MIRA INFORM REPORT

 

 

Report No. :

307745

Report Date :

18.02.2015

 

IDENTIFICATION DETAILS

 

Name :

KANPUR PLASTIPACK LIMITED

 

 

Registered Office :

D 19-20 Panki Industrial Area, Kanpur - 208022, Uttar Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.07.1971

 

 

Com. Reg. No.:

20-003444

 

 

Capital Investment / Paid-up Capital :

Rs.99.592 Millions

 

 

CIN No.:

[Company Identification No.]

L25209UP1971PLC003444

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer and Exporter of FIBC (Jumbo Bags) and Woven Sacks.

 

 

No. of Employees :

1000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

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 is an established company having satisfactory track.

 

Financial position of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating: BBB

Rating Explanation

Have moderate degree of safety and carry moderate credit risk.

Date

27.10.2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating: A3+

Rating Explanation

Have moderate degree of safety and carry higher credit risk.

Date

27.10.2014

 

 

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 PARTED BY

 

Name :

Mr. Ankur Srivastava

Designation :

Company Secretary

Contact No.:

91-512-2691113

Date :

12.02.2015

 

 

LOCATIONS

 

Registered Office / Factory 1 :

D 19-20 Panki Industrial Area, Kanpur - 208022, Uttar Pradesh, India

Tel. No.:

91-512-2691113-6

Fax No.:

91-512-2691117

E-Mail :

info@kanplas.com

secretary@kanplas.com

Website :

www.kanplas.com

 

 

Factory 2 :

A-1, A-2, Udyog Kunj, Site – V, Kanpur – 208022, Uttar Pradesh, India

 

 

Factory 3 :

D- 6, Panki Industrial Area, Site – II, Kanpur - 208022, Uttar Pradesh, India

 

 

Factory 4 :

79A, Co-Operative Industrial Estate, Dada Nagar, Kanpur - 208 022, Uttar Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Mahesh Swarup Agarwal

Designation :

Chairman Emeritus

 

 

Name :

Mr. Manoj Agarwal

Designation :

Managing Director

 

 

Name :

Mr. Sunil Mehta

Designation :

Executive Director

 

 

Name :

Shashank Agarwal

Designation :

Executive Director

 

 

Name :

Mr. Soubhagya Mal Jain

Designation :

Independent Director

 

 

Name :

Mr. Pradeep Kumar Goenka

Designation :

Independent Director

 

 

Name :

Dr. Gyanesh Narayan Mathur

Designation :

Independent Director

 

 

Name :

Dr. Jagan Nath Gupta

Designation :

Independent Director

 

 

Name :

Mr. Prem S. Khamesra

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Ankur Srivastava

Designation :

Company Secretary and Compliance Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2014

 

 

Category of Shareholder

No. of Shares

Percentage

(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

4589842

57.67

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

917250

11.52

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

5507092

69.19

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

 

 

Total shareholding of Promoter and Promoter Group (A)

5507092

69.19

(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

84806

1.07

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

1505822

18.92

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

503671

6.33

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

357856

4.50

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

257488

3.24

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

92833

1.17

http://www.bseindia.com/include/images/clear.gifClearing Members

7535

0.09

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

2452155

30.81

Total Public shareholding (B)

2452155

30.81

Total (A)+(B)

7959247

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)

7959247

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of FIBC (Jumbo Bags) and Woven Sacks.

 

 

Products :

Product Description

Item Code No.

Woven Fabric of Ethylene (Laminated/Coated)

39269099

Sacks and Bags of Ethylene (Laminated/Coated and/or printed)

39232100

Sacks and Bags of Polypropylene (Laminated/Coated and/or printed)

39232990

Flexible Intermediate Bulk Containers (FIBCs)

63053200

Polypropylene Multifilament Yarn

54024800

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

FIBC (Jumbo Bags) and Woven Sacks

Countries :
  • UK
  • USA

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Reliance Industries Limited

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 and 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 :

1000 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Overseas Branch, Kanpur, Uttar Pradesh, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

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)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

Term Loan from State Bank of India

216.693

224.999

Vehicle Finance under Hire purchase

0.719

0.080

Others (From UPSIDC Limited)

2.054

5.443

Short-term borrowings

 

 

Working Capital Loans in INR

438.232

374.940

Working Capital Loan in Foreign Currency

24.132

21.865

Foreign Currency Loans (Buyer’s Credit from Bank for Import of Raw Materials)

100.776

72.847

Total

782.606

700.174

NOTE:

 

Term Loan in Foreign Currency amounting to (Rs. in Millions) 46.703 (Previous Year (Rs. in Millions) 52.586 which has been converted from Term Loan in INR to Term Loan in Foreign Currency.

 

Term Loan in Foreign Currency (Rs. in Millions) 14.441 (Rs. in Millions) (Previous Year 17.787).

 

Balance of Term Loan from State Bank Of India is (Rs. in Millions) 155.549 (Rs. in Millions) (Previous Year 154.626).

 

The above Term Loans are secured by hypothecation of stocks of Raw Materials, Goods in Process, Finished Goods, Spares, Book Debts, Export Documents and mortgage of Fixed Assets.

 

The above Term Loans have been guaranteed (personal) by Chairman Emeritus, Managing Director and Director (Technical) of the Company.

 

Vehicle Finance under Hire purchase is Secured by Hypothecation of Vehicle and are repayable over a period of 2 to 5 Years.

 

 (Rs. in Millions) 2.054 (Previous year (Rs. in Millions) 5.443) taken from UPSIDC Limited. secured by Hypothecation of Land situated at Jainpur.

 

 (Rs. in Millions) 17.288 (Previous year (Rs. in Millions) 24.545 out of Deposits is for 3 Years and Interest Rate is 12.5%.

 

 (Rs. in Millions) 7.500 (Previous year (Rs. in Millions) 7.500) out of Inter Corporate Deposits is for 3 Years and Interest Rate is 12.5%.

 

 (Rs. in Millions) 177.636 (previous year (Rs. in Millions) 169.972) out of Working Capital Loans from State Bank of India is Cash Credit (Hypo) , Export Packing Credit & Cash Credit (Book Debts)

 

 (Rs. in Millions) 214.418 (previous year (Rs. in Millions) 185.856) out of Working Capital Loans from State Bank of India is Export Bill Purchase.

 

 (Rs. in Millions) 24.132 (previous year (Rs. in Millions) 21.865) out of Working Capital Loans in Foreign Currency is Demand Loan.

 

The above Working Capital Loans are secured by hypothecation of stocks of Raw Materials, Goods in Process, Finished Goods, Spares, Book Debts, Export Documents and mortgage of Fixed Assets.

 

The above Working Capital Loans have been guaranteed (Personal) by Chairman Emeritus, Managing Director and Director (Technical) of the Company.

 

 (Rs. in Millions) 46.177 (previous year (Rs. in Millions) 19.112) out of Working Capital Loans from State Bank of India is Cash Credit Limits under E–DFS Scheme of Consignment Stockist (IOCL) Division.

 

Auditors :

 

Name :

Pandey and Company

Chartered Accountants

Address :

24/24, Karachi Khana, Kanpur, Uttar Pradesh, India

Tel No.:

91-512-2312753/237914

Fax No.:

91-512-2532162

Email:

pandeycompany@gmail.com

 

 

Corporate Law Auditors :

Adesh Tandon and Associates

Chartered Accountants

Address :

Kanpur, Uttar Pradesh, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associate Company:
  • KSM Exports Limited
  • MSA Investment and Trading Company Private Limited
  • KPL Packaging Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16000000

Equity Shares

Rs.10/- each

Rs.160.000 Millions

4000000

Preference Shares

Rs.10/- each

Rs.40.000 Millions

 

Total

 

Rs.200.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7959000

Equity Shares

Rs.10/- each

Rs.79.592 Millions

2000000

12% Redeemable Cumulative Preference Shares

Rs.10/- each

Rs.20.000 Millions

 

Total

 

Rs.99.592 Millions

 

NOTE:

 

Out of 79,59,247 Equity Shares, more than 5% holding are as under :

 

S.No.

Name of the Shareholder

No. of Shares

Percentage (%)

 

 

 

 

1

Mahesh Swarup Agarwal

13,94,655

17.52%

2

Usha Agarwal

9,88,314

12.42%

3

Manoj Agarwal

6,09,879

7.66%

4

MSA Investments and Trading

Company Private Limited

4,98,675

6.27%

5

Shashank Agarwal

4,71,657

5.93%

6

KSM Exports Limited

4,18,575

5.26%

 

 

 

 

 

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

99.592

99.592

99.592

(b) Reserves & Surplus

365.045

271.853

201.768

(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)

464.637

371.445

301.360

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

244.254

262.567

226.290

(b) Deferred tax liabilities (Net)

54.398

54.339

35.259

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

30.021

23.464

21.301

Total Non-current Liabilities (3)

328.673

340.370

282.850

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

563.140

469.652

361.814

(b) Trade payables

73.769

67.357

50.956

(c) Other current liabilities

83.901

62.036

58.758

(d) Short-term provisions

103.904

50.777

65.374

Total Current Liabilities (4)

824.714

649.822

536.902

 

 

 

 

TOTAL

1618.024

1361.637

1121.112

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

597.187

580.266

458.343

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

5.325

3.493

4.960

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

5.890

5.907

8.465

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

17.806

15.705

13.658

(e) Other Non-current assets

3.643

3.462

3.355

Total Non-Current Assets

629.851

608.833

488.781

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

366.355

309.237

252.754

(c) Trade receivables

475.147

348.264

292.660

(d) Cash and cash equivalents

15.208

17.842

18.526

(e) Short-term loans and advances

131.463

77.461

68.391

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

988.173

752.804

632.331

 

 

 

 

TOTAL

1618.024

1361.637

1121.112

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2121.927

1753.212

1836.240

 

Other Income

23.185

16.575

33.352

 

TOTAL (A)

2145.112

1769.787

1869.592

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Material Consumed

1353.111

1050.980

1147.570

 

Purchases of Stock-in-Trade

0.000

34.503

0.000

 

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

(37.445)

(22.119)

27.107

 

Employees benefits expense

111.197

97.716

90.618

 

Other expenses

435.517

377.129

362.849

 

Exceptional items

0.036

0.045

0.000

 

TOTAL (B)

1862.416

1538.254

1628.144

 

 

 

 

 

Less

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

282.696

231.533

241.448

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

37.415

29.792

24.587

 

 

 

 

 

 

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

245.281

201.741

216.861

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

88.626

85.624

63.195

 

 

 

 

 

 

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

156.655

116.117

153.666

 

 

 

 

 

Less

TAX (I)

47.959

47.080

49.974

 

 

 

 

 

 

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

108.696

69.037

103.692

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

3.000

2.000

16.000

 

Transfer to Quality Claim Reserve Fund

0.000

1.300

0.000

 

Transfer to Gratuity Reserve Fund

3.000

0.000

0.000

 

Proposed Equity Dividend

9.551

7.959

7.959

 

Dividend on Preference Shares

2.400

2.400

2.400

 

Tax on Dividend

2.032

1.681

1.681

 

Balance Carried to the B/S

88.713

53.697

75.652

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1684.333

1407.300

1473.280

 

TOTAL EARNINGS

1684.333

1407.300

1473.280

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

205.540

162.154

391.892

 

Stores & Spares

6.233

2.656

0.932

 

TOTAL IMPORTS

211.773

164.810

392.824

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

13.36

8.79

12.32

 

 

QUARTERLY

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

588.200

668.700

646.500

Total Expenditure

522.400

584.700

568.000

PBIDT (Excl OI)

65.900

84.000

78.500

Other Income

0.000

0.000

0.000

Operating Profit

65.900

84.000

78.500

Interest

22.600

21.000

22.800

Exceptional Items

0.000

0.000

0.000

PBDT

43.300

63.000

55.700

Depreciation

9.400

8.500

10.400

Profit Before Tax

34.000

54.500

45.200

Tax

10.900

14.900

12.800

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

23.100

39.600

32.400

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

23.100

39.600

32.400

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

5.12

3.94

5.65

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

13.32

13.21

13.15

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.75

8.59

13.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.34

0.31

0.51

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.74

1.97

1.95

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.20

1.16

1.18

 

 

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

99.592

99.592

99.592

Reserves & Surplus

201.768

271.853

365.045

Net worth

301.360

371.445

464.637

 

 

 

 

long-term borrowings

226.290

262.567

244.254

Short term borrowings

361.814

469.652

563.140

Total borrowings

588.104

732.219

807.394

Debt/Equity ratio

1.951

1.971

1.738

 

 

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

1836.240

1753.212

2121.927

 

 

(4.522)

21.031

 

 

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

1836.240

1753.212

2121.927

Profit

103.692

69.037

108.696

 

5.65%

3.94%

5.12%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

REVIEW OF OPERATIONS:

 

During the year, the Company has achieved a new milestone of crossing the record turnover of Rs.2000.000 Millions. It is a matter of great satisfaction that the Company has continued to grow steadily. The greenshoots of recovery in the Global Economy have helped the Company to improve its operations. They have made some significant inroads in USA and Canada during the year. The Company continues to scale new landmarks in achievements having been awarded the prestigious AIB Certification for food grade bags during the year. This will help us in making inroads in the American market.

 

The Bottom line of the Company has remarkably increased by 57% and reached Rs. 108.700 Millions as against Rs. 69.000 Millions in the earlier year.

 

The trading activities as Del Credere Associate Cum Consignment Stockist of Indian Oil Corporation Limited (IOCL) have stabilized and is showing improved performance. During the year under review, the Company has also become

 

Del Credere Associate (DCA) of M/s JJ Plastalloy Private Limited. Thus, trading activities will improve in the years to come contributing to improving the bottom-line.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Industry Structure and Development

 

The Company is mainly engaged in manufacturing and export of FIBC (Flexible Intermediate Bulk Container) commonly known as Jumbo bags, Woven Sacks and PP high density Multifilament Yarn. Exports are steady and about 80 percent of the revenue comes from export.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

Long-term Borrowings

 

 

Deposits

17.288

24.545

Inter Corporate Deposits

7.500

7.500

Total

24.788

32.045

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90278334

20/03/1989

950,000.00

STATE BANK OF INDIA

GEN IND . DIV. INDUSTRIAL FINANCE BRANCH, SARVODYA NAGAR, KANPUR, UTTAR PRADESH - 208005, INDIA

-

2

90274090

20/03/1989

10,200,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, SARVODYA NAGAR, KANPUR, UTTAR PRADESH - 208005, INDIA

-

3

90278325

13/02/1989

21,027,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, KANPUR, UTTAR PRADESH
- 208005, INDIA

-

4

90276336

08/04/1982

210,200.00

U.P. FINANCIAL CORPORATION

14/88; CIVIL LINES, KANPUR, UTTAR PRADESH - 208005, INDIA

-

5

90278079

17/12/2014 *

1,286,000,000.00

STATE BANK OF INDIA

OVERSEAS BRANCH, 15/54-B, CIVIL LINES, VIRENDRA SMRITI COMPLEX, KANPUR, UTTAR PRADESH - 208001, IND
IA

C39488556

6

90281174

07/01/1972

223,650.00

UP FINANCIAL CORPORATION

KANPUR, B-13 SARVODAYA NAGAR, KANPUR, UTTAR PRADE
SH - 208005, INDIA

-

 

* Date of charge modification

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2014

 

Rs in Millions

 

Particulars

Quarter ended

31.12.2014

(Unaudited)

Quarter ended

30.09.2014

(Unaudited)

Nine Months Ended

31.12.2014

(Unaudited)

1

Income from Operations

 

 

 

 

(a) Net Sales / income from Operations

637.681

660.526

1879.813

 

(b) Other Operating Income

8.796

8.191

23.621

 

Total Income from operations (net)

646.477

668.717

1903.434

2

Expenses

 

 

 

 

(a) Cost of materials consumed

399.603

395.065

1169.232

 

(b) Purchase of stock-in-trade

0.000

0.000

0.000

 

(c) Change in inventory of finished goods, work in progress and stock-in-trade

(4.172)

23.037

14.017

 

(d) Employee benefit expenses

32.766

32.019

96.332

 

(e) Depreciation and amortisation expenses

10.433

6.569

26.370

 

(f) Other Expenditure

139.798

136.539

397.430

 

Total Expenses

578.428

593.229

1703.381

3

Profit/ (Loss) from Operations before other income, finance costs and exceptional items (1-2)

68.049

75.488

200.053

4

Other Income

0.000

0.000

0.000

5

Profit/ (Loss) from ordinary activities before finance cost and exceptional items (3+4)

68.049

75.488

200.053

6

Finance costs

22.810

21.034

66.405

7

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)

45.239

54.454

133.648

8

Exceptional Items

0.000

0.000

0.000

9

Profit/ (Loss) from Ordinary activities before Tax(7-8)

45.239

54.454

133.648

10

Tax Expenses

12.800

14.900

38.600

11

Net Profit (Loss) from Ordinary Activities after Tax (9-10)

32.439

39.554

95.048

12

Extraordinary Item (net of tax expense)

0.000

0.000

0.000

13

Net Profit/ (Loss) for the period (11-12)

32.439

39.554

95.048

14

Paid-up Equity Share Capital (Face Value: Rs 10/-each)

79.592

79.592

79.592

15

Reserves (excluding Revaluation Reserves as per Balance sheet of previous accounting year)

--

--

--

16

Earning per Share - Basic and Diluted(of Rs. 10/- each) (not annualised)

4.08

4.97

11.94

A

PARTICULARS OF SHAREHOLDING

 

 

 

19

Public Shareholding

 

 

 

 

Number of Shares

2452155

2452155

2452155

 

Percentage of Shareholding

30.81

30.81

30.81

20

Promoters and Promoter group

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

Number of shares

NIL

NIL

NIL

 

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

--

--

--

 

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

--

--

--

 

b) Non-encumbered

 

 

 

 

Number of shares

5507092

5507092

5507092

 

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

100

100

100

 

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

69.19

69.19

69.19

 

INVESTOR COMPLAINTS

 

Pending at the beginning of the quarter

Nil

Received during the quarter

1

Disposed of during the quarter

1

Remaining unresolved at the end of the quarter

Nil

 

NOTE:

 

The above results of the Company were reviewed by Audit Committee and approved by the Board of Directors at their respective meetings held on 04.02.2015. The Limited Review as required under Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors.

 

Depreciation on all Fixed Assets except Land has been charged as per Schedule II of the Companies Act' 2013.

 

The company operates in two primary business segments viz. Manufacturing of Fabrics and woven Sacks etc. and Consignment Stockist. In terms of provisions of Accounting Standard 17, Consignment Stockist activity, presently, is not a reportable segment.

The figures of previous period/year have been re-grouped/ re-arranged and /or recast wherever found necessary.

 

Fixed Assets:

 

  • Land
  • Building
  • Plant and Machinery
  • Electric Installation
  • Furniture and Fixtures
  • Office Equipments
  • Vehicles

 

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

RAS

 

 

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

6

--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

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

 

--

 

 

 

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.