MIRA INFORM REPORT
|
Report No. : |
346117 |
|
Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLEXITUFF INTERNATIONAL LIMITED |
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|
|
|
Registered Office
: |
C41-50, Sector No. III, SEZ Industrial Area, Pithampur, District Dhar
– 454775, Madhya Pradesh |
|
Tel. No.: |
91-7292-401681/ 82/ 83 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
08.04.1993 |
|
|
|
|
Com. Reg. No.: |
10-034616 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs. 248.828
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25202MP1993PLC034616 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACN5986H |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. [BSE and NSE] |
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Line of Business
: |
Manufacturer, Trader and Exporter of HD/PP Woven sacks, FIBC/Jumbo Bags, Special PP Bags and Leno Bags, Reverse Printed BOPP Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound, Injection moulded articles – Drippers and Pallets. |
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|
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|
No. of Employees
: |
7500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject was formed in 1966 as a partnership firm. Subsequently the same
was converted into a private limited company. It is a manufacturer, trader
and exporter of FIBC, Special PP Bags and Leno Bags, Reverse Printed BOPP
Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound,
Injection moulded articles – Drippers and Pallets. Subject is an old and well-established company having fine track
record. For the financial year ended 2015, company possesses healthy
operational performance along with healthy operating efficiency and sound
operating profitability margins. Rating take into account of established track record of FIL in the
packaging industry supported by diversified product portfolio and long
operating history of business operations. Moreover, rating also takes into account of working capital intensive
nature of FILs operations leads to moderate liquidity profile along with
inherent volatility in the raw material price and fragmented nature of the
industry. However, trade relations are reported as fair. Payments are reported
to be regular and as per commitment. In view of adequate operational base backed by extensive industry
experience of its promoters, 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.
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 |
CARE |
|
Rating |
Long term Bank facilities = BBB+ [Suspended] |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 19, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A3+ [Suspended] |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
September 19, 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 DECLINED BY
|
Name : |
Mr. Jitendra Prasad |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-32212690 |
|
Date : |
19.10.2015 |
|
Name : |
Mr. J. Pandey |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-7292-401685 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office/ Factory
1 : |
C41-50, Sector No. III, SEZ Industrial Area, Pithampur, District Dhar –
454775, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-401681/ 82/ 83 |
|
Fax No.: |
91-7292-401684 |
|
E-Mail : |
|
|
Website : |
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Factory 2 : |
DTA Unit 94, Industrial Area, Sector-I, Pithampur, District Dhar – 454775, Madhya Pradesh, India |
|
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|
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Factory 3 : |
Kashipur Unit Khasra No. 672-728, Village-Mahuakhera, Aliganj Road, Kashipur, District Udhamsingh Nagar, Uttarakhand, India |
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|
Marketing Network : |
Located at: · Mumbai · Kolkata · Hyderabad · Bangalore · Indore · Chennai · Noida · Guwahati · Patna |
DIRECTORS
AS ON 01.04.2015
|
Name : |
Mr. Anirudh Sonpal |
|
Designation : |
Chairman |
|
Address : |
8, Pitamber Society, Old Padra Road, Vadodara - 390020, Gujarat, India |
|
Date of Birth/Age : |
03.02.1960 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
30 Years |
|
Date of Appointment : |
09.12.2010 |
|
PAN No.: |
AFOPS7267N |
|
DIN No.: |
03367049 |
|
|
|
|
Name : |
Mr. Saurabh Kalani |
|
Designation : |
Whole Time Director |
|
Address : |
11, Tukoganj Main Road, Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
23.09.1962 |
|
Qualification : |
Commerce Graduate |
|
Experience : |
26 Years |
|
Date of Appointment : |
30.05.2012 |
|
PAN No.: |
AADPK3439N |
|
DIN No.: |
00699380 |
|
|
|
|
Name : |
Mr. Sharat Anand |
|
Designation : |
Independent Director |
|
Address : |
Flat # 502, Royale Retreat Apartments, Charmwood Village, Surajkund Road, Faridabad - 121009, Haryana, India |
|
Date of Birth/Age : |
16.10.1959 |
|
Qualification : |
MBA |
|
Experience : |
30 Years |
|
Date of Appointment : |
08.04.2008 |
|
PAN No.: |
AANPA0326J |
|
DIN No.: |
00083237 |
|
|
|
|
Name : |
Mr. D.K. Sharma |
|
Designation : |
Executive Director |
|
Address : |
440-B, Kalani Nagar, Airport Road, Indore - 452005, Madhya Pradesh, India |
|
Date of Birth/Age : |
12.12.1976 |
|
Qualification : |
FCS, LLB, Commerce Graduate |
|
Experience : |
15 Years |
|
Date of Appointment : |
12.08.2014 |
|
PAN No.: |
ANMPS4278H |
|
DIN No.: |
00028152 |
|
|
|
|
Name : |
Mr. Kevan John Upperdine |
|
Designation : |
Independent Director |
|
Address : |
48 Wood Walk, Wombwell, England, S73 0nf, Barnsley, 73, United Kingdom |
|
Date of Birth/Age : |
20.08.1959 |
|
Qualification : |
Mechanical Engineer |
|
Experience : |
29 Years |
|
Date of Appointment : |
18.11.2006 |
|
DIN No.: |
01214264 |
|
|
|
|
Name : |
Mr. Kaushal Ganeriwal |
|
Designation : |
Director |
|
Address : |
Flat No 31, Raj Flavia 3rd Floor, 82 Chapal Road, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1980 |
|
Qualification : |
Graduate |
|
Experience : |
10 Years |
|
Date of Appointment : |
09.02.2012 |
|
PAN No.: |
AGZPG1072H |
|
DIN No.: |
03497193 |
|
|
|
|
Name : |
Mr. Ritesh Pandey |
|
Designation : |
Investor Director |
|
Address : |
401, Belle Vue, 92, Master Vinayak Road, Perry Road, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1979 |
|
Qualification : |
CA |
|
Experience : |
10 Years |
|
Date of Appointment : |
12.02.2015 |
|
PAN No.: |
ALZPP8032H |
|
DIN No.: |
07088000 |
|
|
|
|
Name : |
Mr. Vishwarupe Narain |
|
Designation : |
Bondholder Nominee Director |
|
Address : |
Flat No. 09, 9th Floor, Tytan CHS Limited, Nepean Sea Road, Mumbai - 400036, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1974 |
|
Qualification : |
MBA, IIT-Graduate |
|
Experience : |
17 Years |
|
Date of Appointment : |
27.05.2013 |
|
PAN No.: |
AFLPN8804M |
|
DIN No.: |
03394320 |
|
|
|
|
Name : |
Mrs. Alka Sagar |
|
Designation : |
Additional director |
|
Address : |
68-B, Nyay Nagar Ext., Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
19.02.1979 |
|
Qualification : |
LLB |
|
Experience : |
10 Years |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
AYKPS6034Q |
|
DIN No.: |
07138477 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Sharma |
|
Designation : |
Chief Executive Officer |
|
Address : |
128, Sri Nagar Extn., Indore - 452018, Madhya Pradesh, India |
|
Date of Appointment : |
01.01.2002 |
|
PAN No.: |
AGOPS4910P |
|
Profile : |
Mr. Mahesh Sharma, aged 50 years is a Mechanical Engineer from Shri Vaishnav Polytechnic Institute, Indore and has a master degree in Business Administration from Institute of Management Studies Devi Ahilya Vishwavidyalaya, Indore. He joined their Company on January 1, 2002. He has over two decades of experience in the corporate sector at various levels. He has in the past worked with Forbes and Forbes Campbell Limited, a Tata Group Company at Ahmedabad. |
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|
Name : |
Mr. Rishabh Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
G-1, Shlok Enclave, 9B, Sanchar Nagar Main, Indore - 452016, Madhya Pradesh, India |
|
Date of Appointment : |
04.11.2014 |
|
PAN No.: |
AHYPJ1203B |
|
|
|
|
Name : |
Mr. Ajay Mundra |
|
Designation : |
Mentor |
|
Date of Appointment : |
01.11.2002 |
|
Profile : |
Mr. Ajay Mundra, 56 years, is a fellow member of the Institute of Chartered Accountants of India, New Delhi. He joined their Company on November 1, 2002. He has as over 30 years experience in the field of corporate accounts and finance. He has worked with various renowned business houses like Birla Group and Jhunjhunwala Group. |
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|
|
|
Name : |
Mr. Rahul Bidasaria |
|
Designation : |
President (Technical Co-ordination) |
|
Profile : |
Mr. Rahul Bidasaria, 45 years, is an industrial and production engineering graduate from the Bangalore University. He joined their Company on July 1, 2007. He has experience in the steel, food processing and plastics industries. |
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|
|
|
Name : |
Mr. Atul Asawa |
|
Designation : |
Vice President |
|
Profile : |
Mr. Atul Asawa, aged 38 years, is a fellow member of the Institute of Chartered Accountants as well as a member of the Company Secretaries Institute. He is a merit holder with a post graduate degree from Devi Ahilya University. He joined their Company on August 1, 2007. Prior to joining their Company he was working for Sia Euro Arti, Latvia. He has served at senior levels in various organization in past 16 years of his professional career. His core areas of competence are corporate finance, MIS, operations and administration. |
|
|
|
|
Name : |
Mr. M. S. Negi |
|
Designation : |
Vice President (Production, SEZ) |
|
Profile : |
Mr. M.S. Negi, aged 51 years is an electrical engineer and joined their Company on November 1, 2005. He has experience of over two decades in the FIBC and engineering industry. He looks after and manages the production responsibilities of their SEZ units. |
|
|
|
|
Name : |
Mr. Saravanan P.S. |
|
Designation : |
Business Head (Micro Irrigation) |
|
Profile : |
Mr. Saravanan P.S, aged 40 years, is a qualified engineer in plastics from Central Institute of Plastics Engineering and Technology (CIPET). He joined their Company on February 1, 2010. He has rich experience in injection moulding and micro irrigation systems. Prior to joining their Company he was associated with Tulsi Extrusion Limited, Jalgaon as General Manager (Operations). Currently he is looking after the setting up of the proposed dripper project. |
|
|
|
|
Name : |
Mr. Rajeeva Upadhyay |
|
Designation : |
Country Head (Geo-Synthetics) |
|
Profile : |
Mr. Rajeev Upadhyay, aged 43 years, is a qualified civil engineer from Karnataka University and holds a Master in Business Administration in Marketing from the LNM Institute of Economic Change and Development. He joined their Company on May 2, 2011. He has rich experience in managing businesses and has an in-depth knowledge of geosyntheics. Prior to joining their Company he was associated with Geofabrics India Private Limited as Country Head (India) and Techfab India (geosynthetics division). Currently he is responsible for the geosynthetic division of their Company. |
|
|
|
|
Name : |
Mr. Jitendra Prasad |
|
Designation : |
Accountant |
|
|
|
|
Name : |
Mr. J. Pandey |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8181603 |
32.88 |
|
|
8181603 |
32.88 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8181603 |
32.88 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
249 |
0.00 |
|
|
1999203 |
8.03 |
|
|
2432283 |
9.77 |
|
|
4431735 |
17.81 |
|
|
|
|
|
|
6973131 |
28.02 |
|
|
|
|
|
|
150851 |
0.61 |
|
|
521650 |
2.10 |
|
|
4623836 |
18.58 |
|
|
19000 |
0.08 |
|
|
354413 |
1.42 |
|
|
4250423 |
17.08 |
|
|
12269468 |
49.31 |
|
Total
Public shareholding (B) |
16701203 |
67.12 |
|
Total
(A)+(B) |
24882806 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
24882806 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of HD/PP Woven sacks, FIBC/Jumbo Bags, Special PP Bags and Leno Bags, Reverse Printed BOPP Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound, Injection moulded articles – Drippers and Pallets. |
|
|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
·
Himu Rich Pte. Limited ·
Pankti International Pte. Limited ·
United Bags Inc. ·
Hasmmimoto Industral Co ·
Nebig International ·
Dhampur Sugar Mills (Group) · Baobag · Itw Syntex ·
Interjute BV ·
Alexander Calquhoun and Sons |
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No. of Employees : |
7500 (Approximately) |
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Bankers : |
· Punjab National Bank Mid Corporate Finance Branch, Siyaganj Branch, Indore – 452007, Madhya Pradesh, India Tel. No.: 91-731-2544110 Fax No.: 91-731-2431077 · Central Bank of India Corporate Finance Branch, Siyaganj Branch, Phase I, Palika Plaza, 2nd Floor, M.T.H. Compound, Indore – 452007, Madhya Pradesh, India Tel. No.: 91-731-4083826 Fax No.: 91-731-2540250 · CTBC Bank New Delhi Branch, Birla Tower, Upper Ground Floor, 25 Barakhamba Road, New Delhi – 110001, India Tel. No.: 91-11-23356001/ 43688888 Fax No.: 91-11-23731815/ 43688873 · Tamilnad Mercantile Bank Limited Sudershan Complex, Mumbai – 400051, Maharashtra, India Tel. No.: 91-7292-252121 Fax No.: 91-7292-252121 ·
SBER Bank Upper Ground Floor, Gopal Das Bhawan, 28 Barakhamba Road, New Delhi – 110001, India Tel. No.: 91-11-40048821 · Axis Bank Limited Kamal Palace, 1 Yeshwant Colony, 29/2, Y.N. Road, Indore – 452001, Madhya Pradesh, India Tel. No.: 91-731-4295321 Fax No.: 91-731-4295330 · State Bank of Patiala Mid Corporate Branch, Lower Ground
Floor, Orbit Mall, A.B. Road, Scheme No. 54, PU -3, Indore – 452010, Madhya
Pradesh, India · Kotak Mahindra Bank Limited 8th Floor, Plot No. C-12, G-Block, BKC Bandra (East), Mumbai – 400051, Maharashtra, India Tel. No.: 91-731-2549244 · State Bank of India · ICICI Bank Limited |
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Facilities : |
|
|
|
|
|
Financial Institution : |
· GE Money Financial Services Private Limited 401-402, 4th Floor, Aggarwal Millenium Tower, E1 23 Netaji Subhash Place, Pitampura Delhi, Delhi - 110034, India |
|
|
|
|
Auditors : |
|
|
Name : |
L.K. Maheshwari and Company Chartered Accountants |
|
Address : |
324, 3rd Floor, Starlit Tower, 29, Y.N. Road, Indore - 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-755-2462467/ 2462468/ 2462469 |
|
Fax No.: |
91-755-2421464 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Wholly owned Subsidiary : |
· Flexiglobal Holdings Limited Address: 2, Sophouli
Street, Chanteclair House, 3rd Floor, Flat/ office No. 303, P.C.
1096, Nicosia, Cyprus Activity: Holding and
Investment Company · Nanofil Technologies Private Limited Address: 2nd
Floor, of Main Building, 19, R.N. Mukherjee Road, Kolkata – 700001, West
Bengal, India Activity: Research and
Development |
|
|
|
|
Step down Subsidiary : |
Flexiglobal (UK) Limited |
|
|
|
|
Jointly Controlled Entities : |
· Flexituff S.A. Enterprises LLP · Flexituff Javed Ahmed LLP · Flexituff Hi-Tech LLP |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,882,806 |
Equity Shares |
Rs. 10/- each |
Rs. 248.828
Million |
|
|
|
|
|
Details of Shareholders holding more than 5% shares
|
Name of the Shareholders |
No. of Shares |
% Held |
|
Kalani Industries Private Limited |
3621730 |
14.56 |
|
Clearwater Capital Partners (Cyprus) Limited |
2197037 |
8.83 |
|
International Finance Corporation |
1902173 |
7.64 |
|
Saurabh Properties Private Limited |
1637905 |
6.58 |
|
Miscellani Global Private Limited |
1359163 |
5.46 |
The Reconciliation of the number of shares outstanding is set out below:
|
Particulars |
31.03.2015 |
|
Equity Shares at the beginning of the year |
24,882,806 |
|
Add: Shares issued in Initial Public Offer |
-- |
|
Add: Conversion of Fully Convertible
Debenture |
-- |
|
Add: Conversion of Warrants into Equity
Shares |
-- |
|
Add: Allotment on Private Placement basis |
-- |
|
Add: Shares issued on exercise of Employee
Stock Options |
-- |
|
Equity Shares at the end of the year |
24,882,806 |
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 |
248.828 |
248.828 |
229.810 |
|
(b) Reserves & Surplus |
3492.020 |
3350.512 |
2851.350 |
|
(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) |
3740.848 |
3599.340 |
3081.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2837.501 |
2333.161 |
1274.490 |
|
(b) Deferred tax liabilities (Net) |
369.697 |
446.752 |
374.250 |
|
(c)
Other long term liabilities |
6.910 |
1.660 |
2.330 |
|
(d)
long-term provisions |
39.462 |
34.338 |
20.290 |
|
Total
Non-current Liabilities (3) |
3253.570 |
2815.911 |
1671.360 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2542.790 |
2157.272 |
1889.190 |
|
(b)
Trade payables |
1519.902 |
1314.839 |
1312.120 |
|
(c)
Other current liabilities |
1224.623 |
909.572 |
1035.030 |
|
(d)
Short-term provisions |
55.152 |
71.135 |
100.410 |
|
Total
Current Liabilities (4) |
5342.467 |
4452.818 |
4336.750 |
|
|
|
|
|
|
TOTAL |
12336.885 |
10868.069 |
9089.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6552.964 |
4713.814 |
4109.370 |
|
(ii)
Intangible Assets |
215.598 |
137.160 |
0.650 |
|
(iii)
Capital work-in-progress |
44.976 |
997.144 |
336.630 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12.855 |
12.620 |
104.720 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
28.250 |
26.149 |
23.900 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6854.643 |
5886.887 |
4575.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1218.463 |
992.815 |
1083.270 |
|
(c)
Trade receivables |
2631.435 |
2373.016 |
2154.350 |
|
(d)
Cash and cash equivalents |
296.314 |
263.246 |
238.300 |
|
(e)
Short-term loans and advances |
1336.030 |
1352.105 |
1038.080 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5482.242 |
4981.182 |
4514.000 |
|
|
|
|
|
|
TOTAL |
12336.885 |
10868.069 |
9089.270 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10477.909 |
9662.584 |
8588.970 |
|
|
|
Other Income |
93.729 |
94.278 |
34.800 |
|
|
|
TOTAL (A) |
10571.638 |
9756.862 |
8623.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5071.698 |
4605.408 |
3737.260 |
|
|
|
Purchases of Stock-in-Trade |
1845.127 |
1670.322 |
1978.630 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(57.166) |
104.065 |
(226.270) |
|
|
|
Employees benefits expense |
1259.644 |
1077.295 |
884.430 |
|
|
|
Provision for Foreign Exchange Fluctuation |
(28.356) |
91.477 |
83.750 |
|
|
|
Other expenses |
1237.701 |
1082.195 |
954.000 |
|
|
|
Extra ordinary Items |
0.000 |
100.371 |
0.000 |
|
|
|
TOTAL (B) |
9328.648 |
8731.133 |
7411.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1242.990 |
1025.729 |
1211.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
670.247 |
563.530 |
630.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.743 |
462.199 |
581.720 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
452.175 |
262.002 |
213.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
120.568 |
200.197 |
368.110 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(77.055) |
72.500 |
91.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
197.623 |
127.697 |
276.360 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Basis) |
6116.241 |
5403.608 |
4387.520 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
636.274 |
363.136 |
416.940 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
7.94 |
5.44 |
12.67 |
|
|
|
Diluted
|
5.86 |
3.94 |
12.38 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
480.200 |
480.000 |
696.200 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash from Operating Activity |
1275.900 |
476.700 |
651.520 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.89 |
1.32 |
3.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.86 |
10.62 |
14.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.98 |
2.03 |
4.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57 |
1.38 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.12 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 226.95/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
229.810 |
248.828 |
248.828 |
|
Reserves & Surplus |
2851.350 |
3350.512 |
3492.020 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3081.160 |
3599.340 |
3740.848 |
|
|
|
|
|
|
Long-term borrowings |
1274.490 |
2333.161 |
2837.501 |
|
Short term borrowings |
1889.190 |
2157.272 |
2542.790 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
696.200 |
480.000 |
480.200 |
|
Total
borrowings |
3859.880 |
4970.433 |
5860.491 |
|
Debt/Equity ratio |
1.253 |
1.381 |
1.567 |
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 |
8588.970 |
9662.584 |
10477.909 |
|
|
|
12.500 |
8.438 |
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 |
8588.970 |
9662.584 |
10477.909 |
|
Profit |
276.360 |
127.697 |
197.623 |
|
|
3.22% |
1.32% |
1.89% |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
(RS.
IN MILLION)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
LONG-TERM BORROWINGS |
|
|
|
TPG Growth II SF Pte. Limited, Singapore (5.44% Foreign Currency Convertible Bonds of USD 25.00 million) |
1564.750 |
1338.750 |
|
International Finance Corporation (IFC) (5.34% Foreign Currency Convertible Bonds of USD 9.00 million) |
563.310 |
529.809 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from Others |
3.000 |
12.500 |
|
|
|
|
|
Total |
2131.060 |
1881.059 |
------------------------------------------------------------------------------------------------------------------------------
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10550967 |
23/12/2014 |
250,000,000.00 |
BANK OF BARODA |
15/16 JAWAHAR
MARG, SIYAGANJ ROAD, INDORE, MADHYA |
C44527794 |
|
2 |
10522337 |
24/09/2014 |
250,000,000.00 |
GE MONEY FINANCIAL
SERVICES PRIVATE LIMITED |
401 402 4TH
FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA
DELHI, DELHI - 110034, INDIA |
C22883714 |
|
3 |
10489566 |
08/04/2015 * |
250,000,000.00 |
CENTRAL BANK OF
INDIA |
MID CORPORATE BRANCH,
PALIKA PLAZA, PHASE-I, SECOND FLOOR, M.T.H COMPOUND, INDORE, MADHYA PRADESH
- |
C51082592 |
|
4 |
10490127 |
28/03/2014 |
27,400,000.00 |
STATE BANK OF
PATIALA |
MID CORPORATE BRANCH,
ORBIT MALL, A.B ROAD, INDORE, MADHYA PRADESH - 452010, INDIA |
C03556321 |
|
5 |
10487129 |
29/04/2015 * |
10,400,000.00 |
SBER BANK |
UPPER GROUND
FLOOR, GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI,
DELHI - 110001, INDIA |
C51683829 |
|
6 |
10383843 |
21/09/2013 * |
95,600,000.00 |
CENTRAL BANK OF
INDIA |
SECOND FLOOR
PALIKA PLAZA, PHASE -1, M.T.H. COMPOUND, INDORE, INDORE, MADHYA PRADESH -
452007, INDIA |
B85952604 |
|
7 |
10377138 |
24/12/2012 * |
250,000,000.00 |
GE CAPITAL
SERVICES INDIA |
401, 402, 4TH
FLOOR, AGGARWAL MILLENNIUM TOWER, E-1,2,3, NETAJI SUBHASH PLACE,
WAZIRPUR,, NEW DELHI, DELHI - 110034, INDIA |
B65217010 |
|
8 |
10370121 |
21/09/2013 * |
150,000,000.00 |
ING VYSYA BANK
LIMITED |
22, M G ROAD,BANGALORE,
BANGALORE, KARNATAKA - 560001, INDIA |
B86694130 |
|
9 |
10186893 |
08/10/2009 |
545,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA,
TILAK NAGAR BRANCH,, INDORE, MADHYA PRADESH - 452001, INDIA |
A73732075 |
|
10 |
10117541 |
16/10/2015 * |
515,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA
BRANCH, TILAK NAGAR, INDORE, MADHYA PRADESH - 452001, INDIA |
C67085969 |
|
11 |
10043512 |
19/03/2015 * |
4,962,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA,
TILAK NAGAR, INDORE, MADHYA PRADESH - 452018, INDIA |
C49728421 |
* Date of charge modification
STATE OF COMPANY’S AFFAIRS
During the period, on
standalone basis, total revenue for the financial year 2014-15 at Rs. 10571.630
Million was higher against the total revenue of Rs. 9756.860 Million in the
previous year 2013-14. Company’s profit before interest, depreciation and tax
for the financial year 2014-15 stood at Rs. 1242.980 Million against Rs.
1126.090 Million in the previous year 2013-14.
AWARDS AND CERTIFICATIONS
During the year British
Retail Consortium Certificate (BRC), ISO 14001:2004 (for Environmental
Management), ISO 22000:2005 (for Food and Safety Management), OHSAS 18001:2007
(for Industrial Health and Safety) and ISO 9001:2008 (for Quality Management
System) certifications were renewed.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
REVIEW GLOBAL ECONOMY
The
year 2014-15 witnessed a the global economy growing at a modest rate of 3.4%,
reflecting a pickup in growth in advanced economies relative to the previous
year and a slowdown in emerging market and developing economies. Besides, there
was a stress on major oil producing countries as a direct result of sharp
decline in energy prices, especially in the second half of the year. US economy
recovered quite stronger than expected, while performance in Japan and Eurozone
felt short of expectations resulting in dollar appreciations. The currencies of
commodity exporting countries weakened due to fiscal and trade imbalances. It
also increased risk spreads in the emerging markets, making them vulnerable to
global shocks.
Despite
unpredictable headwinds, the global economic recovery is gaining momentum.
These winds of positive change have masked the growth divergence among major
economies. According to IMF estimates, global growth is projected to reach 3.5%
and 3.7 % in 2015 and 2016, respectively. Growth in the advanced economies and
emerging markets is expected to remain moderate.
INDIAN
ECONOMY
The
Indian economy is on track to return to its high-growth path, thanks to lower fiscal
and current account deficits, falling inflation, benign commodity prices
combined with structural reforms and strong Government Mandate to boost
investments. India’s macro-economic prospects have strengthened and the country
is best positioned among emerging market economies. According to a UN Survey,
Indian economy is pegged to grow at 8.1% in 2015-16
INDUSTRIAL
REVIEW
TECHNICAL
TEXTILE INDUSTRY OVERVIEW
OVERVIEW
Technical
textiles refer to textile materials and products used primarily for their
technical performance and functional properties rather than their aesthetic or
decorative characteristics. The segment encompasses diverse products and
applications; based on product characteristics, functional requirements and
end-user applications;
INDIAN TECHNICAL TEXTILE INDUSTRY
India
is emerging as a significant player in technical textiles. The fast-paced
economic growth leading to infrastructure creation as well as higher disposable
income has made India a key market for the technical textile products.
Moreover, the country has developed a foothold in the production of technical
textiles owing to its skilled and technical manpower as well as abundant
availability of raw material.
Technical
textiles are an important part of the textile industry and India is all set to
leverage the untapped potential of this industry. With the increase in
disposable income, the consumption of technical textiles is expected to rise
steadily. Based on past trends of growth and estimated end user segment growth,
the Working Group on Technical Textiles for 12th Five Year Plan (FYP) projected
the market size to reach INR 1,58,540 crore by 2016-17 at a year-on-year growth
rate of 20% during the 12th Five Year Plan.
GEO
TEXTILES
The
global geotextiles market is anticipated to grow at a CAGR of 10.3% between
2012-18 and reach USD 6.4 bn by 2018. Nonwoven, major type of geotextiles,
accounted for around 65% of the market in 2013, followed by Woven and other
geotextile product types. Geotextiles are a relatively new area in India.
Considering the infrastructural development boom over the next ten years, India
will become one of the largest markets for geosynthetics and technical fabrics
globally.
FIBC
The
Indian FIBC industry has off lately grown rapidly making it world’s second
largest producer of FIBC. During 2014, the FIBC exports grew around 77% and 43%
in value and volume respectively. Indian FIBC exports to USA and UK grew 61%
and 54% respectively, despite economic slowdown. Going ahead, the Indian FIBC
industry is expected to maintain positive growth from both international as
well as domestic industries. Internationally, the FIBC industry is estimated to
demonstrate firm growth driven by acceptability and increase in usage by the
pharmaceutical and food industry. The domestic market is further envisaged to
receive a boost from agriculture, mineral, petrochemical industries and various
industrial markets.
REVERSE-PRINTED
BOPP WOVEN BAGS
Reverse-printed
BOPP-woven bags are extensively used in the packaging of products marketed in
retail chains, supermarkets and commercial establishments. This product segment
is set to grow at a steady pace in the Indian markets on the back of growing
consumerism catalysed by a young and working population, urbanisation, rising
incomes, favorable demographics and growing brand orientation. The Indian
retail market (estimated at USD520 billion) is expected to grow at a CAGR of
13% to around USD950 billion by 2018. Correspondingly, organised retail is
expected to grow from 7.5% of all retail offtake in India to around 10% by
2018, strengthening the offtake of BOPP woven bags.
POLYMER
COMPOUND
Compounding
has found mass use in the manufacture of different plastic grades - a quick,
easy and low-cost alternative over discovering new grades. With the increasing
usage of plastics in automobiles, consumer packaging and government spending on
infrastructure, India’s plastics industry is set to double its per capita consumption
over the next five years. India’s plastics industry is further poised to
benefit from increasing per capita incomes, consumerism and modernisation,
particularly in urban areas. As such, the demand for polymers is expected to
jump from 11 million tonnes in 2012- 13 to 16.5 million tonnes by 2016-17,
resulting in consumption rising at 10.8% CAGR.
DRIP
IRRIGATION
Drip
irrigation is an alternative to flood irrigation and is now being increasingly
accepted in the Indian agricultural space. It irrigates more than 600,000
hectares in India, thereby enhancing agricultural yields. There has been a
growth in drip irrigation area in the last 15 years to around 3.51 lac
hectares, from 40 hectares in 1960. Large areas of agricultural land has been
brought under drip irrigation in Maharashtra, Karnataka and Tamil Nadu. The
National Committee on Plasticulture Applications in Horticulture (NCPAH),
Ministry of Agriculture, and Government of India (GOI) has estimated an area of
27 mn hectares where drip irrigation can be implemented.
FINANCIAL
REVIEW
The
standalone financials witnessed the following results during the year:
·
Revenue from operations increased 7.94% from Rs
1,095.190 million in 2013-14 to Rs 1,182.120 in 2014-15
·
Earnings before interest, tax, depreciation and
amortisation (EBITDA) increase 4.67% from Rs 1,205.720 million in 2013-14 to Rs
1262.00 in 2014-15
·
Profit after tax (PAT) increased 2.73% from Rs
183.040 million in 2013-14 to Rs 188.00 in 2014-15
· Net worth increased 4.04% from Rs 3,641.960 million in 2013-14 to Rs 3,789.26 in 2014-15
UNAUDITED STATEMENT OF STANDALONE RESULTS FOR THE QUARTER ENDED ON
30.06.2014
[RS.
IN MILLION]
|
Particulars |
3 Months Ended
30.06.2015 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
2801.646 |
|
Other Operating Income |
2.584 |
|
Total Income from
operations (net) |
2804.230 |
|
|
|
|
Expenses |
|
|
(a) Cost of material consumed |
1485.719 |
|
(b) Purchase of stock in trade |
256.485 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(1.823) |
|
(d) Employee benefit expenses |
368.814 |
|
(e) Depreciation and amortization expenses |
152.049 |
|
(f) Other Expenses |
315.907 |
|
Total Expenses |
2577.151 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
227.079 |
|
Other Income |
12.617 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
239.696 |
|
Finance costs |
237.846 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
1.850 |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
1.850 |
|
Tax Expenses |
(12.595) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
14.445 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
14.445 |
|
Paid- up
Equity Share Capital (Face value of the share – Rs. 10) |
248.828 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per share
(before extraordinary items) (of Rs. 10/- each) (not annualized) -
Basic |
0.58 |
|
- Diluted |
0.43 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/- each) (not annualized) - Basic |
0.58 |
|
- Diluted |
0.43 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
16701203 |
|
Percentage of Shareholding |
67.12 |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
6022681 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
73.61 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
24.20 |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
2158922 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
26.39 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
8.68 |
|
|
Particulars |
3 Months Ended
30.06.2015 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The Unaudited Financial Results were reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on
07.08.2015. The Statutory Auditor of the Company have carried out Limited
Review of the aforesaid result and the related report Is being submitted to the
concerned stock exchange.
2)
The Consolidated Sales for the quarter ended 30th June 2015
Is Rs. 3154.220 Million and Consolidated Net Profit is Rs. 37.467 Million.
3)
The Company operates in a single primary business segment
i.e. Technical Textile etc.
4)
Sales includes Foreign exchange gain on realisation of sales
proceeds.
5)
Tax expenses for the quarter ended on 30th June 2015 is
basically a deferred tax which is net of MAT and MAT credit.
6)
Figures have been regrouped/reclassified where ever necessary
to correspond with the current year/period classification/disclosures.
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
1) Estimated amount of contracts remaining to be
executed on capital account and not provided for Rs.397.027 Million (Previous Year
Rs. 275.565 Million)
2) Guarantee given by Banks on behalf of the Company
for Rs. 73.445 Million (Previous year Rs. 47.058 Million)
3) On account of Letter of Credit for Rs. 131.214
Million (Previous year Rs.40.357 Million).
4) Foreign Bills Discounted with Bank Rs. 287.038
Million (Previous year Rs. 225.329 Million).
5) Corporate Guarantee given by the Company is as
under :
|
SR. NO. |
GIVEN IN FAVOUR OF |
GIVEN ON BEHALF OF |
AMOUNT IN MILLION |
|
|
|
|
|
|
1 |
Governor of Uttarakhand |
Nanofil Technologies Private Limited, Kashipur |
Rs. 0.200 Million (Previous Rs. 0.200 Million) |
|
|
|
|
|
6) Outstanding of Taxes on account of disputes are as
follows-
a) The company filed appeal before CIT(A) / ITAT and contested
Income Tax demand for the A.Y. 2004-05, 2005-06 and 2006-07 for Rs. 26.188
Million, Rs. 22.611 Million and Rs. 6.029 Million respectively and also
contested TDS demand for the A.Y. 2005-06 to 2007-08 Rs. 0.708 Million.
b) The Income Tax department has filed an appeal
before the M. P. High Court, challenging the order of ITAT passed in favour of
Company for the A.Y.2003-04. The amount of tax and penalty is Rs. 6.576 Million
and Rs. 1.453 million respectively.
c) The company has contested M.P.VAT/CST. demand for
F.Y. 2006-07, 2007-08, 2008-09, 2009-10, 2010-11, 2011-12 and 2012-13 for
Rs.3.847 Million, Rs.1.961 million, Rs.1.056 million, Rs. 4.379 million, Rs.
0.921 million, Rs. 0.657 Million and Rs. 0.993 Million respectively and Entry
Tax demand for F.Y. 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11 for Rs.
2.414 million, Rs. 2.770 million, Rs. 4.616 million, Rs. 3.717 million and
Rs.0.376 million respectively as per legal opinion obtained.
d) The company has contested VAT/CST Demand for FY
2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15 for Rs. 20.547 million,
Rs. 8.920 million, Rs.6.809 Million, Rs. 4.000 Million and Rs. 2.000 million
respectively at Kashipur unit.
FIXED ASSETS:
· Land
· Factory Building
· Plant and Machinery
· Electric Installation
· Furniture and Fixture
· Office Equipment
· Vehicles
· 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. 64.82 |
|
|
1 |
Rs. 100.12 |
|
Euro |
1 |
Rs. 73.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.