MIRA INFORM REPORT
|
Report No. : |
327307 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
DIC INDIA LIMITED (w.e.f. 06.08.2004) |
|
|
|
|
Formerly Known
As : |
COATES OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Transport Depot Road, Kolkata - 700088, West Bengal |
|
Tel. No.: |
91-33-24496591 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
02.04.1947 |
|
|
|
|
Com. Reg. No.: |
21-015202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 91.790 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24223WB1947PLC015202 |
|
|
|
|
IEC No.: |
0288000552 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC0703C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Printing Inks, Surface Coating and Allied Products. |
|
|
|
|
No. of Employees
: |
554 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Singapore based DIC Asia Pacific Pte. Limited, a wholly-owned subsidiary
of DIC Japan, holds a 71.75% equity stake in DIC India. It manufacturers printing ink, offset ink, liquid ink and lamination
adhesives used by the newspaper, publishing and packaging industries. It has the second-largest ink manufacturing capacity in India, at
57000 Tonnes per annum. The company has also incurred a huge loss from its operation during
December 2014. However, General Financial position of the company is sound. The rating also takes into consideration established position in the
Indian Printing inks segment, backed by technological support from its
ultimate parent DIC Corporation, Japan (DIC Japan), the global leader in
printing inks and the company’s established relationships with key customers. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA-“ |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk |
|
Date |
25.03.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+“ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
25.03.2015 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Saumitra |
|
Designation : |
Senior Corporate Accounts Executive |
|
Contact No.: |
91-33-24496591 |
|
Date : |
15.06.2015 |
LOCATIONS
|
Registered/ Corporate Office / Factory 1 : |
Transport Depot Road, Kolkata - 700088, West Bengal, India |
|
Tel. No.: |
91-33-24496591-96/24493984/ 85/ 24492345/ 46 |
|
Fax No.: |
91-33-24495267 / 2311 / 0433 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Chandivali Farm,
Off Saki Vihar Road, Mumbai - 400072, Maharashtra, India |
|
|
|
|
Factory 3 : |
C - 55 A and B, Phase
II, Dist. Gautam Budh Nagar, Noida - 201305, Uttar Pradesh, India |
|
|
|
|
Factory 4 : |
Plot No.633 and
634, G.I.D.C. Industrial Estate, Phase IV, Vatva, Ahmedabad - 382445,
Gujarat, India |
|
|
|
|
Factory 5 : |
66A, Bommasandra
Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562158, Karnataka,
India |
|
|
|
|
Sales Office and Depots : |
Located at: v Bangalore v Hyderabad v Madurai v Baroda v Kanpur v Chennai v Delhi v Madurai |
DIRECTORS
As on 31.12.2014
|
Name : |
Dr. Prabir Kumar Dutt |
|
Designation : |
Chairman and Chief Executive Officer |
|
Address: |
Flat No.2A, 2nd Floor, P-384/B, Kevatala Lane, Kolkata –
700029, West Bengal, India |
|
Date of Birth/Age : |
14.02.1942 |
|
Qualification : |
M. Tech, Ph.D |
|
Date of Appointment : |
02.05.1984 |
|
|
|
|
Name : |
Mr. Dipak Banerjee |
|
Designation : |
Director |
|
Address: |
57A, Garcha Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
19.02.1946 |
|
Date of Appointment : |
08.03.2001 |
|
|
|
|
Name : |
Mr. Samir Bhaumik |
|
Designation : |
Managing Director |
|
Address: |
Flat No.302, Pearl Court, III Essel Towers, Main Mehrauli, Gurgaon
Road, Gurgaon – 122002, Haryana, India
|
|
Date of Birth/Age : |
21.11.1953 |
|
Qualification : |
B.Com (Hons),
LLB, FCA |
|
Date of Appointment : |
29.10.2007 |
|
|
|
|
Name : |
Mr. Subir Bose |
|
Designation : |
Director |
|
Address: |
37, Abhiripukur Road, Kolkata, West Bengal, India |
|
Date of Birth/Age : |
10.12.1949 |
|
Date of Appointment : |
27.07.2007 |
|
|
|
|
Name : |
Mr. Paul Koek |
|
Designation : |
Director |
|
Address: |
76, Bayshore Road, #04-17, Costa Del Sol, Singapore |
|
Date of Birth/Age : |
14.06.1960 |
|
Date of Appointment : |
29.06.2004 |
|
|
|
|
Name : |
Mr. Bhaskar Nath Ghosh |
|
Designation : |
Director |
|
Address: |
Flat no5E, 11 Broad Street, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
31.01.1946 |
|
Date of Appointment : |
25.07.2009 |
|
|
|
|
Name : |
Mr. Yoshiaki Masuda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Utpal Sengupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yasuo Ikeda |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Timir Baran Chatterjee |
|
Designation : |
Senior Executive Vice President (Corporate Affairs and Legal) and
Company Secretary |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B.Com (Hons), M.Com, FCS, MIIA ( |
|
Experience : |
32 Years |
|
Date of Appointment : |
21.08.1996 |
|
|
|
|
Name : |
Mr. Sandip Chatterjee |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Audit Committee: |
Mr. Dipak Banerjee - Chairman |
|
|
Mr. Subir Bose |
|
|
Mr. Bhaskar Nath Ghosh |
|
|
Mr. Paul Koek |
|
|
|
|
Shareholders’/ Investors’ Grievance Committee : |
Mr. Utpal Sengupta - Chairman |
|
|
Dr. Prabir Kumar Dutt |
|
|
Mr. Paul Koek |
|
|
|
|
Remuneration Committee: |
Mr. Dipak Banerjee – Chairman |
|
|
Kazuo Kudo |
|
|
Mr. Paul Koek |
|
|
|
|
Name : |
Mr. Sandeep Chatterjee |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Name : |
Ms. Saumitra |
|
Designation : |
Senior Corporate Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
6586077 |
71.75 |
|
|
6586077 |
71.75 |
|
Total shareholding of Promoter and Promoter Group (A) |
6586077 |
71.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9 |
0.00 |
|
|
9056 |
0.10 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
9065 |
0.10 |
|
|
|
|
|
|
363755 |
4.03 |
|
|
|
|
|
|
1212715 |
15.10 |
|
|
787073 |
8.57 |
|
|
38325 |
0.44 |
|
|
24264 |
0.29 |
|
|
13961 |
0.15 |
|
|
100 |
0.00 |
|
|
2401868 |
28.15 |
|
Total Public shareholding (B) |
2410933 |
28.25 |
|
Total (A)+(B) |
8997010 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8997010 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing Inks, Surface Coating and Allied Products. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
554 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Notes: * The
Company's borrowings from the Consortium of Banks are secured by first pari pasu
charge on Current Assets of the Company, both present and future. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Plot No. Y-14, Block EP, Sector V, Salt Lake, Electronics Complex, Bidhan Nagar, Kolkata - 700 091, West Bengal, India |
|
Tel. No.: |
91-033-23579260 / 7600 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Ultimate Holding
Company : |
DIC Corporation, Japan |
|
|
|
|
Holding Company : |
DIC Asia Pacific Pte Limited, Singapore |
|
|
|
|
Fellow Subsidiaries
: |
Benda-LutzWerke GmbH Coates Screen Inks GmbH. DIC (Malaysia) Sdn. Bhd. DIC (Shanghai) Company Limited DIC Alkylphenol Singapore Pte. Limited DIC Australia Pty Ltd Fellow DIC Compounds (Malaysia) Sdn. Bhd DIC Europe GmbH DIC Fine Chemicals Private Limited DIC Graphics (Hong Kong) Limited DIC Lanka (Private) Limited DIC New Zealand Ltd DIC Performance Resins GmbH Hartmann Druckfarben GmbH Nantong DIC Color Co., Limited P.T. Pardic Jaya Chemicals PT. DIC Graphics Siam Chemical Industry Co. Limited Sun Chemical AG Sun Chemical Group S.P.A. Sun Chemical N.V./S.A. Sun Chemical ZAO Sun Chemical (South Africa) (Pty.) Limited Sun Chemical Limited Tintas S.A.S Sun Chemical Corp. Sun Chemical Group Cooperatief U.A. Deqing DIC Synthetic Resins Limited DIC Graphics (Thailand) Co. Limited |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,178,977 |
Equity Shares |
Rs.10/- each |
Rs. 91.790
Million |
|
|
|
|
|
(a) Rights,
preferences and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of Rs.10 per Equity Share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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 to their shareholding.
|
Particular |
As on 31.12.2014 |
|
|
|
(No. of Shares) |
(% of holding) |
|
(b) Shares held by
the Holding Company DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
|
(c) Shareholders
holding more than 5% of the Shares in
the Company DIC Asia Pacific Pte. Limited |
6,586,077 |
71.75 |
(d) There were no shares issued pursuant to contracts without payment being received in cash, by way of bonus
issue and no shares were bought back in the period of five years immediately preceding the date as at which the
Balance Sheet is prepared.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
91.790 |
91.790 |
91.790 |
|
(b) Reserves & Surplus |
2513.070 |
2821.970 |
2739.560 |
|
(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) |
2604.860 |
2913.760 |
2831.350 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
25.280 |
86.920 |
82.140 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
17.300 |
16.440 |
17.290 |
|
Total Non-current Liabilities
(3) |
42.580 |
103.360 |
99.430 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
351.790 |
232.880 |
340.380 |
|
(b) Trade
payables |
1071.900 |
883.910 |
802.720 |
|
(c) Other
current liabilities |
271.850 |
294.370 |
429.760 |
|
(d) Short-term
provisions |
5.050 |
46.100 |
45.140 |
|
Total Current
Liabilities (4) |
1700.590 |
1457.260 |
1618.000 |
|
|
|
|
|
|
TOTAL |
4348.030 |
4474.380 |
4548.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
844.290 |
933.790 |
916.900 |
|
(ii)
Intangible Assets |
23.400 |
35.570 |
33.880 |
|
(iii)
Capital work-in-progress |
22.380 |
6.330 |
67.580 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
39.580 |
33.120 |
34.590 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
929.650 |
1008.810 |
1052.950 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1119.850 |
1083.940 |
1145.400 |
|
(c) Trade
receivables |
2008.620 |
2026.670 |
2023.390 |
|
(d) Cash
and cash equivalents |
4.520 |
64.000 |
49.010 |
|
(e)
Short-term loans and advances |
278.030 |
285.590 |
272.120 |
|
(f) Other
current assets |
7.360 |
5.370 |
5.910 |
|
Total Current
Assets |
3418.380 |
3465.570 |
3495.830 |
|
|
|
|
|
|
TOTAL |
4348.030 |
4474.380 |
4548.780 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
7221.990 |
7117.040 |
7159.910 |
|
|
Other Income |
24.280 |
8.940 |
4.430 |
|
|
TOTAL
(A) |
7246.270 |
7125.980 |
7164.340 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5286.770 |
5004.230 |
5063.580 |
|
|
Purchases of Stock-in-Trade |
316.810 |
338.760 |
302.910 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(7.770) |
8.110 |
-17.090 |
|
|
Employees benefits expense |
490.730 |
439.450 |
434.340 |
|
|
Other expenses |
1151.310 |
1048.860 |
910.740 |
|
|
|
211.240 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
7449.090 |
6839.410 |
6694.480 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(202.820) |
286.570 |
469.860 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.910 |
44.730 |
54.040 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(265.730) |
241.840 |
415.820 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
126.510 |
121.860 |
100.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(392.240) |
119.980 |
314.920 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(83.340) |
(5.390) |
99.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(308.900) |
125.370 |
214.950 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1512.710 |
1442.840 |
1292.060 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
12.540 |
21.490 |
|
|
Proposed Dividend on Equity
Shares |
0.000 |
36.720 |
36.720 |
|
|
Dividend Distribution Tax on
Proposed Dividend |
0.000 |
6.240 |
5.960 |
|
|
Total
|
0.000 |
55.500 |
64.170 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1203.810 |
1512.710 |
1442.840 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
505.050 |
469.100 |
332.420 |
|
|
Freight |
|
|
|
|
|
Insurance |
|
|
|
|
|
TOTAL
EARNINGS |
505.050 |
469.100 |
332.420 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1552.730 |
1272.040 |
1681.670 |
|
|
Containers |
3.670 |
0.000 |
0.000 |
|
|
Components and Stores parts |
20.880 |
11.180 |
4.060 |
|
|
Capital Goods |
0.420 |
25.880 |
55.050 |
|
|
Goods Traded-in |
232.020 |
246.790 |
210.450 |
|
|
TOTAL
IMPORTS |
1809.720 |
1555.890 |
1951.230 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(33.65) |
13.66 |
23.42 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
6.360 |
358.000 |
139.600 |
QUARTERLY RESULTS
|
PARTICULARS |
1st Quarter 30th Sep |
2nd Quarter 31st Dec |
3rd Quarter 31st Mar |
|
Net Sales |
1846.320 |
1832.920 |
1735.220 |
|
Total Expenditure |
1783.570 |
1802.410 |
1623.960 |
|
PBIDT (Excl OI) |
62.750 |
30.510 |
111.260 |
|
Other Income |
1.220 |
22.030 |
5.430 |
|
Operating Profit |
63.970 |
52.540 |
116.690 |
|
Interest |
14.450 |
20.980 |
12.760 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
49.520 |
31.560 |
103.930 |
|
Depreciation |
31.430 |
31.530 |
46.300 |
|
Profit Before Tax |
18.090 |
0.030 |
57.630 |
|
Tax |
(3.190) |
(13.830) |
0.850 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
21.280 |
13.860 |
56.780 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
21.280 |
13.860 |
56.780 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.28) |
1.76 |
3.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(2.81) |
4.03 |
6.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.07) |
2.69 |
7.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15) |
0.04 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.08 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01 |
2.38 |
2.16 |
STOCK
PRICES
|
Face Value |
Rs.10 |
|
Market Value |
Rs.445 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
91.790 |
91.790 |
91.790 |
|
Reserves & Surplus |
2739.560 |
2821.970 |
2513.070 |
|
Net
worth |
2831.350 |
2913.760 |
2604.860 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
340.380 |
232.880 |
351.790 |
|
Total
borrowings |
340.380 |
232.880 |
351.790 |
|
Debt/Equity
ratio |
0.120 |
0.080 |
0.135 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7159.910 |
7117.040 |
7221.990 |
|
|
|
(0.599) |
1.475 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7159.910 |
7117.040 |
7221.990 |
|
Profit |
214.950 |
125.370 |
(308.900) |
|
|
3.00% |
1.76% |
(4.28%) |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULAR |
31.12.2014 (Rs.
in Million) |
31.12.2013 (Rs.
in Million) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loan repayable on
demand: From a Bank |
|
|
|
Working Capital Demand Loan/ Overdraft |
24.760 |
200.000 |
|
Commercial Paper |
200.000 |
0.000 |
|
Total |
224.760 |
200.000 |
@ Maximum amount outstanding at any time during the year was Rs. 200.00 Million (2013: Rs. 200.00 Million)
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80011861 |
24/09/2004 |
77,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, KOLKATA, West Bengal
- 700027, INDIA |
- |
|
2 |
90249920 |
05/02/1992 |
3,000,000.00 |
I.D.B.I. BANK LTD. |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
3 |
90249897 |
18/04/1991 |
7,800,530.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
4 |
90249889 |
12/03/1991 |
9,351,017.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
5 |
90249143 |
05/03/1991 |
8,200,000.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
6 |
90249887 |
15/02/1991 |
20,000,000.00 |
ICICI BANK LTD. |
163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
7 |
90251067 |
30/01/1991 |
15,000,000.00 |
THE SHANGHAI BANKING CORPORATION |
31; B.B.D. BAG, CALCUTTA, West Bengal - 700001, INDIA |
- |
|
8 |
90251695 |
19/09/1990 |
35,000,000.00 |
BANK OF BARODA |
3 - B; CAMAC STREET, CALCUTTA, West Bengal - 700016, INDIA |
- |
|
9 |
90251059 |
30/04/2003 * |
93,000,000.00 |
STANDARD CHARTERED BANK |
19; NETAJI SUBHASH ROAD, CALCUTTA, West Bengal - 700001, INDIA |
- |
|
10 |
90250957 |
05/09/2012 * |
610,900,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA |
B57910200 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC ENVIRONMENT
The members would be aware that the pace of the global economy has slowed down. Headwinds from recessionary forces have dampened the economic sentiment of Europe. Disappointing activity and still-low inflation in China have prompted rate cuts by the People's Bank of China. Amidst the downturns, the recovery in the United States is a positive aspect. In other major emerging market economies, growth has slowed down due to various factors like inflation, low commodity prices etc. However, the recent sharp fall in crude prices will have a net positive impact and may provide impetus to the global growth.
The coming to the power of a stable Government led by a single party in majority holds good sign for the Indian economy as a whole. This is further supported by the World Bank in its Global Economic Prospects Report which declared that the South Asian economy would be spearheaded by India where GDP has accelerated to 6.5 per cent in 2014-15 and expected to reach 6.7 per cent in 2016-17. This surge in GDP can be attributed to boost in exports and private investment. However, robustness of the recovery of the Indian Economy would depend on the pace of policy and fiscal reforms.
To keep the pace and growth of Indian economy, the Government of India is coming up with various innovative projects like “Make in India” which aims at improving logistics, manufacturing and market infrastructure, regular availability of natural resources at competitive prices, implementing the concept of Digital India, foster Innovation etc. The divestment process also restarted with the divestment of Coal India Limited whereby the Government of India's stake in Coal India Limited (CIL) came down from 89.65% to 79.65%. The Government thus raised Rs 225.57 billion from the CIL disinvestment.
Crude prices, barring geo-political shocks, are expected to remain low over the year. Finally, the government has reiterated its commitment to adhering to its fiscal deficit target and for this purpose is restarting the disinvestment process. These factors have reduced inflation falling below the 8% that was targeted by the Central Government by January 2015. In line of the above, the Reserve Bank of India in January 2015 has reduced the repo rate to 7.75% and kept the CRR unchanged at 4.0%. This would provide further impetus to the Indian economy growth story.
FINANCIAL RESULTS
& PERFORMANCE REVIEW
The Company recorded a turnover of Rs. 7186.96 million as against Rs 7086.64 million in the previous year registering an increase of 1.42% in terms of value and a decrease of 3.62% in terms of volume.
The members would be aware that the Company had closed down its manufacturing activity at its Mumbai Unit at Chandivalli Farm, Mumbai- 400072. The total associated cost of closing down the Mumbai unit came to Rs.258.700 million which included Rs. 211.240 million towards the implementation of the Voluntary Retirement Scheme (VRS) for the workers of the unit. Consequent to the above closure, fixed assets amounting to Rs. 6.100 million was written off.
OUTLOOK
The presence of a stable government at the centre will be a major catalyst in taking major decisions which would push forward the pace of reforms and thereby directly improving the macro-economic environment. It is now being
forecasted that in the near future, the Indian economy will become the fastest growing emerging market.
The Government is looking at easing investment conditions in India and focusing on project clearances. Also, 2015 is expected to see a rush of foreign direct investments (FDI) coming into India supported by FII inflows, thanks to liberalising the defence, insurance and construction sectors. It is expected that Government's major structural/economic liberalization policies will be reflected in 2015 Union Finance Budget and the same is expected to further boost the industry sentiments.
The Indian printing industry is increasingly being driven by growth in packaging and labels. The print media also continues to grow at a healthy annual pace of four percent. As its growth trends continue to be well over the world averages, in print volume terms, India is set to become the fifth largest market by 2018 moving up five notches from its present tenth slot. Therein lies a great opportunity for the Indian and International print suppliers.
CONTINGENT
LIABILITIES
Claims against
the Company not acknowledged as debt :
i) IncomeTax
matters Rs.26.38 Million (2013 - Rs. 19.99 Million) pending in appeals.
ii) Disputed Indirect
Tax matters for which appeals before the relevant authorities are pending
disposal
are as follows
:
a) Custom Duty
matters Rs.0.16 Million (2013 - Rs.2.45 Million)
b) Excise Duty
matters Rs.45.22 Million (2013 - Rs.46.93 Million)
c) ServiceTax
matters Rs.38.86 Million (2013 - Rs.38.39 Million)
d) SalesTax /
VAT / Entry Tax matters Rs.24.76 Million (2013 - Rs.25.12 Million)
iii) Rent under
dispute Rs.3.72 Million (2013 - Rs.1.99 Million) pending in appeals.
In respect of
above, it is not practicable for the Company to estimate the timings of cash
outflows, if any,
pending
resolution of the respective proceedings. The Company does not expect any
reimbursements in
respect of the above contingent liabilities.
UNAUDITED FINANCIAL RESULTS FOR THE Quarter Ended 31st
March 2015
(Rs. In Million)
|
Sr. No |
Particulars |
3 Months Ended |
|
|
31.03.2015 |
|||
|
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1715.106 |
|
|
|
b. Other Operating Income |
20.115 |
|
|
|
Total Income from
Operations (Net) |
1735.221 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
1211.945 |
|
|
|
b. Purchase of Stock-in trade |
60.409 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(28.869) |
|
|
|
d. Employees Benefit Expenses |
117.684 |
|
|
|
e. Depreciation and Amortisation Expenses |
46.303 |
|
|
|
f. Other expenses |
262.796 |
|
|
|
Total Expenses |
1670.268 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
64.953 |
|
|
4 |
Other Income |
5.434 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
70.387 |
|
|
6 |
Finance Costs |
12.755 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
57.632 |
|
|
8 |
Exceptional items |
- |
|
|
9 |
Profit from
ordinary activities before tax |
57.632 |
|
|
10 |
Tax Expense |
|
|
|
|
- Income Tax |
3.422 |
|
|
|
- Deferred Tax |
(2.565) |
|
|
11 |
Net Profit from
ordinary activity after tax |
56.775 |
|
|
12 |
Extraordinary Items |
- |
|
|
13 |
Net Profit After
Tax |
56.775 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
917.90 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
6.19 |
|
|
|
Diluted EPS |
6.19 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
2592900 |
|
|
|
- Percentage of shareholding |
28.25% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
6586077 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
71.75% |
|
|
|
Particulars |
3 Months Ended 31.03.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED
31ST MARCH 2015
|
Particulars |
3
Months ended 31.03.2015 |
|
|
(Unaudited) |
|
a.
Information about Primary Business Segments |
|
|
1. Segment
Revenue (Net Sales/ Income From Operation) |
|
|
Inks |
1600.280 |
|
Lamination
Adhesives |
134.941 |
|
Total |
1735.221 |
|
|
|
|
2.
Segment Result (Profit/ Loss Before Tax and Interest |
|
|
Inks |
95.068 |
|
Lamination
Adhesives |
1.859 |
|
Total |
96.927 |
|
|
|
|
Less : Interest |
12.655 |
|
|
|
|
Less : Other Unallocable Expenses |
27.609 |
|
|
|
|
Add : Unallocable
Income |
0.969 |
|
|
|
|
Total
Profit Before Tax |
57.632 |
|
|
|
|
Capital
Employed (Segment Assets – Segment Liabilities) |
|
|
Inks |
2484.731 |
|
Lamination
Adhesives |
320.861 |
|
Total |
2805.592 |
Notes :
- Effective 1st January, 2015, the Company has revised the used lives of certain Fixed Assets in keeping with the provisions of Schedule II to the Companies Act, 2013. As a result, depreciation for the quarter ended 31st March, 2015 is higher and the profit before tax is lower by Rs. 15.121 Million
- The Board of Directors of the Company at its meeting held on 26th March 2014, approved the closure of the manufacturing unit relating to Inks Segment of the Company located at Chandivali Farm, Off Saki Vihar Road, Mumbai - 400072 effective 1st April 2014. Exceptional Item refers to Separation Costs pursuant to the said closure.
- Figures for the previous periods have been regrouped / rearranged wherever necessary to conform to current period's classification.
- The above results for the quarter ended 31st March 2015 duly reviewed by the Audit Committee, were taken on record by the Board of Directors at its meeting held on 21st April 2015. As required under the Listing Agreement, the same have been subjected to Limited Review by the Statutory Auditors.
FIXED ASSETS:
Tangible assets:
v Land – Freehold
v Land – Leasehold
v Buildings
v Plant and Machinery
v Furniture and Equipments
v Vehicles
v Office Equipment
v Computers
Intangible assets
v 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.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART/JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.