MIRA INFORM REPORT
|
Report No. : |
354553 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANJUSHREE TECHNOPACK LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 60 E And F, Bommasandra, Industrial Area, Bangalore- 560099,
Karnataka. |
|
Tel. No.: |
91-80-43436200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
13.11.1987 |
|
|
|
|
Com. Reg. No.: |
032636 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.137.186 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120KA1987PLC032636 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRM15100B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9418K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Plastic Containers (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 5100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 1987 and it is engaged in the
manufacturing and selling of Pet jars and bottles, multilayer containers, PET
hot- fillable bottles, and preforms for use in the food, beverage,
pharmaceutical, cosmetic, agricultural chemical and allied sectors. For the financial year ended 2015, company has reported 18.83% revenue
growth as compared to previous year revenue and it has maintain satisfactory
profitability margin at 6.56% during the year under review. The rating reflect company’s established position in the plastic
packaging industry, supported by its strong relationship with customers and
large installed capacity. The rating also factor in the company’s adequate financial risk
profile, with improving gearing and healthy debt protection metrics, driven
by healthy cash accruals. Rating strengths is partially offset by the susceptibility of
company’s operating profitability to volatility in raw material prices,
client concentration in its revenue profile, and its working capital-
intensive operations. Trade relations are reported as fair. Payment are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealing at usual trade terms and conditions. Note: the company has delisted its equity shares from the BSE Limited
and National stock exchange limited with effect from 24th march,
2015. All legal compliance in this regard has been complied with. |
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 – 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 |
Crisil |
|
Facilities |
Long Term Rating |
|
Rating |
A |
|
Rating Explanation |
Adequate Degree of Safety and Low Credit Risk |
|
Date |
19.12.2014 |
|
Rating Agency Name |
Crisil |
|
Facilities |
Short Term Rating |
|
Rating |
A 1 |
|
Rating Explanation |
Very Strong Degree of Safety and Carry Lowest Credit Risk. |
|
Date |
19.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
LOCATIONS
|
Registered Office / Factory: |
Plot No. 60 E And F, Bommasandra, Industrial Area, Bangalore- 560099,
Karnataka, India |
|
Tel. No.: |
91-80-43436200 |
|
Mobile No.: |
91-9379913008 (Mr. Ankit) |
|
Fax No.: |
91-80-27832245 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
71-72, Bidadi Industrial Area, Phase 2 , Sector 2, Bidadi,
Bangalore- 562109, Karnataka, India. |
|
Factory 3 : |
295, 2nd Phase, Harohalli
Industrial Area, Kanakapura Taluk, Harohalli,
Bangalore- 562135, Karnataka, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Vimal Kedia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Surendra Kedia |
|
Designation : |
Executive Director and Compliance Officer |
|
|
|
|
Name : |
Mr. Rajat Kedia |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Ankit Kedia |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. G. Vamanacharya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.K.Sarawagi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Maya Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunish Sharma |
|
Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Basant Kumar Mohata |
|
Designation : |
CFO and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
2947246 |
21.75 |
|
|
6682338 |
49.32 |
|
|
9629584 |
71.08 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
9629584 |
71.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1503 |
0.01 |
|
|
1503 |
0.01 |
|
|
|
|
|
|
873487 |
6.45 |
|
|
|
|
|
|
1224184 |
9.04 |
|
|
1621306 |
11.97 |
|
|
197636 |
1.46 |
|
|
67785 |
0.50 |
|
|
124351 |
0.92 |
|
|
5500 |
0.04 |
|
|
0 |
0 |
|
|
3916613 |
28.91 |
|
Total Public shareholding (B) |
3918116 |
28.92 |
|
Total (A)+(B) |
13547700 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13547700 |
0.00 |
Equity Share Break up (Percentage of Total Equity)
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Plastic Containers (Registered Activity) |
|
|
|
|
Products : |
Plastic Containers |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
LONG TERM
BORROWING:
- Term Loan from State Bank of India is secured
by way of Hypothecation of Company’s present and future movable fixed
assets comprising Plant and Machineries (except machineries on which
charge belongs to EDC), Equipment etc. along with equitable mortgage of
immovable properties located at Bommasandra, Bidadi and Harohalli,
Bangalore further secured by way of personal guarantee of 2 directors. The
said loan is repayable in quarterly instalments, the last of which is due
in June 2021. Rate of interest on term loans range from 12.45% to 13.45%
- Buyer’s Credit on capital goods
represents vendor liability settled on the basis of letters of credit
issued by State Bank of India, security for the said Buyer’s credit are
same as stated in Note # 4.1. Buyer’s Credit shall be substituted by
proposed term loan to be disbursed upon maturity of buyer’s credit.
- Car loan from Kotak Mahindra Bank is
secured by way of hypothication of vehicle financed. It is repayable in 60
monthly installments commencing from April 2015 and ending in March, 2020.
The rate of interest is 9.50%.
SHORT TERM BORROWING:
- Demand loans from Bank: Working capital
loans are secured against present and future movable assets of the Company
like inventory, debtors, plant and machineries etc., further secured by
way of personal guarantee of two Directors. Rate of interest 10.75% to
10.90%.
|
Auditors : |
|
|
Name : |
Singhvi Dev and Unni Chartered Accountant |
|
Address : |
6th Floor, Trade Centre,
29/4, Race Course Road, Bangalore – 560001, Karnataka, India |
|
Tele no.: |
91-80-22261371 |
|
Fax no.: |
91-80-22205469 |
|
E-Mail: |
|
|
Website: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Enterprises under common control of the
management (EUC)
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13547700 |
Equity Shares |
Rs.10/- each |
Rs.135.477
Million |
|
239500 |
Forfeited shares (amount originally paid up (239,500 equity shares have been forfeited
on 30.09.1997 for non-payment of allotment
money.) |
|
Rs.1.709
Million |
|
|
Total |
|
Rs.137.186 Million |
As on 31.03.2015
Reconciliation of no. of Equity Shares
outstanding at the beginning and at the end of the current year:
|
Particular |
Number |
Amount |
|
As at beginning of the period |
13547700 |
135.477 |
|
Add: number of shares issued during the
year |
- |
- |
|
Less: number of shares bought back during
the year |
- |
- |
|
|
13547700 |
135.477 |
Shareholders
holding more than 5% Equity Shares in the Company:
|
Particular |
Number of share
held |
% of Holding |
|
Manjushree Fincap Private Limited |
3097609 |
22.86% |
|
Hitech Creations Private Limited |
1770043 |
13.07% |
|
Shruti Financial Services Private Limited |
3035409 |
22.41% |
|
Mphinite Solutions Private Limited |
1163457 |
8.59% |
|
Rajat Kedia |
1021334 |
7.54% |
|
Sashi Kedia |
933090 |
6.89% |
- Company has only one class of shares
referred to as Equity Shares of Rs. 10/- (P.Y. - Rs. 10/-) each. Each
Equity Share holder is entitled to one vote per share.
- The dividend as recommended by the board
on or entitled to their proportionate asset of the Company at the time of
liquidation
- The Board has recommended a dividend @
10% (PY - 10%) of the paid up capital
- The company does not have any Holding
Company. Hence, disclosure regarding number of shares held by the holding
Company, the ultimate Holding Company, their subsidiary and Associates
does not arise.
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 |
137.186 |
137.186 |
137.186 |
|
(b) Reserves &
Surplus |
1672.565 |
1342.171 |
1094.370 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1809.751 |
1479.357 |
1231.556 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1319.998 |
1346.108 |
1231.622 |
|
(b) Deferred tax
liabilities (Net) |
78.394 |
129.408 |
131.742 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
15.794 |
12.063 |
9.103 |
|
Total Non-current
Liabilities (3) |
1414.186 |
1487.579 |
1372.467 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
654.036 |
1174.990 |
813.253 |
|
(b) Trade payables |
97.180 |
219.069 |
108.880 |
|
(c) Other current
liabilities |
724.728 |
646.503 |
704.202 |
|
(d) Short-term provisions |
76.579 |
27.300 |
24.630 |
|
Total Current Liabilities
(4) |
1552.523 |
2067.862 |
1650.965 |
|
|
|
|
|
|
TOTAL |
4776.460 |
5034.798 |
4254.988 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2116.281 |
2265.472 |
2352.460 |
|
(ii) Intangible Assets |
1.588 |
1.767 |
1.814 |
|
(iii) Capital
work-in-progress |
213.668 |
142.349 |
53.103 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
282.696 |
186.901 |
56.566 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2614.233 |
2596.489 |
2463.943 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
865.319 |
1098.709 |
486.251 |
|
(c) Trade receivables |
869.266 |
788.648 |
655.601 |
|
(d) Cash and cash
equivalents |
46.063 |
52.412 |
249.802 |
|
(e) Short-term loans and
advances |
363.682 |
498.177 |
355.341 |
|
(f) Other current assets |
17.897 |
0.363 |
44.050 |
|
Total Current Assets |
2162.227 |
2438.309 |
1791.045 |
|
|
|
|
|
|
TOTAL |
4776.460 |
5034.798 |
4254.988 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
5245.509 |
4376.879 |
3612.203 |
|
|
Other Income |
35.104 |
66.809 |
29.169 |
|
|
TOTAL (A) |
5280.613 |
4443.688 |
3641.372 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2911.157 |
3186.693 |
2300.834 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
311.220 |
(529.7590 |
(139.675) |
|
|
Employees benefits
expense |
318.856 |
258.905 |
208.340 |
|
|
power and fule expenses |
290.830 |
256.065 |
225.591 |
|
|
other manufactring
expenses |
91.525 |
90.201 |
92.246 |
|
|
prior period expenses |
0.601 |
0.209 |
0.000 |
|
|
Other expenses |
190.599 |
141.294 |
136.157 |
|
|
TOTAL (B) |
4114.788 |
3403.608 |
2823.493 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1165.825 |
1040.080 |
817.879 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
199.450 |
216.744 |
120.410 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
966.375 |
823.336 |
697.469 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
472.547 |
430.374 |
319.349 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
493.828 |
392.962 |
378.120 |
|
|
|
|
|
|
|
Less |
TAX (H) |
147.282 |
129.101 |
136.688 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
346.546 |
263.861 |
241.432 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
606.623 |
403.124 |
235.156 |
|
|
Sale of
Fixed Assets |
0.000 |
69.579 |
0.000 |
|
|
TOTAL EARNINGS |
606.623 |
472.703 |
235.156 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
214.665 |
218.815 |
324.988 |
|
|
Spares and
Consumables |
2.629 |
3.440 |
0.692 |
|
|
Capital
Equipment |
117.020 |
139.714 |
324.607 |
|
|
TOTAL IMPORTS |
334.314 |
361.969 |
650.287 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
25.58 |
19.48 |
17.82 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
351.731 |
220.160 |
193.269 |
|
Cash generated from operations |
129.084 |
84.129 |
699.075 |
|
Net cash flows from (used in) operations |
1144.802 |
(44.972) |
562.388 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.61 |
6.03 |
6.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
22.23 |
23.76 |
22.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.33 |
7.80 |
8.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.27 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.29 |
1.85 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.18 |
1.08 |
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 |
137.186 |
137.186 |
137.186 |
|
Reserves & Surplus |
1094.370 |
1342.171 |
1672.565 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1231.556 |
1479.357 |
1809.751 |
|
|
|
|
|
|
long-term borrowings |
1231.622 |
1346.108 |
1319.998 |
|
Short term borrowings |
813.253 |
1174.990 |
654.036 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
193.269 |
220.160 |
351.731 |
|
Total borrowings |
2238.144 |
2741.258 |
2325.765 |
|
Debt/Equity ratio |
1.817 |
1.853 |
1.285 |
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 |
3612.203 |
4376.879 |
5245.509 |
|
|
|
21.169 |
19.846 |
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 |
3612.203 |
4376.879 |
5245.509 |
|
Profit |
241.432 |
263.861 |
346.546 |
|
|
6.68% |
6.03% |
6.61% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
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 |
RESULTS OF OUR OPERATIONS
The Company had another
year of splendid performance and has maintained its record of increasing growth
and profits year after year. The gross turnover for FY 2015 was higher at Rs.
6207.600 Million (2014 – Rs.5245.400 Million) registering an increase of 18%.
The gross profit during FY 2015 was Rs.1322.200 Million (2014 – Rs.1114.500
Million) reflecting an increase of 18.64%, while the operating profit showed a
jump of 16.06% to Rs.1131.100 Million (2014 – Rs.974.600 Million). The profit
before tax during FY 2015 was also higher at Rs.494.200 Million (2014 –
Rs.393.000 Million) recording an increase of 25.75%. After provision for
taxation, the net surplus amounted to Rs.347.700 Million (2014– Rs.263.900
Million) resulting in a fully diluted EPS of Rs.25.66 (2014 – Rs.19.48)
MACRO INDUSTRY OUTLOOK AND THE LATEST TRENDS
IN PLASTIC PACKAGING BUSINESS:
Plastic Packaging Industry
has been growing at a fast pace in India and is valued at approx. $ 16.3
Billion (INR 100000 crores) and maintains a CAGR of 13% to 15% per annum.
According to industry experts and users of packaging, the estimated market size
of this sector is expected to be around $ 60 Billion.
According to Reliance
Industries Limited, India’s foremost and leading plastic resin producer, the
total demand for plastic in India stands at about 16 MMTPA and plastic
packaging accounts for almost 1/3 of this demand. Over the years, the per
capita consumption of plastic packaging in India has increased to approx. 9.7
Kilos, which is comparatively lower than many nations of Europe, America and
even South East Asia. The company converts almost 60,000 MT of PET resin into
packaging for FMCG companies.
Hence, with specific
mention about PET packaging demand, they see that the total demand in India is slightly
over 800000 MTPA and is growing steadily year-on-year. PET used to be the
material of choice for most food companies but now PET is increasingly being
used also in the Personal Care and Home Care Industries too. This will help
drive PET demand at a much faster pace than before. This year The Company
converted over 60,000 MT of PET resin into Finished Goods, which is almost 6000
MT more than last year. They continue to increase production year-on-year in
sync with the demand of the industry.
AWARDS AND RECOGNITIONS:
Keeping with the tradition,
The Company has again been awarded the ‘Gold Supplier’ award by Coca-Cola for
4th year in succession.
Apart from across industry recognitions, The Company has again won numerous
India
Star Awards for Packaging
Excellence and have been featured in various publications and has given us the
Bell
Weather
Status for Packaging industry parse and Plastic Packaging in principle.
OUTLOOK:
With the coming of the new
Government in full majority, the overall macro-economic outlook for the
industry is positive.
However, practical problems
related to inflation, foreign exchange volatility and low consumer spending
need to be addressed in the long term to establish sustainable growth and
profits. Raw Material prices continue to be in the highest range and are
expected to remain firm for the major part of the year. To overcome these
difficult times, the company is actively investing in light-weighing plastic
containers, R&D on better and innovative packaging to stay ahead of the
competition barring any unforeseen situation, which is beyond its control. The
Company is expected to deliver better solutions and profits thereof.
UNSECURED LOAN
(Rs. in million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Unsecured
Obtained by personal guarantee of 2 Directors |
|
|
|
Inter Corporate Deposit from Body
Corporates |
0.000 |
118.000 |
|
Others |
0.000 |
199.998 |
|
Total |
0.000 |
317.998 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10516782 |
08/08/2014 |
140,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH,, RESIDENCY PLAZA,
RESIDENCY ROAD,, BANGALORE, KARNATAKA - 560025, INDIA |
C18290171 |
|
2 |
10439580 |
07/07/2014 * |
1,082,600,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH,, RESIDENCY
PLAZA, RESI DENCY ROAD,, BANGALORE,
KARNATAKA - 560025, INDIA |
C14688097 |
|
3 |
10321382 |
18/11/2011 |
104,990,236.00 |
Export Development Canada |
150 SLATER STREET, OTTAWA, ONTARIO, -
000001, CANADA |
B27013895 |
|
4 |
80007153 |
04/02/2015 * |
2,480,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA,
RESIDENCY ROAD,, BANGALORE, KARNATAKA - 560025, INDIA |
C45222890 |
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Building and
Civil Work
- Plant and
Machinery
- Utility
Installation
- Computer
System
- Furniture and
Fixture
- Vehicle
- Other
Equipment’s
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.66.64 |
|
UK Pound |
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PRV |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.