MIRA INFORM REPORT
|
Report No. : |
347423 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL GLASS LIMITED |
|
|
|
|
Registered
Office : |
Nicholas Piramal Tower,
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013,
Maharashtra |
|
Tel No. : |
91-22-30466666 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
06.02.1998 |
|
|
|
|
Com. Reg. No.: |
11-113433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.809.160 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28992MH1998PLC113433 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTG00256E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures of glass containers for Cosmetics and Perfumery
(C&P), Speciality Food and Beverages (SF&B) and Pharmaceuticals
industries. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was established in the year 1998 and it is a global leader in delivering world-class packaging solutions for the perfumery and pharmaceuticals businesses. The company manufactures of glass containers for cosmetics and perfumery (c&p), speciality food and beverages (sf&b) and pharmaceuticals industries. For the financial year ended 2015, revenue of the company has reported growth of 8% but net profit has drastically declined by 79.75% during the year under a review. Ratings continue to factor in the established presence of the company in the glass bottle manufacturing business supported by market leadership in the pharmaceutical glass and mass C&P segments sound operating efficiencies of the company. Ratings also factor in the financial flexibility and management strength derived by company by virtue of being an Ajay Piramal group company. However, rating strength partially offset by moderation in revenue growth and the declining profitability levels in FY2015 marked by operations of the company are susceptible to volatility in raw material and foreign currency fluctuations. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, 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.
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 |
ICRA |
|
Rating |
Term Loan = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
August 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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Mr. Dinesh Dattatraya |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-30466666 |
|
Date : |
28.10.2015 |
LOCATIONS
|
Registered Office / Corporate
Office 1 : |
Nicholas Piramal Tower,
Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-30466666 / 30466969 |
|
Fax No. : |
91-22-24902363 / 24908824 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
14000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office 2 : |
Piramal Tower Annexe, 6th Floor, Peninsula
Corporate Park, Off. Worli Naka,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30466969 /
30466901 |
|
Fax No.: |
91-22-24908824 |
|
E-Mail : |
|
|
|
|
|
Plant Location : |
plant I
ONGC Road, Tarsadi Village, Kosamba, District Surat – 394 120, Gujarat, India Tel. No.: 91-2629-231701/5 Fax No.: 91-2629-231271 E-Mail: mprasad@gujaratglass.co.in plant ii
Off. Masar Chowkadi, Masar Gajera Road, Village Ucchad, Tehsil Jambusar, District Bharuch - 392150, Gujarat, India Tel. No.: 91-2644-233313 – 7 Fax No.: 91-2644-233282 E-Mail: sagarwal@gujaratglass.co.in |
|
|
|
|
Overseas Plant Location : |
· Piramal Glass Ceylon PLC, Poruwadanda, Wagawatte, Horana, Srilanka ·
· PGI Decora, 918 E, Malaga Road, Williamstown, NJ 08094, USA |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ajay G. Piramal |
|
Designation : |
Chairman |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
03.08.1955 |
|
Qualification : |
B.Sc., M.M.S. (Bom)., A.M.P. (Harvard) |
|
Date of Appointment : |
06.02.1998 |
|
|
|
|
Name : |
Ms. Vinita Bali (up to September 8, 2014) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vimal
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharendra
Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shitin Desai |
|
Designation : |
Director |
|
Date of Appointment : |
30.04.2013 |
|
|
|
|
Name : |
Mr. Jiten Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suhail Nathani |
|
Designation : |
Director |
|
Date of Appointment : |
08.02.2013 |
|
|
|
|
Name : |
Ms. Swati A.
Piramal |
|
Designation : |
Director |
|
Address : |
Piramal House 61,
|
|
Date of Birth/Age : |
28.03.1956 |
|
Date of Appointment : |
12.03.1998 |
|
|
|
|
Name : |
Mr. Vijay Shah |
|
Designation : |
Director |
KEY EXECUTIVE
|
Name : |
Ms. Mr. Dinesh Dattatraya |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
% of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
417140 |
0.52 |
|
|
72990179 |
90.20 |
|
|
107110 |
0.13 |
|
|
107110 |
0.13 |
|
|
73514429 |
90.85 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
73514429 |
90.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1506142 |
1.86 |
|
|
10511 |
0.01 |
|
|
131910 |
0.16 |
|
|
1648563 |
2.04 |
|
|
|
|
|
|
2017932 |
2.49 |
|
|
|
|
|
|
2741222 |
3.39 |
|
|
565267 |
0.70 |
|
|
428573 |
0.53 |
|
|
174680 |
0.22 |
|
|
243691 |
0.30 |
|
|
10010 |
0.01 |
|
|
192 |
0.00 |
|
|
5752994 |
7.11 |
|
Total Public shareholding (B) |
7401557 |
9.15 |
|
Total (A)+(B) |
80915986 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
80915986 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of glass containers for Cosmetics and Perfumery
(C&P), Speciality Food and Beverages (SF&B) and Pharmaceuticals
industries. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
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)
|
||||||||||||||||||||||||||||||||||||||||||
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|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
Race Course Circle, Vadodara - 390007, Gujarat, India |
|
|
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|
Subsidiary
Companies : |
|
|
|
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|
Associated
Companies : |
|
|
|
|
|
Enterprises over which
Key Management Person exercise significant influence: |
|
CAPITAL STRUCTURE
As on: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82000000 |
Equity Shares |
Rs.10/- each |
Rs.820.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80923500 |
Equity Shares |
Rs.10/- each |
Rs.809.240 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80915986 |
Equity Shares |
Rs.10/- each |
Rs.809.160 Million |
|
|
|
|
|
NOTES:
|
a. Reconciliation of shares outstanding at
the beginning & at the end of Reporting Period: |
Equity Shares in Nos. |
|
Issued, Subscribed and
paid-up shares |
|
|
Opening
Balance |
80915986 |
|
Issued
during the year |
-- |
|
Closing
Balance |
80915986 |
b. Terms and Rights attached to equity shares:
The
company has one class of equity shares having a par value of Rs. 10 per 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 after discharging all liabilities of the Company, in
proportion to their shareholding.
|
|
31st march 2015 |
|
c. Details of shareholders holding more than
5% shares in the Company: |
|
|
PEL
Management Services Private Limited - Trustee of The Shri Hari Trust. |
|
|
- No of shares |
75450014 |
|
- % Holding |
93.25 |
At the time of the Company’s Rights Issue of 62940500 equity shares of Rs.10/- each for cash at a price of Rs.30/- per share (including a share premium of Rs.20/-) in 2009, entitlements relating to 488764 Rights shares were held in abeyance. Subsequently, during FY 2011-12, 481922 equity shares were allotted after obtaining approval of RBI & 672 equity shares stand cancelled after the denial of approval by RBI.
Consequent to the above, total Rights entitlements held in
abeyance stands reduced from 488764 shares to 6170 shares.
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 |
809.160 |
809.160 |
809.160 |
|
(b) Reserves & Surplus |
4047.470 |
4138.370 |
3985.110 |
|
(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) |
4856.630 |
4947.530 |
4794.270 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1928.300 |
3063.400 |
2796.140 |
|
(b) Deferred tax liabilities
(Net) |
227.000 |
252.400 |
172.740 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2155.300 |
3315.800 |
2968.880 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5609.450 |
5076.130 |
4866.140 |
|
(b) Trade payables |
944.700 |
1224.450 |
1055.160 |
|
(c) Other current liabilities |
1490.030 |
1080.130 |
861.210 |
|
(d) Short-term provisions |
987.710 |
981.120 |
864.100 |
|
Total
Current Liabilities (4) |
9031.890 |
8361.830 |
7646.610 |
|
|
|
|
|
|
TOTAL |
16043.820 |
16625.160 |
15409.760 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7139.160 |
7956.790 |
7828.690 |
|
(ii) Intangible Assets |
11.030 |
11.070 |
13.470 |
|
(iii) Capital work-in-progress |
204.910 |
26.410 |
100.260 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
592.630 |
592.630 |
592.630 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
120.190 |
57.910 |
78.170 |
|
(e) Other Non-current assets |
100.280 |
102.710 |
95.610 |
|
Total
Non-Current Assets |
8168.200 |
8747.520 |
8708.830 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1771.220 |
2290.130 |
1918.480 |
|
(c) Trade receivables |
3976.480 |
3996.840 |
3607.410 |
|
(d) Cash and cash equivalents |
176.180 |
167.290 |
145.520 |
|
(e) Short-term loans and
advances |
1786.950 |
1220.540 |
885.640 |
|
(f) Other current assets |
164.790 |
202.840 |
143.880 |
|
Total
Current Assets |
7875.620 |
7877.640 |
6700.930 |
|
|
|
|
|
|
TOTAL |
16043.820 |
16625.160 |
15409.760 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
11922.320 |
10963.190 |
10154.800 |
|
|
Other Income |
172.860 |
236.690 |
221.090 |
|
|
TOTAL
(A) |
12095.180 |
11199.880 |
10375.890 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2741.510 |
2863.520 |
2580.000 |
|
|
Purchases of Stock-in-Trade |
60.300 |
98.510 |
67.270 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
554.430 |
(359.340) |
(448.500) |
|
|
Employees benefits expense |
1407.180 |
1344.580 |
1241.080 |
|
|
Other expenses |
5378.140 |
5219.580 |
5208.290 |
|
|
Exceptional items |
74.810 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
10216.370 |
9166.850 |
8648.140 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1878.810 |
2033.030 |
1727.750 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
872.940 |
696.340 |
731.040 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1005.870 |
1336.690 |
996.710 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
942.580 |
946.460 |
933.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
63.290 |
390.230 |
62.740 |
|
|
|
|
|
|
|
Less |
TAX (H) |
12.620 |
142.300 |
14.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
50.670 |
247.930 |
48.440 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1125.040 |
971.780 |
1019.220 |
|
|
|
|
|
|
|
|
Provision for
Corporate Dividend Tax no longer required |
13.750 |
0.000 |
0.000 |
|
|
Effect of change in
carrying value of fixed assets
Schedule II of Companies Act 2013.in compliance with |
155.360 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.210 |
|
|
Proposed dividend on Equity
Shares |
0.000 |
80.920 |
80.920 |
|
|
Dividend Distribution Tax
thereon |
0.000 |
13.750 |
13.750 |
|
|
Balance
Carried to the B/S |
1034.140 |
1125.040 |
971.780 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods calculated on FOB basis |
6400.180 |
6026.140 |
5542.580 |
|
|
Technical Fees |
65.410 |
49.150 |
109.000 |
|
|
Dividend received from Piramal Glass Ceylon PLC |
92.200 |
90.870 |
80.230 |
|
|
TOTAL
EARNINGS |
6557.790 |
6166.160 |
5731.810 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
211.540 |
288.560 |
661.840 |
|
|
Capital Goods and Spares |
316.280 |
334.260 |
315.390 |
|
|
TOTAL
IMPORTS |
527.820 |
622.820 |
977.230 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.63 |
3.06 |
0.60 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1157.500 |
796.160 |
626.010 |
|
Cash generated from operations |
1522.850 |
1008.930 |
2621.140 |
|
Net cash from operating activities |
1522.850 |
963.930 |
900.750 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.43 |
2.26 |
0.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
15.76 |
18.54 |
17.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.42 |
2.44 |
0.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.08 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.79 |
1.81 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.94 |
0.88 |
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 |
809.160 |
809.160 |
809.160 |
|
Reserves & Surplus |
3985.110 |
4138.370 |
4047.470 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4794.270 |
4947.530 |
4856.630 |
|
|
|
|
|
|
long-term borrowings |
2796.140 |
3063.400 |
1928.300 |
|
Short term borrowings |
4866.140 |
5076.130 |
5609.450 |
|
Current maturities of
long-term debts |
626.010 |
796.160 |
1157.500 |
|
Total
borrowings |
8288.290 |
8935.690 |
8695.250 |
|
Debt/Equity
ratio |
1.729 |
1.806 |
1.790 |
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) |
|
Sales |
10154.800 |
10963.190 |
11922.320 |
|
|
|
7.961 |
8.749 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10154.800 |
10963.190 |
11922.320 |
|
Profit |
48.440 |
247.930 |
50.670 |
|
|
0.48% |
2.26% |
0.43% |
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 |
Yes |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
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% |
Yes |
|
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 REVIEW
Subject manufactures
glass containers for Cosmetics and Perfumery (C&P), Speciality Food and
beverages (SF and B) and Pharmaceuticals industries. C&P continues to be a
focus area for the Company and it accounts for 50% of the total revenue of the
Company. During the year this segment grew by 2% from Rs.9093.000 million to
Rs.9276.000 million. With the revival of nail enamel product segment, they
expect C and P to grow by 6-10% in the next financial year.
During the year, the
SF and B division grew by 4% from Rs.3759.000 million to Rs.3918.000 million.
The Company’s Subsidiary in USA has been successful in developing good pipeline
of new business in this segment and they expect SF and B to grow by 12-16% in
the next financial year.
They continue to
maintain their leadership position in domestic market of Pharmaceuticals
segment. During the year this segment witnessed a healthy growth of 17% due to
very good performance of Type I product segment and the revenue grew from Rs.4766.000
million to Rs.5582.000 million. They expect this segment to grow by 12-14% in
next financial year. There is a possibility of further increase in demand in
Amber product segment if the government’s initiative of banning plastic
containers for specific range of products is implemented in India.
DELISTING OF
SHARES
Pursuant to the
offer made by The Sri Hari Trust acting through its Corporate Trustee – PEL
Management Services Private Limited (‘Acquirer’), being member of the Promoter
Group, to acquire the fully paid-up equity shares of the Company held by public
shareholders in accordance and compliance with the Securities and Exchange
Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Offer)
and for consequential Voluntary Delisting of the equity shares of the Company,
the shares of the Company have been delisted from the Stock Exchanges (i.e. BSE
Limited and National Stock Exchange of India Limited). The consequent Exit
Offer to the shareholders, who had not availed the Delisting Offer, commenced
on July 28, 2014 and will conclude on July 27, 2015. This Exit Offer provides
an opportunity to such shareholders to offer their shares at the Offer Price of
Rs.140 per share.
UNSECURED LOAN
Rs. In Million
|
Particular |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferment Loan (Unsecured Payable in 6 equal annual installments from 2011 to 2016) |
42.880 |
85.760 |
|
SHORT-TERM
BORROWINGS |
|
|
|
a. Packing Credit
from: |
|
|
|
Corporation Bank |
5.110 |
304.500 |
|
ANZ Bank |
448.800 |
417.230 |
|
HSBC Bank |
468.530 |
292.380 |
|
HDFC bank |
200.000 |
0.000 |
|
Standard Chartered Bank |
140.640 |
164.780 |
|
Kotak Mahindra Bank |
0.000 |
22.880 |
|
b. Short Term loan
from: |
|
|
|
CITI Bank |
1008.040 |
977.300 |
|
ANZ Bank |
300.000 |
350.000 |
|
Indusind Bank |
500.000 |
0.000 |
|
Central Bank of India |
0.000 |
500.000 |
|
HSBC Bank |
600.000 |
0.000 |
|
Kotak Mahindra Bank |
0.000 |
550.000 |
|
HDFC Bank |
1200.000 |
0.000 |
|
DBS Bank |
550.000 |
750.000 |
|
Deposits |
6.710 |
6.360 |
|
Total |
5470.710 |
4421.190 |
CONTINGENT LIABILITIES
(Rs. In
Million)
|
Particular |
31.03.2015 |
31.03.2014 |
|
a) Disputed Liability |
|
|
|
- Central Excise authorities |
5.500 |
10.300 |
|
- Income Tax |
7.250 |
7.250 |
|
b) Counter Guarantees issued to others |
342.560 |
400.820 |
|
- Counter guarantees given for working
capital loan and overdraft facilities of US $ 50.50 million (PY US $ 50.50 million)
granted to the wholly owned subsidiary in USA viz. Piramal Glass USA, Inc |
2812.730 |
2996.000 |
|
- Counter guarantee given for insurance
cover granted to the wholly owned subsidiary in USA viz. Piramal Glass USA,
Inc |
78.750 |
83.900 |
|
- Counter guarantees given for working capital
loan of EURO 16.50 (PY EURO 16.50) Million granted to the wholly owned
subsidiary in Europe viz. Piramal Glass Europe SARL |
96.390 |
68.300 |
|
c) The Company has provided Corporate Guarantees
and/or has given pari passu charge on the entire fixed assets (movable and
immoveable) both present and future (except assets having exclusive charge)
of the Company situated at Jambusar and Kosamba, for Term Loans aggregating
to US $ 20 million granted to the wholly owned subsidiary in USA viz. Piramal
Glass USA, Inc. |
1156.340 |
1198.400 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10519482 |
05/09/2014 |
500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G
BLOCK, BANDRA KURLA COMPLEX, BANDR |
C20190641 |
|
2 |
10513461 |
18/07/2014 |
500,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR.
V.B. GANDHI MARG, FORT,, MUMBAI, |
C15373111 |
|
3 |
10457892 |
15/10/2013 |
305,000,000.00 |
AXIS BANK LIMITED |
2ND FLR, AXIS BANK TOWER,
BOMBAY DYEING MILLS COMP |
B88662358 |
|
4 |
10439383 |
10/07/2013 |
500,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2,
WADIA INTERNATIONAL CENTRE,, PAN |
B80565534 |
|
5 |
10435441 |
14/05/2013 |
275,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, AXIS HOUSE, GROUND FLOOR |
B79015251 |
|
6 |
10403063 |
11/01/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
B68115963 |
|
7 |
10367790 |
06/07/2012 |
530,000,000.00 |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIM |
LEVEL 10,, 1 QUEENS
ROAD CENTRAL,, HONG KONG, - |
B44470037 |
|
8 |
10339933 |
10/02/2012 |
1,090,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B34023788 |
|
9 |
10312725 |
22/09/2011 |
455,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, BOMBAY DYEING MILLS COM |
B23393135 |
|
10 |
90145996 |
29/08/2012 * |
3,250,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, ALLAHABAD BANK BLDG,, |
B57729014 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
· 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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
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 |
|
52 |
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.