MIRA INFORM REPORT
|
Report No. : |
302493 |
|
Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TCPL PACKAGING LIMITED |
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|
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Registered
Office : |
Shiv Smriti Chambers, 49, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.08.1987 |
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Com. Reg. No.: |
11-044505 |
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Capital
Investment / Paid-up Capital : |
Rs. 87.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
L22210MH1987PLC044505 |
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IEC No.: |
05001962723 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09495D |
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PAN No.: [Permanent Account No.] |
AAACT1406 |
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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
: |
Manufacuter Export of Paper board – based printed packaging material |
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No. of Employees
: |
1140 (Approximetly) |
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 |
|
Maximum Credit Limit : |
USD 2500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is decent. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered for business dealing 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long - Term bank Facilities (BBB+) |
|
Rating Explanation |
Moderate Degree of safety. It carry Moderate
Credit Risk |
|
Date |
17.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short – Term Bank Facilities (A2) |
|
Rating Explanation |
Strong Degree of safety. It carry low credit
Risk |
|
Date |
17.04.2014 |
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 PARTED BY (General Details)
|
Name : |
Mr. Pravin Karambelkar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-66606000 |
LOCATIONS
|
Registered Office/ Head Office
: |
Shiv Smriti Chambers, 49, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66606000 (Mr. Pravin Karambelkar) |
|
Fax No.: |
91-22-24935893 |
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E-Mail : |
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Website : |
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Factory 1 : |
Silvassa |
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Tel. No.: |
91-260-2640259 / 2640067 |
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Fax No.: |
91-260-2640066 |
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Factory 2 : |
Haridwar Factory - Northern India Plot No.1 and 2, Sector 6A, Integrated Industrial Estate, BHEL,
Haridwar, Uttarakhand - 249403, India |
|
Tel. No.: |
91-1334-239176-9/ 395217 |
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Fax No.: |
91-1334-239175 |
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Factory 3 : |
Goa Factory - Western India Shed No.1, 2 and 3 Plot No.124 and 127A, Kundaim Industrial Estate,
Kundaim, Ponda, Goa-403115 |
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Tel. No.: |
91-832-2395235/ 40 |
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Factory 4: |
Assam Plot No. 19, Industrial Growth Centre, Chayagoan, Village Chatabari,
District Kamrup Rural, Assam – 781123, India |
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Branch Office : |
B-57, Second Floor, Kalkaji, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26441480 / 11 |
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Fax No.: |
91-11-26442531 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Chairman |
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Name : |
Mr. Rishav Kanoria |
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Designation : |
Executive Director |
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Name : |
Mr. C.M. Maniar |
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Designation : |
Director |
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Name : |
Mr. Sudhir Merchant |
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Designation : |
Director |
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Name : |
Mr. Atul Sud |
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Designation : |
Director |
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Name : |
Mr. K.K. Kanoria |
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Designation : |
Whole-Time Director |
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Name : |
Mr. Saket Kanoria |
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Designation : |
Managing Director |
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Name : |
Mr. S. G. Nanavati |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Karambelkar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
818271 |
9.41 |
|
|
4264353 |
49.02 |
|
|
5082624 |
58.42 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
5082624 |
58.42 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3600 |
0.04 |
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|
50 |
0.00 |
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|
3650 |
0.04 |
|
|
|
|
|
|
1171722 |
13.47 |
|
|
|
|
|
|
1320452 |
15.18 |
|
|
1085889 |
12.48 |
|
|
35663 |
0.41 |
|
|
7989 |
0.09 |
|
|
5007 |
0.06 |
|
|
20646 |
0.24 |
|
|
121 |
0.00 |
|
|
1900 |
0.02 |
|
|
3613726 |
41.54 |
|
Total Public shareholding (B) |
3617376 |
41.58 |
|
Total (A)+(B) |
8700000 |
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) |
8700000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacuter Export of Paper board – based printed packaging material |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Advance |
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Purchasing : |
Cash and Advance |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
1140 (Approximetly) |
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Bankers : |
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Facilities : |
Long Term
Borrowing: ·
The loans from banks are secured by First
pari passu charge on movable and immovable assets of the Company situated at
Haridwar, Silvassa & Goa both present & future and Second pari passu
charge by way of hypothecation of the Company's entire stock and other movables
including book debts, bills, outstanding monies, receivables both present and
future. The loans from others are
secured by hypothecation of specific machinery / assets for which loan are availed. ·
Rupee Term Loan from banks carries
interest in the range of 13% to 13.50% p.a. and Foreign Currency Loans from
banks carries interest at LIBOR + ranging from 100 to 200 basis points. The
loans are repayable in monthly / quarterly instalments Rupee loans from
others carries interest in the range of 13% to 15% p.a. and are repayable in
monthly instalments. ·
Maturity profile of secured term loans are set
out below: (Rs. in millions)
Short Term
Borrowing: Working Capital Loans and Acceptances are secured by pari passu charge by way of hypothecation of raw materials, semi-finished goods, finished goods, tools & spares, packing material, book debts and assignment of actionable claims. The loan is repayable on demand and carries interest in the range of 13% to 13.50% p.a. |
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Auditors : |
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Name : |
Shah Gupta and Company Chartered Accountants |
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Other Related Parties: |
·
Accura Reprotech Private Limited ·
Narmada Fintrade Limited · Flixit Animations Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
Rs. 10/-
each |
Rs. 87.000
Millions |
|
|
|
|
|
Reconciliation
of Equity shares outstanding at the beginning and at the end of the year
|
|
31.03.2014 |
31.03.2013 |
|
Equity shares outstanding at
the beginning of the year |
87.000 |
87.000 |
|
At the End of the year |
87.000 |
87.000 |
Terms attached to equity
shares
The Company has only one class of equity shares having par value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Details of
shareholders holding more than 5% shares in the company
|
|
31.03.2014 |
31.03.2013 |
|
|
% holding |
% holding |
|
Accuraform Private Limited |
20.06 |
16.15 |
|
Narmada Fintrade Private Limited |
10.47 |
12.53 |
|
Powersurfer Interactive (India) Private
Limited |
1034 |
10.34 |
|
Anil Kumar Goel |
6.18 |
3.47 |
|
AMVD Holding Private Limited |
5.86 |
5.86 |
|
Sampannta Investments Private Limited |
5.23 |
5.23 |
|
Total |
58.14 |
53.58 |
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 |
87.000 |
87.000 |
87.000 |
|
(b) Reserves &
Surplus |
792.265 |
692.675 |
577.709 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
6.875 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
879.265 |
779.675 |
671.584 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
781.740 |
632.136 |
695.460 |
|
(b) Deferred tax
liabilities (Net) |
120.414 |
100.637 |
92.763 |
|
(c) Other long term
liabilities |
6.286 |
5.280 |
4.244 |
|
(d) long-term provisions |
15.409 |
17.550 |
15.259 |
|
Total Non-current
Liabilities (3) |
923.849 |
755.603 |
807.726 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
619.298 |
622.953 |
400.605 |
|
(b) Trade payables |
354.266 |
360.560 |
282.805 |
|
(c) Other current
liabilities |
406.333 |
387.690 |
259.371 |
|
(d) Short-term provisions |
25.446 |
26.973 |
47.236 |
|
Total Current Liabilities
(4) |
1405.343 |
1398.176 |
990.017 |
|
|
|
|
|
|
TOTAL |
3208.457 |
2933.454 |
2469.327 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1826.788 |
1606.097 |
1454.773 |
|
(ii) Intangible Assets |
5.562 |
4.376 |
5.531 |
|
(iii) Capital
work-in-progress |
40.048 |
12.330 |
29.853 |
|
(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 |
21.435 |
49.449 |
67.518 |
|
(e) Other Non-current
assets |
26.775 |
12.865 |
23.387 |
|
Total Non-Current Assets |
1920.608 |
1685.117 |
1581.062 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
474.371 |
449.016 |
364.996 |
|
(c) Trade receivables |
738.785 |
702.900 |
469.528 |
|
(d) Cash and cash
equivalents |
8.979 |
26.012 |
5.646 |
|
(e) Short-term loans and
advances |
51.231 |
50.515 |
33.881 |
|
(f) Other current assets |
14.483 |
19.894 |
14.214 |
|
Total Current Assets |
1287.849 |
1248.337 |
888.265 |
|
|
|
|
|
|
TOTAL |
3208.457 |
2933.454 |
2469.327 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3900.395 |
3676.353 |
2791.721 |
|
|
Other Income |
48.816 |
56.554 |
41.744 |
|
|
TOTAL (A) |
3949.211 |
3732.907 |
2833.465 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2288.621 |
2171.692 |
1624.316 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.634) |
(4.587) |
(29.430) |
|
|
Employees benefits
expense |
290.783 |
243.004 |
178.202 |
|
|
Loss on account of
exchange rate diffrences |
7.394 |
1.430 |
35.345 |
|
|
Other expenses |
772.245 |
764.825 |
611.775 |
|
|
TOTAL (B) |
3337.409 |
3176.364 |
2420.208 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
611.802 |
556.543 |
413.257 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
176.560 |
149.568 |
119.650 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
435.242 |
406.975 |
293.607 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
237.929 |
203.527 |
179.665 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
197.313 |
203.448 |
113.942 |
|
|
|
|
|
|
|
Less |
TAX (H) |
72.277 |
68.384 |
36.892 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
125.036 |
135.064 |
77.050 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
29.002 |
20.911 |
4.084 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
100.000 |
100.000 |
40.000 |
|
|
Proposed Dividend |
21.750 |
23.055 |
17.400 |
|
|
Corporate tax on dividend |
3.696 |
3.918 |
2.823 |
|
|
Total (K) |
125.446 |
126.973 |
20.911 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
28.592 |
29.002 |
81.134 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
618.871 |
727.295 |
486.443 |
|
|
Travelling and Others |
32.016 |
33.336 |
21.846 |
|
|
TOTAL EARNINGS |
650.887 |
760.631 |
508.289 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
137.926 |
130.319 |
81.872 |
|
|
Consumables |
52.897 |
74.247 |
40.445 |
|
|
Capital Goods |
256.626 |
130.360 |
309.773 |
|
|
TOTAL IMPORTS |
447.449 |
334.926 |
432.090 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
14.37 |
15.52 |
8.93 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
3.21 |
3.67 |
2.76 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.69 |
15.14 |
14.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.23 |
6.96 |
4.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.26 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio Total Debt /Networth) |
|
1.59 |
1.61 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.89 |
0.90 |
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 |
87.000 |
87.000 |
87.000 |
|
Reserves & Surplus |
577.709 |
692.675 |
792.265 |
|
Money received against
share warrants |
6.875 |
0.000 |
0.000 |
|
Net worth |
671.584 |
779.675 |
879.265 |
|
|
|
|
|
|
long-term borrowings |
695.460 |
632.136 |
781.740 |
|
Short term borrowings |
400.605 |
622.953 |
619.298 |
|
Total borrowings |
1096.065 |
1255.089 |
1401.038 |
|
Debt/Equity ratio |
1.632 |
1.610 |
1.593 |
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 |
2791.721 |
3676.353 |
3900.395 |
|
|
|
31.688 |
6.094 |
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 |
2791.721 |
3676.353 |
3900.395 |
|
Profit |
77.050 |
135.064 |
125.036 |
|
|
2.76% |
3.67% |
3.21% |
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 |
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 Tem Borrowing |
|
|
|
From Others |
0.000 |
20.000 |
|
From Related
Party |
0.000 |
0.000 |
|
Total |
0.000 |
20.000 |
Note:
Unsecured loan is taken from a body corporate carrying interest @ 16% p.a. and is repayable in May 2014 and that from Related party carries interest @ 12% p.a.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Overview
During the year 2013-14,
the Company’s sales have increased from Rs. 3887.800 Millions to Rs. 4124.300
Millions showing a growth of 6.08%. The factories at Silvassa, Haridwar and Goa
have converted 43360 M.T. of board as compared to 41773 M.T. in the previous
year. The export turnover of the Company stood at `64.38 crores as against Rs.
856.900 Millions of last year. The Company has exported a variety of packing
materials to its customers based in UAE and Europe countries.
The Company is
continuously increasing its clientele and several large multinational companies
operating in India are its customers.
Industry Structure and Developments
The year 2013-14
witnessed sluggish growth in FMCG industry. However with the new government at
the centre it is expected that the country returns to the high growth rates
seen in the past. They thus anticipate higher rates of industry growth in the
future, which will be favourable to the prospects for their business.
Therefore, with the
change in economic condition, lifestyle of people and launch of organised
retail etc. the demand for packaged goods are expected to rise substantially.
Financial performance
During the year the
performance of the Company has marginally increased compared to the previous
year. While the turnover has increased by 6.08%, the EBIDTA has also gone up to
Rs. 619.100 Millions as against Rs. 55.80 Millions during the previous year
2012- 13 represents an increase of 10.97%. The Cash profit of the Company has
also gone up to Rs. 435.200 Millions in the current year as against Rs. 407.000
Millions in the last financial year.
Dividend Policy
TCPL is a regular
dividend paying company for the past many years. For the year ended 31st March,
2014, the Directors have recommended a dividend of Rs. 2.50 per share amounting
to Rs. 2544.600 lacs including taxes thereon. This amounts to 20% of the net
profit for the year. As you may recall, the Company has announced previously a
policy of payout of 20% of net profits by way of Dividend.
WORKING REVIEW AND PERFORMANCE
Working Review:
During the year
2013-14, the gross turnover of the Company has increased to Rs. 4124.300
Millions from Rs. 3887.800 Millions for the previous year ended 31st March 2013
representing a growth of 6.08%. The Company has converted 43360 MT of
paperboard as against 41773 MT in the previous year.
As usual, the
Company continues to do significant share of its business by the conversion
route. However, had all the products been sold on sales basis, the turnover
would have been Rs. 4472.900 Millions as against Rs. 4208.300 Millions in the
previous year, representing a growth of 6.29%.
The Company’s
exports for the year ended 31st March, 2014 stood at Rs. 643.800 Millions, as
against Rs. 856.900 Millions for the previous year.
During the year, the
Company has earned an EBIDTA of Rs. 619.200 Millions as compared to Rs. 558.000
Millions, an increase of 10.97% over the previous year and amounts to 15.88% of
net sales, as against 15.17% in the previous year.
Performance:
Silvassa factory:
During the year, the
operations of all the three units in Silvassa have been encouraging and all the
units have significantly contributed to the growth in sales.
During the year, the
Company installed a state-of-the-art KBA offset printing machine from Germany
at its Offset Printing Unit (OPU) in Silvassa alongwith a host of ancillary
equipments which was commissioned in July 2013. The capacity utilisation of the
unit has been increasing for the past few months and the unit has also added several
new customers to its portfolio.
The performance of
the Gravure printing unit (GPU) at Silvassa has also been satisfactory and bulk
of the Company’s exports is contributed by products manufactured by this unit.
This unit was also expanded during the year by integrating the neighbouring
plots, and by installation of equipments which enable us to convert value added
jobs such as high volume foil stamping and tactile UV applications.
The third unit at
Silvassa is called Fluted Corrugation unit (FCU) and is also performing
satisfactorily and is producing E/F/N fluted cartons for a variety of customers
in the FMCG and Food industries.
Haridwar factory:
The Haridwar plant
of the Company continues to achieve high levels of capacity utilisation. The
products of the Company have been well received by its customers and the levels
of utilisation and business generated at this plant have surpassed expectations
and are at satisfactory level.
Goa factory:
During the year, the
company added a printing machine at this facility by transferring a 6 colour
offset printing machine from Silvassa and installed additional new equipment.
This factory has become a full-fledged independent unit for manufacture of
printed cartons, and will be a key factor in their pursuit of servicing orders
from south based customers.
Guwahati project:
During the year, the
Directors have decided to pursue the opportunity to expand their activities by
setting up a Greenfield state-of-art packaging plant in Chayagaon, near Guwahati
in the state of Assam. The northeast region of the country has been growing
rapidly and Central and State Governments offer several fiscal benefits for
units being set up there. In view of this, the Company has decided to set up a
plant there to cater to the increasing demand for high quality packaging in
that region. The construction of the factory building at the site is going on
in full swing and we expect to commence commercial production by the end of the
year.
Future prospects:
Due to the
continuous growth the Company has witnessed, it continues to be India’s largest
independent manufacturer of folding cartons with a turnover crossing a
milestone figure of Rs. 4000.000 Millions at a compound annual growth rate in
excess of 16% over the last 5 years. Further, the Directors are hopeful that,
with the swearing in of a very progressive and stable Government at the Centre,
the growth of Indian economy will further accelerate which promises to result
in high growth in the FMCG sector and this will enable the company to utilise
its capacities at higher levels and indeed create more opportunities for growth
in the foreseeable future.
CONTINGENT
LIABILITIES :
a) Counter
Guarantees given to the banks in respect of:
- Bank Guarantee of Rs. 6.671 Millions given to the Electricity
Departments / Various Government Authorities (Previous year Rs. 7.171 Millions)
- The Bonds given to Customs and Excise Authorities – Rs. 826.053
Millions towards export obligation fulfillment of Rs 2183.074 Millions (since
fulfilled Rs. 1904.637 Millions) for licences issued under Export
Promotion Capital Goods Scheme (Previous Years Rs. 663.874 Millions) and
for other matters Rs. 175.718 Millions (Previous Year Rs. 161.258
Millions)
b) Disputed demands
of Rs. 41.035 Millions in respect of various orders passed by Central Excise /
Income Tax
authorities (Previous year Rs. 11.666
Millions) for which appeals are made.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED JUNE 30, 2014
|
Particulars |
Three months ended |
|
30.06.2014 |
|
|
Unaudited |
|
|
Income |
|
|
Gross Sales/Income Operations |
1172.568 |
|
Less Excise duty |
63.173 |
|
Net Sales/Income from Operations |
1109.395 |
|
Other Operating Income |
13.416 |
|
Total Income |
1122.811 |
|
|
|
|
Expenditure |
|
|
(Increase) / decrase instock in trade and work-in-progress |
(34.494) |
|
Consumption of raw material |
668.993 |
|
Employee cost |
84.733 |
|
Depreciation |
51.967 |
|
Other Expenses |
213.841 |
|
Loss/ (gain)on account of exchanges rate differences |
2.132 |
|
Total
Expenditure |
987.172 |
|
Profit/ (Loss) from operations |
135.639 |
|
Intrest |
44.957 |
|
Profit before tax |
90.682 |
|
Tax expenses |
|
|
a provision for Tax |
29.064 |
|
Net Profit / (Loss) from Ordinary Activities after tax |
61.618 |
|
Cash Profit |
142.649 |
|
Paid up equity share capital (Face Value of Rs10/- each) |
87.000 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
|
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
(a) Basic |
7.08 |
|
(b) Diluted |
7.08 |
|
Earnings per share (after extraordinary items) of Rs.10/- each (not annualised) |
|
|
(a) Basic |
7.08 |
|
(b) Diluted |
7.08 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number of shares |
3617376 |
|
- Percentage of shareholding |
41.58 |
|
Promoters and Promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
-- |
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
-- |
|
b) Non Encumbered |
|
|
- Number of shares |
5082624 |
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
58.42 |
Note :
The above results have been adopted at the meeting of the Board of Directors held on 01.08.2014.
The Company is engaged in the segment of Packaging.
Depreciation for the quarter has been computed based on the Company's
evaluation of useful lives of its fixed assets, which in certain cases are
different from those mentioned in Schedule II to the Companies Act, 2013,
Accordingly, depreciation for the current quarter is lower
by Rs. 10.304 Millions and as compared to depreciation worked as per erstwhile
Companies Act, 1956.
Investor
complaints pending at the beginning of the quarter : Nil, received during the
quarter : 3, disposed off : 3 and lying unresolved at the end of the quarter
wer : Nil
INDEX CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503126 |
04/06/2014 |
1,283,670.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C06710214 |
|
2 |
10483571 |
15/02/2014 |
420,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN DIA |
B98897929 |
|
3 |
10436887 |
27/03/2014 * |
124,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI, |
C08905168 |
|
4 |
10403331 |
09/07/2013 * |
375,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B79578050 |
|
5 |
10384104 |
05/10/2012 |
1,340,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B61149878 |
FIXED
ASSETS:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
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. 62.39 |
|
|
1 |
Rs. 94.16 |
|
Euro |
1 |
Rs. 73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.