MIRA INFORM REPORT
|
Report No. : |
333158 |
|
Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMPIRE INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
EMPIRE DYEING AND MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
414, Senapati Bapat Marg, Lower Parle, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66555453 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
17.10.1900 |
|
|
|
|
Com. Reg. No.: |
11-000176 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 60.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1900PLC000176 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUME04628B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2757R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture of Amber Glass Bottles
for the Pharmaceutical Industry. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by
comfortable liquidity position and decent profitability levels of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
May 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
May 2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. R J Vertical |
|
Designation : |
General Manager |
|
Contact No.: |
91-22-66555453 |
|
Date : |
22.07.2015 |
LOCATIONS
|
Registered Office : |
414, Senapati Bapat Marg, Lower Parle, Mumbai – 400013, Maharashtra,
India |
|
Tel. No.: |
91-22-66555453 / 24937200 / /
420 / 493 / 473 / 439 |
|
Fax No.: |
91-22-24939143 / 24937203 /24930183 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
L. B. Shastri Marg, Vikhroli, Mumbai – 400083, |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. S. C. Malhotra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ranjit Malhotra |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. Dileep Malhotra |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mrs. Uma Ranjit Malhotra |
|
Designation : |
Woman Director |
|
|
|
|
Name : |
Mr. R. A. Maskati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajbir Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. P. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. C. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subodh Chandra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Gulati |
|
Designation : |
Finance Director and Company Secretary |
|
|
|
|
Audit Committee: |
Rasheed
A Maskati C.p.
SHAH Rajbir
Singh |
|
|
|
|
Stakeholders’
Relationship Committee |
Rasheed
a Maskati Chairman C.P.
SHAH Rajbir
Singh |
|
|
|
|
Nomination &
Remuneration Committee |
Rasheed
A Maskati Chairman Rajbir
Singh C.P.
SHAH |
|
|
|
|
Csr Committee |
Uma
Ranjit Malhotra Chairperson Dileep
Malhotra Rajbir
Singh |
|
|
|
|
Risk Management
Committee |
Dileep
Malhotra Rajbir
Singh C.P.
SHA |
SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of
Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
3232221 |
53.87 |
|
|
1066190 |
17.77 |
|
|
54815 |
0.91 |
|
|
54815 |
0.91 |
|
|
4353226 |
72.55 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
4353226 |
72.55 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
504 |
0.01 |
|
|
884650 |
14.74 |
|
|
60 |
0.00 |
|
|
885214 |
14.75 |
|
|
|
|
|
|
108356 |
1.81 |
|
|
|
|
|
|
581624 |
9.69 |
|
|
61139 |
1.02 |
|
|
10439 |
0.17 |
|
|
9298 |
0.15 |
|
|
1141 |
0.02 |
|
|
761558 |
12.69 |
|
Total Public shareholding
(B) |
1646772 |
27.45 |
|
Total (A)+(B) |
5999998 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.
No. |
Name
of the Shareholder |
Details of
Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Dileep Malhotra |
14,75,975 |
24.60 |
24.60 |
|
2 |
Ranjit Malhotra |
9,68,403 |
16.14 |
16.14 |
|
3 |
Satishchandra Malhotra |
1,99,382 |
3.32 |
3.32 |
|
4 |
Empire International Private Limited |
3,27,012 |
5.45 |
5.45 |
|
5 |
Usha Devi Malhotra |
1,98,117 |
3.30 |
3.30 |
|
6 |
Uma Malhotra |
1,25,222 |
2.09 |
2.09 |
|
7 |
Kabir Malhotra |
1,37,874 |
2.30 |
2.30 |
|
8 |
Anjali Malhotra |
1,27,248 |
2.12 |
2.12 |
|
9 |
S C Malhotra As Trustee |
12,410 |
0.21 |
0.21 |
|
10 |
S C Malhotra As Trustee |
11,998 |
0.20 |
0.20 |
|
11 |
S C Malhotra As Trustee |
10,285 |
0.17 |
0.17 |
|
12 |
S C Malhotra As Trustee |
10,123 |
0.17 |
0.17 |
|
13 |
S C Malhotra As Trustee |
9,999 |
0.17 |
0.17 |
|
14 |
Arjun Transport Company Private Limited |
7,39,178 |
12.32 |
12.32 |
|
|
Total |
43,53,226 |
72.55 |
72.55 |
(*) 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
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation Of India |
789741 |
13.16 |
13.16 |
|
|
2 |
The Oriental Insruance Company Limited |
94909 |
1.58 |
1.58 |
|
|
3 |
Vishnu Trading Company Private Limited |
72405 |
1.21 |
1.21 |
|
|
|
Total |
957055 |
15.95 |
15.95 |
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
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance
Corporation Of India |
789741 |
13.16 |
13.16 |
|
|
|
Total |
789741 |
13.16 |
13.16 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of Amber Glass Bottles
for the Pharmaceutical Industry. |
|
|
|
|
Products : |
Not Divulged |
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|
|
|
Brand Names : |
Not Available |
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|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
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|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
|
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Bankers : |
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||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
D. P. Ghevaria and Company Chartered Accountants |
|
Address
(Office): |
47, Perin Nariman Street, 1st Floor, Fort, Mumbai-400001,
Maharashtra, India |
|
Address (Resi): |
Hastiraj, A/15, 4th Floor, Bapubhai, Vashi Road, Vile Parle
(West), Mumbai-400056, Maharashtra, India |
|
Tel. No.: |
91-22-22665882 / 26716669 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related Party: |
|
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
50000 |
Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5999998 |
Equity Shares |
Rs.10/- each |
Rs. 60.000
Million |
|
|
|
|
|
Details of
Shareholders holding more than 5% shares:
|
Name of the Shareholder |
31.03.2015 |
|
|
No. of Shares |
% held |
|
|
Dileep Malhotra |
1,469,490 |
24.92 |
|
Ranjit Malhotra |
965,386 |
16.09 |
|
Life Insurance Corporation of India |
797,794 |
13.30 |
|
Arjun Transport Company Private Limited |
739,178 |
12.32 |
|
Empire International Private Limited |
3,27,012 |
5.45 |
The reconciliation
of the number of shares outstanding:
|
|
31.03.2015 |
|
|
No of Share |
|
Equity Shares at the beginning of the year |
5999998 |
|
Add : Shares issued during the year |
Nil |
|
Equity Shares at the end of the year |
5999998 |
Terms / rights
attached to equity shares:
The Company has only one class of equity shares having a par value of ` 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 proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
60.000 |
60.000 |
60.000 |
|
(b) Reserves &
Surplus |
1305.053 |
1135.566 |
941.577 |
|
(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) |
1365.053 |
1195.566 |
1001.577 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
429.783 |
409.387 |
173.672 |
|
(b) Deferred tax
liabilities (Net) |
36.615 |
51.180 |
22.053 |
|
(c) Other long term
liabilities |
698.990 |
545.841 |
453.357 |
|
(d) long-term provisions |
128.594 |
123.231 |
128.297 |
|
Total Non-current
Liabilities (3) |
1293.982 |
1129.639 |
777.379 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
511.410 |
592.344 |
444.080 |
|
(b) Trade payables |
416.494 |
220.291 |
234.503 |
|
(c) Other current
liabilities |
227.467 |
315.538 |
321.216 |
|
(d) Short-term provisions |
372.145 |
345.572 |
401.357 |
|
Total Current Liabilities
(4) |
1527.516 |
1473.745 |
1401.156 |
|
|
|
|
|
|
TOTAL |
4186.551 |
3798.950 |
3180.112 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1343.965 |
1343.730 |
1336.702 |
|
(ii) Intangible Assets |
9.662 |
0.533 |
0.370 |
|
(iii) Capital
work-in-progress |
844.047 |
701.541 |
378.641 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.003 |
0.003 |
0.028 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.306 |
105.579 |
59.809 |
|
(e) Other Non-current
assets |
70.585 |
24.487 |
52.556 |
|
Total Non-Current Assets |
2290.568 |
2175.873 |
1828.106 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
804.803 |
515.406 |
225.646 |
|
(c) Trade receivables |
589.906 |
606.154 |
536.043 |
|
(d) Cash and cash
equivalents |
333.972 |
349.914 |
461.662 |
|
(e) Short-term loans and
advances |
78.051 |
59.864 |
26.067 |
|
(f) Other current assets |
89.251 |
91.739 |
102.588 |
|
Total Current Assets |
1895.983 |
1623.077 |
1352.006 |
|
|
|
|
|
|
TOTAL |
4186.551 |
3798.950 |
3180.112 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
3541.991 |
3137.604 |
2799.871 |
|
|
Other Income |
50.391 |
67.343 |
79.147 |
|
|
TOTAL (A) |
3592.382 |
3204.947 |
2879.018 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
453.021 |
448.071 |
463.183 |
|
|
Purchases of
Stock-in-Trade |
974.999 |
621.096 |
333.040 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(76.792) |
(71.261) |
(46.810) |
|
|
Employees benefits
expense |
639.343 |
629.004 |
646.061 |
|
|
Other expenses |
924.401 |
911.885 |
851.189 |
|
|
TOTAL (B) |
2914.972 |
2538.795 |
2246.663 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX DEPRECIATION AND
AMORTISATION (A-B) (C) |
677.410 |
666.152 |
632.355 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL EXPENSES (D) |
93.071 |
107.630 |
90.261 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
584.339 |
558.522 |
542.094 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
124.298 |
81.595 |
74.532 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
460.041 |
476.927 |
467.562 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
118.689 |
114.465 |
116.221 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
341.352 |
362.462 |
351.341 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
227.375 |
336.201 |
167.354 |
|
|
Commission |
359.278 |
575.233 |
562.870 |
|
|
Others |
124.102 |
2.239 |
3.833 |
|
|
TOTAL EARNINGS |
710.755 |
913.673 |
734.057 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
33.794 |
35.404 |
39.052 |
|
|
Components and Stores
parts |
3.615 |
2.225 |
10.943 |
|
|
Capital Goods |
19.515 |
20.293 |
0.000 |
|
|
Traded Goods |
304.120 |
341.816 |
202.517 |
|
|
TOTAL IMPORTS |
361.044 |
399.738 |
252.512 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
56.89 |
60.41 |
58.56 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
|
|
|
Cash generated from operations |
646.321 |
295.852 |
576.318 |
|
Net Cash flow from Operating Activities |
395.544 |
83.223 |
346.243 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.64 |
11.55 |
12.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.13 |
21.23 |
22.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.76 |
15.40 |
16.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.40 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.69 |
0.84 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.10 |
0.96 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs. 1800/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
60.000 |
60.000 |
60.000 |
|
Reserves & Surplus |
941.577 |
1135.566 |
1305.053 |
|
Net worth |
1001.577 |
1195.566 |
1365.053 |
|
|
|
|
|
|
long-term borrowings |
173.672 |
409.387 |
429.783 |
|
Short term borrowings |
444.080 |
592.344 |
511.410 |
|
Total borrowings |
617.752 |
1001.731 |
941.193 |
|
Debt/Equity ratio |
0.617 |
0.838 |
0.689 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
2799.871 |
3137.604 |
3541.991 |
|
|
|
12.062 |
12.888 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
2799.871 |
3137.604 |
3541.991 |
|
Profit |
351.341 |
362.462 |
341.352 |
|
|
12.55% |
11.55% |
9.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS:
The Division-wise details are given below:
VITRUM GLASS
During the year, the Division achieved a turnover of Rs. 1365.900 Million which includes export of Rs. 227.400 Million Due to over capacity in the glass industry, the division could not raise prices from its customers, despite a rise in costs. However, cost reduction efforts helped and the division could maintain its targeted profit. Over capacity in the industry is slowly getting absorbed. The division is expected to do well in the current year.
EMPIRE MACHINE
TOOLS – MFTM
(Metal Forming,
Testing and Metrology)
There has been a shortfall in Order intake compared to initial projections. Market demand has been sluggish from both the Private and the Public Sectors. There were hopes that investments will pick up after the General Elections, but positive effects in our area of operations are yet to be felt. Service Tax imposed by the Government on foreign remittances received has affected profit margins, though costs were controlled. The backlog of Orders for execution for the coming year is healthy. Currently the division is working on major turnkey tenders and products with shorter execution times. The successful finalization of these cases within this Financial Year will greatly improve the performance in the current year.
EMPIRE MACHINE
TOOLS - MCAT
(Metal Cutting and
Allied Technologies)
Order in-flow in MCAT Division has been affected mainly on account of recessionary trends and unclear Government policies. There have been cancellation of some orders mainly due to projects not coming up in time.
Shipments have also been affected. MCAT is focusing mainly on railways, aerospace, power generation and steel. Some business was also concluded in the Oil and Gas Sectors.
EMPIRE INDUSTRIAL
EQUIPMENT
The Business scenario is now looking up for this division. The Division performed reasonably well particularly in Oil and Gas Downstream sector. Other breakthroughs include the largest Industry order for Dome Roof equipment from IOCL. This will pave the way for more orders in this segment. Fire and Safety is another area on which we are concentrating. On the power sector, there were significant orders for LED lights, which also will be an increasing business for the Division. Solar energy business in the country is on the rise, and the Division is focusing on this. Petrochemical and Fertilizer sectors are showing signs of growth. Overall business is looking up and the Division is expected to improve its performance in the current year.
EMPIRE VENDING
(GRABBIT)
This division is respected nationwide as the pioneer and leader of Vending in India. GRABBIT is the only national player in this industry with multiple branch offices at Mumbai, Delhi, Bangalore, Pune and Hyderabad. GRABBIT provides premium food and beverage vending services to corporate offices, hotels, banks etc. through automated vending machines. GRABBIT promises easy access to hygienic, fresh, packed food and beverages on a 24x7 basis. They have state of the art Imported Vending Machines which are unique in the industry. A range of snacks under the brand name “SNAKPAK” were introduced and are being sold through our vending machines in all the five cities. Last year, GRABBIT introduced new reputed clients like HSBC, Morgan Stanley, Microsoft, Symantec etc. by installing vending machine in their offices.
EMPIRE FOODS
The Division Imports Frozen and Chilled Food from around the Globe and distributes it to Leading Chains of Five Star / Four Star Hotels, Leading Restaurants, Air Caterers and others in Food Industry. This year, it has also started Local procurement from Indian processors and markets the products to its existing clients. The division did well during the year with its existing Products and New Products launched during the year. It enjoys a Market Leader position in India in most of its products and has a strong distribution Network throughout the country. A High Growth Trend is expected in the coming year.
EMPIRE REAL ESTATE
The construction of Empire Plaza-II at Vikhroli consisting of 10 floors (3 floors for parking and 7 floors for office purposes) with a usable area of approximately 2 Lakh square feet is complete. Occupation Certificate is already obtained. License agreement for one floor of this property is effective from 1st May, 2015 and we expect to book other floors soon. Empire Plaza I at Vikhroli and Empire Complex at Lower Parel are 95% occupied by reputed clients under License Agreements.
EMPIRE INDUSTRIAL
CENTRUM
The Empire Industrial Centrum is being developed on a 35 Acre Property in Ambernath. All Governmental Approvals to establish this project have been received. It will take approximately 5 years to complete the project.
Buildings will be constructed only when sales have been assured. Eighty percent of the area will be used for the construction of Flatted Industrial Units, Fifteen Percent for Residential Flats and Five Percent for Commercial Structures. The total Constructed Area upon completion would be 1,41,402 square meters. This Project should prove profitable for the company.
THE EMPIRE
BUSINESS CENTRE (TEBC)
The Empire Business Centre (TEBC) division started its operations in July, 2013. TEBC provides flexible and customizable work space solutions with fully furnished offices, complete business support services, meeting and conference room facilities that enable the clients to run their businesses without incurring massive startup cost and over-head expenses. Based on a core concept of providing the ‘best-in-class’ service, TEBC provides a custom mix of products and services that deliver significant and measureable returns to the clients. TEBC services are scaled to meet the needs of each client, whether big or small, local or international. The various products and services that TEBC offers are Conference and Meeting Rooms, Video Conference, Business Lounge, Hot Desking, Executive Membership, Day Office. The current occupancy of TEBC is at 75%, which is expected to improve substantially resulting in better financial results in the current year.
MANAGEMENT DISCUSSION
AND ANALYSIS
· Overall Review
The Company is engaged in the following activities:
(1) Manufacture of Amber Glass Bottles for the Pharmaceutical Industry.
(2) Representing a number of foreign manufacturers of Precision Machine Tools, Measuring Instruments, Testing Machines, designing and marketing of Industrial Equipments.
(3) Imports Frozen and Chilled Foods from around the Globe and distribute it to leading chains of five / Four Star Hotels and leading Restaurants.
(4) Provides office space on Leave and License basis to multinational companies and banks.
(5) Developing land admeasuring to 35 Acres at Ambernath with the consent of MIDC.
(6) Provides flexible and customizable work space solutions to clients to run their business without increasing massive start-up costs and over-head expenses.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits |
225.694 |
216.953 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposits |
190.644 |
130.554 |
|
Fixed Deposits from Directors |
35.100 |
196.900 |
|
Inter-corporate Deposits from related parties |
153.217 |
210.900 |
|
Inter-corporate Deposits from others |
54.100 |
10.100 |
|
Total |
658.755 |
765.407 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10512028 |
26/03/2014 |
850,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND HOUSE, 425, D. B. MARG, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400004, INDIA |
C14458152 |
|
2 |
10459024 |
15/10/2013 |
850,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B89084388 |
|
3 |
10043149 |
21/04/2009 * |
329,700,000.00 |
INDIAN BANK |
MUMBAI FORT BRANCH, UNITED INDIA BUILDING, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A61661609 |
|
4 |
80014456 |
21/04/2009 * |
329,700,000.00 |
INDIAN BANK |
MUMBAI FORT BRANCH, UNITED INDIA BUILDING, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A61661641 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
a) Guarantees given by the Banks |
158.431 |
115.515 |
|
b) Letters of Credits/Buyers Credit |
256.551 |
55.305 |
|
c) Claims against the Company not acknowledged as debts |
1.955 |
2.981 |
|
d) Estimated amount of contracts remaining to be executed on Capital Account (Net of advances) |
6.057 |
233.775 |
|
e) Excise demand disputed by the Company. |
1.859 |
2.734 |
|
f) Service tax demand disputed by the Company. |
0.211 |
0.211 |
|
g) Income Tax matters in respect of which appeals are pending |
30.699 |
16.070 |
|
h) Sales tax demand disputed by the Company. |
42.760 |
25.919 |
|
Total |
498.523 |
452.510 |
FIXED ASSETS:
TANGIBLE ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Furnaces
- Vehicles
- Furniture and Fixtures
- Office Equipments
- Molds and Castings
- Total Tangible Assets
INTANGIBLE ASSETS
- Software
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.53 |
|
UK Pound |
1 |
Rs. 99.19 |
|
Euro |
1 |
Rs. 69.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
THR |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.