MIRA INFORM REPORT
|
Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PLASTICBLENDS INDIA LIMITED |
|
|
|
|
Registered
Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off Veera
Desai Road, Andheri (West), Mumbai – 400053, Maharashtra |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
22.01.1991 |
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|
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Com. Reg. No.: |
11-059943 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 64.973 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
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|
|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturer and Exporter of Colour and Additive Master Batches and Thermoplastic
Compounds for the Plastic Processing Industry. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
decent liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
30.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
30.04.2014 |
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
Management Non Co-operative (Tel No.: 91-22-26736468)
LOCATIONS
|
Registered Office : |
31, Shah Industrial Estate, Kolsite House, 2nd Floor, Off
Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra |
|
Tel. No.: |
91-22-26705200/ 26736468/ 9/ 66952696/ 7/ 67205200 |
|
Fax No.: |
91-22-26736808 |
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E-Mail : |
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|
Website : |
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Head Office : |
Kolsite House, 30, Shah Industrial Estate, Dattaji Salvi
Marg Off. Veera Desai Road, Andheri (West) , Mumbai - 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-26736468/ 9/ 67205200/ 66952696/ 7 |
|
Fax No.: |
91-22-26736808 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
74/1, 74/2 and 75/3, |
|
Tel. No.: |
91-260-2221772/ 73/ 74 |
|
Fax No.: |
91-260-2221771 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Khasara No.216, Village Raipur, Pargana: Bhagwanpur, Tehsil, Roorkee,
District- Haridwar - 247667, Uttarakhand, India |
|
Tel. No.: |
91-1332-235046/ 7 |
|
Fax No.: |
91-1332-235045 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Shreevallabh
G. Kabra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Satyanarayan G. Kabra |
|
Designation : |
Vice-Chairman and Managing Director |
|
Date of Birth/Age : |
70 years |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Over 47 years in business and industry and founder
promoter of Kolsite Group of Companies |
|
|
|
|
Name : |
Mr. Anand S. Kabra |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Haridas S. Sanwal |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Pushp Raj Singhvi |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
69 Years |
|
Qualification : |
B. Com, L.L.B. |
|
|
|
|
Name : |
Dr. Yatish B. Vasudeo |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
M. Sc., Ph. D., L.P.R.I (London) |
|
Experience : |
Over 25 years in Plastic Industry |
|
|
|
|
Name : |
Mr. Sudarshan K. Parab |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu S. Mhatre |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
% of holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
4735464 |
36.44 |
|
|
3286570 |
25.29 |
|
|
8022034 |
61.73 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8022034 |
61.73 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
3400 |
0.03 |
|
|
800 |
0.01 |
|
|
229800 |
1.77 |
|
|
234000 |
1.80 |
|
|
|
|
|
|
463156 |
3.56 |
|
|
|
|
|
|
2805605 |
21.59 |
|
|
1171536 |
9.02 |
|
|
298269 |
2.30 |
|
|
231515 |
1.78 |
|
|
66754 |
0.51 |
|
|
4738566 |
36.47 |
|
Total Public
shareholding (B) |
4972566 |
38.27 |
|
Total (A)+(B) |
12994600 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
12994600 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Kabra Extrusiontechnik Ltd |
19,17,781 |
14.76 |
|
2 |
Kolsite Corporation LLP |
13,68,789 |
10.53 |
|
3 |
Varun Satyanarayan Kabra |
13,05,204 |
10.04 |
|
4 |
Anand Shreevallabh Kabra |
12,63,924 |
9.73 |
|
5 |
Shreevallabh Gopilal Kabra |
6,79,836 |
5.23 |
|
6 |
Satyanarayan Gopilal Kabra |
5,98,928 |
4.61 |
|
7 |
Saritadevi Satyanarayan Kabra |
4,63,600 |
3.57 |
|
8 |
Veenadevi Shreevallabh Kabra |
3,73,172 |
2.87 |
|
9 |
Ekta Anand Kabra |
50,800 |
0.39 |
|
|
Total |
80,22,034 |
61.73 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
|
1 |
Colloids (Widnes) Ltd - Pension Fund |
229800 |
1.77 |
|
|
|
Total |
229800 |
1.77 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Colour and Additive Master Batches and
Thermoplastic Compounds for the Plastic Processing Industry. |
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|
|
|
Products : |
Not Available |
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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 Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
|
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 : |
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Auditors : |
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|
Name : |
A.G. Ogale and Company Chartered Accountant |
|
Address : |
Pune, Maharashtra, India |
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|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
|
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Associates Concern : |
Kabra
Extrusiontechnik Limited |
|
|
|
|
Enterprise over
which key management personnel exercise
significant influence
: |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,00,000 |
Equity Shares |
Rs. 5/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,29,94,600 |
Equity Shares |
Rs. 5/- each |
Rs. 64.973
Millions |
|
|
|
|
|
Reconciliation of number of Equity Shares
outstanding at the beginning and at the end of the year
|
|
31.03.2014 |
31.03.2013 |
|
Number of shares outstanding at the beginning of the year |
12994600 |
12994600 |
|
Number of shares allotted during the year upon Sub-division |
-- |
-- |
|
Number of shares outstanding at the end of the year |
12994600 |
12994600 |
Shares in the company held by each shareholder holding more than 5%
Shares
|
Name of the shareholders |
31.03.2014 |
|
|
|
Number of shares |
% of Holding |
|
Kabra Extrusiontechnik Limited |
1917781 |
14.76 |
|
Varun Satyanarayan Kabra |
1305204 |
10.04 |
|
Anand Shreevallabh Kabra |
1263924 |
9.73 |
|
Kolsite Corporation LLP |
1362829 |
10.49 |
|
Shreevallabh Gopilal Kabra |
679836 |
5.23 |
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 |
64.973 |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
1302.314 |
1102.944 |
1002.506 |
|
(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) |
1367.287 |
1167.917 |
1067.479 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
164.091 |
143.793 |
163.412 |
|
(b) Deferred tax liabilities (Net) |
80.765 |
76.459 |
54.872 |
|
(c) Other long term
liabilities |
124.428 |
108.848 |
97.690 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
369.284 |
329.100 |
315.974 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
146.582 |
431.536 |
329.363 |
|
(b) Trade
payables |
316.271 |
253.542 |
153.580 |
|
(c) Other
current liabilities |
145.115 |
58.155 |
31.202 |
|
(d) Short-term
provisions |
133.627 |
123.331 |
102.686 |
|
Total Current
Liabilities (4) |
741.595 |
866.564 |
616.831 |
|
|
|
|
|
|
TOTAL |
2478.166 |
2363.581 |
2000.284 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
632.327 |
639.840 |
592.382 |
|
(ii)
Intangible Assets |
6.805 |
8.194 |
9.848 |
|
(iii)
Capital work-in-progress |
7.133 |
2.287 |
12.453 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33.278 |
35.844 |
37.140 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
22.024 |
16.173 |
3.014 |
|
Total Non-Current Assets |
701.567 |
702.338 |
654.837 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
575.169 |
591.838 |
563.357 |
|
(c) Trade
receivables |
883.664 |
854.447 |
633.102 |
|
(d) Cash and
cash equivalents |
36.884 |
12.751 |
14.372 |
|
(e)
Short-term loans and advances |
211.937 |
187.970 |
115.395 |
|
(f) Other
current assets |
68.945 |
14.237 |
19.221 |
|
Total
Current Assets |
1776.599 |
1661.243 |
1345.447 |
|
|
|
|
|
|
TOTAL |
2478.166 |
2363.581 |
2000.284 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4658.391 |
4089.926 |
3411.247 |
|
|
|
Other Income |
34.562 |
15.089 |
2.997 |
|
|
|
TOTAL (A) |
4692.953 |
4105.015 |
3414.244 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3302.318 |
3105.228 |
2481.934 |
|
|
|
Purchases of Stock-in-Trade |
2.554 |
0.498 |
0.055 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
60.015 |
(61.288) |
(16.099) |
|
|
|
Employees benefits expense |
129.005 |
115.455 |
97.767 |
|
|
|
Other expenses |
692.256 |
616.223 |
525.946 |
|
|
|
TOTAL (B) |
4186.148 |
3776.116 |
3089.603 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
506.805 |
328.899 |
324.641 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.882 |
57.792 |
44.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
448.923 |
271.107 |
279.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.053 |
40.805 |
40.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
405.870 |
230.302 |
239.752 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
133.485 |
76.652 |
72.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
272.385 |
153.650 |
167.117 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
27.500 |
16.000 |
17.000 |
|
|
|
Dividend |
64.973 |
45.481 |
45.481 |
|
|
|
Tax on Dividend |
11.042 |
7.730 |
7.378 |
|
|
BALANCE CARRIED
TO THE B/S |
168.870 |
84.439 |
97.258 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1414.598 |
1316.352 |
999.181 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1384.401 |
1310.617 |
1140.714 |
|
|
|
Stores & Spares |
9.627 |
5.512 |
4.206 |
|
|
|
Capital Goods |
5.007 |
8.256 |
7.562 |
|
|
TOTAL IMPORTS |
1399.035 |
1324.385 |
1152.482 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
20.96 |
11.82 |
12.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
5.85
|
3.76 |
4.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.88
|
8.04 |
9.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.65 |
9.90 |
12.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.20 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23 |
0.49 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40 |
1.92 |
2.18 |
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 |
64.973 |
64.973 |
64.973 |
|
Reserves & Surplus |
1002.506 |
1102.944 |
1302.314 |
|
Net
worth |
1067.479 |
1167.917 |
1367.287 |
|
|
|
|
|
|
long-term borrowings |
163.412 |
143.793 |
164.091 |
|
Short term borrowings |
329.363 |
431.536 |
146.582 |
|
Total
borrowings |
492.775 |
575.329 |
310.673 |
|
Debt/Equity
ratio |
0.462 |
0.493 |
0.227 |
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 |
3411.247 |
4089.926 |
4658.391 |
|
|
|
19.895 |
13.899 |
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 |
3411.247 |
4089.926 |
4658.391 |
|
Profit |
167.117 |
153.650 |
272.385 |
|
|
4.90% |
3.76% |
5.85% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITY LONG TERM DEBT DETAILS ARE NOT AVAILABLE.
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
--------------- |
|
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 |
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 |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter corporate deposit |
61.300 |
76.564 |
|
Fixed deposits |
102.791 |
67.229 |
|
Total |
164.091 |
143.793 |
|
|
|
|
|
NOTE: There is no default, continuing or
Otherwise as at the Balance Sheet Date, in repayment of any of the above
borrowings. |
||
OPERATIONS
During the year, the company has achieved Operational and Other Income of Rs. 4692.953 Millions as against Rs. 4105.015 Millions during the previous year, registering an increase of about 14.32 % over the previous year. Profit after providing for taxes is Rs. 272.385 Millions as against Rs. 153.650 Millions during the previous year, registering an increase of about 77.28 % over the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Masterbatch market is growing with increasing consumption of plastic products by enduser in the Indian and international markets. Plastics are rapidly replacing items like wood, steel, rubber etc. The per capita consumption of plastics in India is expected to rise to 20 Kg by the year 2020 from its present level of 8 kg. We are witnessing a rising demand for high performance plastics in major enduser industries like agriculture, packaging, automobile, consumer durables, telecom etc.
Masterbatches are considered as a vital component in plastic industry worldwide, as it consists of pigments and additives which provides aesthetic looks as well as functional properties to polymer. With the development of anti-statics, flame retardant, anti-microbial Masterbatches masterbatches demand is set to boost substantially across various end user industries. Additives are chemicals that improve physical properties and other characteristics of polymer. The improvement achieved in various functional properties of ordinary polymers using additive masterbatches is significant and hence additives are also called as MIRACLE WORKERS of polymer industry.
Masterbatch Industry is highly fragmented with few major players and large number of small and medium players who account for majority of the market share. Plastiblends India Limited a leading manufacturer of masterbatches in organized sector, produces a wide variety of specialty and high performance masterbatches and compounds. Masterbatches constitute a highly successful and an essential segment of the global plastics industry.
BUSINESS OUTLOOK
The Global Thermoplastic market for 2014 was estimated at 208 million tons. Polyethylene accounted for 38%, Polypropylene 27% and PVC 19% respectively of the Global Thermoplastic market. Demand for these polymers
(PE, PP & PVC) grew by 2.3% during 2013 driven by North America and China and marginal improvement in European market. The demand for these polymer products is likely to grow at CAGR of approximately 4% over the next 5 year period. There will be increasing demand towards packaged products, retail, consumer durables, Automobiles etc. With growing consumption of polymers, the Masterbatch Industry will be a direct beneficiary and the outlook is very good for Masterbatch Industry.
The company will continue its focus on new product development supported by dedicated R&D Facility recognized by the Department of Scientific and Industrial Research (DSIR), prompt After-Sales service will also be an important aspect of your Company’s growth prospects.
The Company has participated in various Trade Fairs including K-2013 in Dusseldorf, Turkey, Chinaplas in Shanghai etc. These participations have generated good response and has helped the company to expand its geographical reach to new markets and also to strengthen the marketing network.
The Company’s products have been accepted by customers in various overseas markets due to quality as per global standards. This consistent quality has helped your company continue to penetrate export markets.
High performance Additive Masterbatches are expected to be a major growth driver for the Company in future.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
Audited |
Unaudited |
Unaudited |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1334.155 |
1169.657 |
2503.812 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
1334.155 |
1169.657 |
2503.812 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
961.216 |
767.934 |
1729.150 |
|
b) Purchase of Stock-in-trade |
0.476 |
0.548 |
1.024 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(26.297) |
70.296 |
43.999 |
|
d) Employees benefit expenses |
47.184 |
37.093 |
84.277 |
|
e) Depreciation and amortization expenses |
16.117 |
16.555 |
32.672 |
|
f) Other expenditure |
203.668 |
179.425 |
383.093 |
|
Total expenses |
1202.364 |
1071.851 |
2274.215 |
|
3. Profit
from operations before other income and financial costs |
131.791 |
97.806 |
229.597 |
|
4. Other income |
9.328 |
4.397 |
13.726 |
|
5.
Profit from ordinary activities before finance costs |
141.119 |
102.203 |
144.648 |
|
6. Finance costs |
8.767 |
9.377 |
18.144 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
132.352 |
92.826 |
225.178 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
132.352 |
92.826 |
225.176 |
|
10.Tax
expenses |
43.332 |
32.917 |
76.249 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
89.020 |
59.909 |
148.929 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the
period (11 -12) |
89.020 |
59.909 |
148.929 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
64.973 |
64.973 |
64.973 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
6.85 |
4.61 |
11.46 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4972566 |
4978526 |
4972566 |
|
- Percentage of shareholding |
38.27 |
38.31 |
38.27 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
8022034 |
8016074 |
8022034 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
61.73 |
61.69 |
61.73 |
|
PARTICULARS |
For the quarter ended 30.09.2014 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
31.03.2014 |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
(1)SHAREHOLDERS'
FUNDS |
|
|
|
(a) Share Capital |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
1445.774 |
1302.314 |
|
(c) Money received against share warrants |
-- |
-- |
|
SUB-TOTAL SHAREHOLDERS FUNDS |
1510.747 |
1367.287 |
|
|
|
|
|
(2) SHARE APPLICATION MONEY PENDING ALLOTMENT |
-- |
-- |
|
(3)
MINORITY INTEREST |
-- |
-- |
|
(4)
NON-CURRENT LIABILITIES |
|
|
|
(a) Long Term Borrowings |
46.255 |
164.091 |
|
(b) Deferred Tax Liabilities (Net) |
80.765 |
80.765 |
|
(c) Other Long Term Liability |
132.109 |
124.428 |
|
SUB-TOTAL OF
NON-CURRENT LIABILITIES |
259.129 |
369.284 |
|
|
|
|
|
(5) CURRENT LIABILITIES |
|
|
|
(a) Short
term borrowings |
227.403 |
146.582 |
|
(b) Trade
payables |
441.540 |
316.271 |
|
(c) Other
current liabilities |
82.295 |
145.115 |
|
(d) Short-term
provisions |
160.530 |
133.627 |
|
SUB-TOTAL OF CURRENT LIABILITIES |
911.768 |
741.595 |
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
2681.644 |
2478.165 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) NON-CURRENT ASSETS |
|
|
|
(a) Fixed
Assets |
744.693 |
646.285 |
|
(b)
Goodwill on consolidation |
-- |
-- |
|
(c) Non
Current Investment |
83.164 |
33.278 |
|
(d)
Deferred Tax Assets (net) |
-- |
-- |
|
(e) Long term loans and advances |
-- |
-- |
|
(f) Other Non-Current Assets |
2.487 |
22.024 |
|
SUB-TOTAL OF
NON-CURRENT ASSETS |
850.364 |
701.567 |
|
|
|
|
|
(2) CURRENT ASSETS |
|
|
|
(a)
Current investments |
-- |
-- |
|
(b)
Inventories |
552.729 |
575.169 |
|
(c) Trade
receivables |
1027.718 |
883.664 |
|
(d) Cash
and cash equivalents |
27.391 |
36.884 |
|
(e)
Short-term loans and advances |
162.325 |
211.937 |
|
(f) Other
current assets |
61.117 |
68.945 |
|
SUB-TOTAL OF
CURRENT ASSETS |
1831.280 |
1776.599 |
|
|
|
|
|
TOTAL |
2681.644 |
2478.166 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10483552 |
13/03/2014 * |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G
Block, Bandra Kurla Complex, Bandr Maharashtra - 400051, INDIA |
C04517694 |
|
2 |
10429827 |
13/03/2014 * |
200,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA |
C04520441 |
|
3 |
10392170 |
13/03/2014 * |
200,000,000.00 |
The Hong Kong and
Shanghai Banking Corporation Lim |
Indian Area
Management Office,, 52/60, M G Road, INDIA |
C04502894 |
|
4 |
10324162 |
13/03/2014 * |
200,000,000.00 |
DBS Bank Ltd |
DLF Capitol Point ,
Ground Floor & First Floor, B INDIA |
C04819660 |
|
5 |
80014638 |
13/03/2014 * |
236,000,000.00 |
HDFC BANK LIMITED |
Trade World, A Wing,
2nd floor,Kamla Mills Compd., Maharashtra - 400013, INDIA |
C05430541 |
|
6 |
90162802 |
13/03/2014 * |
962,000,000.00 |
State Bank of India |
Industrial Finance
Branch, The Arcade, 2nd Floor,, Maharashtra - 400005, INDIA |
C04655858 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipment
- Vehicles
- Electrical
Installation and Fittings
- Office
Equipments
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. 63.32 |
|
|
1 |
Rs. 98.64 |
|
Euro |
1 |
Rs. 76.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.