MIRA INFORM REPORT

 

 

Report No. :

350663

Report Date :

20.11.2015

 

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.:

0398007551

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

 

SRTG00256E

 

 

PAN No.:

[Permanent Account No.]

AABCG0093R

 

 

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

 

 

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.

 

 

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

 

MANAGEMENT NON COOPERATIVE (91-22-30466901)

 

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 :

Uday.mhatre@piramal.com

corporate.secretarial@piramal.com

Website :

http://www.gujaratglass.com

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 :

gglass@bom3.vsnl.net.in

 

 

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

·         Flat River Glass, 1000 Taylor Avenue, Park Hills, Missouri, MO 63601, USA

·         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, Pochkhnawala Road, Worli, Mumbai – 400025, Maharashtra, India

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, Pochkhnawala Road, Worli, Mumbai – 400025, Maharashtra, India

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

http://www.bseindia.com/include/images/clear.gifBodies Corporate

72990179

90.20

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

107110

0.13

http://www.bseindia.com/include/images/clear.gifAny Other

107110

0.13

http://www.bseindia.com/include/images/clear.gifSub Total

73514429

90.85

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

73514429

90.85

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1506142

1.86

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

10511

0.01

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

131910

0.16

http://www.bseindia.com/include/images/clear.gifSub Total

1648563

2.04

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2017932

2.49

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

2741222

3.39

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

565267

0.70

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

428573

0.53

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

174680

0.22

http://www.bseindia.com/include/images/clear.gifClearing Members

243691

0.30

http://www.bseindia.com/include/images/clear.gifTrusts

10010

0.01

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

192

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

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

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

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

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Solar Enterprise
  • Dattashish Enterprise
  • G S Minerals
  • Tashkent Oil Co. Private Limited
  • Foremost Minerals
  • Anmol Cast Industries
  • Hindustan Metal
  • Ganesh Engineering Co.
  • Intellicon Private Limited
  • Hitech Engineers
  • Nirmal Glasstech Industries Limited.

 

Reference :

Intercer Engineering Works

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • HDFC Bank Limited
  • Corporation Bank
  • Axis Bank Limited
  • The Hongkong and Shangai Banking Corporation
  • Limited
  • Central Bank of India
  • Induslnd Bank Limited
  • DBS Bank Limited
  • Yes Bank Limited

Banker Name

Allahabad Bank

Branch Address

Fort, Mumbai

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWINGS

 

 

Term Loans from banks

 

 

Rupee Term Loan from AXIS Bank

(Payable in 12 Qtr installment of Rs. 41.670 Million each starting from June-2015 to Mar-18)

333.330

500.000

Rupee Term Loan from Kotak Mahindra Bank

(Payable in 16 quarterly installment of Rs. 31.250 Million each starting from June -2015 to Mar-18)

375.000

500.000

Rupee Term Loan from Tata Capital Finance

(Payable in 12 quarterly installment of Rs. 41.670 Million each starting from June -2015 to Mar-18)

333.330

500.000

ECB Loan – AXIS Bank

(Payable in 12 Qtr installment of Rs. 45.260 Million each starting from Aug -13 to May -16)

52.090

249.670

ECB Loan - HSBC Bank

(Rs. 108.600 Million in three equal half yearly installments starting from Sep-14 and balance Rs. 135.800 Million payable on Mar-16

0.000

269.640

Rupee Term Loan from HDFC Bank

(Rs. 500.000 Million repayable in 3 equal annual installments from May 16 to May-18 and Rs. 500.000 Million repayable in 12 equal quarterly installments from Jan-15 to Oct-18)

791.670

958.330

SHORT-TERM BORROWINGS

 

 

Loans Repayable on Demand from banks

 

 

Cash Credit

181.620

740.700

Total

2067.040

3718.340

 

LONG-TERM BORROWINGS

 

Notes:

 

The Rupee Term Loan / ECB is secured by mortgage and pari passu charge of immovable properties of the company, both present and future. They are further secured by hypothecation of all movables and movable machinery, machinery spares and accessories, stocks, both present and future, subject to prior charge created/to be created in favour of banks for securing the borrowing for cash credit for Bank Facilities.

 

SHORT-TERM BORROWINGS

 

Notes:

Cash Credit facilities are secured by Hypothecation of current assets namely, stocks, bills receivables and book debts and all other movables, both present and future, of the Company.

 

 

 

Auditors :

 

Name :

Haribhakti and Company

Chartered Accountants

Address :

Race Course Circle, Vadodara - 390007, Gujarat, India

 

 

Subsidiary Companies :
  • Piramal Glass Ceylon Plc., Sri Lanka
  • Piramal Glass International Inc., USA
  • Piramal Glass UK Limited, UK
  • Piramal Glass USA Inc., USA
  • Piramal Glass Flat River LLC., USA
  • Piramal Glass Williamstown LLC., USA
  • Piramal Glass Europe SARL, France

 

 

Associated Companies :
  • Piramal Enterprises Limited
  • Piramal Corporate Services Limited
  • Piramal Realty Private Limited.
  • Piramal Estate Private Limited
  • Piramal Udgam Data Management Solutions Private Limited

 

 

Enterprises over which Key Management Person exercise significant influence:
  • Gopikrishna Memorial Hospital
  • Piramal Foundation for Education Leadership

 

 

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

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

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
A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA

C20190641

2

10513461

18/07/2014

500,000,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V.B. GANDHI MARG, FORT,, MUMBAI,
MAHARASHTRA - 400001, INDIA

C15373111

3

10457892

15/10/2013

305,000,000.00

AXIS BANK LIMITED

2ND FLR, AXIS BANK TOWER, BOMBAY DYEING MILLS COMP
, PANDURANG BHUDHKAR MARG, WORLI,, MUMBAI, MAHARA
SHTRA - 400025, INDIA

B88662358

4

10439383

10/07/2013

500,000,000.00

AXIS BANK LIMITED

AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE,, PAN
DURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA -
400025, INDIA

B80565534

5

10435441

14/05/2013

275,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR
, C2, WADIA INTERNATIONAL CENTER, P B MARG,, MUMB
AI, MAHARASHTRA - 400013, INDIA

B79015251

6

10403063

11/01/2013

1,000,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL
WEST, MUMBAI, MAHARASHTRA - 400013, INDIA

B68115963

7

10367790

06/07/2012

530,000,000.00

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIM
ITED

LEVEL 10,, 1 QUEENS ROAD CENTRAL,, HONG KONG, -
000000, HONG KONG

B44470037

8

10339933

10/02/2012

1,090,000,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G
ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN
DIA

B34023788

9

10312725

22/09/2011

455,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, BOMBAY DYEING MILLS COM
POUND, MUMBAI, MAHARASHTRA - 400025, INDIA

B23393135

10

90145996

29/08/2012 *

3,250,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG,,
SECOND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT,, MUM
BAI, MAHARASHTRA - 400023, INDIA

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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.11

UK Pound

1

Rs.101.03

Euro

1

Rs.70.78

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.