MIRA INFORM REPORT
|
Report No. : |
350539 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAJOO ENGINEERS LIMITED |
|
|
|
|
Formerly Known
As : |
RAJOO ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Junagadh Road Highway, Manavadar, Junagadh - 362630, Gujarat |
|
Tel. No.: |
Not Available |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.12.1986 |
|
|
|
|
Com. Reg. No.: |
04-009212 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 58.030 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1986PLC009212 |
|
|
|
|
IEC No.: |
2491000148 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTR00664G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR3204M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipment’s. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 970000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1986 having
satisfactory track The company possesses good financial risk profile marked by healthy
networth base and decent profit margin of the company. Further, the rating also takes into consideration favorable gap
between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments
terms are reported as usually correct and as per commitment. In view of long track record and rich experience of its promoters, the
company can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
25.09.2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Export Packaging Credit = A2 |
|
Rating Explanation |
Strong degree of safety and very low credit risk |
|
Date |
25.09.2015 |
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.
LOCATIONS
|
Registered Office : |
Junagadh Road Highway, Manavadar, Junagadh - 362630, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative and Marketing
Office |
Survey No. 210, Plot No.1, Rajoo Avenue, Industrial Area,
Veraval (Shapar), Rajkot - 360024, Gujarat, India |
|
Tel. No.: |
91-97129-62704/52701 |
|
Fax No.: |
91-02827-252700 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rajesh N. Doshi |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
07.03.1961 |
|
Qualification : |
B.Sc. |
|
Experience : |
32 years |
|
Date of Appointment : |
01.02.2013 |
|
DIN No.: |
00026140 |
|
Other
Directorship: |
Rajoo Cotex Limited |
|
|
|
|
|
|
|
Name : |
Mr. Sunil B. Jain |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
25.12.1955 |
|
Qualification : |
B. E Honours (Mechanical) |
|
Experience : |
Experience in the field of flexible packaging and international marketing. |
|
Date of Appointment : |
30.06.2002 |
|
DIN No.: |
00043541 |
|
Other
Directorship: |
|
|
|
|
|
Name : |
Ms. Khushboo C. Doshi |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
24.07.1982 |
|
Qualification : |
B.Arch, M.I.P.D. and D.F.B.M. |
|
Experience : |
Initially started as head MarCom now looking after MarCom, HR, Customer Care, Trial and Testing and IT matters. |
|
Date of Appointment : |
17.08.2012 |
|
DIN No.: |
00025581 |
|
Other
Directorship: |
Avantgarde Design Studio Private Limited |
|
|
|
|
|
|
|
Name : |
Mr. Ramesh A. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Kirit R. Vachhani |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
23.02.1956 |
|
Qualification : |
B.Com. |
|
Experience : |
Having a vast experience in the field of finance, taxation and auditing. |
|
Date of Appointment : |
22.09.2015 |
|
DIN No.: |
07113088 |
|
|
|
|
Name : |
Mr. Rajendra G. Vaja |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. J. T. Jhalawadia |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Vijay Jadeja |
|
Designation : |
Company Secretary |
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 |
||
|
|
|
|
|
|
38567440 |
66.46 |
|
|
38567440 |
66.46 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
38567440 |
66.46 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3000 |
0.01 |
|
|
3000 |
0.01 |
|
|
|
|
|
|
1060068 |
1.83 |
|
|
|
|
|
|
15067411 |
25.96 |
|
|
2063292 |
3.56 |
|
|
1269539 |
2.19 |
|
|
394446 |
0.68 |
|
|
188857 |
0.33 |
|
|
686236 |
1.18 |
|
|
19460310 |
33.53 |
|
Total Public shareholding
(B) |
19463310 |
33.54 |
|
Total (A)+(B) |
58030750 |
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) |
58030750 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipment’s. |
|
|
|
|
Products : |
|
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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|
|
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Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Statutory Auditors: |
|
|
Name : |
M. N. Manvar and Company Chartered Accountants |
|
Address : |
504, Star Plaza, Near Circuit House, Phulchhab Chowk, Rajkot – 360001,
Gujarat, India |
|
Tel. No.: |
91-281-6627070/ 2455750 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Associate Concern: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77000000 |
Equity Shares |
Rs.1/- each |
Rs. 77.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58030750 |
Equity Shares |
Rs.1/- each |
Rs.58.030 Million |
|
|
|
|
|
Reconciliation of
Number of shares
|
Particulars |
31.03.2015 |
|
|
|
No. of Shares |
Rs. in Million |
|
Shares outstanding at the beginning of the year |
58030750 |
58.030 |
|
Add : Shares Issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
58030750 |
58.030 |
Details of more than
5% of total shares, held by each shareholder
|
Particulars |
31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Devyani Chandrakant Doshi |
5862560 |
10.10 |
|
Khushboo Chandrakant Doshi |
4867042 |
8.39 |
|
Nita Kishorbhai Doshi |
3884600 |
6.69 |
|
Pallav Kishorbhai Doshi |
4826609 |
8.32 |
|
Rajesh Nanalal Doshi |
2940200 |
5.06 |
|
Rita Rajesh Doshi |
4513440 |
7.78 |
|
Kruti Rajeshbhai Doshi |
3144132 |
5.42 |
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 |
58.030 |
58.030 |
36.720 |
|
(b) Reserves &
Surplus |
281.618 |
248.683 |
225.073 |
|
(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) |
339.648 |
306.713 |
261.793 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.712 |
0.540 |
63.293 |
|
(b) Deferred tax liabilities
(Net) |
22.665 |
24.775 |
20.510 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.443 |
3.445 |
1.379 |
|
Total Non-current
Liabilities (3) |
27.820 |
28.760 |
85.182 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
41.470 |
0.000 |
119.367 |
|
(b) Trade payables |
149.012 |
177.175 |
123.168 |
|
(c) Other current
liabilities |
120.304 |
185.426 |
9.005 |
|
(d) Short-term provisions |
58.218 |
45.394 |
23.078 |
|
Total Current Liabilities
(4) |
369.004 |
407.995 |
274.618 |
|
|
|
|
|
|
TOTAL |
736.472 |
743.468 |
621.593 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
173.668 |
176.064 |
142.097 |
|
(ii) Intangible Assets |
22.140 |
26.258 |
25.200 |
|
(iii) Capital
work-in-progress |
21.002 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.814 |
19.814 |
5.114 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.160 |
1.852 |
1.271 |
|
(e) Other Non-current
assets |
1.955 |
2.607 |
0.408 |
|
Total Non-Current Assets |
240.739 |
226.595 |
174.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
50.073 |
44.370 |
0.000 |
|
(b) Inventories |
156.355 |
234.649 |
306.419 |
|
(c) Trade receivables |
188.348 |
98.770 |
75.799 |
|
(d) Cash and cash
equivalents |
7.658 |
29.384 |
5.023 |
|
(e) Short-term loans and
advances |
92.258 |
108.723 |
57.336 |
|
(f) Other current assets |
1.041 |
0.977 |
2.926 |
|
Total Current Assets |
495.733 |
516.873 |
447.503 |
|
|
|
|
|
|
TOTAL |
736.472 |
743.468 |
621.593 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
1169.333 |
1011.727 |
908.253 |
|
|
Other Income |
2.594 |
2.856 |
1.069 |
|
|
TOTAL (A) |
1171.927 |
1014.583 |
909.322 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
679.697 |
622.837 |
556.517 |
|
|
Purchases of
Stock-in-Trade |
34.542 |
0.000 |
155.735 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
80.737 |
74.634 |
(37.745) |
|
|
Employees benefits
expense |
83.146 |
71.778 |
47.101 |
|
|
Other expenses |
185.860 |
167.012 |
132.593 |
|
|
TOTAL (B) |
1063.982 |
936.261 |
854.201 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
107.945 |
78.322 |
55.121 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
2.115 |
5.656 |
13.853 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
105.830 |
72.666 |
41.268 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.427 |
21.136 |
15.887 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
77.403 |
51.530 |
25.381 |
|
|
|
|
|
|
|
Less |
TAX (H) |
25.007 |
16.966 |
8.448 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
52.396 |
34.564 |
16.933 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
155.532 |
137.146 |
130.621 |
|
|
|
|
|
|
|
Add |
Add : Prior Year's
Adjustment |
0.000 |
0.000 |
0.790 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
3.500 |
2.600 |
1.693 |
|
|
Dividend |
14.508 |
11.606 |
1.381 |
|
|
Tax on Dividend |
2.901 |
1.972 |
8.124 |
|
|
Depreciation Adjustment |
2.053 |
0.000 |
0.000 |
|
|
Total (M) |
22.962 |
16.178 |
11.198 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
184.966 |
155.532 |
137.146 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
253.621 |
331.994 |
135.445 |
|
|
Service
Charges |
1.235 |
0.932 |
0.738 |
|
|
Insurance |
|
|
|
|
|
TOTAL EARNINGS |
254.856 |
332.926 |
136.183 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
99.354 |
87.577 |
54.541 |
|
|
Capital Goods |
0.000 |
0.000 |
2.091 |
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
99.354 |
87.577 |
56.632 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
0.90 |
0.63 |
0.46 |
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 |
53.984 |
158.408 |
47.726 |
|
Net Cash From Operating Activities |
22.691 |
136.643 |
12.779 |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales |
|
198.190 |
260.690 |
|
Total Expenditure |
|
177.610 |
225.430 |
|
PBIDT (Excl OI) |
|
20.580 |
35.260 |
|
Other Income |
|
NA |
0.800 |
|
Operating Profit |
|
20.580 |
36.060 |
|
Interest |
|
(0.040) |
0.590 |
|
Exceptional Items |
|
NA |
(0.510) |
|
PBDT |
|
20.620 |
34.960 |
|
Depreciation |
|
7.240 |
7.620 |
|
Profit Before Tax |
|
13.380 |
27.340 |
|
Tax |
|
4.340 |
8.870 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
9.040 |
18.470 |
|
|
NA |
NA |
|
|
|
NA |
NA |
|
|
|
NA |
NA |
|
|
Net Profit |
|
9.040 |
18.470 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.48 |
3.42 |
1.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.23 |
7.74 |
6.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.13 |
7.12 |
4.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.17 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.12 |
0.00 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.27 |
1.63 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.21.50/- |
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 |
36.720 |
58.030 |
58.030 |
|
Reserves & Surplus |
225.073 |
248.683 |
281.618 |
|
Net worth |
261.793 |
306.713 |
339.648 |
|
|
|
|
|
|
Long-term borrowings |
63.293 |
0.540 |
0.712 |
|
Short term borrowings |
119.367 |
0.000 |
41.470 |
|
Total borrowings |
182.660 |
0.540 |
42.182 |
|
Debt/Equity ratio |
0.698 |
0.002 |
0.124 |
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 |
908.253 |
1011.727 |
1169.333 |
|
|
|
11.393 |
15.578 |
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 |
908.253 |
1011.727 |
1169.333 |
|
Profit |
16.933 |
34.564 |
52.396 |
|
|
1.86% |
3.42% |
4.48% |
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 |
CORPORATE
INFORMATION:
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company’s shares are listed on Bombay stock exchange in India. The company is mainly engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipment’s. The company caters to both domestic and international markets.
PERFORMANCE REVIEW:
During the year under Report, the Company has achieved domestic sales of Rs. 864.678 Million as against Rs. 635.880 Million during the previous fiscal. However, Export sales have been decreased to Rs. 289.225 Million from Rs. 364.811 Million of previous year. The aggregate sales and other income have been increased by 15.51% to Rs. 1171.927 Million from Rs. 1014.883 Million of previous year 2013-14. The Net Profit of the Company is increased to Rs. 52.396 Million up by 51.59% against previous year
OUTLOOK:
The global plastics industry is witnessing continuous shift of production bases to low-cost Asian countries. This coupled with increasing foreign investments, mergers and acquisitions between key players , and rise in the number of new manufacturing establishments are presenting Asia-Pacific as a prime driver of growth in the plastics industry. In particular, China and India offer enormous potential due toexpanding automobile demand, resurgence in growth fundamentals across all end-use markets, such as rebuilding of consumer/business confidence, increasing income levels, rebound in general production, and rise in capital investments in all end-use
sectors. Besides growing demand from the packaging, automobile, mining, chemical, construction and agricultural industries, the Asia- Pacific plastics market is propelled by trends such as globalization, demand for durable products and urbanization.
Packaging sector is one of the major consumers of plastics. Apart from being used as a substitute for traditional materials, plastic packaging is being increasingly used in healthcare and personal care products, and packaged foods and beverages markets. Advancements in packaging material science and mounting demand for product protection, long shelf-life and product security, and stability are further driving demand for plastic packaging. Demand for plastics which are biodegradeable/oxydegradeable is on the rise and is expected to grow, owing to novel applications in the packaging industry, primarily for food and beverages. Emerging nations with underdeveloped or no recycling facilities are expected to benefit considerably from bioplastics products and packaging.
Global production and consumption of plastics increased from less than 5 million tonnes in 1950 to 300 million tonnes in 2013. Indian sub-continent share in global production is only 4.2% Indian polymer demand is growing twice that of GDP. From 8.7 million tons in 2003- 04 , it has increased to 11 million tons by 2012-13. Over a third is used for packaging, while construction products represent almost a quarter.
Report of the Sub-group on Petrochemicals for the 12th Five Year plant lists down following Opportunities for the plastics industry:
• Large and rapidly growing domestic market for end products.
• Large head-room for future growth (Indian per capita at – 7kg, compared to 109 kgs in US, 32 kgs in Brazil and 29 kgs in China),due to
favorable demographics, rising disposable income, development of rural marketing, growth of organized retailing, developments in
agriculture, automobile, telecommunication, health care, etc.
• Rising labour costs in developed markets in plastic converting sector – an opportunity for India to expand capacities and export.
• Development of niche products for exports.
• Scope for increased value addition.
• Favorable trade agreements
Further it also states that Virgin polymer consumption during 2010-11 was estimated to be 8.5 MMT, with 68% accounted by Extrusion, 26% by injection Molding Sector and the remaining 6% by Blow Molding & other sectors.
Installed Capacity (for production of polymers) has more than doubled in the last five years from 11.7 MMT in 05-06 to 23.7 MMT in 10 -11. 32,000 machines were added at an investment cost of Rs 110000.000 Million in the last 5 years out of which 21,300 injection molding machines accounting for around 67%, while extrusion machines accounted for 27% and the rest 7% blow molding machines. Indian plastic processing industry invested around Rs 30000.000 million in machinery during 2010-11.This is almost 3 times that of investments in 2005- 06 which was Rs.1100cr and Rs 8000.000 Million in 2000-01. In the last decade, there has been close to a four fold increase in installed capacity per annum in all the three major sectors, viz., Extrusion, injection and blow molding. The Indian Plastic processing industry has seen a shift from low output/low technology machines to high output, high technology Machines.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deposits |
|
|
|
- Employees Security Deposit |
0.712 |
0.540 |
|
Total |
0.712 |
0.540 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10125874 |
11/01/2011 * |
244,645,000.00 |
AXIS BANK LIMITED. |
"TITAN", NEAR K. K. V. CIRCLE, KALAWAD ROAD, RAJKOT- 360001, GUJARAT, INDIA |
B04506267 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Machineries
- Furniture and Fixtures
- Office Equipment
- Computer
- Vehicles
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.100.66 |
|
Euro |
1 |
Rs.70.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GEET |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
50 |
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.