |
STICE, Plot No. 971/1A, |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr.
Vamanrai V. Parekh |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr.
Sharad V. Parekh |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
70
Years |
|
Qualification : |
Mr. Sharad V Parekh, the
co-founder of Nilkamal Group has completed inter commerce from Mumbai
University |
|
Brief Resume : |
And has over five decades
of experience in the plastics industry. An expert in providing solutions to
any industry’s mode of handling, assembling, storing and transporting its
products, he has to be credited for pioneering the material handling business
namely Crate and Bins in India. With his vast experience and expertise, he
has introduced and provided customized material handling solutions catering
to the varied requirements of the industries of almost all sectors for over
three decades, which thus has enabled Nilkamal to emerge as an market leader
in Material handling space in India. He is also member of several
organizations related to plastics business and is actively involved in other
social activities. Mr. Sharad V. Parekh has attained
the age of 70 years and his appointment as Managing Director requires the
approval of the members by way of Special Resolution pursuant to the
provisions of Section 196 read with Schedule V of the Companies Act, 2013.
Keeping in view the rich and vast experience possessed by Mr. Sharad V.
Parekh, approval of the members is sought for passing the special resolution
as set out in Item No. 10 of the Notice. |
|
Date of Appointment : |
14.06.1990 |
|
DIN No.: |
00035747 |
|
|
|
|
Name : |
Mr.
Hiten V. Parekh |
|
Designation : |
Executive
Director |
|
Date of Birth/Age : |
52
Years |
|
Qualification : |
Mr. Hiten V. Parekh,
holds a bachelor’s degree in Commerce from Mumbai University and a Diploma in
Quality Systems and Management. |
|
Brief Resume : |
He is associated with the
Company since incorporation and has over 30 years of rich experience in the
manufacturing sector. He overlooks the functions of several of its factories
located across the country and acts as checkpoint for quality control and
assurance of the Company’s products, which has enabled the Company to uphold
it status as a quality market leader in the industry and has also helped to
gain several awards to the Company. He is one amongst the first few persons
in the plastics processing industry to extend the Company’s business out of
India and took a step forward by setting up business at Sri Lanka. He is also instrumental
in launching the Company’s retail business of lifestyle furniture, furnishing
and accessories under the brand name ‘@home’ and the Company’s foray into
mattress business under the brand name ‘Nilkamal Mattrezzz’. |
|
Date of Appointment : |
09.12.1985 |
|
DIN No.: |
00037550 |
|
|
|
|
Name : |
Mr.
Manish V. Parekh |
|
Designation : |
Executive
Director |
|
Date of Birth/Age : |
46
Years |
|
Qualification : |
Mr. Manish V. Parekh,
holds a bachelor’s degree in commerce from Mumbai University. |
|
Brief Resume : |
He has 24 years of rich
experience in the field of marketing and overlooks the furniture and ‘@home’ business
of the Company. He is the pillar behind the enormous dealer network which is
responsible for catering to requirements from the remotest region of the
country. His seamless zeal has helped the Company to become a market leader
in the country and one of the largest producer of moulded plastic furniture
in the world. He is instrumental in
launching the Company’s retail business of lifestyle furniture, furnishing
and accessories under the brand name ‘@home’ and the Company’s foray into mattress
business under the brand name ‘Nilkamal Mattrezzz’. Under his guidance, the
Company’s retail business ‘@home’ has grown in a short span of time to
provide quality furniture, accessories and design solutions. |
|
Date of Appointment : |
01.04.2000 |
|
DIN No.: |
00037724 |
|
|
|
|
Name : |
Mr.
Nayan S. Parekh |
|
Designation : |
Executive
Director |
|
Date of Birth/Age : |
43
Years |
|
Qualification : |
Mr. Nayan S. Parekh, has
a bachelor’s degree in plastic engineering from the University of Massachusetts,
United States of America. He has also undertaken a program of Owner/
President Management (OPM) from the Harvard Business School |
|
Brief Resume : |
He has on his hands rich
experience of 19 years in various fields. He is responsible for looking into
the operations of various factories and overlooks the Company’s Material
Handling business and is steering Nilkamal to a strong position in the
Material Handling industry which in its own is a revolution in the industry. Mr. Nayan S. Parekh is the
brain behind setting up the Company’s two Joint Ventures viz Nilkamal Bito
Storage Systems Private Limited – the Joint Venture with Bito Lagertechnik
Bittmann GmbH, Germany and Cambro Nilkamal Private Limited – the Indo US
Joint Venture with Cambro Manufacturing Company He is also foremost in
establishing the Company’s profitable subsidiary viz NCB-FZE at Ajman, which
is a free trade zone. |
|
Date of Appointment : |
01.04.2000 |
|
DIN No.: |
00037597 |
|
|
|
|
Name : |
Mr.
Dadi B. Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Hiroo Mirchandani |
|
Designation : |
Director |
|
Date of Birth/Age : |
54
Years |
|
Qualification : |
Ms. Hiroo Mirchandani is
a Chevening Gurukul scholar and has studied Leadership and Globalization at the
London School of Economics. She is a graduate from Shri Ram College of
Commerce and an MBA in Marketing and Finance from the Faculty of Management
Studies, Delhi |
|
Brief Resume : |
She has held Profit and Loss
management roles and has built successful brands across diverse categories
like healthcare, foods, paints, mobile telephone and jewellery. |
|
Date of Appointment : |
06.11.2014 |
|
DIN No.: |
06992518 |
|
|
|
|
Name : |
Mr.
K. R. Ramamoorthy |
|
Designation : |
Director |
|
DIN No.: |
06992518 |
|
|
|
|
Name : |
Mr.
Mahendra V. Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Mufazzal S. Federal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
S. K. Palekar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
Paresh B. Mehta |
|
Designation : |
Chief
Financial Officer |
|
|
|
|
Name : |
Ms.
Priti P. Dave |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
7193507 |
48.21 |
|
|
2376500 |
15.93 |
|
|
9570007 |
64.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
9570007 |
64.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
400300 |
2.68 |
|
|
10119 |
0.07 |
|
|
416929 |
2.79 |
|
|
827348 |
5.54 |
|
|
|
|
|
|
1112378 |
7.45 |
|
|
|
|
|
|
2014949 |
13.50 |
|
|
1254657 |
8.41 |
|
|
143186 |
0.96 |
|
|
100902 |
0.68 |
|
|
35172 |
0.24 |
|
|
7112 |
0.05 |
|
|
4525170 |
30.32 |
|
Total Public shareholding (B) |
5352518 |
35.87 |
|
Total (A)+(B) |
14922525 |
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) |
14922525 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Home and Office Furniture. |
|
|
|
|
Brand Names : |
“NILKAMAL” |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
2826 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India Corporation Bank IDBI Bank Limited DBS Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Vora and Associates Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Foreign
Subsidiaries where control exists : |
· Nilkamal Eswaran Plastics Private Limited Nilkamal Eswaran Marketing Private Limited Nilkamal Crates and Bins, FZE |
|
|
|
|
Joint Venture : |
· Nilkamal Bito Storage Systems Private Limited Cambro Nilkamal Private Limited |
|
|
|
|
Enterprise owned or
significantly influenced by key Management Personnel or their relatives,
where transactions have taken place : |
· Nilkamal Crates and Containers M. Tech Industries |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs. 10/- each |
Rs. 220.000 Million |
|
3000000 |
Preference Shares |
Rs. 10/- each |
Rs. 30.000 Million |
|
|
Total |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14922525 |
Equity Shares |
Rs. 10/- each |
Rs.149.225
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
149.225 |
149.225 |
149.225 |
|
(b) Reserves & Surplus |
4775.125 |
4478.245 |
4141.848 |
|
(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) |
4924.350 |
4627.470 |
4291.073 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
439.416 |
928.200 |
1117.888 |
|
(b) Deferred tax liabilities (Net) |
157.780 |
243.045 |
219.044 |
|
(c) Other long
term liabilities |
370.744 |
332.690 |
323.735 |
|
(d) long-term
provisions |
69.602 |
67.970 |
70.558 |
|
Total Non-current
Liabilities (3) |
1037.542 |
1571.905 |
1731.225 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1252.390 |
1759.917 |
2425.451 |
|
(b)
Trade payables |
953.238 |
941.569 |
939.141 |
|
(c)
Other current liabilities |
808.205 |
840.510 |
697.600 |
|
(d) Short-term
provisions |
229.054 |
221.281 |
194.284 |
|
Total Current
Liabilities (4) |
3242.887 |
3763.277 |
4256.476 |
|
|
|
|
|
|
TOTAL |
9204.779 |
9962.652 |
10278.774 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2816.628 |
3285.639 |
3360.354 |
|
(ii)
Intangible Assets |
20.130 |
40.157 |
21.840 |
|
(iii)
Capital work-in-progress |
13.616 |
21.547 |
42.054 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
255.629 |
255.629 |
252.959 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
521.668 |
564.477 |
513.093 |
|
(e) Other
Non-current assets |
10.711 |
4.374 |
5.442 |
|
Total Non-Current
Assets |
3638.382 |
4171.823 |
4195.742 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2766.690 |
3006.349 |
3052.563 |
|
(c)
Trade receivables |
2315.500 |
2175.509 |
2297.417 |
|
(d) Cash
and cash equivalents |
82.026 |
180.523 |
254.290 |
|
(e)
Short-term loans and advances |
359.760 |
369.641 |
419.638 |
|
(f)
Other current assets |
42.421 |
58.807 |
59.124 |
|
Total
Current Assets |
5566.397 |
5790.829 |
6083.032 |
|
|
|
|
|
|
TOTAL |
9204.779 |
9962.652 |
10278.774 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17866.592 |
16490.729 |
16106.588 |
|
|
|
Other Income |
62.496 |
35.265 |
41.897 |
|
|
|
TOTAL (A) |
17929.088 |
16525.994 |
16148.485 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6876.169 |
5973.286 |
6369.720 |
|
|
|
Purchases of Stock-in-Trade |
4302.816 |
4268.320 |
4171.079 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
149.862 |
191.576 |
(360.735) |
|
|
|
Employees benefits expense |
1129.351 |
1053.954 |
1016.302 |
|
|
|
Other expenses |
4008.420 |
3554.123 |
3642.423 |
|
|
|
TOTAL (B) |
16466.618 |
15041.259 |
14838.789 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1462.470 |
1484.735 |
1309.696 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
319.756 |
414.247 |
429.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1142.714 |
1070.488 |
879.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
537.567 |
489.222 |
443.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
605.147 |
581.266 |
436.518 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
180.536 |
180.951 |
124.616 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
424.611 |
400.315 |
311.902 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB
Value of exports |
514.512 |
444.336 |
382.788 |
|
|
|
Technical
and Management Fees from Subsidiaries |
3.183 |
2.896 |
11.560 |
|
|
|
Income
earned from export of services |
4.904 |
8.107 |
3.793 |
|
|
|
Dividend
Received from Subsidiaries |
17.725 |
1.172 |
5.497 |
|
|
|
Lease
Rent Received from Subsidiary |
1.308 |
0.676 |
0.537 |
|
|
|
Sale
of Fixed Assets to Subsidiary |
5.137 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
546.769 |
457.187 |
404.175 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
851.766 |
529.361 |
654.689 |
|
|
|
Traded Goods |
910.645 |
856.039 |
946.044 |
|
|
|
Stores, Spares etc. |
28.942 |
23.844 |
54.420 |
|
|
|
Capital Goods |
21.728 |
79.189 |
208.755 |
|
|
TOTAL IMPORTS |
1813.081 |
1488.433 |
1863.908 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.45 |
26.83 |
20.90 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
|
|
|
(i)
Rupee Loans |
158.444 |
255.993 |
325.274 |
|
(ii)
Foreign Currency Loans |
220.030 |
254.660 |
67.888 |
|
(iii)
Unsecured Loans from Others |
0.000 |
0.000 |
4.542 |
|
Total |
378.474 |
510.653 |
397.704 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net
Cash Inflow/ (Outflow) from Operating Activities |
1520.221 |
1547.949 |
743.181 |
QUARTERLY RESULTS
|
PARTICULARS |
31.06.2015 (Unaudited) |
|
Type |
1rd Quarter |
|
Net Sales |
4575.520 |
|
Total Expenditure |
4057.510 |
|
PBIDT (Excl OI) |
518.010 |
|
Other Income |
25.360 |
|
Operating Profit |
543.370 |
|
Interest |
50.600 |
|
Exceptional Items |
0.000 |
|
PBDT |
492.770 |
|
Depreciation |
122.810 |
|
Profit Before Tax |
369.960 |
|
Tax |
116.950 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
253.010 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
253.010 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.38 |
2.43 |
1.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.19 |
9.00 |
8.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.77 |
6.00 |
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42 |
0.69 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.54 |
1.43 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 943.25/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
149.225 |
149.225 |
149.225 |
|
Reserves & Surplus |
4141.848 |
4478.245 |
4775.125 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4291.073 |
4627.470 |
4924.350 |
|
|
|
|
|
|
Long-term borrowings |
1117.888 |
928.200 |
439.416 |
|
Short term borrowings |
2425.451 |
1759.917 |
1252.390 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
397.704 |
510.653 |
378.474 |
|
Total
borrowings |
3941.043 |
3198.770 |
2070.280 |
|
Debt/Equity
ratio |
0.918 |
0.691 |
0.420 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
16106.588 |
16490.729 |
17866.592 |
|
|
|
2.385 |
8.343 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
16106.588 |
16490.729 |
17866.592 |
|
Profit |
311.902 |
400.315 |
424.611 |
|
|
1.94% |
2.43% |
2.38% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10444353 |
30/07/2013 |
282,800,000.00 |
DBS BANK LIMITED |
DLF CAPITOL POINT,
GROUND AND FIRST FLOOR,, BABA |
B82747262 |
|
2 |
10012972 |
24/04/2015 * |
5,300,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,,
N.G.N. VAIDYA MARG,, MUMBAI- 400001, |
C51436517 |
|
3 |
90098636 |
24/04/2015 * |
5,017,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,,
N.G.N. VAIDYA MARG,, MUMBAI- 400001, |
C51437887 |
* Date of charge modification
YEAR IN RETROSPECT:
The Company has recorded a gross
turnover of Rs. 190,50.400 Million up from Rs. 174,79.300 Million of the
previous financial year. The Operating Profit of the Company was Rs. 14,62.500
Million against Rs. 14,84.700 Million of the previous year. The plastic
business has achieved a volume growth of 10% and value growth of 12%.
During financial year
2014-2015, the Company’s retail business of Lifestyle Furniture, Furnishing and
Accessories – ‘@home’ had a total of 19 stores in 13 cities. The said retail
division achieved a net turnover of Rs. 21,7.500 Million as against Rs.
21,88.200 Million of previous year, and made net loss of Rs. 1,10.600 Million
as compared to profit of Rs. 1.500 Million of the previous year.
AWARDS AND RECOGNITIONS:
The Company has added yet
another feather in its cap and kept up its record of displaying commendable
performance in the manufacturing sector, which is reflected by the awards won
by the Company as recognition thereof.
After receiving the Silver
Certificate of Merit and Gold Award under the Indian Manufacturing Excellence
category
from ‘Frost and Sullivans’
during the past four years for its various units, the Company is successful in
grabbing the award for the fifth year in row under the category of “Challengers
Award – Emerging Business Trophy –Gold Level” announced by the ‘Frost and
Sullivan’s Green Manufacturing Excellence Awards 2015’. The said award is for
adopting Green manufacturing practices at its Puducherry unit. The Puducherry
unit has also bagged the “First Prize in the Plastics Sector” at the National
Energy Conservation Award – 2014, announced by the Ministry of Power,
Government of India, for the conservation of Energy.
Further, “Nilkamal” was
ranked as India’s most trusted moulded plastics brand in the ‘Brand Trust
Report India study 2015’, covering around 19000 brands across 16 cities in the
country.
PERFORMANCE EVALUATION:
In compliance with the
Companies Act, 2013 and Clause 49 of the Listing Agreement, during the year,
the evaluation of all the Directors and the Board as a whole was conducted. The
evaluation of the Independent Directors was carried out by the entire Board and
that of the Chairman and the Non-Independent Directors were carried out by the
Independent Directors. The Directors were satisfied with the evaluation results,
which reflected the overall engagement of the Board with the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT OPPORTUNITIES, THREATS, RISKS,
CONCERNS AND OUTLOOK:-
The Indian economy returned
to the growth path in 2014-15. The country’s real gross domestic product (GDP)
growth accelerated to 7.2 per cent from 6.9 per cent in 2013-14. The consumer
price inflation fell to 5.9 per cent from over 10 per cent in the last two
years. The fall in inflation was supported by falling oil prices, lower food
and commodity prices, lower MSP hikes and the proactive measures taken by
Government to lower food inflation such as curbing hoarding, offloading food
stocks and restrictions on exports.
Contrary to the
expectations, agricultural sector witnessed a good growth in 2014-15. However,
the slow pace of reforms, lack of impetus for infrastructure projects, high
interest rates and tightening of fiscal policies adversely impacted the capital
goods sector. Industrial production/output was also sluggish.
The economy is expected to
show a further acceleration in growth in 2015-16. Its real GDP is expected to
grow by
7.8 per cent during the
year. Higher growth expectations are backed by inflation which continues to be ticking
lower, softening interest rates coupled with stable Indian Rupee and lower oil
prices.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2015
(RS. IN MILLION)
PART I
|
|
Particulars |
30.06.2015 Quarter (Unaudited) |
|
1. |
Income
from operations |
|
|
|
a)
Net Sales/Income from Operations |
4550.824 |
|
|
(Net
of excise duty) |
|
|
|
b)
Other Operating Income |
24.694 |
|
|
Total
Income from Operations (net) |
4575.518 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Cost of materials consumed |
1932.580 |
|
|
b)
Purchase of traded goods |
1047.177 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(287.283) |
|
|
d)
Employee benefits expense |
313.189 |
|
|
e)
Depreciation and amortisation expense |
122.812 |
|
|
f)
Other expenses |
1051.844 |
|
|
Total
Expenses |
4180.319 |
|
|
|
|
|
3. |
Profit from Operations
before other income, Interest, finance costs and exceptional Items (1-2) |
395.199 |
|
4. |
Other
Income |
25.359 |
|
5. |
Profit from ordinary
activities before finance costs and exceptional Items (3+4) |
420.558 |
|
6. |
Finance
costs |
50.598 |
|
7. |
Profit from ordinary
activities after finance costs but before exceptional Items (5-6) |
369.960 |
|
8. |
Exceptional
Items |
--- |
|
9. |
Profit
from ordinary activities before tax (7-8) |
369.960 |
|
10. |
Tax
expense |
116.949 |
|
11. |
Profit
from ordinary activities after tax (9-10) |
253.011 |
|
12. |
Extraordinary
items ( net of tax expense) |
--- |
|
13. |
Net
Profit for the period (11-12) |
253.011 |
|
14. |
Paid
- up Equity Share Capital @ Rs.10 face value |
149.225 |
|
15. |
Reserves excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
16. |
Earnings Per Share (EPS) |
|
|
|
a)
Basic and diluted EPS before exceptional Items for the period (Rs.) |
16.96 |
|
|
b)
Basic and diluted EPS after exceptional Items for the period (Rs.) |
16.96 |
|
PART
II |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
1. |
Public
Shareholding |
|
|
|
-
Number of Shares |
5352518 |
|
|
-
Percentage of Shareholding |
35.87% |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
N.A. |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
N.A. |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
N.A. |
|
|
b)
Non-encumbered |
|
|
|
-
Number of Shares |
9570007 |
|
|
-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) |
64.13% 35.87% |
Segment wise Revenue,
Results and Capital Employed
|
Particulars |
Quarter Ended
30.06.2015 (Rs. In million)
(Unaudited) |
|
1] Segment Revenue |
|
|
a) Plastics |
4015.306 |
|
b) Lifestyle Furniture,
Furnishing and Accessories |
504.769 |
|
c) Others |
81.832 |
|
TOTAL |
4601.907 |
|
Less: Inter
Segment Revenue |
26.389 |
|
Net Income from
Operations |
4575.518 |
|
|
|
|
2] Segment Results |
|
|
a) Plastics |
471.529 |
|
b) Lifestyle Furniture,
Furnishing and Accessories |
(22.643) |
|
c) Others |
(0.941) |
|
TOTAL |
447.945 |
|
|
|
|
Less: |
|
|
Interest and
Finance Charges (Net) |
50.598 |
|
Other
Un-allocable expenditure net of un-allocable income |
27.387 |
|
|
|
|
Total Profit Before
Tax |
369.960 |
|
|
|
|
3] Capital Employed |
|
|
a) Plastics |
5768.104 |
|
b) Lifestyle
Furniture, Furnishing and Accessories |
743.875 |
|
c) Others |
203.697 |
|
d) Unallocable |
(1538.492) |
NOTE:
1. The above results have been subjected to
‘Limited Review’ by the Auditors of the Company, have been reviewed by the
Audit Committee and approved by the Board of Directors at their meeting held on
3rd August, 2015. The Limited Review report does not have any
qualifications. The Limited Review report will be filed with stock exchanges
and will be available on the company’s website.
2. The Company did not have any investor
complaints pending as on 1st April, 2015 and as on 30th
June, 2015. There were no complaints received during the quarter ended on 30th
June, 2015.
3. Figures for the quarter ended 31 March 2015
are the balancing figures between audited figures in respect of the full
financial year and the published year to date figures up to the end of the
third quarter of the relevant financial year. Also the figures up to the end of
the third quarter had only been reviewed and not subjected to audit.
4. Previous Period’s/Year’s figures have been
regrouped and reclassified, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
i)
Excise and Service Tax matters |
19.088 |
34.144 |
|
ii)
Sales Tax matters * |
161.648 |
113.260 |
|
iii)
Income Tax matters |
0.416 |
0.339 |
|
iv) a) On account of
surety given on behalf of Joint Venture for claiming exemption from the payment
of Central Excise Duty for export of excisable goods to foreign country or to
Special Economic Zone / Export Oriented Unit without payment of Central
Excise Duty |
0.000 |
1.000 |
|
b)
On account of Cross Subsidy Surcharge on electricity |
0.938 |
0.938 |
* Includes Rs. 97.261
Million (Previous Year Rs. 97.261 Million) paid in full against the disputed
Sales Tax liability under the Kerala General Sales Tax Act, 1963. The matter is
pending for hearing in the Honorable Supreme Court of India.
NOTE:
The Excise and Service Tax, Sales Tax and Income Tax demands are being
contested by the Company at various levels. The Company has been legally
advised that it has a good case and the demands by the authorities are not
tenable. Future cash flows in respect of these are determinable only on receipt
of judgements / decisions pending with various forums/ authorities.
FIXED ASSETS:
Tangible Assets
·
Land Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Equipments
·
Furniture, Fixtures
·
Office Equipment’s
·
Vehicles
·
Lease Equipments
·
Leasehold Improvement
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. 66.16 |
|
|
1 |
Rs. 103.88 |
|
Euro |
1 |
Rs. 75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.