MIRA INFORM REPORT
|
Report No. : |
302456 |
|
Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TPL PLASTECH LIMITED |
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Registered
Office : |
213, Sabari, Kachigam, Daman (U.T.) – 396210, Daman and Diu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.09.1992 |
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Com. Reg. No.: |
56-004656 |
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Capital Investment
/ Paid-up Capital : |
Rs. 78.003 Millions |
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CIN No.: [Company Identification
No.] |
L25209DD1992PLC004656 |
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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
: |
Manufacturing of Polymer Products. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “A” |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
10.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
10.10.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-71119227)
LOCATIONS
|
Registered Office : |
213, Sabari, Kachigam, Daman (U.T.) – 396 210, Daman and
Diu, India |
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Tel. No. : |
Not Available |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
VTM -2, Office No. 102, C. Mehra Industrial Estate, Saki Naka, Andheri-Kurla Road, Mumbai – 400072, Maharashtra, India |
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Tel. No. : |
91-22-40624200/ 28510891 / 90 |
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Fax No. : |
91-22-28510087 |
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Factory 1 : |
Plot No. 5, Government Industrial Estate, Khadoli Village, Silvassa – 396230, Dadra and Nagar Haveli - (U.T.), India |
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Factory 2 : |
Lane No. 5, Phase 2, SIDCO Industrial Complex, Bari Brahmna Industrial Estate, Jammu, Jammu and Kashmir, India |
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Factory 3 : |
Survey No. 54B and 54C, Village Alak Devi, Tahsil Gadarpur, District. U. S. Nagar, Uttarakhand, India |
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Factory 4: |
Survey No. 217/2, Village Kotda, Taluka Anjar, District Bhuj, Kutch, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Sanjaya Kulkarni |
|
Designation : |
Chairman and Independent Director |
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Date of Birth/Age : |
65 Years |
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Qualification : |
B. Tech from IIT Mumbai, and MBA from IIM Ahmedabad |
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Name : |
Mr. Kamlesh Joisher |
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Designation : |
Whole Time Director |
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Name : |
M. K. Wadhwa |
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Designation : |
Non-Executive and Independent Director |
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Date of Birth/Age : |
62 Years |
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Qualification : |
Chartered Accountant |
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Experience : |
31 Years |
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Name : |
Dr. G. N. Mathur |
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Designation : |
Non-Executive and Independent Director |
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Date of Birth/Age : |
67 Years |
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Qualification : |
Polymer Technologists |
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Name : |
Monika Srivastava |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Murarilal Jangid |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Manoj Kumar Mewara |
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Designation : |
Company Secretary |
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Name : |
M.V. Suresh |
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Designation : |
V.P. – Marketing |
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Name : |
Mr. Rahul Sharma |
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Designation : |
DGM – Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
5850126 |
75.00 |
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|
5850126 |
75.00 |
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Total shareholding of Promoter and Promoter
Group (A) |
5850126 |
75.00 |
|
(B) Public Shareholding |
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|
8300 |
0.11 |
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|
8300 |
0.11 |
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|
96806 |
1.24 |
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|
|
|
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|
1152840 |
14.78 |
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|
645208 |
8.27 |
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|
47020 |
0.60 |
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|
44114 |
0.57 |
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|
1691 |
0.02 |
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|
1215 |
0.02 |
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|
1941874 |
24.89 |
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Total Public shareholding (B) |
1950174 |
25.00 |
|
Total (A)+(B) |
7800300 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7800300 |
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 |
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|
No. of Shares held |
As a % |
||
|
1 |
Time Technoplast Limited |
58,50,126 |
75.00 |
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Total |
58,50,126 |
75.00 |
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 % |
|
|
1 |
Sarwan Kumar Devidutt Saraf |
192217 |
2.46 |
|
|
|
Total |
192217 |
2.46 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of Polymer Products. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
· IDBI Bank Limited · Standard Chartered Bank ·
HDFC Bank Limited |
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Facilities : |
NOTE SHORT TERM
BORROWINGS a) The Company has been sanctioned limit of Working capital facilities amounting to Rs. 320.000 Millions (Previous year Rs. 270.000 Millions) which are secured by hypothecation of stock, both present and future, consisting of raw materials, finished goods, stock in process and book debts of the Company and further secured by way of 2nd charge on Fixed assets of Units situated at Silvassa, Jammu, Pant nagar and Bhuj. b) In addition, the Company has also non-fund based
facility of Rs. 349.500 Millions (Previous year Rs. 257.500 Millions) which
is also secured by the assets as mentioned in a) above. |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Holding Company : |
Time Technoplast Limited |
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Fellow Subsidiaries
: |
· Elan Incorporated FZE, Sharjah · Novo Tech Sp. Z.O.O., Poland · Ned Energy Ltd., India · GNXT Investments Holdings Pte. Limited, Singapore · Ikon Investments Holdings Limited, Mauritius |
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·
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,800,300 |
Equity Shares |
Rs.10/- each |
Rs. 78.003 Millions |
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NOTE
b) Rights of Equity
Shareholders
The Company has only one class of Equity Shares having par value of Rs. 10 Each, holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company.
c) Reconciliation of
numbers of equity shares
|
Particulars |
As at 31st March, 2014 |
|
|
Number |
Rs. in Millions |
|
|
Shares outstanding at the beginning of the year |
7,800,300 |
78.003 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
7,800,300 |
78.003 |
d) Details of members
holding equity shares more than 5%
|
Particulars |
As at 31st March, 2014 |
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|
Number |
% of Holding |
|
|
|
|
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|
Time Technoplast Limited (Holding company) |
5,850,126 |
75.00% |
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e) During the previous five years the company had not issued Bonus Shares/ Buy-Back/ issued shares for consideration other than cash.
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 |
|
|
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|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
78.003 |
78.003 |
78.003 |
|
(b) Reserves & Surplus |
304.258 |
250.582 |
206.065 |
|
(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) |
382.261 |
328.585 |
284.068 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
85.950 |
159.359 |
198.083 |
|
(b) Deferred tax liabilities (Net) |
59.166 |
55.353 |
49.561 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
145.116 |
214.712 |
247.644 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
269.110 |
168.473 |
155.104 |
|
(b) Trade
payables |
286.389 |
333.783 |
246.191 |
|
(c) Other
current liabilities |
105.783 |
103.159 |
81.956 |
|
(d) Short-term
provisions |
22.234 |
23.135 |
20.854 |
|
Total Current
Liabilities (4) |
683.516 |
628.550 |
504.105 |
|
|
|
|
|
|
TOTAL |
1210.893 |
1171.847 |
1035.817 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
470.127 |
480.049 |
481.922 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
18.335 |
20.180 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
7.702 |
3.748 |
4.605 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
477.829 |
502.132 |
506.707 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
186.835 |
225.190 |
157.018 |
|
(c) Trade
receivables |
426.378 |
340.646 |
300.959 |
|
(d) Cash
and cash equivalents |
16.821 |
18.566 |
8.706 |
|
(e)
Short-term loans and advances |
95.909 |
83.655 |
61.630 |
|
(f) Other current
assets |
7.121 |
1.658 |
0.797 |
|
Total
Current Assets |
733.064 |
669.715 |
529.110 |
|
|
|
|
|
|
TOTAL |
1210.893 |
1171.847 |
1035.817 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1901.365 |
1539.000 |
1285.732 |
|
|
|
Other Income |
0.259 |
0.271 |
0.317 |
|
|
|
TOTAL (A) |
1901.624 |
1539.271 |
1286.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1500.182 |
1186.218 |
978.401 |
|
|
|
Manufacturing and Operating Costs |
82.680 |
84.584 |
72.141 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(0.647) |
(33.109) |
(24.638) |
|
|
|
Employee benefits expense |
46.262 |
45.655 |
35.513 |
|
|
|
Other expenses |
98.867 |
95.957 |
80.763 |
|
|
|
TOTAL (B) |
1727.344 |
1379.305 |
1142.180 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
174.280 |
159.966 |
143.869 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.492 |
48.017 |
42.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
122.788 |
111.949 |
101.009 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.110 |
35.559 |
30.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
85.678 |
76.390 |
70.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.750 |
13.622 |
11.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
71.928 |
62.768 |
58.726 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
225.746 |
185.980 |
149.885 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.420 |
4.750 |
4.500 |
|
|
|
Proposed Dividend – Equity Shares |
15.601 |
15.601 |
15.600 |
|
|
|
Corporate Dividend Tax |
2.651 |
2.651 |
2.531 |
|
|
BALANCE CARRIED
TO THE B/S |
274.002 |
225.746 |
185.980 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1156.816 |
863.509 |
0.000 |
|
|
|
Capital Items |
0.257 |
9.366 |
508.055 |
|
|
|
Interest on buyer’s Credit |
1.728 |
3.170 |
1.229 |
|
|
TOTAL IMPORTS |
1158.801 |
876.045 |
509.284 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.22 |
8.05 |
7.53 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
512.300 |
448.600 |
|
Total Expenditure |
462.900 |
405.000 |
|
PBIDT (Excl OI) |
49.300 |
43.600 |
|
Other Income |
0.300 |
0.000 |
|
Operating Profit |
49.600 |
43.600 |
|
Interest |
15.100 |
14.100 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
34.500 |
29.500 |
|
Depreciation |
9.300 |
8.900 |
|
Profit Before Tax |
25.200 |
20.600 |
|
Tax |
3.600 |
3.200 |
|
Provisions and
contingencies |
0.000 |
0.000 |
|
Profit After Tax |
21.500 |
17.500 |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
21.500 |
17.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.78 |
4.08 |
4.57 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.17 |
10.39 |
11.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
6.62 |
6.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.23 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93 |
1.00 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.07 |
1.05 |
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 |
78.003 |
78.003 |
78.003 |
|
Reserves & Surplus |
206.065 |
250.582 |
304.258 |
|
Net
worth |
284.068 |
328.585 |
382.261 |
|
|
|
|
|
|
long-term borrowings |
198.083 |
159.359 |
85.950 |
|
Short term borrowings |
155.104 |
168.473 |
269.110 |
|
Total
borrowings |
353.187 |
327.832 |
355.060 |
|
Debt/Equity
ratio |
1.243 |
0.998 |
0.929 |
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 |
1285.732 |
1539.000 |
1901.365 |
|
|
|
19.698 |
23.545 |
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 |
1285.732 |
1539.000 |
1901.365 |
|
Profit |
58.726 |
62.768 |
71.928 |
|
|
4.57% |
4.08% |
3.78% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term borrowings |
73.409 |
79.310 |
65.445 |
|
|
|
|
|
|
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10517384 |
25/08/2014 |
56,700,000.00 |
IDBI BANK LIMITED |
GROUND FLOOR, C7, G
BLOCK, OPPOSITE NSE, BANDRA K |
C18776583 |
|
2 |
10517386 |
25/08/2014 |
58,800,000.00 |
IDBI BANK LIMITED |
GROUND FLOOR, C7, G
BLOCK, OPPOSITE NSE, BANDRA K |
C18776831 |
|
3 |
10465658 |
23/10/2013 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B91735332 |
|
4 |
10233529 |
25/08/2014 * |
684,500,000.00 |
IDBI BANK LIMITED |
GROUND FLOOR, C7, G
BLOCK, OPPOSITE NSE, BANDRA K |
C18777169 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
|
|
COMPANY INFORMATION
The Company was incorporated in September 30, 1992 under the Companies Act, 1956 as TPL Plastech Limited with registration number (CIN) L25209DD1992PLC004656.The Company is primarily engaged in Manufacturing of Polymer Products having plants at Silvassa, Pantnagar, Jammu and Bhuj. The Company is subsidiary of Time Technoplast Limited.
OPERATIONS
During the year, the Company has achieved a Revenue from operations of Rs. 1901.365 Millions, thereby registering a growth of 23.59% as compared to the revenue from operation of Rs. 1538.399 Millions of the previous year. The Company has earned a Net profit after tax of Rs. 71.928 Millions, thereby registering an increase of 14.59% as compared to the Net Profit after tax of Rs. 62.799 Millions of the previous year.
MANAGEMENT DISCUSSION
and ANALYSIS
BUSINESS ENVIRONMENT
Economic growth in India eased to 4.6% in the first three quarters of FY14 and the just concluded financial year may log a lower growth rate than last year. Overall, the India economy had been exhibiting inflationary tendencies in the previous years and as a response the Reserve Bank of India (RBI) started raising policy rates from March 2010. High rates as well as policy constraints adversely impacted investment, and in the subsequent two years viz 2011-12 and 2012-13, the growth rate slowed to 6.2% and 5.00% respectively.
The slowdown, specially in 2012-13, has been across the board with no sector of the economy unaffected. With the global economy also showing signs of a sustained recovery in 2013, and the post elections improved sentiments should help improve economic conditions. The Country is expected to grow for the next five years, due to likely stable government post-elections.
REVIEW OF OPERATION:
During the year under review, the Company has achieved a revenue from operations of Rs. 1901.365 Millions, thereby registering a growth of 23.59% as compared to the revenue from operation of Rs. 1538.399 Millions of the previous year.
The higher growth in the revenue due to expansion in Bhuj as well as addition of capacity for the manufacturing of PE pipes and Anti Spray Flaps at Pantnagar unit. The Company achieved revenue growth from all its units i.e. Silvassa, Bhuj, Jammu and Pantnagar.
The Company registered an operating profit of Rs. 174.280 Millions against Rs. 159.366 Millions in the previous year, an increase of 9% over the previous year.
The Operating profit % to sales is 9.17% against 10.36% in the previous years. The reason for the declined in the percentage mainly on account of increased raw material cost which constitute 78.87% of Net sales as compared to 74.96% in the previous years.
The Company has earned a Net profit after tax of Rs. 71.928 Millions, thereby registering an increase of 14.59% as compared to the Net Profit after tax of Rs. 62.799 Millions of the previous year.
The Earning per share increased from Rs. 8.05 per share to Rs. 9.22 per shares.
FUTURE OUTLOOK,
OPPORTUNITIES AND THREATS:
Economic growth is expected to pick up in India during 2014. The country’s GDP growth rate will increase from 4.6% in the fiscal year ending 31 March 2014 to 5.6% in the fiscal year ending 31 March 2015 and 6.5% in the following fiscal year.
Domestic growth in chemicals industry will be driven by increase in consumption and high growth in the end-user industries, where per capita consumption presently is low. Key enduser industries such as construction, automotive, packaging, and electronics are expected to drive demand immensely. Construction is likely to grow at 12 percent, packaging and electronics at around 13 percent, rendering a promising growth of over 12 percent to the chemicals demand. Regulatory compliances and sustainable practices will also aid the Indian industry to become a key manufacturing hub for chemicals on the global map in the future. Indigenous innovation will play an important role in making the industry competitive vis-ŕ-vis international companies.
The Indian chemical industry has always grown 1–2% above the overall GDP growth rate in the country. This trend will continue, and the chemical industry in India will grow about 2% above the GDP growth rate in 2014.Certain specialty chemicals, such as personal-care ingredients, additives, active pharmaceutical ingredients, paints and coatings, construction chemicals, and water chemicals, are likely to grow strongly. Also, there has been an increase in activities by Indian players in these segments with respect to expansions—both organic and inorganic.
Their company, with its four plants at Silvassa, Jammu, Pantnagar and Bhuj, is ideally placed to cater to capture the increasing demand for packaging products in the major consuming regions in India.
CONTINGENT
LIABILITIES AND COMMITMENTS
i. Contingent liabilities not provided for in respect of:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantees given by the bank on behalf of the Company |
5.015 |
5.052 |
|
Disputed indirect taxes (Excluding interest, if any) |
7.038 |
4.569 |
|
Disputed Electricity Duty (Excluding Interest) |
3.276 |
0.000 |
|
Liability is respect of Bill discounted by the company |
6.954 |
0.000 |
|
* Since realized. |
||
ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of ` Nil Previous year `123,763) ` Nil (Previous Year 288,161).
iii. Foreign Currency Exposure only relates to import of raw materials as on 31st March 2014 are as follows :-
|
Particulars |
2013-14 |
|
|
USD |
Rs. in Millions |
|
|
Hedged |
1,124,207 |
67.747 |
|
Unhedged |
4,179,280 |
250.464 |
UNADUTED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2014
(RS. IN MILLION)
PART: I
|
PARTICULARS |
QUARTER ENDED |
HALF
YEAR ENDED |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED
|
UNAUDITED |
UNAUDITED |
|
1.
Income from operations |
|
|
|
|
a) Gross Sales/ Income from Operations |
500.826 |
573.719 |
1074.545 |
|
b) Other operating income |
52.187 |
61.466 |
113.653 |
|
Total
Income from Operations (net) (a+b) |
448.639 |
512.253 |
960.892 |
|
2.Expenses |
|
|
|
|
a. Cost of materials consumed |
378.061 |
399.256 |
777.317 |
|
b. Purchases of stock-in-trade |
-- |
-- |
-- |
|
c. Changes in inventories of finished goods, work-in-progress and
Stock-in-trade |
(24.268) |
8.423 |
(15.845) |
|
d. Employee benefits expense |
11.891 |
11.833 |
23.724 |
|
e. Depreciation and amortization expense |
8.931 |
9.302 |
18.233 |
|
f. Other Expenses |
39.345 |
43.409 |
82.753 |
|
Total expenses |
413.959 |
472.223 |
886.182 |
|
|
|
|
|
|
3. Profit from operations before other income, financial
costs and exceptional items (1-2) |
34.679 |
40.030 |
74.709 |
|
4. Other income |
0.002 |
0.273 |
0.275 |
|
5. Profit from ordinary activities before finance costs
and exceptional items (3+4) |
34.681 |
40.304 |
74.985 |
|
6. Finance cost Net |
14.088 |
15.139 |
29.226 |
|
7. Profit from ordinary activities after finance costs
but before exceptional items (5-6) |
20.593 |
25.165 |
29.226 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
(7+8) |
20.593 |
25.165 |
45.758 |
|
10.Tax Expenses |
3.147 |
3.640 |
6.787 |
|
11. Net
Profit from Ordinary Activities after tax (9-10) |
17.447 |
21.525 |
38.971 |
|
12. Extraordinary Items |
-- |
-- |
-- |
|
13.Net Profit for the period (11 -12) |
17.447 |
21.525 |
38.971 |
|
14.Paid-up equity share capital (Face Value – Rs. 10 each) |
78.003 |
78.003 |
78.003 |
|
15. Reserve excluding
Revaluation Reserves |
-- |
-- |
-- |
|
16. Earnings Per Share (EPS) of Rs. 10 each |
|
|
|
|
Basic and Diluted EPS before Exceptional items (Rs.) |
2.24 |
2.76 |
5.00 |
|
Basic and Diluted EPS after Exceptional items (Rs.) |
2.24 |
2.76 |
5.00 |
|
|
|
|
|
|
PART – II |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1950174 |
1950174 |
1950174 |
|
- Percentage of shareholding |
25.00 |
25.00 |
25.00 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
5850126 |
5850126 |
5850126 |
|
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) |
75.00 |
75.00 |
75.00 |
|
|
|
|
|
|
B.
Investor Complaints (Nos.) |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
2 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STATEMENT OF
ASSETS AND LIABILITIES
(RS. IN MILLIONS)
|
|
Particular |
As
At 30.09.2014 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
78.003 |
|
|
(b) Reserves and surplus |
343.229 |
|
|
Sub-total
- Shareholders' funds |
421.232 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
66.598 |
|
|
(b) Deferred Tax Liabilities (Net) |
59.090 |
|
|
Sub-total
- Non-current liabilities |
125.688 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
282.802 |
|
|
(b) Trade payables |
264.220 |
|
|
(c) Other current liabilities |
93.031 |
|
|
(d) Short-term provision |
22.572 |
|
|
Sub-total - Current
liabilities |
662.625 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
1209.546 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
453.115 |
|
|
(b) Long-term loans and advances |
8.930 |
|
|
Sub-total
- Non-current assets |
462.045 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
256.308 |
|
|
(b) Trade receivables |
378.522 |
|
|
(c) Cash and cash equivalents |
8.766 |
|
|
(d) Short-term loans and advances |
101.558 |
|
|
(e) Other current assets |
2.345 |
|
|
Sub-total
- Current assets |
747.500 |
|
|
TOTAL
- ASSETS |
1209.546 |
NOTE
1. The above Financial Results have been reviewed by the Audit Committee and taken on record by the Board at its Meeting held on 8th November 2014. Limited review of the same has been carned Out by the statutory auditors of the company In terms of clause 41 of the Listing agreement.
2. The Company’s operations fall under a single segment i.e. polymer products.
3. The Depreciation has been provided as per the scheduled XIV of the Companies
Act, 1956. However the revised depreciation as per the scheduled II of the
Companies Act,2013 Wilt be provided at the end of the year.
4. The figures for the corresponding periods in the previous periods have been
regrouped and reclassified wherever necessary to make them comparable with the
figures for the current periods.
FIXED ASSETS
TANGIBLE ASSETS
· Land – Leasehold
· Land – Freehold
· Building – Owned
· Plant and Equipment
· Laboratory Testing Equipment
· Electric Installation
· Dies and Moulds
· Computers
· Office Equipment
· Furniture and Fixture
· Vehicles
INTANGIBLE ASSETS
· Goodwill
· Brands / Trademarks
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.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.