MIRA INFORM REPORT
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Report No. : |
305888 |
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Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
KALPENA INDUSTRIES LIMITED |
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Registered
Office : |
2 B, Pretoria Street, Kolkata-700071, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
21-039431 |
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Capital
Investment / Paid-up Capital : |
Rs.188.146 Millions |
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CIN No.: [Company Identification
No.] |
L19202WB1985PLC039431 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALK03269A |
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PAN No.: [Permanent Account No.] |
AABCK2239D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of PVC Compound and XLPE Compound. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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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Maximum Credit Limit : |
USD 6600000 |
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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 record. There seems some continuous dip in the profit of the company however,
net worth of the company is satisfactory. General financial position of the
company is sound Trade relations are reported as fair. Business is active. Payments
terms 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.
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = A- |
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Rating Explanation |
Have adequate degree of safety. It carry low
credit risk |
|
Date |
22.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk |
|
Date |
22.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Dipankar Banerjee |
|
Designation : |
Vice President Finance |
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Contact No.: |
91-33-22823744 |
LOCATIONS
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Registered Office : |
2 B, Pretoria Street, Kolkata – 700071, West Bengal, India |
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Tel. No.: |
91-33-22823744/ 3745/ 8818 |
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Fax No.: |
91-33-22823739 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Kolkata Works II Village – Bhasa, No.14, P.O. and P.S. Bishnupur, Diamond Harbour Road,
South 24 Parganas - 743503, West Bengal, India |
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Factory 2 : |
Daman Works 168/151-158,
Dhabel Industrial Co- Operative Society Limited, Dhabel, Daman – 396215,
India |
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Factory 3 : |
Dadra Work Survey No.24/3,
Village – Demini, Demini Road, Dadra, Dadra and Nagar Haveli – 396230, India |
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Factory 4 : |
Falta Works Falta Special Economic Zone, Plot No.29, Sector I, Village – Simulberia,
Mouza – Bisra, District South 24 PGS |
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Factory 5 : |
Surangi, Dadra Nagar Haveli |
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Mumbai Office : |
106, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-67021470-2 |
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Fax No.: |
91-22-67021473 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Narrindra Suranna |
|
Designation : |
Chairman and Managing Director |
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Address : |
227/2 AJC Bose Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
01.08.1961 |
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Qualification : |
B.Com (Hons.), L.L.B from Calcutta University and MBA |
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Date of Appointment : |
17.07.1996 |
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Name : |
Mr. Rajesh Kumar Kothari |
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Designation : |
Whole Time Director |
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Address : |
A 301 B1, Devadig CHS Limited, Sahara Pipe Line, Mumbai -400099,
Maharashtra, India |
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Date of Birth/Age : |
48 Years |
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Qualification : |
B.com |
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Name : |
Mr. Nirmalendu Guha |
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Designation : |
Non-Executive Director |
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Address : |
Flat 5B, 9 Mandeville Gardens,
Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
79 Years |
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Qualification : |
M. Tech (P. Engineering and Mgt.), C. Engineering, FIE (India), FI
Plant E (UK), Hon FIPE, MMFI. |
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Name : |
Mr. Nilay Guha |
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Designation : |
Non-Executive Director |
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Address : |
106 Oakhill Drive Castle Hill NSW 2154, Australia |
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Date of Birth/Age : |
20.09.1964 |
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Qualification : |
MBA |
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Date of Appointment : |
11.02.2012 |
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Name : |
Mr. Pranab Rajan Mukherjee |
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Designation : |
Whole – Time Director (Technical) |
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Name : |
Ms. Mamta Binani |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dipankar Banerjee |
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Designation : |
Vice President Finance |
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Name : |
Mr. Jitendra Tiwari |
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Designation : |
Senior President |
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Name : |
Mr. I. C. Dakalia |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Ananth B. Chakrabartty |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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|
152972 |
0.81 |
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|
13700703 |
72.82 |
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|
13853675 |
73.63 |
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Total shareholding of
Promoter and Promoter Group (A) |
13853675 |
73.63 |
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(B) Public Shareholding |
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|
|
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|
800 |
0.00 |
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|
800 |
0.00 |
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|
|
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|
2995375 |
15.92 |
|
|
|
|
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|
1507074 |
8.01 |
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|
333610 |
1.77 |
|
|
124052 |
0.66 |
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|
103173 |
0.55 |
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|
20879 |
0.11 |
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|
4960111 |
26.36 |
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Total Public shareholding
(B) |
4960911 |
26.37 |
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Total (A)+(B) |
18814586 |
100.00 |
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(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 |
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Total (A)+(B)+(C) |
18814586 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Compound and XLPE Compound. |
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Products : |
PVC Compounds
PE Compounds
Filled Compound and
Master Batches
Colour and Speciality Master Batches-
Footwear Compound
Pipe Compounds
Engineering Plastics
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Good |
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Countries : |
v Bangladesh v Srilanka v Qatar |
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Imports : |
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Products : |
Raw Material |
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Countries : |
v Japan v Korea |
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Products : |
Machinery |
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Countries : |
v Germany v Switzerland |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
SECURED
LOAN
Note : LONG TERM BORROWINGS Terms
of repayment of long-term borrowings are as follows: Term
Loans from Banks a)
USD 3.75 million equivalent to Rs.
205.687 Millions (31.03.2012: USD Rs. 0.625 million
equivalent to Rs. 292.189 Millions) loan is secured by exclusive charge on existing
movable and immovable assets of Bhasa Unit in Kolkata and Silvassa Unit-I,
Exclusive charge on all movable fixed assets of Kandua Unit, Kolkata,
Exclusive charge on all movable assets of Bhiwadi Unit, and is repayable in
16 equal quarterly installments; the next installment is due on 30th May,
2014. b)
USD 16.03 million equivalent to Rs.
8893.47 Millions (31.03.2013: Rs. 10526.00) loan is secured by 1st pari passu charge by way of
equitable mortgage over all present and future movable and immovable
properties located at Surangi Unit and all present and future movable
properties located at Daman and Falta Unit, and is repayable in 16 equal
quarterly installments; the next installment is due on 20th April,
2014. c) USD 4.48 million
equivalant to Rs. 269.054 Millions
(31.03.2013: USD 3.92 million equivalent to Rs. 2145.25 Millions), EURO 3.41 million
equivalant to Rs. 281.491 Millions
(31.03.2013: EURO 1.41 million equivalant to Rs. 100.384 Millions ) and Indian rupee loan
amounting Rs. 366.250 Millions
(31.03.2013: Rs. 470.000 Millions) is
secured by pari passu charge on movable and immovable assets of Dankuni Unit
in Kolkata and is repayable in 16 equal quarterly installments; the next
installment is due on 27th April, 2014. Term
Loan from Others a)
Indian rupee loan amounting Rs. 3.596 Millions (31.03.2013: Rs.
3.564 Millions) is secured by Hypothecation against Motor Car and repayable
in 60 equal monthly installments. SHORT-TERM
BORROWINGS * Includes
Buyers Credit and Packing Credit Working Capital Loans from Banks are secured by way of hypothecation
of stocks of raw materials, work-in-progress, finished goods, stores and
spares and book debts of the Company. Mortgage of Flat located at D-403,
Dharam Palce, CHS limited, Shantvaan, Borivalli (E), Mumbai-400066, on First
Pari-passu basis. These loans are further secured by a second charge over the
residual value on the Fixed assets of the units both present and future
located at the Dabhel Industrial area, Daman and others. |
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Financial Institute : |
The Hongkong and Shanghai Banking Corporation Limited, “ Hongkong
House” 31 B B D Bag, Kolkata – 700001, West Bengal, India |
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Auditors : |
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Statutory Auditors : |
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|
Name : |
B. Mukherjee and Company Chartered Accountants |
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Address : |
30B, Ramkamal Street, Kolkata – 700023, West Bengal, India |
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Internal Auditors : |
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Name : |
D K D and Associates Chartered Accountants |
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Cost Auditors : |
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|
Name : |
D. Sabyasachiand Company Cost Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Other Related
Parties : |
Shriram Financial Consultants Private Limited (A shareholder holding
more than 20% of equity shares of the company) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30600000 |
Equity Shares |
Rs. 10/- each |
Rs. 306.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18814586 |
Equity Shares |
Rs. 10/- each |
Rs. 188.146 Millions |
|
|
|
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|
i) Terms/ Rights attached to Equity
Shares:
The Company has
only one class of shares referred to as equity shares having a par value of Rs.
10/-. Each holder of equity shares is entitled to vote per share. In the event
of liquidation, the equity shareholders are eligible to receive the remaining
assets of the company, after distribution of all preferential amounts, in
proportion of their shareholding.
The dividend
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
During the year ended 31st March 2014, the amount of dividend recognized as distribution to equity shareholders is Rs. 1.20 per share.
ii) Reconciliation of the number of
shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
18814586 |
188.146 |
|
Add: Shares issued in the ratio of 2:3 to the shareholders of Bavaria Poly Private Limited. Pursuant to a Scheme of amalgamation
without payment being received in Cash. |
- |
- |
|
|
- |
- |
|
Balance
as at the end of the year |
18814586 |
188.146 |
iii) Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shriram Financial Consultants Private
Limited |
8957034 |
47.61% |
|
Shyambaba Trexim Private Limited |
3110336 |
16.53% |
|
Subh Labh Vintrade Private Limited |
1550000 |
8.24% |
|
Inbara Holdings Private Limited |
1450000 |
7.71% |
iv) Shares allotted
as fully paid up pursuant to contract(s) without payment being received in cash
during
the period of five
years immediately preceding the reporting date:
Number of Equity Shares of Rs.10/- each allotted as fully paid up pursuant to contract (Scheme of Amalgamation/ Arrangements) without payment being received in Cash Rs. 521458.600 Millions
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 |
188.146 |
188.146 |
188.146 |
|
(b) Reserves & Surplus |
2120.979 |
1980.693 |
1808.850 |
|
(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) |
2309.125 |
2168.839 |
1996.996 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1675.155 |
1778.010 |
541.563 |
|
(b) Deferred tax liabilities
(Net) |
185.699 |
158.509 |
116.207 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.365 |
2.437 |
2.106 |
|
Total
Non-current Liabilities (3) |
1863.219 |
1938.956 |
659.876 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2483.372 |
1729.542 |
1591.938 |
|
(b) Trade payables |
800.170 |
748.446 |
652.638 |
|
(c) Other current liabilities |
688.680 |
654.600 |
430.487 |
|
(d) Short-term provisions |
26.349 |
27.821 |
49.933 |
|
Total
Current Liabilities (4) |
3998.571 |
3160.409 |
2724.996 |
|
|
|
|
|
|
TOTAL |
8170.915 |
7268.204 |
5381.868 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1796.038 |
2077.964 |
1102.984 |
|
(ii) Intangible Assets |
3.502 |
4.219 |
4.847 |
|
(iii) Capital work-in-progress |
1435.413 |
660.954 |
159.643 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.360 |
25.360 |
25.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.866 |
293.758 |
430.670 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
32.292 |
|
Total
Non-Current Assets |
3287.179 |
3062.255 |
1755.796 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1334.515 |
1223.911 |
873.194 |
|
(c) Trade receivables |
2704.375 |
2219.388 |
2157.506 |
|
(d) Cash and cash equivalents |
205.330 |
224.536 |
169.419 |
|
(e) Short-term loans and
advances |
284.080 |
533.629 |
422.790 |
|
(f) Other current assets |
355.436 |
4.485 |
3.163 |
|
Total
Current Assets |
4883.736 |
4205.949 |
3626.072 |
|
|
|
|
|
|
TOTAL |
8170.915 |
7268.204 |
5381.868 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
12325.657 |
11668.607 |
9103.903 |
|
|
|
Other Income |
130.196 |
132.325 |
28.419 |
|
|
|
TOTAL (A) |
12455.853 |
11800.932 |
9132.322 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
10700.823 |
10257.085 |
7783.239 |
|
|
|
Changes in inventories of finished goods |
(10.629) |
(58.288) |
(59.294) |
|
|
|
Employee benefit expenses |
167.040 |
141.085 |
108.534 |
|
|
|
Other expenses |
781.497 |
772.552 |
721.016 |
|
|
|
TOTAL (B) |
11638.731 |
11112.434 |
8553.495 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
817.122 |
688.498 |
578.827 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
385.378 |
263.380 |
168.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
431.744 |
425.118 |
410.265 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
150.830 |
118.932 |
88.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
280.914 |
306.186 |
321.913 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
86.071 |
106.480 |
79.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
194.843 |
199.706 |
242.436 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1049.109 |
915.817 |
761.488 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
45.682 |
40.000 |
40.000 |
|
|
|
Proposed final dividend on Equity Shares |
22.578 |
22.578 |
41.392 |
|
|
|
Corporate Dividend Tax |
3.837 |
3.837 |
6.715 |
|
|
BALANCE CARRIED
TO THE B/S |
1171.855 |
1049.109 |
915.817 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2069.855 |
1668.795 |
1208.987 |
|
|
|
Exchange Fluctuation |
0.000 |
(9.536) |
8.104 |
|
|
TOTAL EARNINGS |
NA |
1659.259 |
1217.091 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3207.112 |
4271.554 |
2633.810 |
|
|
|
Stores & Spares |
9.913 |
6.575 |
2.849 |
|
|
|
Capital Goods |
222.505 |
768.122 |
6.642 |
|
|
TOTAL IMPORTS |
3439.530 |
5046.251 |
2643.301 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
- Basic |
10.36 |
10.61 |
12.99 |
|
|
|
- Diluted |
10.36 |
10.61 |
12.99 |
|
Expected Sales (2014-15) : Rs. 17000.000 Millions
The above information has been parted by Mr. Dipankar Banerjee
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.58 |
1.71 |
2.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.63 |
5.90 |
6.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.19 |
4.65 |
6.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.80 |
1.62 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.33 |
1.33 |
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 |
188.146 |
188.146 |
188.146 |
|
Reserves & Surplus |
1808.850 |
1980.693 |
2120.979 |
|
Net
worth |
1996.996 |
2168.839 |
2309.125 |
|
|
|
|
|
|
long-term borrowings |
541.563 |
1778.010 |
1675.155 |
|
Short term borrowings |
1591.938 |
1729.542 |
2483.372 |
|
Total
borrowings |
2133.501 |
3507.552 |
4158.527 |
|
Debt/Equity
ratio |
1.068 |
1.617 |
1.801 |
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 |
9103.903 |
11668.607 |
12325.657 |
|
|
|
28.171 |
5.631 |
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 |
9103.903 |
11668.607 |
12325.657 |
|
Profit |
242.436 |
199.706 |
194.843 |
|
|
2.66% |
1.71% |
1.58% |
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 |
Yes |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export
/ Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of
Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2014 Rs.
in Millions |
As
on 31.03.2013 Rs.
in Millions |
|
LONG-TERM BORROWINGS |
||
|
Other Loans |
178.445 |
34.075 |
|
SHORT-TERM BORROWINGS |
|
|
|
|
150.000 |
0.000 |
|
Total |
328.445 |
34.075 |
OPERATIONS
During the year,
the Company achieved total revenue of Rs. 12455.800 Millions including other
income of Rs. 130.100 Millions as against total revenue of Rs. 11800.900
Millions including other income of Rs. 122.300 Millions in the previous
financial year ended 31st March, 2013. The Profit after Tax was Rs. 194.800
Millions for the Current year as against Rs. 199.700 Millions in the previous
year. Despite of high finance cost and depreciation, the company has been able
to generate PAT referred above.
The Company’s
Production and Sales have recorded a significant growth over the previous year.
Further, the operational efficiency has also resulted in Company’s financials.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW:
The financial year
2013-14 witnessed a gradual recovery of the global economy, although the pace
has tended to be uneven and prone to uncertainties. At the same time, there has
been a distinct change in the pattern of the recovery. While earlier, it was
fuelled by the emerging markets and developing economies, the impetus to growth
has now come from the developed economies this year. The US economy has
performed fairly as evidenced by upbeat housing and employment related data,
although the Euro region showed signs of subdued recovery. On the other hand,
emerging markets like Brazil and India witnessed a slowdown in economic growth.
China, on the other hand, is focusing on a more balanced growth strategy, which
will augur well for the country, going forward.
Overall, however,
the growth in advanced economies is likely to result in greater export oriented
opportunities for emerging ones, thereby leading to a more balanced scenario.
The global economy is estimated to grow at an average rate of 3.7% in 2014
compared to the 3% growth rate recorded in 2013. At the same time, emerging
economies like China and India are also expected to grow owing to structural
policies supporting investments in those regions.
India’s GDP is
expected to be 5.7% in respect of Financial Year 2014-15. This is 1% more than
the previous year. The economic momentum will fetch the countries with growth
in industrial output, export and employment opportunities.
INDUSTRY OVERVIEW
The products of
Kalpena Industries Limited find application mainly in cable industries,
packaging industries and footwear Industries. The Indian cable industry is
highly fragmented with a large number of producers. The market for cables and
wires is mainly dominated by the unorganized sector controlling about 70% of
the domestic demand for wires and cables. However, due to change in government
at the center, which has started focusing on development of Infrastructure
including power sector, it is expected that your company will benefit
substantially in near future.
OUTLOOK
In order to
overcome the stagnation in the growth of cable industries and Infrastructure
Development, your company has diversified its activities in manufacturing of
High Standard Flexible Packaging and Industrial Ink. The Company has already
setup state of the art manufacturing facility of Flexible Packaging with fully
automated equipments of international standards. The Commercial production has
already been started and due to locational advantage, Kalpena is expected to
have a very good market share in eastern India as well as in Bangladesh and
Nepal. As a backward integration, Kalpena has set up unit for manufacturing of
Industrial Ink at Bhasa. West Bengal.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The company’s
polymer compounds business is directly related to the fortunes of cable
industry/packaging industry / footwear industry. If there is demand push in
these segments of Indian economy, the top line and bottom line of Kalpena
Industries Limited will significantly increase
.
The strong R&D
facilities of Kalpena, backed by competent R&D personnel will help to
overcome many of the challenges including overall growth at a rate superior to
industry average. Kalpena has been able to develop a number of products for
domestic and international market such as Medium Voltage XLPE, Medium Voltage
Semi conducting grades and also grades suitable for Pipes.
Kalpena has always
endeavored to keep pace with evolving technologies and give high customize
solutions to customers. Kalpena has bought into effect new, efficient and
speedy customer support and logistics to enhance customer relationship. With
these additional systems, Kalpena that constantly work with customers, meeting
their requirements on time, every time.
COMPANY’S
PERFORMANCE:
A. Financial
Performance:-
- Gross turnover for the year is Rs. 1245
Crore against Rs.1180 Crore in 2012 – 13.
- PBIDT for the year Rs.81.71 Crore as
against 68.85 Crore in 2012-13.
- Profit after Tax for the year Rs. 19.48
Crore against Rs. 19.97 Crore in 2012-13.
- Capital Structure of the Company as at
31st March 2014 is Rs. 18.81 Cr comprising of 18814586 nos. of equity
- shares of Rs. 10/- each.
- The Board of Directors has recommended an equity dividend of 12%
i.e. Rs. 1.20 per equity shares of Rs. 10/-each.
B. Product wise
operational performance:-
Product wise your
company is engaged in manufacturing of the following products, the performance
of which is discussed in the following lines-
PVC Compound and
Master Batches
The turnover from
PVC Compound & Master Batches is Rs. 3943.500 Millions this year as against
Rs. 3381.900 Millions for the last year.
PE Compounds
Turnover from PE
compound is Rs. 9198.200 Millions this year as against Rs. 6422.900 Millions in
the last year.
Agglomerates,
Reprocessed Granules & Scraps
Turnover from these items are 527.400 Millions as against 2846.800
Million in the last year.
FUTURE OUTLOOK
The Company
continues to be the leading market player in manufacturing of polymer
compounds. It has offered wide range of products to domestic and industrial
users. In the years to come, the Company will come up with more new products to
satisfy the diverse needs of the Customers. Kalpena Industries Limited is
confident of accomplishing volume growth target and consequently the market
share in very near future. Your company, being the only domestic player for
Medium Voltage cables, consequently enjoys possibility of achieving higher
volumes and margins. The marketing team is making incessant effort for increasing
the presence in overseas market. Increased application of polymers and
Performance polymers in the field of Consumer durable, Automobiles and also in
Alternative & Renewable Energy sector provide ample opportunity to Kalpena
in the field of polymer and performance polymer to enhance its business. Again,
your company wants to be recognized amongst the best flexible packaging
manufacturer across the globe.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10518315 |
03/09/2014 |
800,000,000.00 |
CORPORATION BANK |
CORPORATE
BANKING BRANCH, 21, HEMANTA BASU SARANI |
C19397777 |
|
2 |
10528048 |
29/08/2014 |
450,000,000.00 |
FEDERAL BANK |
R.N.MUKHERJEE
ROAD, KOLKATA, WEST BENGAL - 700001, |
C31372188 |
|
3 |
10502854 |
30/05/2014 |
230,000,000.00 |
THE RATNAKAR
BANK LIMITED |
SHAHUPURI,KOLHAPUR,,
KOLHAPUR, MAHARASHTRA - 41600 |
C06571574 |
|
4 |
10485421 |
11/07/2014 * |
300,000,000.00 |
THE RATNAKAR
BANK LIMITED |
SHAHUPURI,KOLHAPUR,,
KOLHAPUR, MAHARASHTRA - 41600 |
C15583073 |
|
5 |
10481213 |
25/02/2014 |
450,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B97895783 |
|
6 |
10471931 |
23/12/2013 |
182,500,000.00 |
DCB BANK LIMITED |
601 & 602,
PENINSULA BUSINESS PARK, 6TH FLOOR,, T |
B94150026 |
|
7 |
10410385 |
26/11/2013 * |
300,000,000.00 |
CITIBANK N.A |
KANAK BUILDING,
41 CHOWRINGHEE ROAD, KOLKATA, WES |
B94061488 |
|
8 |
10419576 |
30/01/2014 * |
330,000,000.00 |
DBS BANK LIMITED |
4A NANDALAL BASU
SARANI, KOLKATA, WEST BENGAL - 70 |
C02762193 |
|
9 |
10405955 |
04/09/2013 * |
522,500,000.00 |
DBS BANK LIMITED
(ACTING AS A SECURITY TRUSTEE FOR DB |
4A, NANDALAL
BASU SARANI,, KOLKATA, WEST BENGAL - |
B84602432 |
|
10 |
10408183 |
13/11/2013 * |
250,000,000.00 |
DBS BANK LIMITED |
4A, NANDALAL
BASU SARANI,, KOLKATA, WEST BENGAL - |
B93348852 |
|
11 |
10369583 |
30/01/2014 * |
470,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG HOUSE,
31 B B D BAGH, KOLKATA, WEST BENG |
B95039038 |
|
12 |
10359127 |
04/09/2013 * |
513,000,000.00 |
STANDARD
CHARTERED BANK |
ON BEHALF OF
STANDARD CHARTERED BANK, LONDON), 19 |
B84205988 |
|
13 |
10312529 |
16/09/2011 |
450,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
B23347883 |
|
14 |
10294963 |
06/01/2013 * |
300,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B69603272 |
|
15 |
10291370 |
28/03/2013 * |
350,000,000.00 |
INDUSIND BANK |
SAVITRI TOWERS,
3A, UPPER WOOD STREET, KOLKATA, W |
B75209684 |
|
16 |
10252565 |
16/12/2013 * |
460,000,000.00 |
STANDARD
CHARTERED BANK |
ON BEHALF OF
STANDARD CHARTERED BANK, LONDON), 19 |
B92196286 |
|
17 |
10063443 |
30/03/2011 * |
600,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG HOUSE,
31 B B D BAG, KOLKATA, WEST BENGA |
B11188521 |
|
18 |
10044412 |
20/06/2013 * |
850,000,000.00 |
STANDARD
CHARTERED BANK |
19, NETAJI
SUBHAS ROAD, KOLKATA, WEST BENGAL - 700 |
B77896678 |
|
19 |
10027141 |
24/11/2006 |
325,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
AGARWAL MARKET, VILLE PARLE (E |
A07270499 |
|
20 |
10020649 |
09/02/2010 * |
376,200,000.00 |
STATE BANK OF
INDIA |
SME BRANCH,
BALLYGUNGE, 50A, GARIAHAT ROAD, 5TH F |
A80039472 |
|
21 |
80015212 |
13/11/2013 * |
4,350,000,000.00 |
DENA BANK |
BHOWANIPORE
BRANCH, 109D, ASHUTOSH MUKHERJEE ROAD |
B93560407 |
* Date of charge modification
FIXED ASSEST:
- Free hold land
- Factory Building
- Plant and Machinery
- Motor Car
- Scooter, Moped and Cycle
- Laboratory Equipment
- Electrical Installation
- Office Equipment
- Air Conditioner
- Computer
- Technical Know-how
- Computer
Software
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.61.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.