MIRA INFORM REPORT
|
Report No. : |
349173 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PODDAR PIGMENTS LIMITED |
|
|
|
|
Registered
Office : |
E-10-11, F-14-16, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan |
|
Tel. No.: |
91-141-2770202 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation
: |
11.11.1991 |
|
|
|
|
Com. Reg. No.: |
17-006307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.106.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24117RJ1991PLC006307 |
|
|
|
|
IEC No.: |
0591047314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP1125E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Color and Additive Master batches for dope dyeing of man-made fibers and various Engineering Plastic Compounds. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
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 |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1991. It
has fine track. Rating takes into consideration sound financial risk profile of the company
marked by strong networth base along with comfortable gearing in FY15. The management has reported marginal increase in its revenue base
along with decent profit margin of nearly 5% in the year under consideration.
Trade relations are fair. Business
is active. Payment terms are reported to be regular as per commitments. In view of long track record of business operations, the company can
be considered for business dealings 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
22.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
22.04.2015 |
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 DECLINED
MANAGEMENT NON COOPERATIVE (91-141-2770202)
LOCATIONS
|
Registered Office/ Factory : |
E-10-11, F-14-16, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan, India |
|
Tel. No.: |
91-141-2770702/ 3 / 2770287/ 291 |
|
Fax No.: |
91-141-2771922 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
No
302, Nanak Chambers, 3rd Floor, Opposite Fun Republic, Off New Link Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-26740582 |
|
Fax No.: |
91-22-26732905 |
|
E-Mail : |
|
|
|
|
|
Regional Office 1 : |
Rosy Tower, 3rd Floor, 8, M.G. Road,
Chennai – 600034, Tamilnadu, India |
|
Tel. No.: |
91-44-28269247/ 28260929 |
|
Fax No.: |
91-44-28253316 |
|
|
|
|
Regional Office 2 : |
Mangalam-B, 2nd Floor, 26, Hemanta Basu
Sarani, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22318147/ 48 |
|
Fax No.: |
91-33-22318290 |
|
|
|
|
Regional Office 3 : |
A-283, Ground Floor, Okhla Industrial Area, Phase –
I, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26816368 |
|
Fax No.: |
91-11-26816370 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. S.S. Poddar |
|
Designation : |
Managing Director / Chief Finance officer |
|
|
|
|
Name : |
Mr. Kishore Rungta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Mahima P. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.K. Sonthalia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Gopalaswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.K. Sureka |
|
Designation : |
Director and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total
No. of Shares |
As a
% |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2118468 |
19.97 |
|
|
4293292 |
40.46 |
|
|
6411760 |
60.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6411760 |
60.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11600 |
0.11 |
|
|
25100 |
0.24 |
|
|
36700 |
0.35 |
|
|
|
|
|
|
740447 |
6.98 |
|
|
|
|
|
|
2434394 |
22.94 |
|
|
756832 |
7.13 |
|
|
229867 |
2.17 |
|
|
35408 |
0.33 |
|
|
29520 |
0.28 |
|
|
164939 |
1.55 |
|
|
4161540 |
39.22 |
|
Total Public shareholding (B) |
4198240 |
39.57 |
|
Total (A)+(B) |
10610000 |
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) |
10610000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Color and Additive Master batches for dope dyeing of man-made fibers and various Engineering Plastic Compounds. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
|
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Bankers : |
Punjab National Bank
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
SHORT TERM BORROWINGS Nature of security Working capital borrowings are secured by (i) charge by way of
hypothecation on entire current assets including stocks and receivables on
first pari passu basis, and (ii) charge on fixed assets on second pari passu
basis. |
|
Auditors : |
|
|
Name : |
K.N. Gutgutia and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Parties holding significant influence : |
· Trustline Capital Finance Private Limited · Pluto Trade links Limited ·
GKS Logistics Private Limited ·
G.K.S. Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10610000 |
Equity Shares |
Rs. 10/- each |
Rs. 106.100 Millions |
|
|
|
|
|
1) During the current year and in the previous year, there have been no movements in the number of equity share outstanding.
2) The Company has only one class of equity shares, having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amount, in proportion to their shareholding.
The details of
shareholders holding more than 5% as at 31st March, 2015 are set out below:
|
Names of the
shareholders |
As at 31 March, 2015 |
|
|
|
No. of shares held |
% holding |
|
Pluto Trade Links Limited |
2,054,300 |
19.36 |
|
G.K.S. Holdings Limited |
1,088,820 |
10.26 |
|
Trustline Capital Finance Private Limited |
978,500 |
9.22 |
|
Kusum Poddar |
884,766 |
8.34 |
|
Rochna Poddar |
590,000 |
5.56 |
|
Mahima Poddar |
555,000 |
5.23 |
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 |
106.100 |
106.100 |
106.100 |
|
(b) Reserves & Surplus |
840.281 |
712.277 |
605.524 |
|
(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) |
946.381 |
818.377 |
711.624 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
40.676 |
41.174 |
37.324 |
|
(c) Other long term
liabilities |
6.730 |
5.464 |
5.884 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
47.406 |
46.638 |
43.208 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7.542 |
63.723 |
108.968 |
|
(b) Trade payables |
149.667 |
190.724 |
149.268 |
|
(c) Other current liabilities |
42.144 |
53.247 |
95.081 |
|
(d) Short-term provisions |
39.026 |
34.344 |
32.474 |
|
Total
Current Liabilities (4) |
238.379 |
342.038 |
385.791 |
|
|
|
|
|
|
TOTAL |
1232.166 |
1207.053 |
1140.623 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
261.917 |
281.516 |
303.281 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.120 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.060 |
0.000 |
34.313 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.023 |
14.805 |
8.499 |
|
(e) Other Non-current assets |
2.144 |
3.091 |
7.303 |
|
Total
Non-Current Assets |
284.144 |
299.412 |
353.516 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
50.000 |
0.000 |
1.600 |
|
(b) Inventories |
394.827 |
378.273 |
352.788 |
|
(c) Trade receivables |
338.685 |
424.573 |
390.590 |
|
(d) Cash and cash equivalents |
78.496 |
49.022 |
7.582 |
|
(e) Short-term loans and
advances |
86.014 |
55.773 |
34.547 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
948.022 |
907.641 |
787.107 |
|
|
|
|
|
|
TOTAL |
1232.166 |
1207.053 |
1140.623 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3183.080 |
3132.270 |
2755.527 |
|
|
Other Income |
29.428 |
17.447 |
19.274 |
|
|
TOTAL
(A) |
3212.508 |
3149.717 |
2774.801 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2545.782 |
2515.046 |
2221.564 |
|
|
Other Manufacturing Expenses |
81.393 |
79.974 |
82.254 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(8.624) |
9.651 |
(9.767) |
|
|
Employees benefits expense |
149.945 |
126.828 |
105.720 |
|
|
Other expenses |
190.274 |
179.418 |
155.588 |
|
|
Exceptional Items |
0.000 |
9.686 |
0.769 |
|
|
TOTAL
(B) |
2958.770 |
2920.603 |
2556.128 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
253.738 |
229.114 |
218.673 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.963 |
12.096 |
16.891 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
247.775 |
217.018 |
201.782 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
28.469 |
25.985 |
26.523 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
219.306 |
191.033 |
175.259 |
|
|
|
|
|
|
|
Less |
TAX (H) |
56.159 |
56.350 |
47.345 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
163.147 |
134.683 |
127.914 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
58.300 |
57.600 |
50.026 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Adjusted for depreciation on
assets where remaining life is Nil, recognized in retained earnings |
3.200 |
0.000 |
0.000 |
|
|
Proposed Dividend on equity
shares |
26.500 |
23.900 |
21.220 |
|
|
Tax on Dividend |
5.400 |
4.000 |
3.606 |
|
|
Transferred to General Reserve |
148.600 |
106.100 |
95.490 |
|
|
Balance
Carried to the B/S |
37.700 |
58.300 |
57.624 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Goods [No FOB ] |
959.259 |
955.272 |
748.185 |
|
|
Other Earnings |
19.468 |
17.762 |
16.704 |
|
|
TOTAL
EARNINGS |
978.727 |
973.034 |
764.889 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1136.319 |
1183.931 |
1118.025 |
|
|
Stores & Spares |
5.506 |
8.602 |
9.085 |
|
|
Capital Goods |
2.773 |
4.923 |
0.512 |
|
|
TOTAL
IMPORTS |
1144.598 |
1197.456 |
1127.622 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
15.38 |
12.69 |
12.06 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
0.000 |
38.311 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash from operating activities |
250.553 |
192.795 |
145.116 |
|
Net cash from operating activities |
193.302 |
139.808 |
97.636 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
|
|
|
|
Net Sales |
753.200 |
789.880 |
|
Total Expenditure |
699.870 |
737.400 |
|
PBIDT (Excl OI) |
53.330 |
52.480 |
|
Other Income |
6.680 |
10.740 |
|
Operating Profit |
60.010 |
63.220 |
|
Interest |
1.350 |
0.990 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
58.660 |
62.230 |
|
Depreciation |
6.450 |
6.570 |
|
Profit Before Tax |
52.210 |
55.660 |
|
Tax |
14.520 |
14.480 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
37.690 |
41.180 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
37.690 |
41.180 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.13 |
4.30 |
4.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.97 |
7.31 |
7.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.94 |
15.83 |
15.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.23 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.08 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98 |
2.65 |
2.04 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.126.90/- |
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 |
106.100 |
106.100 |
106.100 |
|
Reserves & Surplus |
605.524 |
712.277 |
840.281 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
711.624 |
818.377 |
946.381 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
108.968 |
63.723 |
7.542 |
|
Total
borrowings |
108.968 |
63.723 |
7.542 |
|
Debt/Equity
ratio |
0.153 |
0.078 |
0.008 |
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 |
2755.527 |
3132.270 |
3183.080 |
|
|
|
13.672 |
1.622 |
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 |
2755.527 |
3132.270 |
3183.080 |
|
Profit |
127.914 |
134.683 |
163.147 |
|
|
4.64% |
4.30% |
5.13% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS OF OPERATIONS
AND THE STATE OF COMPANY'S AFFAIRS
The highlights of the Company’s performance are as under:
- Revenue from operations increased by 1.68% to Rs. 3458.000 Million as against Rs. 3400.700 Million.
- Exports increased by 0.69% to Rs. 971.700 Million as against Rs. 965.000 Million.
- PBDIT increased by 10.74% to Rs. 253.700 Million as against Rs. 229.100 Million.
- Profit before Tax increased by 14.82% to Rs. 219.300 Million as against Rs. 191.000 Million.
- Earnings per share increased by 21.20% to Rs. 15.38 as against Rs 12.69.
- Cash Profit increased by Rs. 30.800 Million to Rs. 247.800 Million as against Rs. 217.000 Million.
- Net Profit after tax increased by 21.08% to Rs.163.100 Million as against Rs. 134.700 Million.
REVIEW OF OPERATIONS
During the year, the Company performed well in all areas of its operations, with top line growth and consistent earnings, reflecting the effective corporate strategy of creating multiple drivers of growth. The Company has maintained its leadership, due to continuous focus on Research, Development and Technology up-gradation of innovative products and is expected to further improve its performance in forthcoming years.
During the year, the Company has achieved a turnover of Rs. 3458.000 Million as against Rs. 3400.700 Million in the previous year, registering an increase of 1.68% over the previous year. The growth in sales volume, despite a subdued economical scenario, was made possible due to a focus on value added products and development of new products through R&D.
EXPORT
The Company achieved a direct export turnover of Rs. 971.700 Million as against Rs. 965.000 Million in previous year, registering an increase of 0.69%. Despite stiff competition from other countries, international buyers show preference to the company’s product mainly because of its quality. The international market is expected to grow further.
MARKETING
Through consistent efforts in maintaining and improving the international quality standards, the Company has created good demand for its products. This has helped in facing price competition in both domestic and international markets and also achieved increased volume. With sustained efforts, they expect further improvements in their performance in the current year. The Company will continue to seek new markets while consolidating its hold over the existing customers.
MANAGEMENT
DISCUSSION AND ANALYSIS
Financial and
Operational Performance
The Company registered a sale of Rs.3457.972 Million for the year ended 31.03.15 against Rs. 3400.681 Million in the previous year. The plant operated smoothly and on schedule during the year, at near-full capacity. In addition, the Company achieved ISO 9001:2008 standards, reflecting its commitment towards quality and customer satisfaction.
Segment-wise
Product-wise Performance
For the year ended 31.03.15, domestic sales contributed Rs. 2450.534 Million, as against Rs. 2399.598 Million in the previous year and export sales (excluding export benefits) contributed Rs. 971.741 Million, as against Rs. 965.065 Million in the previous year. Since direct export operations contributed more than 10% of the company's total revenue, they consider this geographic segment to be a primary segment.
CORPORATE INFORMATION
Subject is a public limited company domiciled in India, incorporated under the provisions of Companies Act, 1956. Its shares are listed on Bombay Stock Exchange. The Company is a manufacturer of Color and Additive Master batches for dope dyeing of man-made fibers and various plastic applications
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
80007053 |
17/05/2014 * |
431,500,000.00 |
STATE BANK OF INDIA |
SME BRANCH ,2ND FLOOR, ANUKAMPA TOWER, CHURCH ROA |
C06067342 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(A) Claim against
company not acknowledged as debts: |
|
|
|
(i) Income Tax matters in appeals |
2.232 |
1.636 |
|
(ii) Sales Tax demands not admitted by the company and for which appeals
have been filed with appropriate authorities. |
0.023 |
0.588 |
|
(iii) Service Tax demand not admitted by the company and for which
appeals have been filed with appropriate authorities. |
3.543 |
0.417 |
|
Excise duty demand not admitted by the company and for which appeals
have been filed with appropriate authorities. |
0.221 |
0.000 |
|
(B) Guarantees: |
|
|
|
(i) Letter of Credit against purchase of raw materials |
105.680 |
123.791 |
|
(ii) Bonds Executed with Customs and Excise Authorities |
3.000 |
3.000 |
|
|
|
|
|
(C) Other
Contingent Liabilities: |
|
|
|
(i) Bill discounting with |
|
0.407 |
STATEMENT
OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(RS.
IN MILLION)
|
PARTICULARS |
QUARTER ENDED |
|
|
30.06.2015 (Unaudited) |
|
Income from Operations |
|
|
Sales |
824.848 |
|
Less : Excise duty |
71.759 |
|
Net Sales/Income from Operations |
753.089 |
|
Other Operating Income |
0.109 |
|
Total Income from operations
(net) |
753.198 |
|
|
|
|
Expenses |
|
|
(a) Cost of materials consumed |
611.995 |
|
(b) Changes in inventories of finished
goods, work in progress and stock in trade |
(22.510) |
|
(c) Employee
benefit expenses |
41.226 |
|
(d) Depreciation and amortization expenses |
6.450 |
|
(e) Other Expenses |
69.157 |
|
Total Expenses |
706.318 |
|
|
|
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
46.880 |
|
Other Income (including exchange fluctuation gain/(loss) ) |
6.677 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
53.557 |
|
Finance costs |
1.346 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
52.211 |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
52.211 |
|
Tax Expenses |
14.519 |
|
(a) Income tax |
15.000 |
|
(b) Deferred tax |
(0.481) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
37.692 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
37.692 |
|
Paid-up equity share capital (Face Value of the Share shall be indicated) |
106.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per share (before extraordinary
items) (of Rs. 10/- each) (not annualized) - Basic |
|
|
- Diluted |
3.55 |
|
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not
annualized) - Basic |
3.55 |
|
- Diluted |
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public shareholding |
4198240 |
|
Number of Shares |
39.57 |
|
Percentage of
Shareholding |
|
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
Non - encumbered |
|
|
- Number of Shares |
6411760 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
60.43 |
|
|
PARTICULARS |
Quarter
Ended 30.06.2015 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
11.00 |
|
|
Disposed of during the quarter |
11.00 |
|
|
Remaining unresolved at the end of the quarter |
-- |
|
PARTICULARS |
QUARTER ENDED |
|
|
30.06.2015 (Unaudited) |
|
1. Segment Revenue |
|
|
a. Domestic (Net of Excise duty) |
563.972 |
|
b. Export |
189.226 |
|
Total Sales (Net) |
753.198 |
|
Other - Unallocable |
-- |
|
Net Sales/Income
from Operations |
753.198 |
|
|
|
|
2. Segment Results |
|
|
a. Domestic |
46.751 |
|
b. Export |
10.991 |
|
Profit before
Interest, Tax and Unallocable Expense |
57.742 |
|
Less: Finance Costs |
1.346 |
|
Other unallocable Exp. (Net of unallocable Income) |
4.185 |
|
Profit before tax
and before exceptional item |
52.211 |
|
|
|
|
Less: Exceptional Items |
-- |
|
|
|
|
Profit before tax |
52.211 |
|
|
|
|
3. Capital Employed Assets used in the Company's business are not capable of
being specifically identified with any of the segments and it is not practicable
to provide segmental disclosures in relation to total assets and liabilities
with any reasonable degree of accuracy. |
|
Note:
1. As per Accounting Standard of ICAI (AS-17), Geographical Segment has been identified as primary segment and no disclosure has been made for Business Segment since the Company has only one reportable category of products.
2. The above Financial Results were reviewed by the Audit Committee and
thereafter approved by the Board of Directors at their meeting held on 3rd
August, 2015.
3. The figures for Quarter ended 31st March 2015 are the balancing figures
between audited figures in respect of the full financial year and published
year to date figures up to nine month of the relevant financial year.
4. Figure of previous periods are re-arranged, wherever necessary, to confirm
to the current period's presentation/ clarification.
FIXED ASSETS:
· Land (Leasehold)
· Buildings
· Plant and Machineries
· Furniture and Fixtures
· Vehicles
· Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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.66.35 |
|
UK Pound |
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.