MIRA INFORM REPORT
|
Report No. : |
350878 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
VHCL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 285, Gala No. II, Main Khanvel Kherdi Road, Village
Kherdi, Silvasa-396230, U.T. of Dadra and Nagar Haveli |
|
Mobile No.: |
91-9699143789 (Mr. Vimal) |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
19.07.1991 |
|
|
|
|
Com. Reg. No.: |
54-000449 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 514.816 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27200DN1991PLC000449 (New) L27200MH1991PLC062568 (Old) |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in: (i) Manufacture of reprocessed Plastic Granules (ii) Wind Mill Power Generation. |
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|
|
|
No. of Employees
: |
28 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was established in the year 1991 and it is engaged in
manufacturing of reprocessed plastic granules. It products include plastic
and polymers. The company also involved in renewable power generation. For the financial year ended 2015, company possesses moderate
operational performance and it has incurred loss from its operations during
the year under a review. Rating remain constrained on account of company’s moderate financial profile
marked by its modest net worth base along with weak debt coverage indicators
and leverage balance sheet profile. Rating also takes into account of vulnerability of company’s margins
to volatilities associated with fluctuation in prices of plastic scrap and
changes in regulatory norms on import of plastic scrap. However, rating weakness is partially offset by long experience of the
management in the plastic industry and established track record of company’s
business operations. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
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 |
Fund based limit – Term loan : BB+ (Suspended) |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
May, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund Based Limit : A1+ (Suspended) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
May, 2014 |
Reason for suspension: Absence of adequate information.
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 (GENERAL DETAILS)
|
Name : |
Mr. Vimal Aggrawal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9699143789 |
|
Date : |
20.11.2015 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 285, Gala No. II, Main Khanvel Kherdi Road,
Village Kherdi, Silvasa-396230, U.T. of Dadra and Nagar Haveli, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9699143789 (Mr. Vimal) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
601/602, Casabalnca, Plot No. 130, CTS - 3A/5 Gulmohar Cross
Road No. 10, Juhu, Vile Parle (West), Mumbai - 400 049, Maharashtra, India |
|
|
|
|
Plant : |
Windmill Village: Belwa Ranaji, Taluka - Shergarh, District – Jodhpur Metal Division Survey No. 17/6, 17/7/1, 18/5/1/1, 19/1, Fanaspada,
Coastal Highway Road, P. O. Sanjan, Taluka: Umbergoan, District: Valsad, Gujarat, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Pankajbhai Harilal Valia |
|
Designation : |
Chairman and Managing Director |
|
Address : |
55, Vrindavan, Nutun Laxmi Society, Road No. 9, Juhu Scheme, Vile Parle (West), Mumbai-400049, Maharashtra, India |
|
Date of Appointment : |
17.11.2011 |
|
DIN No.: |
02047350 |
|
|
|
|
Name : |
Mr. Mandar Subhash Palav |
|
Designation : |
Director |
|
Address : |
A/8, Manish Apartment, Bhausaheb Parab Road, Kanderpada, Dahisar (West), Mumbai-400068, Maharashtra, India |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
B.Com., ACS |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
03249718 |
|
|
|
|
Name : |
Mr. Ashish Shankar Pandare |
|
Designation : |
Director |
|
Address : |
Chawl No.2, Room No.5, Sudama Niwas, Ganesh Nagar, Rawal Pada, Dahisar (East), Mumbai, 400068, Maharashtra, India |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
03363874 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Soni |
|
Designation : |
Company Secretary and Compliance Officer (up to
14/02/2014) |
|
|
|
|
Name : |
Mr. Vimal Aggrawal |
|
Designation : |
Finance Manager |
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 |
|
|
|
|
|
|
|
|
7621172 |
2.96 |
|
|
42775792 |
16.62 |
|
|
50396964 |
19.58 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
50396964 |
19.58 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3410764 |
1.33 |
|
|
6600 |
0.00 |
|
|
3417364 |
1.33 |
|
|
|
|
|
|
127012108 |
49.34 |
|
|
|
|
|
|
13428730 |
5.22 |
|
|
55592596 |
21.60 |
|
|
7560118 |
2.94 |
|
|
805055 |
0.31 |
|
|
1000 |
0.00 |
|
|
2931878 |
1.14 |
|
|
400 |
0.00 |
|
|
3821785 |
1.48 |
|
|
203593552 |
79.09 |
|
Total Public shareholding (B) |
207010916 |
80.42 |
|
Total (A)+(B) |
257407880 |
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) |
257407880 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
API Industries Private Limited |
4,27,75,600 |
16.62 |
|
2 |
Pankaj Harilal Valia |
70,00,000 |
2.72 |
|
3 |
Nimesh Shambhulal Joshi |
4,40,000 |
0.17 |
|
4 |
Bhushan P Valia |
99,092 |
0.04 |
|
5 |
Hardik Bharat Valia |
82,076 |
0.03 |
|
6 |
UIC Corporation Private Limited |
192 |
0.00 |
|
7 |
Lalita Praful Jhaveri |
4 |
0.00 |
|
|
Total |
5,03,96,964 |
19.58 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
JSN Trade Private Limited |
34000000 |
13.21 |
13.21 |
|
|
2 |
Shant Trading Private Limited |
32000000 |
12.43 |
12.43 |
|
|
3 |
Yoga Trading Private Limited |
32000000 |
12.43 |
12.43 |
|
|
4 |
Suraksha Realty Limited |
22524000 |
8.75 |
8.75 |
|
|
5 |
Mahesh Ramdas Thakker |
7623000 |
2.96 |
2.96 |
|
|
6 |
Sunny Subhash Gupta |
3548619 |
1.38 |
1.38 |
|
|
7 |
Shashikant Gordhandas Badani |
3460000 |
1.34 |
1.34 |
|
|
8 |
Bank of India |
3410764 |
1.33 |
1.33 |
|
|
9 |
Mahesh K Vora |
2600000 |
1.01 |
1.01 |
|
|
|
Total |
141166383 |
54.84 |
54.84 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
JSN Trade Private Limited |
34000000 |
13.21 |
13.21 |
|
|
2 |
Shant Trading Private Limited |
32000000 |
12.43 |
12.43 |
|
|
3 |
Yoga Trading Private Limited |
32000000 |
12.43 |
12.43 |
|
|
4 |
Suraksha Realty Limited |
22524000 |
8.75 |
8.75 |
|
|
|
Total |
120524000 |
46.82 |
46.82 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in: (i) Manufacture of reprocessed Plastic Granules (ii) Wind Mill Power Generation. |
|
|
|
|
Products/ Services : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS (As on 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Reprocessed Plastic Granules |
(M.T.) |
23,388 |
33,390 |
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
28 (Approximately) |
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|
Bankers : |
State Bank of India Central Bank of India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Rakesh Agrawal and Associates Chartered Accountants |
|
Address : |
M-2, Sharda Chamber No.1, 31, Keshavji Naik Road, Bhat Bazar, Masjid
Bunder (West),Mumbai-400009, Maharashtra, India |
|
Tel. No.: |
91-22-23716074 |
|
Mobile No.: |
91-93232496448/986905602 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Other related parties: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.514.816
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,951,970 |
Equity Shares |
Rs.2/- each |
Rs. 73.904
Million |
|
|
|
|
|
Note
a) The Company has issued only one class of equity shares
having par value of Rs. 2/- each. Each Equity shareholders is entitled to one
vote per share
b) During the year ended 31st March, 2014 , the Company has not declared any dividend on equity shares (Previous Year Rs. 0.20 per share)
i) Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2014 |
|
|
Number of Shares |
Amount |
|
|
Equity shares with voting rights |
|
|
|
Equity shares at the beginning of the year (F.V. 2/-) |
36951970 |
73.904 |
|
Convertible Warrants transferred to Equity Shares |
-- |
-- |
|
Equity shares at the end of the year (F.V.2/-) |
36951970 |
73.904 |
(b) Details of shares
held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2014 |
|
|
Number of Shares |
% holding in that
class of shares |
|
|
Equity shares with voting rights |
|
|
|
API Industries Private Limited |
15000000 |
49.39 |
|
Pankaj H. Valia |
4050000 |
10.96 |
|
Bharat H. Valia |
3150000 |
8.52 |
|
Mahesh Ramdas Thakker |
1964937 |
5.32 |
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 |
514.816 |
73.904 |
73.904 |
|
(b) Reserves & Surplus |
67.990 |
390.258 |
389.974 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Convertible
Warrant application money |
0.000 |
89.100 |
90.100 |
|
Total
Shareholders’ Funds (1) + (2) |
582.806 |
553.262 |
553.978 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
823.297 |
1004.076 |
341.970 |
|
(b) Deferred tax liabilities (Net) |
8.910 |
8.052 |
6.529 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.175 |
1.873 |
1.207 |
|
Total Non-current
Liabilities (3) |
834.382 |
1014.001 |
349.706 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1223.832 |
251.477 |
215.757 |
|
(b) Trade payables |
881.081 |
1909.771 |
1585.049 |
|
(c) Other
current liabilities |
18.657 |
54.188 |
170.580 |
|
(d) Short-term
provisions |
55.256 |
56.365 |
65.839 |
|
Total Current
Liabilities (4) |
2178.826 |
2271.801 |
2037.225 |
|
|
|
|
|
|
TOTAL |
3596.014 |
3839.064 |
2940.909 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
445.451 |
94.542 |
105.463 |
|
(ii)
Intangible Assets |
0.000 |
20.102 |
20.101 |
|
(iii) Capital
work-in-progress |
0.000 |
273.924 |
156.108 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.205 |
15.205 |
15.205 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
3.249 |
1.827 |
2.384 |
|
Total Non-Current
Assets |
463.905 |
405.600 |
299.261 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9.671 |
506.675 |
358.235 |
|
(c) Trade
receivables |
2977.021 |
2520.649 |
1975.519 |
|
(d) Cash
and cash equivalents |
8.176 |
135.359 |
166.196 |
|
(e)
Short-term loans and advances |
137.241 |
270.781 |
141.698 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3132.109 |
3433.464 |
2641.648 |
|
|
|
|
|
|
TOTAL |
3596.014 |
3839.064 |
2940.909 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1105.328 |
4982.081 |
4801.721 |
|
|
|
Other Income |
4.146 |
8.595 |
12.120 |
|
|
|
TOTAL (A) |
1109.474 |
4990.676 |
4813.841 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1030.828 |
4643.642 |
4495.742 |
|
|
|
Purchases of Stock-in-Trade |
1.082 |
2.614 |
0.949 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
33.585 |
(28.617) |
39.470 |
|
|
|
Employees benefits expense |
7.526 |
6.723 |
6.392 |
|
|
|
Power and Fuel |
0.000 |
13.763 |
12.956 |
|
|
|
Other expenses |
26.552 |
30.770 |
34.788 |
|
|
|
Exceptional items |
34.729 |
177.682 |
29.143 |
|
|
|
TOTAL (B) |
1134.302 |
4846.577 |
4619.440 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(24.828) |
144.099 |
194.401 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
86.619 |
125.418 |
81.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(111.447) |
18.681 |
112.736 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
12.651 |
12.674 |
14.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(124.098) |
6.007 |
97.927 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.858 |
5.723 |
28.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(124.956) |
0.284 |
69.408 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
391.267 |
390.983 |
160.564 |
|
|
|
|
|
|
|
|
|
Add |
SHARE PREMIUM |
0.000 |
0.000 |
169.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividends proposed to
be distributed to equity shareholders |
NA |
0.000 |
7.390 |
|
|
|
Tax on dividend |
NA |
0.000 |
1.199 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
391.267 |
390.983 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2328.413 |
3591.280 |
|
|
TOTAL IMPORTS |
NA |
2328.413 |
3591.280 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
NA |
0.01 |
1.88 |
|
|
|
-
Diluted |
NA |
0.01 |
2.14 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activities |
NA |
(430.407) |
(155.587) |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 |
30.09.2015 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
13.460 |
37.910 |
|
Total Expenditure |
|
28.020 |
48.280 |
|
PBIDT (Excl OI) |
|
(14.560) |
(10.370) |
|
Other Income |
|
NA |
NA |
|
Operating Profit |
|
(14.560) |
(10.370) |
|
Interest |
|
0.090 |
0.050 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(14.650) |
(10.420) |
|
Depreciation |
|
2.110 |
2.110 |
|
Profit Before Tax |
|
(16.760) |
(12.530) |
|
Tax |
|
NA |
NA |
|
Profit After Tax |
|
(16.760) |
(12.530) |
|
Extraordinary Items |
|
NA |
NA |
|
Net Profit |
|
(16.760) |
(12.530) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(11.30) |
0.01 |
1.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(2.25) |
2.89 |
4.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.47) |
0.17 |
3.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
0.01 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.51 |
2.27 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.51 |
1.30 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.0.63 |
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 |
73.904 |
73.904 |
514.816 |
|
Reserves & Surplus |
389.974 |
390.258 |
67.990 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Convertible Warrant
application money |
90.100 |
89.100 |
0.000 |
|
Net
worth |
553.978 |
553.262 |
582.806 |
|
|
|
|
|
|
long-term borrowings |
341.970 |
1004.076 |
823.297 |
|
Short term borrowings |
215.757 |
251.477 |
1223.832 |
|
Total
borrowings |
557.727 |
1255.553 |
2047.129 |
|
Debt/Equity
ratio |
1.007 |
2.269 |
3.513 |
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 |
4801.721 |
4982.081 |
1105.328 |
|
|
|
3.756 |
(77.814) |
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 |
4801.721 |
4982.081 |
1105.328 |
|
Profit/ (Loss) |
69.408 |
0.284 |
(124.956) |
|
|
1.45% |
0.01% |
(11.30%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL
PERFORMANCE:
Despite the bleak economic scenario and tight money market, the results for the financial year ended 31st March, 2014 were better than the previous financial year. The Sales of the Company increased to Rs. 4982.081 Million from Rs. 4801.721 Million in the previous year, at a growth rate of 3.76%.
The Profit before Depreciation, Finance cost, exceptional
item and Tax increased from Rs.223.545 Million in the preceding financial year to
Rs. 321.781 Million in the year under Report. The profit before tax and
exceptional items increased from Rs.1270.70 Million for the financial year
ended 31st March, 2013 to Rs.183.689 Million for the current financial year.
However, due to huge forex losses, the net profit came down from Rs.69.409
Million to Rs.0.284 Million in the corresponding period.
FUTURE OUTLOOK:
The Board of Directors of the Company at its meeting held on Monday, March 31, 2014, inter-alia decided to de-merge the Metal Division of the Company into a separate entity in order to invite industry specific investment as well as unlock shareholder value.
The metal division of the company has two on-going projects:
(1) 36,000 MTPA Aluminum Alloy Plant.
(2) 18,000 MTPA EOU project for production of Non-Ferrous alloys
The Proposal outlined to the board was that the second phase expansion would require an investment to the tune of Rs. 4000.000 Million in fixed assets and working capital which may not be possible for the company to generate from its existing shareholder base and internal accruals. The Proposal suggested that the Company may seek FDI for the project. Initial discussions with a few players indicate that the investment may come in only if the metal division is a separate entity. To achieve this, the metal division would have to be demerged from the plastic division through Court to retain the licenses obtained till date intact. The demerger would have the added advantage of unlocking shareholder value of the existing stakeholders as well as allow the metal division to grow faster.
The Board was also presented with a proposal to merge the plastics business of UIC Corporation Private Limited (hereinafter referred as 'UIC'), an Associate Company, with itself. UIC is engaged in similar business of reprocessing/recycling plastic materials and has achieved sales of Rs. 4150.00 Million in the current financial year. The merger will provide the Company with operational synergy as well as a reduction in operational cost apart from adding to the revenue and profitability of the Company
The Board was of the opinion that in order to enhance the Company's focus towards its core business of plastics recycling and increase its market share, the Company should proceed with the merger as this would be in line with the overall vision of the company to achieve greater value for all its stake holders
MANAGEMENTS'
DISCUSSION AND ANALYSIS REPORT
The Company's businesses. We have attempted to include discussions on all specified matters, to the extent relevant or within limits that in our opinion are reasonably imposed by the company's strategic and competitive position. The year under review has been extremely challenging with continuing macroeconomic challenges. Substantially slowed GDP growth, high inflation-particularly in food, weak currency, a high current account deficit, rising fuel and energy costs and poor consumer sentiments characterized the domestic situation. Global geo-political developments such as quantitative easing by the US treasury and adverse developments in parts of Asia and the Middle-East added to the concerns. Overall consumer confidence remained low in the backdrop of the uncertain political situation leading up to the general elections. Some steps taken by the Government yielded results but the limited excise relief on same consumer durables is yet to result in a market.
FINANCIAL PERFORMANCE
AND ANALYSIS
The current financial year was depressed compared to previous financial year. The highlights of the financial performance are:
1) Net sales increased Rs. 4982.081 Million from Rs. 4801.721 Million in the previous year, at a growth rate of 3.76%.
2) The Profit before Depreciation, Finance cost, exceptional item and Tax increased from Rs.223.545 Million in the preceding financial year to Rs. 321.781 Million in the year under Report
3) Earnings before interest, depreciation, tax (EBIDTA) increased by 48.09 % to Rs. 309.107 Million in 2013-2014 against Rs. 208.736 Million in 2012-2013.
4) The Profit after tax for the current year of Rs.0.284 Million was lower as compared to Rs. 69.409 Million in the previous year due to increase in finance costs and forex losses.
The Company striving to decrease financial costs and forex loasses and making all efforts to improve value additions, reduce operating costs and improve efficiencies to overcome higher input costs.
INDUSTRY OVERVIEW
Ever since 1957, the Plastics Industry in India has made significant achievements as it made a modest but promising beginning by commencing production of Polystyrene. The chronology of manufacture of Indian polymers is summarized as under:-
• 1957-Polystyrene,
• 1959-LDPE ,
• 1961-PVC,
• 1968- HDPE,
• 1978-Polypropylene.
Such potential Indian market has motivated the entrepreneurs in the country to acquire technical expertise, achieve high quality standards and build capacities in various facets of the booming plastic industry. The Phenomenal developments in the plastic machinery sector is coupled with the developments in the petrochemical sector, both of which support the plastic processing sector
This has facilitated the plastic processors to build capacities for the service of both the domestic market and the markets overseas. Today Indian Plastic processing sector comprises of over 30,000 units involved in producing a variety of items through injection moulding, blow moulding, extrusion and calendaring. The capacities built in most segments of this industry coupled with inherent capabilities has made us capable of servicing the overseas markets. The Indian plastic industry has taken great strides and in the past few decades, the industry has grown to the status of a leading sector in the country with a sizable base.
Plastic material is gaining notable importance in different spheres of activity and the per capita consumption is increasing at a fast pace. Continuous advancements and developments in Plastic technology, processing machineries, expertise, and cost effective manufacturing is fast replacing the typical materials. On the basis of value added share, the Indian Plastic industry is about 0.5% of India's GDP. The export of plastic products also yields about 1% of the country's exports. The sector has a large presence of small scale companies in the industry, which account for more than 50% turnover of the industry and provides employment to an estimated 0.4 million people in the country. Approximately Rs.100 billion are invested in the form of fixed assets in the plastic processing industry
The Indian Plastic industry is facing severe demand crunch in the domestic industry for quite some time. Demand for major polymers was 10% lower in Q2 this financial year as compared to the same period last year. The slowdown demand is adversely affecting the industry comprising of 15 raw material producers and there are about 26,000 processing units in the country with adverse impact on the employment of 3.3 million people associated with this industry. The contribution of the plastic industry in the economic growth of countries the world has been great.
With a population over one billion where 40% are under age 15, opportunities for plastics producers in India include near-term rapid growth in the nation's internal consumption of plastic products and the Indian middle class is 300 million and rising, and the annual GDP growth rate is 8%.
THE COMPANY'S OUTLOOK
The outlook for the Company is positive. The Company is engaged in recycling of plastic wastes. The Company is engaged in:
(i) Manufacture of reprocessed Plastic Granules
(ii)
Wind Mill Power Generation.
The Company is also having metal division and overview of which given hereinbelow.
Company generates major revenue from sales of granules which contributed 99.74% of total sales made by the Company during the year 2013-14.
The Board of Directors of the Company decided to de-merge
the Metal Division of the company into a separate entity in order to invite
industry specific investment as well as unlock shareholder value.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From other parties |
|
328.743 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Other loans and
advances |
|
|
|
API Industries Private Limited |
|
22.975 |
|
Plast Link Polymers India Private Limited |
|
15.373 |
|
UIC Corporation Private Limited |
|
103.883 |
|
Gujarat Packaging |
|
7.868 |
|
Total |
NA |
478.842 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10438312 |
30/05/2013 |
950,000,000.00 |
Bank of India |
Andheri Mid Corporate Branch, MDI Building, 1st Floor, 28 S.V.Road,
Andheri (West), Mumbai, Maharashtra - 400058, INDIA |
B80234677 |
|
2 |
10438315 |
30/05/2013 |
950,000,000.00 |
Bank of India |
Andheri Mid Corporate Branch, MDI Building,, 1st Floor, 28 S.V.Road,
Andheri (West), Mumbai, Maharashtra - 400058, INDIA |
B80235203 |
|
3 |
10440334 |
11/09/2012 |
320,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI, GROUND FLOOR,, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B74609033 |
|
4 |
10273963 |
14/12/2013 * |
726,000,000.00 |
STATE BANK OF INDIA |
SIR P M ROAD BRANCH, GRESHAM HOUSE, GROUND FLOOR, SIR P M ROAD , FORT,
MUMBAI, Maharashtra - 400001, INDIA |
B92740463 |
|
5 |
10061435 |
12/03/2009 * |
85,000,000.00 |
State Bank of India |
Gresham House, Ground Floor, Sir P. M. Road, Fort, Mumbai, Maharashtra
- 400001, INDIA |
A58891698 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
|||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
37.911 |
13.461 |
51.372 |
|
|
b. Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
Operations (Net) |
37.911 |
13.461 |
51.372 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
33.558 |
59.619 |
93.177 |
|
|
b. Purchase of Stock-in trade |
0.084 |
0.468 |
0.552 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
0.331 |
(36.335) |
(36.004) |
|
|
d. Employees Benefit Expenses |
1.118 |
0.793 |
1.911 |
|
|
e. Depreciation and Amortisation Expenses |
2.110 |
2.110 |
4.220 |
|
|
f. Other expenses |
13.190 |
3.482 |
16.672 |
|
|
Total Expenses |
50.391 |
30.137 |
80.528 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(12.480) |
(16.676) |
(29.156) |
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(12.480) |
(16.676) |
(29.156) |
|
6 |
Finance Costs |
0.051 |
0.088 |
0.139 |
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
(12.531) |
(16.764) |
(29.295) |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit from
ordinary activities before tax |
(12.531) |
(16.764) |
(29.295) |
|
10 |
Tax Expense |
|
|
|
|
|
- Taxes for earlier years |
|
|
|
|
|
- Deferred Tax |
|
|
|
|
11 |
Net Profit from
ordinary activity after tax |
(12.531) |
(16.764) |
(29.295) |
|
12 |
Extraordinary Items |
- |
- |
- |
|
13 |
Net Profit/ (Loss)
for the period |
(12.531) |
(16.764) |
(29.295) |
|
14 |
No. of Shares |
257.408 |
257.408 |
257.408 |
|
15 |
Paid-up equity share capital |
514.816 |
514.816 |
514.816 |
|
|
(face value of Rs.2 per share) |
2.00 |
2.00 |
2.00 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
- |
- |
|
17 |
Earning Per Share (not annualized) |
|
|
|
|
|
Basic EPS |
(1.343) |
(1.987) |
(3.330) |
|
|
Diluted EPS |
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
207010916 |
202510916 |
207010916 |
|
|
- Percentage of shareholding |
80.42% |
78.67% |
80.42% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
49773560 |
54273560 |
49773560 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
98.76% |
98.86% |
98.76% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
1934% |
21.08% |
1934% |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
623404 |
623404 |
623404 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
1.24% |
1.24% |
1.24% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.24% |
0.24% |
0.24% |
|
|
Particulars |
Quarter ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
FIXED ASSETS
· Land
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
·
Wind Mill
·
Computer
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.66.29 |
|
|
1 |
Rs.101.88 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.