MIRA INFORM REPORT
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Report No. : |
308590 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KAIRA CAN COMPANY LIMITED |
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Registered
Office : |
Ion House, Dr. E Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.03.1962 |
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Com. Reg. No.: |
11-012289 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.221 Millions |
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CIN No.: [Company Identification
No.] |
L28129MH1962PLC012289 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11380F /
MUMK12715D |
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PAN No.: [Permanent Account No.] |
AAACK4319B /
AAACK4319B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the Manufacturer of Open Top Sanitary Cans,
Lithographed and Plain Metal Containers and Special Containers. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company has declined during financial year 2014. However, the rating takes into account the company’s established track
record in the tin can industry, supported by decent financial base and sound
liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Long Term, Fund Based Facilities] |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
September 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
A3+ [Short Term, Non Fund Based Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Rajesh Joshi |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-66608712 |
|
Date : |
17.02.2015 |
LOCATIONS
|
Registered Office : |
ION House, Dr. E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-56608711 (4
lines) / 66608712 / 66608713 |
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Fax No.: |
91-22-56635401 /
66608714 / 66635401 |
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E-Mail : |
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Website : |
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Corporate Office : |
Kairacan – GCMMF
Complex, Anand – 388001, |
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Tel. No.: |
91-2692-63237 /
63238 / 63239 |
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Fax No.: |
91-2692-62559 |
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E-Mail : |
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Factory 1 : |
Post Box No.23,
Amul dairy Compound, Anand – 388 001, |
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Tel. No.: |
91-2692-266634/35/36 |
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Fax No.: |
91-2692-241117 |
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E-Mail : |
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Factory 2 : |
Kanjura – 387325, District – Kheda, Gujarat, India |
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Factory 3: |
Plot No. 704/1 and 2 GIDC, Vitthal Udyog Nagar, Gujarat, India |
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Factory 4: |
Kaira Can Complex, Near Chikodara Railway, Crossing, P.B. No. 23,
Anand – 388001, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Shishir K. Diwanji, (w.e.f. 23rd May,
2014) |
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Designation : |
Chairman |
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Name : |
Mr. Ashok B. Kulkarni, |
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Designation : |
Managing Director |
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Name : |
Mr. K. Jagannathan |
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Designation : |
Executive Director |
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Name : |
Mr. Premal N. Kapadia |
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Designation : |
Director |
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Name : |
Mr. Utsav R. Kapadia |
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Designation : |
Director |
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Name : |
Mr. Nanak G. Sheth |
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Designation : |
Director |
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Name : |
Mr. Kirat M. Patel |
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Designation : |
Director |
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Name : |
Mr. R. S. Sodhi (Nominee of GCMMF) |
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Designation : |
Director |
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Name : |
Mr. Jayen Mehta (Nominee of GCMMF) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Hiten
Vanjara |
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Designation : |
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 |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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|
|
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|
400364 |
43.42 |
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|
151799 |
16.46 |
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|
552163 |
59.88 |
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|
3260 |
0.35 |
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|
3260 |
0.35 |
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Total shareholding of Promoter
and Promoter Group (A) |
555423 |
60.23 |
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(B) Public Shareholding |
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|
245764 |
26.65 |
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|
43605 |
4.73 |
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|
50666 |
5.49 |
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|
26675 |
2.89 |
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|
26675 |
2.89 |
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|
366710 |
39.77 |
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Total Public shareholding (B) |
366710 |
39.77 |
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Total (A)+(B) |
922133 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
922133 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Manufacturer of Open Top Sanitary Cans,
Lithographed and Plain Metal Containers and Special Containers. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Open Top Sanitary Cans and General Line Containers |
M.T. |
18,000 per annum |
18,000 per annum |
|
Ice Cream Cones (Waffles and Wafers) |
Nos. |
Not Applicable |
700 Lakhs per annum |
|
Can Making Machinery [The Company is registered
with DGTD, New Delhi for Manufacture of 100 Nos. Can Making Machinery per
annum on the Basis of maximum utilization of capacity.] |
|
-- |
100 per annum |
ACTUAL PRODUCTION:
|
Particulars |
Unit |
Actual
Production |
|
Open Top Sanitary Cans and General Line Containers |
Nos. |
627.44 Lakhs |
|
Ice Cream Cones (Waffles and Wafers) |
Nos. |
334.59 Lakhs |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note: * Deposit includes deposit received from Directors amounting to
Rs.1.835 Millions (Previous Year Rs.1.785 Millions) and from Shareholders Rs.
3.125 Millions (Previous Year Rs.3.145 Millions). Fixed Deposits having maturity
two years amounting to Rs. 2.750 Millions (Previous year Rs.2.750Millions)
and three years amounting to Rs. 53.240Millions (Previous year Rs. 32.365Millions) Nature of
Security and terms of repayment for Secured Borrowings:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalyaniwalla
and Mistry Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-61587200 / 6200 |
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Fax No.: |
91-22-22673964 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Company |
M/s. Puma Properties Limited |
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Enterprise having significant influence on the Company |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
20000 |
11% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
|
|
Total |
|
Rs.22.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
922133 |
Equity Shares |
Rs.10/- each |
Rs. 9.221 Millions |
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Note:
- Nil of the above
Nil (Previous Year Nil) shares have been issued for consideration other
than cash in five years immediately preceding the current financial year.
(Nil)
- Equity
Shares: The Company has issued only one class of equity shares having a
par value of Rs.10 per share. Each shareholder is eligible for one vote
per share held. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their shareholding.
The Details of Shareholders holding more than 5% of total no. of shares
in the Company
|
Name of the Shareholder |
As at 31-Mar-14 |
|
|
No. of Shares held |
% of holding |
|
|
M/s. Gujarat Co-Op. Milk Marketing
Federation Limited |
238016 |
25.81 |
|
M/s. Harshadray Private Limited |
136313 |
17.78 |
|
Ms. Rekha Harshadray Kapadia |
96950 |
10.51 |
|
Mr. Premal N. Kapadia |
90349 |
9.80 |
|
Mr. Bharat A. Kapadia |
65514 |
7.10 |
|
Ms. Shefali Narendra Kapadia |
54.057 |
5.86 |
Reconciliation of No. of shares outstanding at the beginning and end of
the reporting period.
|
Particulars |
Year ended 31-Mar-14 |
|
|
No. of Shares |
Amount |
|
|
Shares outstanding at the beginning of the
year |
922133 |
9.221 |
|
Add: Shares issued / subscribed during the
year |
-- |
-- |
|
Shares outstanding at the end of the year |
922133 |
9.221 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.221 |
9.221 |
9.221 |
|
(b) Reserves & Surplus |
445.241 |
396.278 |
205.237 |
|
(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) |
454.462 |
405.499 |
214.458 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
57.150 |
53.497 |
46.381 |
|
(b) Deferred tax liabilities (Net) |
16.607 |
2.139 |
0.647 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.442 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
79.199 |
55.636 |
47.028 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
109.327 |
118.521 |
62.275 |
|
(b) Trade payables |
217.254 |
143.563 |
151.587 |
|
(c) Other current
liabilities |
97.493 |
100.550 |
100.805 |
|
(d) Short-term
provisions |
6.418 |
11.569 |
7.998 |
|
Total Current
Liabilities (4) |
430.492 |
374.203 |
322.665 |
|
|
|
|
|
|
TOTAL |
964.153 |
835.338 |
584.151 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
397.430 |
201.047 |
174.889 |
|
(ii) Intangible Assets |
0.033 |
0.070 |
0.122 |
|
(iii) Capital
work-in-progress |
0.000 |
16.093 |
0.363 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.219 |
5.218 |
0.718 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
44.562 |
23.822 |
14.734 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
447.244 |
246.250 |
190.826 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.000 |
155.145 |
2.000 |
|
(b) Inventories |
286.453 |
226.628 |
172.435 |
|
(c) Trade receivables |
66.661 |
82.004 |
94.077 |
|
(d) Cash and cash
equivalents |
53.811 |
29.411 |
20.452 |
|
(e) Short-term loans
and advances |
107.984 |
95.900 |
104.361 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
516.909 |
589.088 |
393.325 |
|
|
|
|
|
|
TOTAL |
964.153 |
835.338 |
584.151 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1212.092 |
1161.219 |
1089.798 |
|
|
|
Other Income |
28.672 |
21.413 |
13.969 |
|
|
|
TOTAL (A) |
1240.764 |
1182.632 |
1103.767 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
734.839 |
710.567 |
662.779 |
|
|
|
Employee Benefits Expense |
73.016 |
80.884 |
64.253 |
|
|
|
Other Expenses |
324.374 |
320.533 |
315.325 |
|
|
|
Exceptional Items |
0.000 |
(195.050) |
0.000 |
|
|
|
Changes in
Inventories of Finished Goods and Process Stock |
(18.143) |
(32.687) |
(9.225) |
|
|
|
TOTAL (B) |
1114.086 |
884.247 |
1033.132 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
126.678 |
298.385 |
70.635 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.386 |
20.337 |
15.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
103.292 |
278.048 |
54.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.385 |
19.541 |
10.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
81.907 |
258.507 |
44.791 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.551 |
62.072 |
15.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
54.356 |
196.435 |
29.492 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
215.529 |
54.488 |
37.675 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
30.000 |
10.000 |
|
|
|
Proposed Dividend |
4.611 |
4.611 |
2.305 |
|
|
|
Tax on Proposed Dividend |
0.784 |
0.783 |
0.374 |
|
|
BALANCE CARRIED
TO THE B/S |
254.490 |
215.529 |
54.488 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on FOB Value |
57.025 |
70.790 |
116.882 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
351.900 |
372.044 |
393.198 |
|
|
|
Stores & Spares |
16.586 |
4.723 |
4.659 |
|
|
|
Capital Goods |
16.939 |
34.112 |
58.138 |
|
|
TOTAL IMPORTS |
385.424 |
410.879 |
455.995 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
58.95 |
213.02 |
31.98 |
|
|
|
- Diluted |
58.95 |
213.02 |
31.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
4.48 |
16.92 |
2.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.45 |
25.70 |
6.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.54 |
31.76 |
7.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.64 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37 |
0.42 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.53 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
9.221 |
9.221 |
9.221 |
|
Reserves & Surplus |
205.237 |
396.278 |
445.241 |
|
Net worth |
214.458 |
405.499 |
454.462 |
|
|
|
|
|
|
long-term borrowings |
46.381 |
53.497 |
57.150 |
|
Short term borrowings |
62.275 |
118.521 |
109.327 |
|
Total borrowings |
108.656 |
172.018 |
166.477 |
|
Debt/Equity ratio |
0.507 |
0.424 |
0.366 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1089.798 |
1161.219 |
1212.092 |
|
|
|
6.554 |
4.381 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1089.798 |
1161.219 |
1212.092 |
|
Profit |
29.492 |
196.435 |
54.356 |
|
|
2.71% |
16.92% |
4.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
--------------------- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Litigation
Details:
Case
Details
Bench:- Bombay
|
Lodging No.: ITXAL/2752/2009 Filling
Date: 02.12.2009 Reg.
No.: ITXA/4227/2009 Reg.
Date: 18/12/2009 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX – 6 MU Respondent:
KAIRA CAN COMPANY LIMITED Pent. Adv.: SURESH
KUMAR(0)
Resp. Adv.: VASANTI B PATEL (0) Distract : MUMBAI |
|
Bench : DIVISION |
|
Status : Admitted (Unready)
Category : TAX APPEALS Last date : 30/11/2010
Stage: FOR ADMISSION – FRESH Last Coram: HON’BLE SHRI
JUSTICE J.P. DEVADHAR HON’BLE
SHRI JUSTICE R. M. SAVANT |
|
Act: Income Tax Act 1961
Under Section : 260A |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
Fixed Deposits from Public |
40.410 |
26.855 |
|
Total |
40.410 |
26.855 |
Terms of
repayments for unsecured borrowings:
|
Borrowing |
Terms of
Repayment |
|
Fixed Deposits Rs. 55.990 Millions
(Previous year Rs. 35.115 Millions) |
Repayable within 2 - 3 years from the date of issue and not on demand
or notice except at the discretion of the Company. Rate of Interest 11.00%
p.a. for 3 year deposit and 10.50% p.a. for 2 year deposit (Previous year for
3 year deposit 11.00% p.a. and for 2 year deposit 10.50% p.a.) |
3. REVIEW OF
OPERATIONS
The Company has achieved a total sales turnover of Rs.1322.500 Millions
for the Year Ended 31st March, 2014, as compared to Rs.1268.900 Millions for
the previous year – a moderate growth of 5%. As mentioned in the last year's
Report, the Company has closed down the operations of Milk and Milk Products
Division (MMPD) Plant at Vashi on 30th June, 2013, which has restricted the
overall growth in sales turnover to some extent. However, the profitability has
improved as compared to previous year.
During the year, the Company has achieved a sales turnover of
Rs.1227.500 Millions of metal cans and components as compared to Rs.1139.700
Millions in the previous year, thereby registering a grown of 8%. This growth
is attributed mainly to good mango season leading to better realization and
increase in the demand from Gujarat dairies. The Company is also supplying
flavoured milk cans and condensed milk cans to dairies in Gujarat on regular
basis. The Company could only execute export orders worth Rs.58.900 Millions of
metal cans and its components during the year as compared to Rs.72.400 Millions
in the previous year. This drop in export sales is mainly due to market
instability prevailing in the Middle East countries.
As mentioned earlier, the Company has closed down the operations of MMPD
on 30th June, 2013. This Division has achieved job-work earnings of Rs.100
lakhs during 3 months from April to June, 2013. The Company has settled and
paid all the legal dues to the employees. The Company has also sold all the
machinery.
The Sugar Cone Division has achieved a sales turnover of Rs.95.000
Millions as compared to Rs. 60.600 Millions for the previous year - a growth of
57%. As mentioned in the last year's Report, the additional second equipment
was installed at its Vitthal Udyog Nagar Unit, Kheda Dist. and the commercial
production had commenced in the 3rd quarter of the accounting year 2012-13. As
demand for Sugar Cones for filling Ice-Cream continues to be increasing, the
Company had placed order for the third imported equipment, which has already
arrived and under installation. With the installation of the third machine, the
production capacity of Sugar Cone Division will become 150.000 Millions of
Cones per annum, which will fully take care of the requirements of dairies in
Gujarat and other Ice-cream manufacturers.
In the year 2011, the Company had undertaken modernization and expansion
of Kanjari Plant. The work of installation of Oven as well as the imported Printing
and Coating Line was completed and commissioned in the 3rd quarter of 2011-12.
Thereafter, the Company placed order for new Soudronic Body Maker. The Body
Maker has arrived and installed. The commercial production has started in the
month of April, 2014. The Company is hopeful of better performance during the
current year in view of good demand for OTS Cans due to favourable mango crop
and increase in the dairy demand from Gujarat.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The Directors have pleasure in presenting the management discussion and
analysis report for the year ended on March 31, 2014.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Their Company is a leading manufacturer of metal containers. The Company
is manufacturing wide range of Open Top Sanitary Cans (OTS) and General Purpose
Cans for packing Processed Food, Ready-to-eat Foods, Canned Vegetables, Fruit
Pulps, Juices, Pickles, Dairy Products, etc. and Aerosol Cans for Deodorants,
Room Freshners, Pesticides, etc. The Company is having manufacturing plants at
Anand and another plant at Kanjari, about 15 KMs from Anand, in Gujarat.
In the year 2001, the Company has diversified into manufacturing Rolled
Sugar Cones at its Vitthal Udyog Nagar
Plant, Kheda Dist., Gujarat. which fully takes care of the requirement
of Ice-Cream Cones of dairies in Gujarat and other Ice-Cream manufacturers.
OUTLOOK
The outlook of the Company seems to be very progressive. The management
is taking all possible steps to reducing overheads and finance costs. The
Company has a vision to consolidate its position as market leader inmetal
packaging segment.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year, the Company has achieved a sales turnover of
Rs.1227.500 Millions of metal cans and components as compared to Rs.1139.700
Millions in the previous year, thereby registering a grown of 8%. This growth
is attributed mainly to good mango season leading to better realization and
increase in the demand from Gujarat dairies. The Company is also supplying
flavoured milk cans and condensed milk cans to dairies in Gujarat on regular
basis. The Company could only execute export orders worth Rs.589 lakhs of metal
cans and its components during the year as compared to Rs.72.400 Millions in
the previous year. This drop in export sales is mainly due to market
instability prevailing in the Middle East countries.
As mentioned earlier, the Company has closed down the operations of Milk
and Milk Products Division on 30th June, 2013. This Division has
achieved job-work earnings of Rs.100 lakhs during 3 months from April to June,
2013. The Company has settled and paid all the legal dues to the employees. The
Company has also sold all the machinery.
The Sugar Cone Division has achieved a sales turnover of Rs.95.000
Millions as compared to Rs. 60.600 Millions for the previous year - a growth of
57%. As mentioned in the last year's Report, the additional second equipment
was installed at its Vitthal Udyog Nagar Unit, Kheda Dist. and the commercial
production had commenced in the 3rd quarter of the accounting year 2012-13. As
demand for Sugar Cones for filling Ice-Cream continues to be increasing, the
Company had placed order for the third imported equipment, which has already
arrived and under installation. With the installation of the third machine, the
production capacity of Sugar Cone Division will become 1,500 lakhs of Cones per
annum, which will fully take care of the requirements of dairies in Gujarat and
other Ice cream manufacturers.
In the year 2011, the Company had undertaken modernization and expansion
of Kanjari Plant. The work of installation of Oven as well as the imported
Printing and Coating Line was completed and commissioned in the 3rd quarter of
2011-12. Thereafter, the Company placed order for new Soudronic Body Maker. The
Body Maker has arrived and installed. The commercial production has started in
the month of April, 2014. The Company is hopeful of better performance during
the current year in view of good demand for OTS Cans due to favourable mango
crop and increase in the dairy demand from Gujarat.
Background:
Kaira Can Company Limited is a company incorporated in India under
Companies Act, 1956 on March 1st, 1962. The Company started its manufacturing
activity as a Private Limited Company at Anand in the state of Gujarat, which
later became a public limited company on August 24th, 1964. The Company is
engaged in the manufacture of Open Top Sanitary Cans, Lithographed and Plain
Metal Containers and Special Containers. The Company is also in the business of
manufacturing of Ice Cream Cones since financial year 2000-2001 and processing
and packing of Amul milk at Vashi (Discontinued w.e.f. 01.07.2013). The head
office of the Company is situated at Mahalaxmi, Mumbai in the state of
Maharashtra. The factories are located at Anand, Kanjari, Vithal Udyog Nagar in
the State of Gujarat.
INDEX CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10504802 |
28/05/2014 |
22,500,000.00 |
Canara Bank |
GROUND FLOOR MITTAL TOWER C WING, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
C07993660 |
|
2 |
10255296 |
24/09/2010 |
52,500,000.00 |
CANARA BANK |
NARIMAN POINT
BRANCH, MITTAL TOWER C-WING GROUND |
A96928098 |
|
3 |
80026975 |
15/03/2011 * |
290,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICE BRANCH, 3 WALCHAND HI |
B09665928 |
|
4 |
80030452 |
16/03/2011 * |
290,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, 3 WALCHAND H |
B09666397 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
- Claims against the Company / disputed
liabilities not acknowledged as
debts excluding interest payment on such liabilities |
|
|
|
Central Excise Duty |
135.329 |
86.697 |
|
Service Tax |
29.028 |
29.028 |
|
Income Tax |
28.382 |
28.382 |
|
Sales Tax |
0.250 |
0.250 |
|
Total |
192.989 |
144.357 |
FIXED ASSETS
- Land
- Freehold Land
- Leasehold land
- Building
- Machinery
- Furniture and Fixture
- Vehicle
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
|
Particulars |
Quarter ended |
Nine Months ended |
||
|
31.12.2014 |
30.06.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
317.642 |
279.311 |
1064.119 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total income from
operations (net) |
317.642 |
279.311 |
1064.119 |
|
2 |
Expenses |
|
|
|
|
|
(a) Consumption of Raw Materials |
186.861 |
198.383 |
609.525 |
|
|
(b) Changes in inventories of finished goods and Process stock |
(0.170) |
(50.048) |
18.025 |
|
|
(c) Consumption of Store and Spares |
58.205 |
54.998 |
187.684 |
|
|
(d) Employee benefits expense |
17.736 |
18.074 |
54.665 |
|
|
(e) Depreciation and Anmortisation Expenses |
12.545 |
12.785 |
37.820 |
|
|
(f) Other Expenses |
30.799 |
30.963 |
94.554 |
|
|
Total expenses |
305.976 |
265.155 |
1002.273 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
11.666 |
14.156 |
61.846 |
|
4 |
Other Income |
0.515 |
1.063 |
2.441 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
12.181 |
15.219 |
64.287 |
|
6 |
Finance Costs |
7.065 |
9.323 |
22.789 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
5.116 |
5.896 |
41.498 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
5.116 |
5.896 |
41.498 |
|
10 |
Tax expenses |
3.244 |
3.184 |
15.488 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
1.872 |
2.713 |
26.010 |
|
12 |
Paid up equity share capital (Face Value of Rs10/- each) |
9.221 |
9.221 |
9.221 |
|
13 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
14 |
Earnings per share |
|
|
|
|
|
(a) Basic and Diluted before Exceptional Item |
2.03 |
2.94 |
28.21 |
|
|
(b) Basic and Diluted after Exceptional Item |
2.03 |
2.94 |
28.21 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
366710 |
366710 |
366710 |
|
|
- Percentage of shareholding |
39.77% |
39.77% |
39.77% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& 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 |
555423 |
555423 |
555423 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
60.23% |
60.23% |
60.23% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
3 Months ended 31 December 2014 |
||
|
|
Pending at the beginning of the quarter |
NIL |
||
|
|
Received during the quarter |
NIL |
||
|
|
Disposed of during the quarter |
NIL |
||
|
|
Remaining unresolved at the end of the quarter |
NIL |
||
Segment wise Revenue Results and Capital Employed under clause
41 of the Listing Agreement
|
Particulars |
Quarter ended |
Nine Months ended |
||
|
31.12.2014 |
30.06.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue
(Net sales / Income) |
|
|
|
|
|
a Tin Containers |
299.232 |
253.574 |
977.639 |
|
|
b Ice-Cream Cones (Waffles and Wafers) |
18.411 |
25.737 |
86.480 |
|
|
Discounted
Segment |
|
|
|
|
|
c. Milk and Milk Product Division |
-- |
-- |
-- |
|
|
Net Sales /
Income from Operations |
317.642 |
279.311 |
1064.119 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit / (Loss) (before tax, and Interest ) |
|
|
|
|
|
a Tin Containers |
11.607 |
16.104 |
61.968 |
|
|
b Ice-Cream Cones (Waffles and Wafers) |
0.921 |
(0.976) |
2.589 |
|
|
Discounted
Segment |
|
|
|
|
|
c. Milk and Milk Product Division |
-- |
-- |
-- |
|
|
Total |
12.528 |
15.125 |
64.557 |
|
|
Less: |
|
|
|
|
|
i) Interest |
7.066 |
9.323 |
22.791 |
|
|
ii) Other un-allocable expenditure net off unallocable income |
0.347 |
(0.093) |
0.268 |
|
|
Total
Profit(Loss) before Tax |
5.116 |
5.896 |
41.498 |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
a Tin Containers |
351.821 |
354.054 |
351.821 |
|
|
b Ice-Cream Cones (Waffles and Wafers) |
97.243 |
93.032 |
97.243 |
|
|
Discounted
Segment |
|
|
|
|
|
c. Milk and Milk Product Division |
-- |
-- |
-- |
|
|
d Unallocated |
30.306 |
30.413 |
30.306 |
|
|
Total Segment Capital
Employed |
479.370 |
477.499 |
479.370 |
Note:
1. The above financial results were reviewed by the Audit
Committee after a "Limited review" by the Statutory auditors of the Company
and the Board of Director approved the same at their meeting held on 11th
November. 2014
2. The Statutory Auditors have qualified the audit report for the year ended
31st March. 2014 relating to Internal audit as under:
The Company did not have an Internal audit system during the year.
The Company has appointed an Internal auditor w.e.f 1-Apr-14.
3. Consequent to Schedule II to the Companies Act, 2013 becoming applicable
w.e.f. April 01, 2014, depreciation for the quarter ended December 31, 2014 has
been provided on the basis of useful lives as prescribed in Schedule II. This
has resulted in the Depreciation expense for the quarter ended December 31,
2014 being higher by Rs. 2.062 Millions and for the nine months ended December
31, 2014 being higher by Rs. 6.226 Millions Depreciation of Its 1.100 Millions
(net of deferred tax) on account of assets whose useful life is already
exhausted as on 1st April, 2014 have been adjusted to General Reserve.
4. Figures for the earlier period have been regrouped and reclassified wherever
necessary.
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. 62.20 |
|
|
1 |
Rs. 95.99 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
50 |
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.