MIRA INFORM REPORT
|
Report No. : |
351765 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HALDYN GLASS LIMITED (w.e.f. 2011) |
|
|
|
|
Formerly Known
as: |
HALDYN GLASS GUJARAT LIMITED |
|
|
|
|
Registered
Office : |
Village: Gavasad, Taluka: Padra, District:
Vadodara-391430, Gujarat |
|
Tel. No.: |
91 2662 242339 / 42 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
25.04.1991 |
|
|
|
|
Com. Reg. No.: |
04-015522 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 53.752 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909GJ1991PLC015522 |
|
|
|
|
IEC No.: |
0894005308 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH9738F |
|
|
|
|
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 business of manufacturing of
Glass Bottles/Container. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Haldyn Glass Limited manufactures glass bottles and containers of various sizes and volumes in India. The company was incorporated in 1991 and it has its registered office and manufacturing plant near Vadodara (Gujarat) and administrative office at Mumbai (Maharashtra). The rating reflects company's strong financial risk profile, marked by healthy capital structure and comfortable debt protection metrics. The rating also factors in company’s strong liquidity profile marked by high cash and bank balances, resulting out of its moderate scale of operations and moderate profitability. This rating strength is partially offset by exposure to revenue concentration risks, and the vulnerability of its profitability to excess manufacturing capacities in the glass bottle sector, intense industry competition and pricing pressures. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long established track record, 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 |
CRISIL |
|
Rating |
Long term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
02.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
02.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management non-cooperative: Tel No.: (91-22-42878999/42878900)
LOCATIONS
|
Registered Office
and Factory: |
Village: Gavasad, Taluka: Padra, District:
Vadodara-391430, Gujarat, India |
|
Tel. No.: |
91 2662 242339 / 42 |
|
Fax No.: |
91-2662 245081 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office /
Administrative Office : |
B-1201, Lotus Corporate Park, Off Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-4287 8900 |
|
Fax No.: |
91-22-4287 8910 |
|
E-Mail : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Tarun Narendra Shetty |
|
Designation : |
Managing director |
|
Address : |
12 B, Balmoral, 7, Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
31.10.2006 |
|
DIN No.: |
00587108 |
|
|
|
|
Name : |
Mr. Narendra Dejoo Shetty |
|
Designation : |
Whole-time director |
|
Address : |
12 B, Balmoral Hall, 7, Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth: |
12.08.1940 |
|
Date of Appointment : |
25.04.1991 |
|
DIN No.: |
00025868 |
|
|
|
|
Name : |
Mr. Rolf Eberhard Von Bueren |
|
Designation : |
Director |
|
Address : |
118/1 Sukhumvit 23 (Prasarnmitr), Bangkok, 10110, Thailand |
|
Date of Birth: |
14.08.1940 |
|
Date of Appointment : |
10.02.2015 |
|
DIN No.: |
01484448 |
|
|
|
|
Name : |
Mr. Rohan Ajila |
|
Designation : |
Director |
|
Address : |
302, Elplacio Apartment, No.6, Major General Loganadan Road, Bangalore - 560052, Karnataka, India |
|
Date of Appointment : |
30.05.2013 |
|
DIN No.: |
01549005 |
|
|
|
|
Name : |
Mr. Rajagopalan Lakshminarasimha |
|
Designation : |
Director |
|
Address : |
A-3, Sahayog, Refinery Road, Vadodara - 390016, Gujarat, India |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
00063935 |
|
|
|
|
Name : |
Mr. Farrokh Sorab Broacha |
|
Designation : |
Director |
|
Address : |
Skylark, 4th Floor, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
25.04.1991 |
|
DIN No.: |
00198990 |
|
|
|
|
Name : |
Ms. Kishori Jayendra Udeshi |
|
Designation : |
Director |
|
Address : |
15, Sumit Apartments, M.L.Dahanukar Marg, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
30.07.2008 |
|
DIN No.: |
01344073 |
|
|
|
|
Name : |
Mr. Sikandar Talwar |
|
Designation : |
Director |
|
Address : |
E-88, Greater Kailash -I, New Delhi - 110048, India |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
01630705 |
KEY EXECUTIVES
|
Name : |
Mr. Anwar Abdulla Lambay |
|
Designation : |
Secretary |
|
Address : |
Ascon Acres 4, Naya Nagar, Mira Road (East), Thane - 401107, Maharashtra, India |
|
Date of Appointment : |
01.02.2008 |
|
PAN No.: |
ACGPL5616B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
% of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
1651640 |
3.07 |
|
|
26576255 |
49.44 |
|
|
28227895 |
52.52 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
28227895 |
52.52 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
12000 |
0.02 |
|
|
130000 |
0.24 |
|
|
142000 |
0.26 |
|
|
|
|
|
|
4942522 |
9.20 |
|
|
|
|
|
|
14804964 |
27.54 |
|
|
2607579 |
4.85 |
|
|
3026740 |
5.63 |
|
|
546688 |
1.02 |
|
|
2480052 |
4.61 |
|
|
25381805 |
47.22 |
|
Total Public
shareholding (B) |
25523805 |
47.48 |
|
Total (A)+(B) |
53751700 |
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) |
53751700 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|||
|
1 |
Haldyn Corporation Limited |
2,65,76,255 |
49.44 |
49.44 |
|
2 |
Narendra D Shetty |
7,63,960 |
1.42 |
1.42 |
|
3 |
Shakuntala Narendra Shetty |
200 |
0.00 |
0.00 |
|
4 |
Tarun N Shetty |
2,78,600 |
0.52 |
0.52 |
|
5 |
Vinita Rohan Ajila |
6,08,880 |
1.13 |
1.13 |
|
|
Total |
2,82,27,895 |
52.52 |
52.52 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number 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 |
Tarvin Trading And Investment Private
Limited |
2422160 |
4.51 |
4.51 |
|
|
2 |
Inder Nath Sharma |
1028223 |
1.91 |
1.96 |
|
|
|
Total |
3450383 |
6.42 |
6.47 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of
Glass Bottles/Container. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
||||||||||||||
|
Customers : |
|
||||||||||||||
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|
||||||||||||||
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No. of Employees : |
Information declined by the Management. |
||||||||||||||
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|
||||||||||||||
|
Bankers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
(Rs.
In Million)
Nature of Security
and terms of Loan –
|
|
|
|
|
Auditors : |
|
|
Name : |
Mukund M. Chitale and Company Chartered Accountants |
|
Address : |
2nd Floor, Kapur House, Paranjape B Scheme, Road No.1, Ville
Parle (East), Mumbai – 400057, Maharashtra, India |
|
Tel. No.: |
91-22-26633500 |
|
Website: |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprise owned or
significant influenced by key managerial personnel and their relatives: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Re.1/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53751700 |
Equity Shares |
Re.1/- each |
Rs. 53.752 Million |
|
|
|
|
|
Reconciliation of number
of shares outstanding at the beginning and at the end of year
|
Particular |
As at March 31, 2015 |
|
|
|
No. of Shares |
Rs. In Million |
|
No. of Shares at the beginning of the year |
53751700 |
53.752 |
|
Add : Issue of Shares during the year |
- |
- |
|
Less: Shares Bought back during the year |
- |
- |
|
No. of Shares at the end of the year |
53751700 |
53.752 |
List of Share Holders
Holding more than 5% of Share Capital
|
Particular |
As at March 31, 2015 |
|
|
|
No. of Shares |
% of Holding |
|
Haldyn Corporation Limited |
26576255 |
49.44% |
Terms and Rights
attached to equity shares
i) The Company has only one class of Equity Shares having a par value of Re. 1 per share. Each holder of Equity Shares is entitled to one vote per share.
ii) They are entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.
iii)
In the event of liquidation the equity
shareholders are entitled to receive the remaining assets of the Company after
distribution of all preferential amount, in proportion to their shareholding.
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 |
53.752 |
53.752 |
53.752 |
|
(b) Reserves & Surplus |
1115.065 |
1057.478 |
920.548 |
|
(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) |
1168.817 |
1111.230 |
974.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
43.258 |
63.326 |
56.672 |
|
(c) Other long term
liabilities |
16.711 |
12.119 |
13.328 |
|
(d) long-term
provisions |
9.154 |
7.929 |
12.887 |
|
Total Non-current
Liabilities (3) |
69.123 |
83.374 |
82.887 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
26.576 |
10.611 |
20.174 |
|
(b) Trade
payables |
99.412 |
105.290 |
81.003 |
|
(c) Other
current liabilities |
65.185 |
61.232 |
110.821 |
|
(d) Short-term
provisions |
85.241 |
73.596 |
70.644 |
|
Total Current
Liabilities (4) |
276.414 |
250.729 |
282.642 |
|
|
|
|
|
|
TOTAL |
1514.354 |
1445.333 |
1339.829 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
558.728 |
638.156 |
621.682 |
|
(ii)
Intangible Assets |
0.238 |
0.000 |
1.147 |
|
(iii)
Capital work-in-progress |
71.211 |
6.733 |
5.704 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.571 |
0.571 |
0.571 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.963 |
20.032 |
17.575 |
|
(e) Other
Non-current assets |
0.280 |
0.131 |
4.439 |
|
Total Non-Current
Assets |
711.991 |
665.623 |
651.118 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1.895 |
51.184 |
0.000 |
|
(b)
Inventories |
213.887 |
159.095 |
236.518 |
|
(c) Trade
receivables |
257.042 |
288.821 |
394.488 |
|
(d) Cash
and cash equivalents |
292.981 |
258.439 |
37.975 |
|
(e)
Short-term loans and advances |
36.558 |
22.171 |
19.730 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
802.363 |
779.710 |
688.711 |
|
|
|
|
|
|
TOTAL |
1514.354 |
1445.333 |
1339.829 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
1555.477 |
1613.360 |
1525.476 |
|
|
Other Income |
35.533 |
28.563 |
10.158 |
|
|
TOTAL
|
1591.010 |
1641.923 |
1535.634 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
503.577 |
461.288 |
504.754 |
|
|
Purchases of Stock-in-Trade |
5.786 |
5.577 |
6.323 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.204) |
62.058 |
(123.106) |
|
|
Employees benefits expense |
133.704 |
128.437 |
127.493 |
|
|
Other expenses |
705.268 |
626.272 |
593.358 |
|
|
Prior Period Expenses/(Income) |
0.509 |
0.117 |
3.703 |
|
|
TOTAL
|
1292.640 |
1283.749 |
1112.525 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
298.370 |
358.174 |
423.109 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.523 |
6.570 |
16.730 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
294.847 |
351.604 |
406.379 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
54.662 |
70.730 |
86.605 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
240.185 |
280.874 |
319.774 |
|
|
|
|
|
|
|
Less |
TAX |
79.920 |
96.779 |
99.290 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
160.265 |
184.095 |
220.484 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
613.995 |
527.065 |
453.746 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
100.000 |
|
|
Dividend |
40.314 |
40.314 |
40.314 |
|
|
Tax on Dividend |
8.206 |
6.851 |
6.851 |
|
|
Adjustment relating to Fixed
Assets |
54.158 |
0.000 |
0.000 |
|
|
Total
|
152.678 |
97.165 |
147.165 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
621.582 |
613.995 |
527.065 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5.428 |
4.347 |
5.399 |
|
|
TOTAL
EARNINGS |
5.428 |
4.347 |
5.399 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods/Moulds |
57.002 |
4.189 |
2.175 |
|
|
I.S. Accessories |
1.543 |
2.627 |
1.735 |
|
|
Lubricants |
1.699 |
2.923 |
2.535 |
|
|
Purchase Of Refractories |
0.000 |
0.000 |
0.328 |
|
|
Stores & Spare Parts |
0.014 |
3.656 |
1.944 |
|
|
Raw Materials |
0.000 |
0.330 |
0.000 |
|
|
TOTAL
IMPORTS |
60.258 |
13.725 |
8.717 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.98 |
3.42 |
4.10 |
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 |
40.161 |
|
Cash generated from operations |
183.627 |
533.829 |
212.553 |
|
Net cash flow from operating activity |
120.074 |
446.537 |
104.782 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
337.440 |
322.080 |
|
Total Expenditure |
|
292.550 |
303.410 |
|
PBIDT (Excl OI) |
|
44.890 |
18.670 |
|
Other Income |
|
17.580 |
3.490 |
|
Operating Profit |
|
62.470 |
22.160 |
|
Interest |
|
0.840 |
2.710 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
61.630 |
19.450 |
|
Depreciation |
|
13.460 |
14.080 |
|
Profit Before Tax |
|
48.170 |
5.370 |
|
Tax |
|
17.410 |
1.390 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
17.410 |
3.980 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
17.410 |
3.980 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.30 |
11.41 |
14.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.18 |
22.20 |
27.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.65 |
19.53 |
23.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.25 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.01 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90 |
3.11 |
2.44 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.33.85/- |
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 |
53.752 |
53.752 |
53.752 |
|
Reserves & Surplus |
920.548 |
1057.478 |
1115.065 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
974.300 |
1111.230 |
1168.817 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
20.174 |
10.611 |
26.576 |
|
Total
borrowings |
20.174 |
10.611 |
26.576 |
|
Debt/Equity
ratio |
0.021 |
0.010 |
0.023 |
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 |
1525.476 |
1613.360 |
1555.477 |
|
|
|
5.761 |
(3.588) |
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 |
1525.476 |
1613.360 |
1555.477 |
|
Profit |
220.484 |
184.095 |
160.265 |
|
|
14.45% |
11.41% |
10.30% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
Bench:-Bombay |
||
|
Presentation Date:- |
28/09/2015 |
||||||||
|
Lodging
No.:- |
NMAL/2661/2015 |
Filing
Date:- |
28/09/2015 |
Reg. No.:- |
NMA/1907/2015 |
Reg.
Date:- |
18/11/2015 |
||
|
Main Matter |
|
Lodging No.:- |
CEXAL/353/2014 |
|
Petitioner:- COMMISSIONER OF
SERVICE TAX, MUMBAI |
Respondent: HALDYN GLASS
LIMITED |
||
|
|
Petn. Adv.:- ANAMIKA
MALHOTRA (I1776) |
|
|
|
|
District: MUMBAI |
|
|
|
|
|
|
|
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION (APPEAL) |
|
Next
Date:- |
30/11/2015 |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
|
Coram:- |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI |
|
HON'BLE SHRI JUSTICE B.P. COLABAWALLA |
|
Act :- |
Central Excise & Salt Act |
PERFORMANCE
The Company has achieved a Turnover of Rs. 1555.477 Million against Rs. 1613.360 Million last year. Earnings before Interest, Depreciation and Tax for the year are at Rs. 298.370 Million as compared to Rs. 358.174 Million achieved in 2013-14. The Profit after Tax for the year is Rs.160.265 Million vis-à-vis Rs. 184.095 Million last year.
EPS for 2014-15 is 2.98 as against Rs.3.42 earned last year
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure and
Developments
The Company is engaged in the business of manufacturing glass containers. Products are mainly being supplied to the Spirits, Soft Drink and Food Industries. The growth factors in Spirits is highest and growing each year with double digit growth. With several Multi National Companies arranging tie up with Indian Manufacturing units, the Company’s future growth prospects appear to be bright. Ban enforced by the Central Government for use of PET bottles in Pharmaceutical Industry gave much needed boost to the Glass industry
Opportunities and
Threats
Though advanced economies have taken a positive turn on growth front with US having achieved 2.4% and with overall growth of 1.8% on an average, China has of late, been a cause of concern having recorded slowest growth rate during last 24 years. As a result overall growth rate of Emerging market has slid to 4.6% against 5% in the previous year. However, Indian industry has witnessed an improvement in the economy with recent pickup in high speed indicators such as Purchasing Manager’s Index [PMI]. Findings of the CII ASCON industry survey for the first quarter of fiscal 2016 also indicate a reversal from slowdown to recovery adding to evidence that Indian economy is looking up despite many challenges. A stable Government at the Centre has initiated structural reforms including ‘Make in India’, to put the economy on an accelerated growth path which, in due course, will open up further opportunities for the manufacturing sector and consequent economic growth in India.
Outlook
Capacity expansion is on the anvil of the Company’s existing
plans. As part of several initiatives for up gradation of its facilities, the
Company is in the midst of incurring adequate capital expenditure for relining
of one of its furnaces with enhanced capacity and to adaption of the latest
technologies and processes. This will help the Company to further strengthen
quality standards and improve service level to become the most preferred
supplier to there customers. Considering the future prospects of glass
packaging industry there is immense scope for growth. The company is cautiously
optimistic for coming years in spite of stiff competition from recent entrants
in the business.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90100491 |
30/09/1996 |
8,800,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
JUSTICE G.N. VAIDYA MARG, MUMBAI- 400023, MAHARASHTRA, INDIA |
- |
|
2 |
90100450 |
24/03/2012 * |
325,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N G N VAIDYA MARG, FORT, MUMBAI- 400023, MAHARASHTRA, INDIA |
B36886448 |
|
3 |
80007192 |
06/09/2010 * |
270,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, G N VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA |
A94524683 |
|
4 |
90100430 |
31/01/1996 * |
10,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
JUSTIC G.N. VAIDYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA |
- |
|
5 |
90100370 |
18/01/1995 |
3,200,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, `MUMBAI- 400023, MAHARASHTRA, INDIA |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Estimated amount of Contracts remaining to be Executed on
Capital Account |
79.699 |
7.417 |
|
Letter of Credit Outstanding |
26.850 |
46.150 |
|
Sales Tax Demand |
47.199 |
44.686 |
|
Commitment under Export Promotion Capital Goods [EPCG] Scheme |
0.000 |
26.265 |
|
Demand for Income Tax appealed by the Company |
66.329 |
29.533 |
|
Claims against company not acknowledged as debts |
0.000 |
0.000 |
|
Labour Law Cases/ Other Court Cases |
0.000 |
0.000 |
Excluding penalty and other levies the quantum of which is presently not determinable.
* The Company had in earlier year filed complaint against its ex-employees for purported misappropriation within the Company. These employees have leveled counter charges/complaint against the management of the Company with various authorities. The Company has suitably replied to those clarifications sought for. The management of the Company does not perceive that any financial/other adjustment is required to be made in the books of accounts of the Company arising out of the said matter.
* Amount not quantifiable/determinable
Note: Future cash outflows, if any, in respect of matters
stated above is dependent upon the outcome of judgments/decisions etc.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month 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) |
316.338 |
335.791 |
652.129 |
|
|
|
b. Other Operating Income |
5.737 |
1.647 |
7.384 |
|
|
|
Total Income from
Operations (Net) |
322.075 |
337.438 |
659.513 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
85.737 |
109.299 |
195.036 |
|
|
|
b. Purchase of Stock-in trade |
0.721 |
0.854 |
1.575 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
50.575 |
(33.650) |
16.925 |
|
|
|
d. Employees Benefit Expenses |
34.040 |
36.433 |
70.473 |
|
|
|
e. Depreciation and Amortisation Expenses |
14.084 |
13.460 |
27.544 |
|
|
|
f. Power and Fuel |
61.519 |
87.150 |
140.009 |
|
|
|
g. Packing Materials, Stores and Spares |
38.141 |
46.665 |
84.806 |
|
|
|
h. Other expenses |
32.666 |
45.798 |
78.464 |
|
|
|
Total Expenses |
317.483 |
306.009 |
623.492 |
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
4.592 |
31.429 |
36.021 |
|
|
4 |
Other Income |
3.489 |
17.581 |
21.070 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
8.081 |
49.010 |
57.091 |
|
|
6 |
Finance Costs |
2.710 |
0.836 |
3.546 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
5.371 |
48.174 |
53.545 |
|
|
8 |
Exceptional items |
- |
- |
- |
|
|
9 |
Profit from
ordinary activities before tax |
|
|
|
|
|
10 |
Tax Expense |
1.391 |
17.414 |
18.805 |
|
|
11 |
Net Profit from
ordinary activity after tax |
3.980 |
30.760 |
34.740 |
|
|
12 |
Extraordinary Items |
- |
- |
- |
|
|
13 |
Net Profit After
Tax |
3.980 |
30.760 |
34.740 |
|
|
14 |
Paid-up equity share capital (face value of Re.1 per share) |
53.752 |
53.752 |
53.752 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (not annualized) |
|
|
|
|
|
|
Basic EPS |
0.07 |
0.57 |
0.65 |
|
|
|
Diluted EPS |
0.07 |
0.57 |
0.65 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
25523805 |
25523805 |
25523805 |
|
|
|
- Percentage of shareholding |
47.48 |
47.48 |
47.48 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
28227895 |
28227895 |
28227895 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
52.52% |
52.52% |
68.44% |
|
|
|
Particulars |
Quarter ended 30.09.2014 |
|
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 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
53.752 |
|
(b) Reserves & Surplus |
1149.805 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1203.557 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
43.563 |
|
(c) Other long term
liabilities |
16.536 |
|
(d) long-term provisions |
9.154 |
|
Total
Non-current Liabilities (3) |
69.253 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
103.794 |
|
(b) Trade payables |
152.000 |
|
(c) Other current liabilities |
72.713 |
|
(d) Short-term provisions |
92.680 |
|
Total
Current Liabilities (4) |
421.187 |
|
|
|
|
TOTAL |
1693.997 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
861.029 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
200.571 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
48.307 |
|
(e) Other Non-current assets |
0.280 |
|
Total
Non-Current Assets |
1110.187 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1.895 |
|
(b) Inventories |
205.541 |
|
(c) Trade receivables |
256.713 |
|
(d) Cash and cash equivalents |
93.092 |
|
(e) Short-term loans and
advances |
26.569 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
583.810 |
|
|
|
|
TOTAL |
1693.997 |
- The above results, as reviewed by the Audit Committee, have been taken on record by the Board of Directors of the Company at its Meeting held on November 10, 2015.
- One of the furnaces in the plant was shut down for 107 days during the current period of six months for relining / expansion / modernization and the same was re-started in October end, Consequently the operating profit for the current period is not comparable to the corresponding period of previous year and the remuneration of Executive Chairman and Managing Director for the period ended 30.09.2015 is in excess of the proportionate limits specified under the provisions of the Companies Act 2013 based on the half-yearly profit reported by the Company.
- The Company has decided to publish standalone quarterly financial results.
- The Company operates only in one business segment i.e. Glass Bottles / Containers.
- The Statutory Auditors of
the Company have carried out a "Limited Review" of the above
results.
Figures of the previous periods have been regrouped wherever necessary.
.FIXED ASSETS
- Freehold Land
- Buildings
- Leasehold
- Plant and Machineries
- Furniture and Fittings
- Office Equipments
- Computers
- Vehicles
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
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Report Prepared
by : |
RKI |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
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.