MIRA INFORM REPORT

 

 

Report No. :

355056

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

EMMBI INDUSTRIES LIMITED

 

 

Formerly Known As :

EMMBI POLYARNS LIMITED

 

 

Registered Office :

99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.)

Tel. No.:

91-22-67845555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

29.11.1994

 

 

Com. Reg. No.:

000387

 

 

Capital Investment / Paid-up Capital :

Rs.176.900 Million

 

 

CIN No.:

[Company Identification No.]

L17120DN1994PLC000387

 

 

IEC No.:

0303054930

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACE3423G

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing, Exporting, Importing and Trading of HDPE and PP - Woven Polymer Based Products. (Confirmed by management)

 

 

No. of Employees :

1500  (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

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1994 and is engaged in manufacturing, exporting, importing and trading of HDPE and PP - woven polymer based products.

 

It is an established company having satisfactory track.

 

Overall financial position of the company is sound and healthy. The ratings factor favourable profit margins, acceptable financial profile characterised by comfortable leverage and debt coverage indicators.

 

The rating also takes into consideration vast experience of the promoters in polymer-based packing products and increased presence of company in the export market.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In view of aforesaid, the company 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities: BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

22.04.2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities: A3

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

22.04.2015

 

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Nitin Patil

Designation :

Accounts And Finance Manager

Contact No.:

91-22-67845555

Date :

15.12.2015

 

 

LOCATIONS

 

Registered Office :

99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.), India

Tel. No.:

91-22-67845555

Fax No.:

Not Available

E-Mail :

info@emmbi.com

makrand.appalwar@emmbi.com

rinku.appalwar@emmbi.com

rajiv.gadekar@emmbi.com

Website :

www.fibcindia.com

 

 

Corporate Office :

Valecha Chambers,  3rd Floor, Opposite Infiniti Mall,  New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India

Tel. No.:

91-022-67845555

Fax No.:

91-022-67845506

 

 

Unit 1 :

191/2/4, Masat Village, Meghwad Road, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, Gujarat, India

 

 

Unit 2 :

99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, Gujarat, India

 

 

Unit 3 :

99/2/9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, Gujarat, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Makrand M. Appalwar

Designation :

Chairman and Managing Director

DIN No.:

00171950

 

 

Name :

Mrs. Rinku M. Appalwar

Designation :

Executive Director and Chief Financial Officer

DIN No.:

00171976

 

 

Name :

Dr. Mitravinda M. Appalwar

Designation :

Non-Executive Directors

DIN No.:

02716731

 

 

Name :

Mr. Sanjay R. Rathi

Designation :

Non-Executive Directors

DIN No.:

00022432

 

 

Name :

Mr. Prashant K. Lohiya

Designation :

Non-Executive Directors

DIN No.:

02990858

 

 

Name :

Dr. Venkatesh G. Joshi

Designation :

Non-Executive Directors

DIN No.:

01234871

 

 

KEY EXECUTIVES

 

Name :

Mr. Kaushal R. Patvi

Designation :

Company Secretary and Compliance Officer

 

 

Name :

Mr. Nitin Patil

Designation :

Accounts And Finance Manager

 

 

BOARD COMMITTEES

 

 

Audit Committee :

Mr. Sanjay R. Rathi (Chairman)

Mr.Prashant K. Lohiya

Dr. Venkatesh G. Joshi

Mrs.Rinku M. Appalwar

 

 

Nomination and Remuneration Committee :

Mr. Sanjay R. Rathi (Chairman)

Mr. Prashant K. Lohiya

Dr. Venkatesh G. Joshi

 

 

Committee of Directors Committee :

Mr. Makrand M. Appalwar (Chairman)

Mr. Sanjay R. Rathi

Mrs. Rinku M. Appalwar

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

Total No. of Shares

% of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

7471099

42.23

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2681500

15.16

http://www.bseindia.com/include/images/clear.gifSub Total

10152599

57.39

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

10152599

57.39

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1078560

6.10

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million 

3759312

21.25

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million 

2478042

14.01

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

221737

1.25

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

221737

1.25

http://www.bseindia.com/include/images/clear.gifSub Total

7537651

42.61

Total Public shareholding (B)

7537651

42.61

Total (A)+(B)

17690250

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

17690250

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

No. of Shares held

As a % of grand total (A)+(B)+(C)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

MAKARAND MORESHWAR APPALWAR

34,76,550

19.65

19.65

2

EMMBI LABORATORIES PRIVATE LIMITED

16,31,500

9.22

9.22

3

RINKU MAKRAND APPALWAR

14,50,199

8.20

8.20

4

MAITHILI AGROTECH PRIVATE LIMITED

10,50,000

5.94

5.94

5

RINKU MAKRAND APPALWAR

8,00,000

4.52

4.52

6

MAKRAND MORESHWAR APPALWAR

8,00,000

4.52

4.52

7

MAITHILI APPALWAR

5,00,000

2.83

2.83

8

MITRAVINDA MORESHWAR APPALWAR

1,94,000

1.10

1.10

9

MORESHWAR BALWANT APPALWAR

1,18,725

0.67

0.67

10

MAITHILI MAKRAND APPALWAR

61,750

0.35

0.35

11

AVINASH R LADDHA

52,150

0.29

0.29

12

PRASHANT KAILASHCHANDRA LOHIYA

6,250

0.04

0.04

13

KAILASHCHANDRA BALCHAND LOHIA

4,550

0.03

0.03

14

SARLA KAILASHCHANDRA LOHIA

3,000

0.02

0.02

15

SANJAY R RATHI

2,100

0.01

0.01

16

SANGEETA S RATHI

1,050

0.01

0.01

17

SUSHILADEVI R RATHI

750

0.00

0.00

18

M. B. APPALWAR

25

0.00

0.00

 

Total

1,01,52,599

57.39

57.39

 

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

1

SANJAY GULABCHAND BAFNA

361044

2.04

2.04

2

J M GLOBAL EQUITIES PRIVATE LIMITED

238078

1.35

1.35

3

RONAK GUPTA

200000

1.13

1.13

 

Total

799122

4.52

4.52

 

Details of Locked-in Shares

 

Sl. No.

Name of the Shareholder

No. of Shares

Locked-in Shares as % of
Total No. of Shares

1

MAKARAND MORESHWAR APPALWAR

2,40,000

1.36

 

Total

2,40,000

1.36

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Exporting, Importing and Trading of HDPE and PP - Woven Polymer Based Products. (Confirmed by management)

 

 

Products :
  • HDPE
  • PP - Woven Polymer Based

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • HDPE
  • PP - Woven Polymer Based

Countries :
  • USA
  • Australia
  • Netherland
  • UK

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Germany
  • Dubai
  • Israel

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

1500  (Approximately)

 

 

Bankers :
  • Export Import Bank of India, Cap Rest
  • Axis Bank, Narimanpoint, Mumbai Maharashtra, India

 

Banker Name

Punjab National Bank

Branch Address

8, Cama Industrial Estate, Walbhat Road, Hub Mall, Goregaon (East), Mumbai – 400063, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-26851099

Name of Account Holder

Not Divulged

Account Number

1756008700000619 (Not confirmed by banker)

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

We tried to call banker to take feedback but the concern person was not available.

 

 

Facilities :

SECURED LOAN

As on

31.03.2015

(Million)

As on

31.03.2014

(Million)

LONG TERM BORROWING

 

 

Term Loans

From Banks

26.670

56.880

Total

26.670

56.880

 

NOTE:

 

Term Loans are secured by way of deposit of the title deed in respect of immovable properties of the Company including Land and Building situated at Plot no. 191/2/4, Massat Village, Meghwad Road, UT of Dadra and Nagar Haveli, Silvassa - 396230 and at Plot no. 99/2/1 and 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, UT of Dadra and Nagar Haveli, Silvassa - 396230 and by hypothecation of Plant and Machinery and Furniture and Fixtures. The term loan are secured by way of first charge.

 

Other Loans and Advances are secured by way of hypothecation of Cars and Transport Vehicles purchased under Hire Purchase Scheme.

 

There is no default in repayment of principal loan or interest thereon.

 

Working Capital Loans :

 

i) Cash Credit and Packing Credit loans from Punjab National Bank are secured by first pari passu charge on hypothecation of entire current assets, both present and future, of the Company including stocks and book debts, stock in transits and stock for ob work. Second pari passu charge on immovable properties of the Company including Land and Building situated at Plot no. 191/2/4, Massat Village, Meghwad Road, UT of Dadra and Nagar Haveli, Silvassa - 396230 and at Plot No. 99/2/1 and 9, and Survey No. 87 Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, UT of Dadra and Nagar Haveli, Silvassa 396230.

 

ii) Working Capital and Pre-Cum-Post Shipment Loan from Exim Bank is secured by first Pari-Passu charge on entire current assets both present and future; Second Pari-Passu charge on the entire movable fixed assets both present and future; second Pari-Pasu charge on the entire Land and other Immovable properties both present and future.

 

iii) Working Capital and Pre-Cum-Post Shipment Loan from Axis Bank is secured by first Pari-Passu charge on entire current assets both present and future; Second Pari-Passu charge on the entire movable fixed assets both present and future; second Pari-Passu charge on the entire Land and other Immovable properties both present and future.

 

Auditors :

 

Name :

K. J. Shah and Associates

Chartered Accountants

Address :

Shop No. D-11, Sai Darshan - B, Ram Baug Lane, Opposite Mulji Nagar, Borivali (West), Mumbai – 400092, Maharashtra, India

Tel No.:

91-22-28646766/28065318

Mobile:

91-9821280470

Email:

kjshahca@yahoo.com

 

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

18000000

Equity Shares

Rs.10/- each

Rs.180.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

17690250

Equity Shares

Rs.10/- each

Rs.176.902 Million

 

 

 

 

 

NOTE:

 

4,699,530 Equity Shares out of Shares Issued, Subscribed and Paid up were allotted as Bonus Shares in the last five years (Dt: 20.08.2009) by way of capitalisation of free reserves of the company.

 

8,657,700 Equity Shares out of Shares Issued, Subscribed and Paid up were issued during the year ended 31st March, 2010 for cash as initial public offer in February, 2010.

 

1,200,000 Equity Shares out of Shares Issued, Subscribed and Paid up were alloted during the year ended 31st March, 2013 on conversion of share warrant monies.

 

The Reconciliation of the number of shares outstanding is set out below:

 

Particulars

31.03.2015

 

 

Equity Shares at the beginning of the year

17.690

Add : Equity Shares alloted on Conversion of Share Warrants

--

Equity Shares as at 31st March 2015

17.690

 

 

 

Details of Shareholders holding more than 5% shares:

 

31.03.2015

Name of Shareholder

Number of Shares (In Millions)

% holding

Makrand Moreshwar Appalwar *

4.16

23.51

Rinku Makrand Appalwar

2.12

11.98

Emmbi Laboratories Private Limited

1.63

9.19

Maithili Agrotech Private Limited

1.05

5.94

*The Reduction in holding is on account of inter-se-transfer.

 

 

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

176.900

176.900

176.900

(b) Reserves & Surplus

457.370

405.020

366.850

(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)

634.270

581.920

543.750

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

70.650

61.450

84.450

(b) Deferred tax liabilities (Net)

49.600

43.090

37.050

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

40.770

43.050

35.780

Total Non-current Liabilities (3)

161.020

147.590

157.280

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

695.720

591.180

474.170

(b) Trade payables

8.360

14.690

30.480

(c) Other current liabilities

56.530

68.460

62.180

(d) Short-term provisions

6.820

6.330

4.300

Total Current Liabilities (4)

767.430

680.660

571.130

 

 

 

 

TOTAL

1562.720

1410.170

1272.160

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

534.830

514.490

474.880

(ii) Intangible Assets

19.950

5.260

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2.990

2.990

2.990

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

32.290

37.820

33.290

(e) Other Non-current assets

0.070

0.120

0.180

Total Non-Current Assets

590.130

560.680

511.340

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

546.840

486.310

405.540

(c) Trade receivables

334.320

311.500

255.540

(d) Cash and cash equivalents

32.890

1.510

3.680

(e) Short-term loans and advances

58.540

50.170

96.060

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

972.590

849.490

760.820

 

 

 

 

TOTAL

1562.720

1410.170

1272.160

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

1838.220

1590.500

1401.910

 

Other Income

5.550

0.590

0.320

 

TOTAL (A)

1843.770

1591.090

1402.230

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1189.250

1060.580

906.780

 

Purchases of Stock-in-Trade

183.110

122.630

192.070

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(69.330)

(76.760)

(97.490)

 

Employees benefits expense

62.440

55.010

60.970

 

Other expenses

276.120

275.460

213.800

 

TOTAL (B)

1641.590

1436.920

1276.130

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

202.180

154.170

126.100

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

88.890

63.110

52.990

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

113.290

91.060

73.110

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

30.590

28.900

24.880

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

82.700

62.160

48.230

 

 

 

 

 

Less

TAX (H)

23.050

18.820

15.810

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

59.650

43.340

32.420

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

132.370

94.210

67.020

 

 

 

 

 

 

EXCESS PROVISION OF TAXES OF EARLIER YEARS

0.000

0.000

0.190

 

 

 

 

 

MAT CREDIT UTILISED IN EARLIER YEARS

0.000

0.000

1.310

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Adjustment relating to fixed assets

(0.930)

0.000

0.000

 

Proposed Dividend

5.310

4.420

3.540

 

Dividend Distribution Tax

1.060

0.750

0.570

 

Balance Carried to the B/S

184.730

132.370

94.210

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

962.500

811.320

584.990

 

TOTAL EARNINGS

962.500

811.320

584.990

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

23.730

15.490

38.640

 

Capital Goods

0.000

0.000

0.540

 

TOTAL IMPORTS

23.730

15.490

39.180

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.37

2.45

1.91

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

38.590

41.000

35.290

Cash Flow From Operations

92.930

51.390

(56.090)

Net Cash Generated From Operating Activities

78.970

43.250

(66.800)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2015

1st Quarter

30.09.2015

2nd Quarter

Audited / UnAudited

 

 

 

 

 

 

 

Net Sales

 

461.62

523.330

Total Expenditure

 

403.800

462.650

PBIDT (Excl OI)

 

57.8200

60.680

Other Income

 

5.280

6.310

Operating Profit

 

63.100

66.990

Interest

 

23.660

24.870

Exceptional Items

 

NA

NA

PBDT

 

39.440

42.120

Depreciation

 

8.460

8.830

Profit Before Tax

 

30.980

33.290

Tax

 

9.350

11.250

Provisions and contingencies

 

NA

NA

Profit After Tax

 

21.630

22.040

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

21.630

22.040

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

3.24

2.72

2.31

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

11.00

9.69

8.99

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.30

4.42

3.80

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.11

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.27

1.19

1.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.27

1.25

1.33

 

 

STOCK PRICES

 

Face Value

Rs.10/-

Market Value

Rs.84.80/-

 

 

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

176.900

176.900

176.900

Reserves & Surplus

366.850

405.020

457.370

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

543.750

581.920

634.270

 

 

 

 

long-term borrowings

84.450

61.450

70.650

Short term borrowings

474.170

591.180

695.720

Current maturities of long-term debts

35.290

41.000

38.590

Total borrowings

593.910

693.630

804.960

Debt/Equity ratio

1.092

1.192

1.269

 

 

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

1401.910

1590.500

1838.220

 

 

13.452

15.575

 

 

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

1401.910

1590.500

1838.220

Profit

32.420

43.340

59.650

 

2.31%

2.72%

3.24%

 

 

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

Yes

8

Designation of contact person

Yes

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)

Yes

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

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

OPERATIONS

 

During the year, Company has achieved Revenue from Operations and the Income aggregating to Rs.1843.780 million as against Rs.1591.090 million during the previous year, registering an increase of about 16% over the previous year. Profit after providing for taxes is Rs.59.650 million as against Rs.43.340 million during the previous year, registering an increase of about 38% over the previous year.

                                                            

CORPORATE INFORMATION

 

Subject is a public limited company and is listed on BSE Limited and National Stock Exchange of India Limited (NSE). The Company is engaged in the business of Manufacturing and Trading of HDPE and PP - Woven Polymer Based Products.

 

Management Discussion and Analysis

 

Forward Looking Statements

 

The report contains forward-looking statements, identified by words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ and so on. All statements that address expectations or projections about the future, but not limited to the Company’s strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Company’s actual results, performance or achievements could thus differ from those projected in any forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any such statements on the basis of subsequent developments, information or events.

 

Economy and Outlook

 

Growth across the global economy continued to be tepid at 2.60% (2.50% in 2013), driven by varying trends across economies. The US, UK, Germany, and France (all Emmbi’s focus markets) continued to show improvements, both on account of better labour market conditions, and easy monetary policies. Japan, China and other parts of Asia witnessed slower growth, and the oil exporting countries after years of consolidation, experienced declines due to the sudden drop in prices of hydrocarbons from June 2014. Global trade grew during the same period at less, than 4.00%, well below the pre-financial crisis level of 7.00% on account of lower import demand in high-income countries and structural adjustments.

 

The outlook is expected to be divergent in the coming years, with the developed economies, showing improved prospects on account of recovery in labour markets, fiscal consolidation, and the low interest rate scenario. The oil exporting economies, are expected to witness significant slowdown, however the capital buffers that most of these economies possess, and their targeted spending plan should offset the negative impact to some extent. Emerging economies, especially the oil importers should benefit from the low prices of hydrocarbons, as it would reduce inflationary pressures, and fiscal imbalances.

 

Indian economy witnessed higher levels of growth at around 6.00% after stagnating at sub 5.00% levels the past two fiscals. The core industrial sectors of mining, manufacturing, and power witnessed a pick-up in activities. The growth in the manufacturing sector was lower than what was ideal, both on account of subdued demand, and lower capital commitments as the industry perhaps waited for more positive policies from the government, prior to committing to investments. Services sector continued to impress with its growth, and despite erratic monsoons, there was improvement in the agricultural sector. Unfortunately the agri-sector continues to depend on monsoon as a large part of it is rain-fed, and any variation from historical pattern, can affect its output.

 

The outlook for India continues to be positive, with inflation in check, we could anticipate a gradual decline in interest rates, which has been a hurdle for capital investments. Moreover if oil prices remain at current levels, it may also spur up private consumption besides helping the government manage subsidies, and reduce the deficit improving prospects moving forward.

 

The governmental agenda of the “Make in India” should be a growth booster to the manufacturing sector, and bring positive structural changes to the economy. Manufacturing which currently contributes to 16% of India’s GDP, under this scheme is expected to grow to an ambitious 25%. Given such a scenario it is expected that manufacturing sector would double itself every three years. For this to translate into reality, large-scale improvements and investments are required both at the infrastructure, and industry levels.

 

Moreover the government is also expected to ease certain norms, allow incentives, and rationalise taxation to achieve this goal. Risks remain at local, and the global level; events in the Million area, Russia or a political turmoil could affect not only projected growth, but also currency, and lead to flight of capital.

 

(3) Sector Performance

 

The Polymer sector in India is valued at $30 billion, and this grew at 8% last year, and, growth rate is pegged at 10% for the coming year. India is steadily gaining a foothold in the global market, as China no longer offers the same cost and other advantages.

 

Technical textiles, which are essentially fabric woven out of polymers has been experiencing a healthy growth in the region of 15% upwards for the past five years. Traditionally North America, and Millionpe were the mainstay markets, however this is changing with increased demand from Asia, on account of greater consumption needs. Emmbi is expected to grow at a much faster rate compared to the industry.

 

UNSECURED LOAN

 

Particulars

As on

31.03.2015

(Million)

As on

31.03.2014

(Million)

LONG TERM BORROWING

 

 

From Corporates

43.980

4.570

SHORT TERM BORROWING

 

 

Working Capital Loans from Banks

695.720

591.180

Total

739.700

595.750

Note:

 

Repayment Schedule

(Million)

YEARS

Term Loans

Unsecured Loans

For 2015-16

30.180

8.41

For 2016-17

15.44

43.59

For 2017-18

9.88

0.39

For 2018-19

0.79

--

For 2019-20

0.57

--

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10532348

26/09/2014

4,150,750.00

SIEMENS FINANCIAL SERVICES PRIVATE LIMITED

130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA
RASHTRA - 400018, INDIA

C34319145

2

10407002

14/02/2013

50,000,000.00

PUNJAB NATIONAL BANK

GOREGAON (EAST) BRANCH, 8, CAMA INDUSTRIAL ESTATE,
, GOREGAON (EAST),, MUMBAI, MAHARASHTRA - 400063,
INDIA

B69169209

3

10407001

12/02/2013

10,000,000.00

PUNJAB NATIONAL BANK

GOREGAON (EAST) BRANCH, 8, CAMA INDUSTRIAL ESTATE,
, GOREGAON (EAST),, MUMBAI, MAHARASHTRA - 400063,
INDIA

B69168524

4

10403195

17/01/2015 *

826,100,000.00

PUNJAB NATIONAL BANK

GOREGAON (EAST) BRANCH, 8, CAMA INDUSTRIAL ESTATE,
WAL BHAT ROAD, GOREGAON (EAST), MUMBAI, MAHARASH
TRA - 400063, INDIA

C48149306

5

10373999

21/04/2015 *

140,000,000.00

AXIS BANK LIMITED

WORLI BRANCH, GROUND FLOOR, AXIS HOUSE, C-2,, WAD
IA INDUSTRIAL CENTRE, P. B. MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400063, INDIA

C53072401

6

10259786

20/12/2012 *

65,000,000.00

PUNJAB NATIONAL BANK

GOREGAON (EAST) BRANCH, 8, CAMA INDUSTRIAL ESTATE,
, GOREGAON (EAST),, MUMBAI, MAHARASHTRA - 400063,
INDIA

B68184373

7

10250929

22/08/2015 *

250,000,000.00

EXPORT IMPORT BANK OF INDIA

WORLD TRADE COMPLEX, 21 FLOOR,, CUFFE PARADE,, MU
MBAI, MAHARASHTRA - 400005, INDIA

C62581749

8

10041394

06/12/2014 *

360,000,000.00

PUNJAB NATIONAL BANK

GOREGAON (EAST) BRANCH, 8, CAMA INDUSTRIAL ESTATE,
WAL BHAT ROAD, GOREGAON (EAST), MUMBAI, MAHARASH
TRA - 400063, INDIA

C48144554

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

(Million)

PARTICULARS

31.03.2015

31.03.2014

 

 

 

Guarantees

Guarantee by Banks to Electricity Department (Silvassa)

6.800

4.450

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2015

(Million)

 

Particulars

Quarter ended

(Unaudited)

Half year ended

(Unaudited)

 

 

30.09.2015

30.06.2015

30.09.2015

Income from Operations

 

 

 

a) Income from Operations

520.770

459.230

980.010

b) Other Operating Income

2.560

2.390

4.950

Total Income from Operations (Net)

523.330

461.620

984.950

Expenses

 

 

 

a)

Cost of Materials consumed

297.40

270.790

568.190

b)

Purchase of stock in-trade

62.450

57.820

120.280

c)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(1.800)

(23.620)

(25.420)

d)

Employee benefit expenses

20.900

16.020

36.920

e)

Depreciation and amortization expense

8.830

8.460

17.300

f)

Other expenses

83.700

82.780

166.470

Total Expenses

471.480

412.260

883.740

 

Profit /(Loss) from operations before other income, finance costs and exceptional items

51.850

49.360

101.210

Other Income

6.310

5.280

11.590

 

Profit /(Loss) from ordinary activities before finance costs and exceptional items

58.160

54.640

112.810

Finance Costs

24.870

23.660

48.530

Profit /(Loss) from ordinary activities before tax

33.290

30.980

64.280

Tax Expense

11.250

9.350

20.600

Net Profit /(Loss) from ordinary activities after tax (9-10)

22.040

21.630

43.680

Paid up equity share capital (Eq. shares of  Rs.10/- each)

176.900

176.900

176.900

Reserve excluding revaluation reserves

--

--

--

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

 

Basic

1.25

1.22

2.47

 

Diluted

1.25

1.22

2.47

 

PARTICULARS OF SHAREHOLDING

 

 

 

 

Public Shareholding

 

 

 

 

- No. of Shares

7537651

7593.501

7537651

 

- Percentage of Shareholding

42.61

42.92

42.61

 

Promoters and promoter group shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of shares

NIL

NIL

NIL

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

NIL

NIL

NIL

 

- Percentage of shares (as a % of the total share capital of the Company)

NIL

NIL

NIL

 

b) Non- encumbered

 

 

 

 

- Number of shares

10152599

10096749

10152599

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

100.00

100.00

100.00

 

- Percentage of shares (as a % of the total share capital of the Company)

57.39

57.08

57.39

 

 

 

Particulars

Quarter ended 30.09.2015

B

 

Investor Complaints

 

 

 

Pending at the beginning of the quarter

Nil

 

 

Received during the quarter

Nil

 

 

Disposed during the quarter

Nil

 

 

Remaining unresolved at the end of the quarter

Nil

 

STATEMENT OF ASSETS AND LIABILITIES

 

SOURCES OF FUNDS

30.09.2015

 

 

I.              EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

176.900

(b) Reserves & Surplus

501.050

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

677.950

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

60.630

(b) Deferred tax liabilities (Net)

52.470

(c) Other long term liabilities

0.000

(d) long-term provisions

58.170

Total Non-current Liabilities (3)

171.270

 

 

(4) Current Liabilities

 

(a) Short term borrowings

572.450

(b) Trade payables

113.120

(c) Other current liabilities

98.260

(d) Short-term provisions

6.690

Total Current Liabilities (4)

790.520

 

 

TOTAL

1639.740

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

 

(i) Tangible assets

541.520

(ii) Intangible Assets

26.490

(iii) Capital work-in-progress

7.510

(iv) Intangible assets under development

0.000

(b) Non-current Investments

3.470

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

47.110

(e) Other Non-current assets

0.040

Total Non-Current Assets

626.140

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

554.630

(c) Trade receivables

355.060

(d) Cash and cash equivalents

18.930

(e) Short-term loans and advances

84.980

(f) Other current assets

0.000

Total Current Assets

1013.600

 

 

TOTAL

1639.740

 

 

NOTE:

 

The Financial results have been reviewed by Audit Committee and approved by the Board of directors in its meeting held on November 07, 2015. The above results have been subjected to limited review by Statutory Auditors of the Company as required under clause 41 of the Listing Agreement.


The entire operation of the Company relate to only one segment viz. Polymer based multiple products.


Figures for the Previous period /quarter have been rearranged, re-grouped or reclassified wherever necessary, to confirm with the figures for the current period / quarter.


The Company is in the process of determining and identifying significant components of Fixed Assets, as prescribed under Schedule II to the Companies Act, 2013 and the resultant impact if any will be considered in due course during F.Y. 2015-16.

 

FIXED ASSETS

 

Tangible Fixed Assets

 

 

Intangible Fixed Assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.85

UK Pound

1

Rs.100.58

Million

1

Rs.73.16

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT 

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.