MIRA INFORM REPORT
|
Report No. : |
349020 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINDSOR MACHINES LIMITED (w.e.f. 2005) |
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|
|
|
Formerly Known
As : |
DGP WINDSOR INDIA LIMITED |
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Registered
Office : |
102/103, Devmilan Co-operative Housing Society, Next to Tip Top Plaza,
L.B.S. Road, Thane West, Thane – 400604, Maharashtra |
|
Tel. No.: |
91-79-30262131 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
04.05.1963 |
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Com. Reg. No.: |
11-012642 |
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Capital
Investment / Paid-up Capital : |
Rs.129.864
Million |
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CIN No.: [Company Identification
No.] |
L99999MH1963PLC012642 |
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IEC No.: |
0388039892 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03988F |
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PAN No.: [Permanent Account No.] |
AAACD4302P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter, Importer of Injection Moulding, Pipe Extrusion
and Blown Film Machineries. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Windsor is a global plastics processing machinery manufacturer based
in India and is one of the few domestic companies engaged in manufacturing Injection
Moulding, Pipe Extrusion and Blown Film machineries. The rating on company reflects marginal decline in its total revenue
along with drastic decline into its profit from its previous FY-2013, during
the year under review. However rating on company takes into account above average financial
risk profile characterized by low leverage, comfortable debt coverage
indicators along with comfortable liquidity position and conservative nature
of promoter’s towards debt. Rating also takes consideration on company association with Kuhne GmbH
(Germany), and its recent takeover of Italtech (Italy), KUAG (Austria), which
helps company to move rapidly against competition and build technological
excellence. Trade relations are fair. Payment terms are reported to be usually
correct. In view of long established track record and experienced promoter, the
company can be considered for business dealing with 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 PARTED BY
|
Name : |
Mr. Vishal Parekh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-79-25841591 |
|
Date : |
29.10.2015 |
LOCATIONS
|
Registered Office : |
102/103, Devmilan Co. Operative Housing Society, Next to Tip Top
Plaza, L.B.S. Road, Thane West, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-79-30262131 |
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Mobile No.: |
91-9375421766 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office
/ Factory 1:
|
Plot 5402-5403, Phase IV, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-25841591 / 2 / 3 |
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Fax No.: |
91-79-25842059 / 25842145 |
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E-Mail : |
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Factory 2: |
Thane Plot No. E 6, U2, Road, Wagle Industrial
Estate, Thane-400604, |
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E-Mail : |
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Factory 3 : |
Chhatral Factory Plot No. 6 and 7, GIDC Industrial Estate, Chhatral Taluka, Kalol
District, Mehsana-382729, Gujarat, India |
|
Tel. No.: |
91-2764-233646 / 47 / 48 / 49 |
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Fax No.: |
91-2764-233643 |
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Branch : |
02, Raja House, 30-31, Nehru Place, New Delhi – 110019, India |
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Tel. No.: |
91-11-26452634 / 35, 32931985 |
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Fax No.: |
91-11-26452633 |
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E-Mail : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Kishore Chandrakant Gupte |
|
Designation : |
Whole-Time Director |
|
Address : |
1, Ragini, Sahitya Sahawas, Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Date of Appointment : |
28.07.2006 |
|
DIN No.: |
00058682 |
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|
Name : |
Mr. Prakash Chandra Kundalia |
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Designation : |
Director |
|
Address : |
Flat No-1, Ground Floor, Sorab House, Garden Road, Colaba, Mumbai - 400039, Maharashtra, India |
|
Date of Appointment : |
28.01.2008 |
|
DIN No.: |
00323801 |
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|
Name : |
Mr. Mahendra Kumar Arora |
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Designation : |
Director |
|
Address : |
Flat No. 2, 8 Golf Links,, Pali Hill, Khar, Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00031777 |
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|
|
|
Name : |
Mr. Jayant Mahiendra Thakur |
|
Designation : |
Director |
|
Address : |
Jyoti Plaza, Wing C, 5th Floor Office, No.7 S.V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
30.03.2011 |
|
DIN No.: |
01328746 |
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|
|
|
Name : |
Ms. Pushp Raj Singhvi |
|
Designation : |
Director |
|
Address : |
B-302 Highland Park Co-Op. Hsg. Soc. Ltd., Link Road, Lokhandwala, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
30.03.2011 |
|
DIN No.: |
00347511 |
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|
|
|
Name : |
Mr. Shishir Vasant Dalal |
|
Designation : |
Director |
|
Address : |
Pallav Bunglow, Garden Colony, Near Sir Lallu Bhai Park, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
00007008 |
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|
|
|
Name : |
Mr. Mahua Roy Chowdhury |
|
Designation : |
Director |
|
Address : |
2a/54, Kalpataru Estate, J.V. Link Road,, Andheri (East), Mumbai - 400093, Maharashtra, India |
|
Date of Appointment : |
04.08.2014 |
|
DIN No.: |
02704777 |
|
|
|
|
Name : |
Mr. Prakash Chandra Kundalia |
|
Designation : |
Director |
|
Address : |
Flat No-1, Ground Floor, Sorab House, Garden Road, Colaba, Mumbai - 400039, Maharashtra, India |
|
Date of Appointment : |
28.01.2008 |
|
DIN No.: |
00323801 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Parekh |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Rajan Sankaranarayan Tharakad |
|
Designation : |
Chief Executive Officer |
|
Address : |
B/82, Thirthbhoomi Apartment Near. Law Garden, B/H Gajjar Hall, Elisbridge, Ahmedabad - 380006, Gujarat, India |
|
Age : |
55 years. |
|
Qualification : |
Graduation in Mechanical Engineering from
SVNIT, Surat. Post Graduate in Financial Management from JBIMS, Mumbai.
Godrej and Boyce Manufacturing Sundaram Clayton (TVS Group), Tata Auto comp
Dagger Forst Tools (Yash Birla Group) |
|
Date of Appointment : |
12.11.2013 |
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PAN No.: |
ACBPT2571L |
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|
|
|
Name : |
Mr. Vatsal Harishbhai Parekh |
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Designation : |
Chief Financial Officer |
|
Address : |
A - 45, Marutinandan Vihar, S. P. Ring Road, Bopal, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
01.10.2014 |
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PAN No.: |
AFJPP2999D |
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|
|
|
Name : |
Mr. Pritiben Natvarlal Patel |
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Designation : |
Company Secretary |
|
Address : |
117, Narnarayan Soc., B/H. Daxini Soc., Opp. Ripal Appt., Near Canal, Maninagar, Ahmedabad - 380008, Gujarat, India |
|
Date of Appointment : |
16.01.2011 |
|
PAN No.: |
AUJPP3555C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
37500000 |
57.75 |
|
|
37500000 |
57.75 |
|
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|
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|
Total
shareholding of Promoter and Promoter Group (A) |
37500000 |
57.75 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
16066 |
0.02 |
|
|
80002 |
0.12 |
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|
9600 |
0.01 |
|
|
105668 |
0.16 |
|
|
|
|
|
|
9825030 |
15.13 |
|
|
|
|
|
|
7984575 |
12.30 |
|
|
2706612 |
4.17 |
|
|
6809915 |
10.49 |
|
|
106692 |
0.16 |
|
|
6109149 |
9.41 |
|
|
410 |
0.00 |
|
|
593064 |
0.91 |
|
|
600 |
0.00 |
|
|
27326132 |
42.08 |
|
Total
Public shareholding (B) |
27431800 |
42.25 |
|
Total
(A)+(B) |
64931800 |
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) |
64931800 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer of Injection Moulding, Pipe Extrusion
and Blown Film Machineries. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Castle Equipments Private Limited |
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Wholly Owned Subsidiary : |
Wintech B.V |
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Step down Wholly Owned Subsidiary : |
Wintal Machines S.R.L |
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|
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Step down Subsidiary |
Wintech S.R.L |
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Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64931800 |
Equity Shares |
Rs.2/- each |
Rs. 129.864
Million |
|
|
|
|
|
1) The Company has only one class of equity
share having a par value of Rs.2/- each. Each shareholder is eligible for one
vote per share held.
2) Reconciliation of Equity Shares Outstanding
at the beginning and at the end of the year
|
Particulars |
As on 31.03.2015 |
|
|
No. In Million |
Rs. In Million |
|
|
At the beginning of the year |
64.932 |
129.864 |
|
Shares outstanding at the end of the year |
64.932 |
129.864 |
3) Details of Shareholders holding more than
5% shares in the Company
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
No. of Shares |
% of Holding |
|
|
Castle Equipments Private Limited |
35000000 |
53.90% |
|
Vandana Ramesh Sitlani |
5899748 |
9.09% |
|
Edelweiss Broking Limited |
715 |
0.0 |
4) 35000000 Equity Shares (35000000 Equity shares
Previous year) are held by Castle Equipments Private Limited, the holding
Company.
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 |
129.864 |
129.864 |
129.864 |
|
(b) Reserves & Surplus |
465.693 |
394.099 |
198.225 |
|
(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) |
595.557 |
523.963 |
328.089 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
208.333 |
0.000 |
54.545 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
45.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
253.333 |
0.000 |
54.545 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
46.564 |
0.000 |
6.772 |
|
(b) Trade payables |
372.480 |
411.037 |
448.559 |
|
(c) Other current liabilities |
391.008 |
342.159 |
367.040 |
|
(d) Short-term provisions |
10.210 |
7.996 |
0.000 |
|
Total
Current Liabilities (4) |
820.262 |
761.192 |
822.371 |
|
|
|
|
|
|
TOTAL |
1669.152 |
1285.155 |
1205.005 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
304.717 |
205.903 |
169.198 |
|
(ii) Intangible Assets |
4.122 |
10.130 |
12.561 |
|
(iii) Capital work-in-progress |
10.994 |
0.044 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
221.343 |
134.525 |
2.280 |
|
(c) Deferred tax assets (net) |
40.980 |
72.327 |
141.415 |
|
(d) Long-term Loan and Advances |
10.904 |
10.777 |
9.297 |
|
(e) Other Non-current assets |
7.915 |
8.075 |
6.625 |
|
Total
Non-Current Assets |
600.975 |
441.781 |
341.376 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
25.000 |
0.000 |
0.000 |
|
(b) Inventories |
544.957 |
428.235 |
412.513 |
|
(c) Trade receivables |
155.291 |
196.927 |
109.310 |
|
(d) Cash and cash equivalents |
15.885 |
134.168 |
220.244 |
|
(e) Short-term loans and
advances |
257.652 |
71.102 |
110.370 |
|
(f) Other current assets |
69.392 |
12.942 |
11.192 |
|
Total
Current Assets |
1068.177 |
843.374 |
863.629 |
|
|
|
|
|
|
TOTAL |
1669.152 |
1285.155 |
1205.005 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
2277.183 |
2354.304 |
2164.182 |
|
|
Other Operating Income |
37.243 |
30.951 |
0.000 |
|
|
Other Income |
43.101 |
59.085 |
42.541 |
|
|
TOTAL
(A) |
2357.527 |
2444.340 |
2206.723 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1594.997 |
1546.968 |
1478.655 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
121.514 |
11.359 |
21.750 |
|
|
Employees benefits expense |
315.626 |
271.188 |
245.748 |
|
|
Other expenses |
385.729 |
311.237 |
309.490 |
|
|
TOTAL
(B) |
2174.838 |
2140.752 |
2055.643 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
182.689 |
303.588 |
151.080 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.895 |
13.306 |
21.528 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
154.794 |
290.282 |
129.552 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
40.736 |
25.319 |
21.723 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
114.058 |
264.963 |
107.829 |
|
|
|
|
|
|
|
Less |
TAX (H) |
35.126 |
69.088 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
78.932 |
195.875 |
107.829 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
394.100 |
198.225 |
90.396 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
473.032 |
394.100 |
198.225 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
620.238 |
608.785 |
504.423 |
|
|
TOTAL
EARNINGS |
620.238 |
608.785 |
504.423 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials, components and
finished goods |
301.323 |
264.645 |
236.405 |
|
|
TOTAL
IMPORTS |
301.323 |
264.645 |
236.405 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.22 |
3.02 |
1.66 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
41.667 |
54.545 |
72.727 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
114.058 |
264.962 |
107.829 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
679.510 |
|
Total Expenditure |
612.530 |
|
PBIDT (Excl OI) |
66.980 |
|
Other Income |
12.810 |
|
Operating Profit |
79.790 |
|
Interest |
7.260 |
|
Exceptional Items |
NA |
|
PBDT |
72.530 |
|
Depreciation |
9.460 |
|
Profit Before Tax |
63.070 |
|
Tax |
29.470 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
33.600 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
33.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.47 |
8.32 |
4.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.02 |
12.90 |
6.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.17 |
24.57 |
10.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.51 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50 |
0.10 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.11 |
1.05 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.32.10/- |
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 |
129.864 |
129.864 |
129.864 |
|
Reserves & Surplus |
198.225 |
394.099 |
465.693 |
|
Net
worth |
328.089 |
523.963 |
595.557 |
|
|
|
|
|
|
long-term borrowings |
54.545 |
0.000 |
208.333 |
|
Short term borrowings |
6.772 |
0.000 |
46.564 |
|
Current Maturities Of
Long-Term Debts |
72.727 |
54.545 |
41.667 |
|
Total
borrowings |
134.044 |
54.545 |
296.564 |
|
Debt/Equity
ratio |
0.409 |
0.104 |
0.498 |
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 |
2164.182 |
2354.304 |
2277.183 |
|
|
|
8.785 |
(3.276) |
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 |
2164.182 |
2354.304 |
2277.183 |
|
Profit |
107.829 |
195.875 |
78.932 |
|
|
4.98% |
8.32% |
3.47% |
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
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% |
-- |
|
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 |
No |
|
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 |
OPERATIONS:
During the year, the Company has sold 485 machines to achieve turnover of Rs. 2287.100 Million as compared to 496 machines in the previous year with a turnover of Rs. 2365.000 Million. During the year the Company has extended its customer base by launching machines for special applications and concentrated on launching new product ranges.
The Directors are confident of continuing the profitable working in the current year also, although there are challenges for the industry in view of its cyclical nature. The operations of the Thane unit of the Company continues to remain closed. Further, details are given in Management Discussions and Analysis Report, which forms part of this report.
BUSINESS OUTLOOK:
The current market scenario continues to offer a lot of challenges. In-spite of a stable government coming at the center, initiating industry friendly policies, introducing new reforms, it would take some time for the impacts to reach the business entity level.
With new multinationals coming to our country, there would be an increased need for plastic end products to cater multiple applications. Also, the wide gap that prevails in our domestic per capita usage of plastics vis-à-vis the global average, leaves enough opportunities for growth.
POLICY REVIEW
This policy is framed based on the provisions of the Companies Act,2013 and rules thereunder and requirements of Clause 49 of the Listing Agreement with the stock exchanges.
In case of any subsequent changes in the provisions of the Companies Act, 2013 or any other regulation which makes any of the provisions in the policy inconsistent with the Act or regulations, the provisions of the Act or regulations would prevail over the policy, and the provisions in the policy would be modified in due course to make it consistent with the law.
This policy shall be reviewed by the nomination and remuneration committee as and when changes need to be incorporated in the policy due to changes in regulations or as may be felt appropriate by the committee. Any change or modification in the policy as recommended by the committee would be given for approval to the Board.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development:
The Company has been engaged in the manufacture
of Extrusion Machinery (for Pipe and Blown Film Extrusion) and Injection Moulding Machinery. In-spite
of renewed optimism and rising expectations with the new government coming to power, the growth in
capital goods industry has not been
really significant.
This has to be viewed realistically, as it takes time for the impact
of the changes, policies and decisions to reach the business entity levels.
Quite a good number of initiatives have been taken and various policies focused
on industrial growth have been announced. The “Make in India” slogan is going to decide the future of manufacturing industries in
their country.
With these positive sentiments, the company looks optimistically to a
better future in the coming year(s). Looking at fundamentals of plastic
consumption in our country (about 8 kg per person compared to global average of
around 32 kg / person), there is a huge scope for growth of plastic processing
machinery manufacturers.
Notwithstanding the above constraints, the Company put in efforts and continued
its journey of extending the customer base, entering new markets, enhancing the
product range and successfully participated in Plastindia - 2015 exhibition held in February’15 at Gandhinagar (Ahmedabad), wherein it
launched a battery of new products. In Injection Molding business, the “First Two-Platen machines in smaller
tonnage” (550 Tons and 350 Tons), the first “All Electric Machine”and in Extrusion the “First
Hybrid Flat Drip Irrigation line”(in
collaboration with THE Machines of Switzerland) were launched. Also during the
show, the “First Seven Layer Blown Film Line”was successfully launched. The new series of extruders launched at the
Plastindia exhibition (without Gear boxes) has become the new rage.
Their Speed series of Extruders continues to be the game changer and
have been successful and well received by the market. Their focus on providing
Value Added solutions to our customers continues with renewed vigor and
enthusiasm. The company has initiated various activities to address the entire “Life Cycle management” of its products including “Retrofitting”, “Reconditioning” and other
support activities.
Outlook:
Considering the opportunities, threats and strengths of the Company, management expects to increase the market share through new product launches, expanding its geographical coverage in more and more region(s). The management is of the view that future prospects and growth of the Company will depend on the overall economic scenario. However, all necessary activities have been initiated which would give us the lead in future.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10552023 |
11/11/2014 |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
C45069283 |
|
2 |
10332204 |
23/03/2015 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
C48620009 |
|
3 |
10317212 |
14/02/2015 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
C44730679 |
|
4 |
90166379 |
08/06/1995 |
4,510,800.00 |
GRINDLAYAS BANK |
90 M. G. ROAD, BOMBAY, Maharashtra - 400004, INDIA |
- |
|
5 |
90163165 |
18/05/1995 |
15,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
VIKAS DEEP, 22; STATION ROAD, LUCKNOW, Uttar Pradesh - 228019, INDIA |
- |
|
6 |
90162376 |
10/12/1991 * |
2,500,000.00 |
DEUTSCHE BANK |
TULSIANI CHAMBERS, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
7 |
90161645 |
25/01/1982 |
200,000.00 |
GRINDLAYA BANK |
90; MAHATMA GANDHI ROAD, FORT, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
8 |
90161597 |
04/03/1987 * |
3,500,000.00 |
GRINDLAYS BANK |
90; M. G. ROAD FORT, BOMBAY, Maharashtra - 400023, |
- |
|
9 |
90164610 |
12/11/1976 |
3,500,000.00 |
GRINDLAYS BANK LTD. |
90; M. G. ROAD, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
10 |
90161291 |
28/12/1971 |
1,000,000.00 |
THE CANARA BANKING CROPN. LTD. |
DALAL STREET, FORT, BOMBAY, Maharashtra - 400001, |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
i. Claims against the Company not acknowledged
as debts |
3.115 |
4.590 |
|
unsecured liabilities as on cut of date March 31,
2009, including those under litigation/appeal shall on crystalisation after
exercise of all the legal remedies available to the Company, shall be paid
only 15% of the principal amount on interest free basis. All penal interest,
interest, damages, penalties charged or chargeable on the same and balance of
the principal amount shall be waived. |
|
|
|
ii. Disputed income tax liability |
|
|
|
a) At High court Level - ( Refer Note 28.2) |
74.620 |
74.620 |
|
b) At CIT (Appeals) Level - ( Refer Note 28.3) |
135.735 |
135.735 |
|
c) At BIFR Level - ( Refer Note 28.4) |
64.174 |
14.133 |
|
|
|
|
|
28.2 For the A.Y 1994-95, 1995-96 and 1998-99 and for the Block Assessment relating to A.Y 1988-89 to 1997-98 the income tax department has filed an appeal in the High Court. In all the above matters, the order of CIT (Appeal) and Tribunal were passed in favour of the company. The amount of claim by the department is of Rs. 74.620 Million and interest as applicable thereon. |
|
|
|
|
|
|
|
28.3 For the Assessment year 2011-12, the Assessing Officer disallowed the carried forward unabsorbed depreciation of Rs.198.910 Million for AY 1997-98 to AY 2000-01 and added Rs. 2004.31 Lacs by treating one time loan settlement under BIFR proceeding as income. The Company has filed an appeal before the Commissioner of Income Tax (Appeals) and also filed application for rectification. The amount of contingent liability involved is Rs. 135.735 Million and interest as applicable thereon. |
|
|
|
|
|
|
|
28.4 The Company has filed a Miscellaneous Application (M.A.) before the Board for Industrial and Financial Reconstruction (“BIFR”)-New Delhi for granting tax reliefs/concessions under the Income Tax Act, 1961 as per the Sanctioned Scheme of BIFR. At the hearing which took place on 23.01.2014, the Hon’ble BIFR was pleased to allow the M.A. and directed the Directorate of Income Tax (Recovery) [DIT(R)] to provide the reliefs and concessions to the Company as per the Sanctioned Scheme. However as the Bench constitution at BIFR has changed, the final outcome of the hearing is pending. The amount of contingent liability involved is Rs. 64.174 Million and interest as applicable thereon. The Company has been advised that the outcome of the all the above cases will be in favor of the Company. |
|
|
|
|
|
|
|
iii. Disputed excise liability. |
3.236 |
6.009 |
|
|
|
|
|
iv.
Guarantee given by the Company on behalf of a body corporate to a financial
institution. |
1.800 |
1.800 |
|
|
|
|
|
v. In respect of bank guarantees. |
7.369 |
1.937 |
|
|
|
|
|
vi. In respect of
claims of 6 workmen (previous year 7 workmen) at Vatva works whose services
were terminated by the Company. The Company’s appeal is pending before Industrial
Court / High Court. However company has agreed for 70 days retrenchment
compensation in the court and same is also provided in the books. |
Unascertained |
Unascertained |
FIXED ASSETS
A Tangible Assets
- Land
- Buildings
and Road on leasehold
- Plant
and Equipment
- Patterns
and jigs
- Computers
- Electrical
installation and air conditioning plant
- Drawing
office equipments
- Furniture
and Fixtures
- Vehicles
- Office
equipment
B Intangible Assets
- Software
- Drawing
and Technical know how
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.65.56 |
|
|
1 |
Rs.101.12 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
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 |
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 |
|
49 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.