MIRA INFORM REPORT
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Report No. : |
302627 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CONTROL PRINT LIMITED |
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Registered
Office : |
C – 101, Hind Saurashtra Industrial Estate, Andheri – Kurla Road,
Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.01.1991 |
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Com. Reg. No.: |
11-059800 |
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Capital
Investment / Paid-up Capital : |
Rs.98.482 Millions |
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CIN No.: [Company Identification
No.] |
L22219MH1991PLC059800 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11986C |
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PAN No.: [Permanent Account No.] |
AAACC5378C |
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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 Coding and Marking Solutions. |
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No. of Employees
: |
435 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
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Date |
26.11.2013 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ (Suspended) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
26.11.2013 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-22-66938900)
LOCATIONS
|
Registered Office : |
C – 101, Hind Saurashtra Industrial Estate, Andheri – Kurla Road,
Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28509056 / 66938900 |
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Fax No.: |
91-22-28528272 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village Bhatian, Near TVS Factory, |
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Tel. No.: |
91-1795-220580 |
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Fax No.: |
91-1795-220580 |
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Factory 2 : |
1, Highway Industrial Estate, Off Western Express Highway, Village Sativali, Taluka Vasai, District Thane – 401208, Maharashtra, India |
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Branch Offices : |
Located At
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Basant S Kabra |
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Designation : |
Chairman and Managing Director |
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Date of Birth : |
12.01.1946 |
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Date of Appointment
: |
14.01.19991 |
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Qualifications : |
Chemical Engineer |
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|
Name : |
Mr. S.S. Jangid |
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Designation : |
Director |
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Date of Birth : |
12.10.1956 |
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Date of Appointment
: |
30.07.2003 |
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Qualifications : |
Practising Chartered Accountant with additional degrees in Law (LLB) and Secretarial (ACS), PGDIS |
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|
Name : |
Mr. Gaurav Himatsingka |
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Designation : |
Director |
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Date of Birth : |
19.09.1970 |
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Date of Appointment
: |
24.01.2006 |
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Qualifications : |
B. Com, Diploma in Business Administration, from Swansea Institute of Higher Education, University of Wales, U.K. |
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Name : |
Mr. Rakesh Agrawal |
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Designation : |
Director |
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Date of Birth : |
08.06.1947 |
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Date of Appointment
: |
30.10.2010 |
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Qualifications : |
Master of Engineering (Chemicals) |
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Name : |
Mr. Shiva Kabra |
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Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Ms. Saroj Agarwal |
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Designation : |
Company Secretary and Chief Financial Officer |
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Management Team : |
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Name : |
Mr. Basant S Kabra |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Shiva Kabra |
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Designation : |
Whole-time Director |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
2525363 |
26.73 |
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|
2308275 |
24.43 |
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|
4833638 |
51.16 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4833638 |
51.16 |
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(B) Public Shareholding |
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|
|
|
|
|
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|
947836 |
10.03 |
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|
947836 |
10.03 |
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|
|
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|
797556 |
8.44 |
|
|
|
|
|
|
1949394 |
20.63 |
|
|
816835 |
8.65 |
|
|
102989 |
1.09 |
|
|
100889 |
1.07 |
|
|
2100 |
0.02 |
|
|
3666774 |
38.81 |
|
Total Public shareholding (B) |
4614610 |
48.84 |
|
Total (A)+(B) |
9448248 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9448248 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Pushpa Kabra |
764154 |
8.09 |
|
Shiva Kabra |
766079 |
8.11 |
|
Ritu Joshi |
296142 |
3.13 |
|
Basant Kabra |
330088 |
3.49 |
|
Basant Kumar Kabra |
268900 |
2.85 |
|
Nayana Sabharwal |
100000 |
1.06 |
|
Silver Plastochem Private Limited |
2212871 |
23.42 |
|
Silver Containers Private Limited |
95404 |
1.01 |
|
Total |
48,33,638 |
51.16 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
India Max Investment Fund Limited |
789818 |
8.36 |
|
Marytime Trimpex Private Limited |
240000 |
2.54 |
|
Rohini Himatsingka |
100000 |
1.06 |
|
Sangeetha S |
105550 |
1.12 |
|
Grovsnor investment Fund Limited |
155818 |
1.65 |
|
Total |
1391186 |
14.72 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
India Max Investment Fund Limited |
789818 |
8.36 |
|
Total |
789818 |
8.36 |
Details of Locked-in Shares
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Silver Plastochem Private Limited |
2,00,000 |
2.12 |
|
Pushpa Kabra |
1,00,000 |
1.06 |
|
Shiva Kabra |
1,00,000 |
1.06 |
|
Total |
4,00,000 |
4.23 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Coding and Marking Solutions. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
435 (Approximately) |
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Bankers : |
ING Vyasa Bank Limited |
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Facilities : |
Notes: Long Term Borrowings Two Car Loans from Kotak Mahindra Prime Limited are secured by creating a Charge on the cars purchased from the loan amount. The Loans carry an interest of 12.65% and are repayable in 59 monthly installments starting from June, 2011 and the last instalment is due in April, 2016. Short
Term Borrowings Working Capital Loan from ING Vysya Bank is secured by hypothecation of present and future stock, book debts and first charge on immovable property located at Nalagarh, Himachal Pradesh. |
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Auditors : |
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Name : |
Dosi and Jain Chartered Accountant |
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Address : |
Mumbai – 400021, |
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Legal Advisor |
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Name : |
Parimal K Shroff and Company Advocates Solicitors and Notary |
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Address : |
Mumbai – 400023, |
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Collaborators : |
-- |
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Related Parties : |
Silver Plastochem Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9073248 |
Equity Shares |
Rs. 10/- each |
Rs.90.732 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
As per Last Balance Sheet |
9073248 |
90.732 |
|
Equity shares of Rs.10 each issued during the year |
-- |
-- |
|
Balance at the end of year |
9073248 |
90.732 |
Terms/Rights attached
to Equity Shares:
The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Silver Plastochem Private Limited |
2112821 |
23.29% |
|
India Max Investment Fund Limited |
809098 |
8.92% |
|
Shiva Kabra |
706079 |
7.78% |
|
Pushpa Kabra |
704154 |
7.76% |
Note: No conversion of preferential Share Warrants happened during the year. However, the Promoter /Promoter Group have been allotted additional 1000000 Share Warrants during the year
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 |
90.732 |
90.732 |
86.732 |
|
(b) Reserves & Surplus |
737.668 |
624.183 |
509.878 |
|
(c) Money
received against share warrants |
18.333 |
5.025 |
3.784 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
846.733 |
719.940 |
600.394 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.303 |
0.548 |
0.765 |
|
(b) Deferred tax liabilities (Net) |
26.920 |
26.910 |
24.259 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
7.834 |
6.310 |
5.298 |
|
Total Non-current
Liabilities (3) |
35.057 |
33.768 |
30.322 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
52.179 |
29.065 |
28.836 |
|
(b) Trade
payables |
86.576 |
69.763 |
34.895 |
|
(c) Other current
liabilities |
82.840 |
70.632 |
42.645 |
|
(d) Short-term
provisions |
45.896 |
39.964 |
28.753 |
|
Total Current
Liabilities (4) |
267.491 |
209.424 |
135.129 |
|
|
|
|
|
|
TOTAL |
1,149.281 |
963.132 |
765.845 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
177.621 |
151.368 |
133.988 |
|
(ii)
Intangible Assets |
3.830 |
3.564 |
2.573 |
|
(iii)
Capital work-in-progress |
44.333 |
12.104 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
185.217 |
206.944 |
159.733 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.263 |
24.244 |
19.431 |
|
(e) Other Non-current
assets |
14.053 |
23.891 |
4.879 |
|
Total Non-Current
Assets |
437.317 |
422.115 |
320.604 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.304 |
0.783 |
0.000 |
|
(b)
Inventories |
461.511 |
321.871 |
261.318 |
|
(c) Trade
receivables |
234.963 |
204.845 |
172.928 |
|
(d) Cash
and cash equivalents |
7.594 |
5.215 |
5.989 |
|
(e)
Short-term loans and advances |
7.455 |
7.229 |
3.669 |
|
(f) Other
current assets |
0.137 |
1.074 |
1.337 |
|
Total
Current Assets |
711.964 |
541.017 |
445.241 |
|
|
|
|
|
|
TOTAL |
1,149.281 |
963.132 |
765.845 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
910.577 |
798.215 |
665.435 |
|
|
|
Other Income |
9.002 |
3.852 |
3.221 |
|
|
|
TOTAL (A) |
919.579 |
802.067 |
668.656 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
246.594 |
215.241 |
220.147 |
|
|
|
Purchases of Stock-in-Trade |
132.096 |
98.660 |
99.927 |
|
|
|
Manufacturing & Operating Costs |
84.725 |
70.348 |
50.086 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(24.954) |
27.852 |
20.819 |
|
|
|
Employees benefits expense |
144.488 |
120.071 |
86.224 |
|
|
|
Other expenses |
124.531 |
113.250 |
96.765 |
|
|
|
Exceptional Items |
(0.808) |
(6.197) |
(37.813) |
|
|
|
TOTAL (B) |
706.672 |
639.225 |
536.155 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
212.907 |
162.842 |
132.501 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.459 |
2.849 |
13.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
205.448 |
159.993 |
119.066 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.818 |
9.633 |
8.899 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
193.630 |
150.360 |
110.167 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
52.510 |
25.960 |
26.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
141.120 |
124.400 |
84.094 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
327.869 |
234.699 |
179.765 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
23.621 |
18.146 |
17.346 |
|
|
|
Corporate Tax on Proposed Dividend |
4.014 |
3.084 |
2.814 |
|
|
|
Transfer to General Reserve |
15.000 |
10.000 |
9.000 |
|
|
BALANCE CARRIED
TO THE B/S |
426.354 |
327.869 |
234.699 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
22.682 |
16.462 |
11.113 |
|
|
TOTAL EARNINGS |
22.682 |
16.462 |
11.113 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
0.030 |
|
|
|
Raw Material |
130.878 |
59.414 |
59.042 |
|
|
|
Finished Goods |
62.179 |
59.627 |
47.810 |
|
|
TOTAL IMPORTS |
193.057 |
119.041 |
106.882 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
15.55 |
14.09 |
9.70 |
|
|
|
Diluted |
14.67 |
13.66 |
9.27 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
267.500 |
285.700 |
|
Total Expenditure |
|
203.200 |
220.200 |
|
PBIDT (Excl OI) |
|
64.400 |
65.600 |
|
Other Income |
|
0.500 |
5.200 |
|
Operating Profit |
|
64.900 |
70.800 |
|
Interest |
|
1.600 |
3.900 |
|
Exceptional Items |
|
7.000 |
7.000 |
|
PBDT |
|
70.200 |
74.000 |
|
Depreciation |
|
5.100 |
4.700 |
|
Profit Before Tax |
|
65.100 |
69.300 |
|
Tax |
|
15.600 |
17.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
0.000 |
52.000 |
|
Extraordinary Items |
|
(0.100) |
(0.100) |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
49.400 |
51.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
15.50 |
15.58 |
12.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
23.38 |
20.40 |
19.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.05 |
20.21 |
18.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.21 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06 |
0.04 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66 |
2.58 |
3.29 |
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 |
86.732 |
90.732 |
90.732 |
|
Reserves & Surplus |
509.878 |
624.183 |
737.668 |
|
Money received against share
warrants |
3.784 |
5.025 |
18.333 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
600.394 |
719.940 |
846.733 |
|
|
|
|
|
|
long-term borrowings |
0.765 |
0.548 |
0.303 |
|
Short term borrowings |
28.836 |
29.065 |
52.179 |
|
Total
borrowings |
29.601 |
29.613 |
52.482 |
|
Debt/Equity
ratio |
0.049 |
0.041 |
0.062 |
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 |
665.435 |
798.215 |
910.577 |
|
|
|
19.954 |
14.077 |
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
|
665.435 |
798.215 |
910.577 |
|
Profit |
84.094 |
124.400 |
141.120 |
|
|
12.64% |
15.58% |
15.50% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Car Loan |
0.245 |
0.216 |
0.191 |
|
Total |
0.245 |
0.216 |
0.191 |
|
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 |
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 |
CORPORATE OVERVIEW:
The Company is India’s Leading player in coding and marking solutions business having its corporate headquarters in Mumbai.
The Company prepares its financial statements in compliance with the requirements of the Companies Act, 1956 and the Generally Accepted Accounting Principles (GAAP) in India. Overall the financial statements have been prepared on historical cost basis. The estimates and judgments relating to the financial statements are made on a prudent and reasonable basis, so as to reflect in a true and fair manner the form and substance of transactions and reasonably present the Company’s state of affairs, profit and cash flows for the year ended 31st March, 2014.
BUSINESS PERFORMANCE
Despite a competitive environment, the Company delivered good results. The Company's business continues to grow. Income from Sales for the year increased to Rs.910.577 Millions as against Rs.798.215 during the previous year. The Profit before Tax during the year was Rs.193.629 Millions as against 150.361 Millions during the previous year. The Profit after Tax also increased, standing at Rs.141.120 Millions as against Rs.124.400 Millions during the previous year. The Company continued to lay emphasis on cash generation driven by strong business performance, focus on efficiencies, cost management and continued efficient collection system. The Company achieved its goals by focusing on strategic initiatives which are: engaging to build own brands, innovation for growth, being effective and efficient and leading to win.
PERFORMANCE REVIEW & OUTLOOK
The Company focuses on streamlining sales and manufacturing activities and consolidating sales and profitability gains made in the past 2-3 years. This strategy has been successfully executed. Last year the Company has delivered reasonable sales growth in a slightly sluggish environment. This year The Company plans to have increased sales growth during the year under review with a strong range of products across all Coding Technologies.
The Company aims to mark its presence in all possible segments with upgraded model. In the past years Company has seen reasonable sales and profit growth and we are confident that we can maintain steady growth in the future as well. In order to enhance the Customer value by delivering effective and prompt services and with a view to have a performance check, The Company has undertaken a shift towards technological advancement. It shall always strive to better its performance in line with market requirements
OTHER HIGHLIGHTS:
Keeping in view the broad base and scope of Coding and Marking industry in the market with only few players chasing the vast opportunity and resources, The Company is currently implementing growth plans to enhance its production in a phased manner. The Company is setting up a Branch Office at Sri Lanka to explore the overseas market and opportunities and to expand business activities and operations. The Management has taken requisite steps for obtaining necessary approvals from appropriate authorities in Sri Lanka and has submitted the required documents to incorporate the Branch under their Laws. However, certain statutory approvals are awaited. The construction work for setting up Manufacturing Unit at Guwahati, Assam is in process. The necessary statutory approvals for commencement of construction have been received and the plant is expected to commence production by first week of October. SAP implementation process is being carried on and The Company expects to “Go Live” on SAP around August 2014.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
285.492 |
267.305 |
552.797 |
|
b) Other operating income |
0.234 |
0.213 |
0.447 |
|
Total
income from Operations(net) |
285.726 |
267.518 |
553.244 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
83.956 |
69.795 |
153.750 |
|
b) Purchases of stock in trade |
30.072 |
69.384 |
99.456 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(5.755) |
(48.123) |
(42.368) |
|
d) Employees benefit expenses |
43.555 |
58.391 |
101.946 |
|
e) Depreciation and amortization expenses |
4.666 |
5.113 |
9.779 |
|
f) Royalty Expenses |
16.517 |
12.572 |
29.089 |
|
g) Other expenditure |
40.291 |
41.140 |
81.430 |
|
Total expenses |
224.812 |
208.272 |
433.082 |
|
3. Profit from operations before other income and
financial costs |
60.914 |
59.246 |
120.162 |
|
4. Other income |
5.238 |
0.503 |
5.741 |
|
5. Profit from ordinary activities before finance costs |
66.152 |
59.749 |
125.903 |
|
6. Finance costs |
3.855 |
1.638 |
5.495 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
62.297 |
58.111 |
120.408 |
|
8. Exceptional item |
(6.986) |
(6.993) |
(13.979) |
|
9. Profit from ordinary activities before tax
Expense: |
69.283 |
65.104 |
134.387 |
|
10.Tax expenses |
17.337 |
15.563 |
32.899 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
51.946 |
49.541 |
101.488 |
|
12.Extraordinary Items (net of tax expense) |
0.096 |
0.101 |
0.198 |
|
13.Net Profit / (Loss) for the period (11 -12) |
51.850 |
49.440 |
101.290 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
94.482 |
94.482 |
94.482 |
|
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): |
|
|
|
|
(a) Basic |
5.61 |
5.28 |
10.88 |
|
(b) Diluted |
4.94 |
4.77 |
9.71 |
|
|
|
|
|
|
16.ii) Earnings per share (After extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
5.59 |
5.27 |
10.86 |
|
(b) Diluted |
4.93 |
4.76 |
9.69 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4614610 |
4615936 |
4614610 |
|
- Percentage of shareholding |
48.84% |
48.85% |
48.84% |
|
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 |
4833638 |
4832312 |
4833638 |
|
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) |
51.16% |
51.15% |
51.16% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
Nil |
|
|
Disposed of during the quarter |
|
Nil |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
94.482 |
|
(b) Reserves & Surplus |
|
|
853.318 |
|
(c) Money
received against share warrants |
|
|
17.300 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
965.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.168 |
|
(b) Deferred tax liabilities (Net) |
|
|
25.247 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
8.234 |
|
Total Non-current
Liabilities (3) |
|
|
33.649 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
104.134 |
|
(b) Trade
payables |
|
|
93.614 |
|
(c) Other
current liabilities |
|
|
89.107 |
|
(d) Short-term
provisions |
|
|
11.443 |
|
Total Current
Liabilities (4) |
|
|
298.298 |
|
|
|
|
|
|
TOTAL |
|
|
1,297.047 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
267.335 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
233.845 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
30.481 |
|
(e) Other
Non-current assets |
|
|
0.005 |
|
Total Non-Current
Assets |
|
|
531.666 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.304 |
|
(b)
Inventories |
|
|
485.081 |
|
(c) Trade
receivables |
|
|
248.827 |
|
(d) Cash
and cash equivalents |
|
|
24.243 |
|
(e)
Short-term loans and advances |
|
|
6.810 |
|
(f) Other
current assets |
|
|
0.116 |
|
Total
Current Assets |
|
|
765.381 |
|
|
|
|
|
|
TOTAL |
|
|
1,297.047 |
Notes:
- The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 10 November, 2014.
- The Company has a single reportable segment, namely Coding & Marking for the purpose of Accounting Standard 17 on Segment Reporting.
- The Statutory Auditors of the Company have carried out the Limited Review of the above unaudited results in terms of Clause 41 of the Listing Agreement.
- The company has started operations at its overseas branch at Sri Lanka and the financials results include the branch operation results.
- The Board of Directors at their meeting held on 10th November 2014 have approved conversion of 4,00,000 Share Warrants issued under Preferential basis to the promoters of the Company to Equity Shares of the company.
- Comparative figures have been regrouped/rearranged, wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10346810 |
12/04/2012 |
8,950,000.00 |
Director of Industries Himachal Pradesh through Deputy Director of Industries SWCA Baddi |
Director of Industries, Single Window Clearance Agency, Baddi District Solan, Himachal Pradesh - 174101, INDIA |
B36728376 |
|
2 |
10144900 |
28/07/2011 * |
125,000,000.00 |
ING Vysya Bank Limited |
103/104,'A' Wing,I Floor, Floral Deck Plaza, Midc Central Road, Andheri (E), Mumbai, Maharashtra - 400093, India |
B21338678 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
UK Pound |
1 |
Rs.94.29 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.