MIRA
INFORM REPORT
|
Report No. : |
347319 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAPRIHANS INDIA LIMITED |
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|
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|
Registered
Office : |
Block-D, Shivsagar
Estate, |
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Tel. No.: |
91-22-30478664 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
11.04.1946 |
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Com. Reg. No.: |
11-004877 |
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Capital
Investment / Paid-up Capital : |
Rs.131.340 Million |
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CIN No.: [Company Identification
No.] |
L29150MH1946PLC004877 |
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|
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IEC No.: |
388001402 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC00097G |
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PAN No.: [Permanent Account No.] |
AAACC1646F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the processing
of plastic polymers and manufactures Rigid and Flexible PVC films by
Calendering process, PVDC coated Rigid PVC film and certain plastic products
through extrusion processes. |
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|
|
|
No. of Employees
: |
413 (Approximately) |
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 3230000 |
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Status : |
Satisfactory |
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Payment Behavior : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated as a privately held company on April 11,
1946, and was listed on the Bombay Stock Exchange in 1976. The company is
among the prominent players in rigid packaging. Company has reported increase into its sales turnover, though rating
is constrained on its low profitability margins on the back of intensified
competition in the industry. However, rating takes into consideration on long track record of
company in packaging industry and renowned brand in domestic as well as
export market. Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of strong capital structure backed by its decent debt coverage
indicators, the company can be considered for the business dealings with
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
April, 2015 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION parted by (GENERAL DETAILS)
|
Name : |
Ms. Rupali |
|
Designation : |
Admin Executive |
|
Contact No.: |
91-22-24934042 |
|
Date : |
29.10.2015 |
LOCATIONS
|
Registered Office / Corporate Office : |
Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-30478664 |
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Fax No.: |
91-22-24939284 / 29450594 |
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E-Mail : |
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Website : |
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Area : |
5640 Sq. ft. |
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Factory 1: |
Plot Nos. C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane –
400604, Maharashtra, India |
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Tel. No.: |
91-22-39983417 / 418 / 415 |
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Fax. No.: |
91-22-25822422 |
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Factory 2: |
Plot Nos. 76/77, MIDC Industrial Estate, Trimbak Road, Satpur.
District Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3046400 / 401 |
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Fax. No.: |
91-253-2350616 |
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Email : |
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Regional Sales Office 1 : |
B-103, Ground Floor, Okhla Industries
Area, Phase-1, New Delhi- 110020, India |
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Tel. No.: |
91-11-41611591 |
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Fax. No.: |
91-11-26814868 |
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Email : |
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Sales Office 2 : |
105, Maurya Complex, B/H. C.U. Shah Collage, Off Ashram Road, Income
Tax Office Circle, Ahmedabad- 380014, Gujarat, India |
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Tel. No.: |
91-079-27542028/27542039 |
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Email : |
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Sales Office 3 : |
New 7/4, Venkatesan Street, (Ground
Floor), East Tambaram, Chennai-600059, Tamil Nadu, India |
|
Tel. No.: |
91-44-22390359/22394589 |
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Fax. No.: |
91-44-22390341 |
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Email : |
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Sales Office 4 : |
No.39, 6th cross,
Wilson garden, Bangalore-560027, Karnataka, India |
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Tel. No.: |
91-80-222235897/22220507 |
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Fax. No.: |
91-80-22220108 |
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Email : |
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Sales Office 5 : |
Plot No.4/B, Nagarjuna Nagar Colony, Behind Surekha Motors,
Mansoorabad, L.B. Nagar, Hyderabad-500074, Telangana, India |
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Email : |
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Sales Office 6 : |
No.28/714 A, Ground Floor, P S Complex, K. P. Vallon Road,
Kandevanthra, Cohin - 682020, Kerala, India |
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Tel. No.: |
91-484-2320442 |
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Email : |
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Sales Office 7 : |
8/A, Rawdon Strret, Kolkata-700017, West
Bengal, India |
|
Tel. No.: |
91-33-22877801 |
|
Email : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mofatraj P. Munot |
|
Designation : |
Chairman |
|
Address: |
"Munot Villa", Westfield Compound Lane, 63k, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of
Birth/Age : |
04.10.1944 |
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Qualification
: |
Higher Secondary |
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Date of Appointment
: |
28.05.1986 |
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DIN No: |
00046905 |
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|
|
|
Name : |
Mr. Robin Banerjee |
|
Designation : |
Managing Director |
|
Address: |
1st Floor, 102/103 Ashok Garden, Tower 1, Wing C, 180/188 T J Road, Sewree, Mumbai - 400015, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1955 |
|
Qualification : |
B.Com, A.I.C., A.C.A., A.C.S. |
|
Date of Appointment : |
28.03.2013 |
|
DIN No: |
00008893 |
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|
|
|
Name : |
Mr. Suresh A. Gandhi |
|
Designation : |
Director |
|
Address: |
18 - D, Shanaz, 90, Nepeansea Road, Mumbai - 400006, Maharashtra, India |
|
Date of
Birth/Age : |
25.09.1950 |
|
Qualification
: |
Chartered Accountant |
|
Date of
Appointment : |
01.08.1983 |
|
DIN No: |
00128495 |
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|
|
|
Name : |
Mr. Mohan Bhandari |
|
Designation : |
Director |
|
Address: |
604, Mantri Lawns, Behind Anand Ban Club, Anand Ban, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1959 |
|
Qualification : |
B.Sc. (Physics), PG diploma in management studies and packaging science
|
|
Date of Appointment : |
08.08.2014 |
|
DIN No: |
00052777 |
|
|
|
|
Name : |
Mr. Bhoumick Vaidya |
|
Designation : |
Director |
|
Address: |
801, Sumer Heights, K.M.
Munshi Marg, Chowpatty, Mumbai - 400007, Maharashtra, India |
|
Date of Birth/Age : |
24.03.1984 |
|
Qualification : |
LLB |
|
Date of Appointment : |
04.12.2013 |
|
DIN No: |
06543492 |
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|
|
|
Name : |
Mr. Keezhapandal Veeraraghavan Mani |
|
Designation : |
Director |
|
Address: |
Flat 1823, Building 18, Second Floor, Clover Highlands, NIBM Road, Kondhwa, Pune - 411048, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1943 |
|
Qualification : |
BE (Electrical), MBA |
|
Date of Appointment : |
08.08.2014 |
|
DIN No: |
00533148 |
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|
|
|
Name : |
Ms. Anjali Karamnarayan Seth |
|
Designation : |
Director |
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Address: |
Flat No : B 1301, Brichwood C-H-S Limited, Main Street, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1958 |
|
Qualification : |
LLB |
|
Date of Appointment : |
08.08.2014 |
|
DIN No: |
05234352 |
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|
|
|
Name : |
Mr. Nitin Kamlakar Joshi |
|
Designation : |
Director |
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Address: |
26, Adarsha Nagar, Pune - 411037, Maharashtra, India |
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Date of Birth/Age : |
15.07.1964 |
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Qualification : |
LLB |
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Date of Appointment : |
08.08.2014 |
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DIN No: |
06814444 |
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|
|
Name : |
Mr. Siddharth Shyam Shetye |
|
Designation : |
Director |
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Address: |
I/601, Gangateerth Society, Tangewala Colony, Sahakarnagar I, Pune - 411009, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1979 |
|
Qualification : |
B.Com, FCA |
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Date of Appointment : |
08.08.2014 |
|
DIN No: |
06943119 |
KEY EXECUTIVES
|
Name : |
Mr. Kavaseri Ramaswamy Viswanathan |
|
Designation : |
Company Secretary/ Chief Financial Officer |
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Address: |
1/193, Lakshmi Niwas Gaothan Road No 3, Chembur, Mumbai - 400071, Maharashtra, India |
|
Date of Appointment : |
29.04.2003 |
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PAN No: |
AACPV8748A |
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|
|
|
Name : |
Ms. Rupali |
|
Designation : |
Admin Executive |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1209523 |
9.21 |
|
|
1538975 |
11.72 |
|
|
2748498 |
20.93 |
|
|
|
|
|
|
6698325 |
51.00 |
|
|
6698325 |
51.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
9446823 |
71.93 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5016 |
0.04 |
|
|
350 |
0.00 |
|
|
483020 |
3.68 |
|
|
450 |
0.00 |
|
|
488836 |
3.72 |
|
|
|
|
|
|
312982 |
2.38 |
|
|
|
|
|
|
1835756 |
13.98 |
|
|
610862 |
4.65 |
|
|
438712 |
3.34 |
|
|
37466 |
0.29 |
|
|
17113 |
0.13 |
|
|
2084 |
0.02 |
|
|
124872 |
0.95 |
|
|
256327 |
1.95 |
|
|
850 |
0.01 |
|
|
3198312 |
24.35 |
|
Total Public
shareholding (B) |
3687148 |
28.07 |
|
Total (A)+(B) |
13133971 |
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) |
13133971 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
processing of plastic polymers and manufactures Rigid and Flexible PVC films
by Calendering process, PVDC coated Rigid PVC film and certain plastic products
through extrusion processes. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Italy ·
United Arab Emirates ·
Algeria ·
Sudan |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesaler, Retailers and End Users
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No. of Employees : |
413 (Approximately) |
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Bankers : |
·
HDFC Bank Limited ·
State Bank of India ·
Bank of Maharashtra |
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Auditors : |
|
|
Name : |
M. P. Chitale and
Company (Upto 26th August, 2015) Chartered
Accountants |
|
|
|
|
Name : |
S R B C and Company LLP (Effective 26th August, 2015) Chartered
Accountants |
|
|
|
|
Memberships : |
-- |
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|
|
|
Collaborators : |
-- |
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|
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Holding Company: |
·
Bilcare Research GmbH |
|
|
|
|
Enterprises where control exists: |
·
Bilcare Research GmbH Company Limited KG ·
Films Germany Holding GmbH ·
Bilcare Research AG ·
Bilcare Mauritius Limited ·
Bilcare Limited |
|
|
|
|
Related parties which whom the company has transactions including
fellow subsidiaries : |
·
Kalpataru Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13133971 |
Equity Shares |
Rs.10/- each |
Rs. 131.340
Million |
Note:
a)
6698325 Equity Shares are held by Bilcare Research
GmbH, the holding company.
b)
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
As at the beginning of the year |
13133971 |
|
Add/(Less) : Movements during the year |
-- |
|
As at the end of
the year |
13133971 |
c)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% Holding |
|
Bilcare Research GmbH |
6698325 |
51.00% |
|
K. C. Holdings Private Limited |
1072494 |
9.46% |
|
Mofatraj P. Munot |
664371 |
5.06% |
d)
The
equity shares of the Company having par value of Rs.10/- per share rank
pari-passu in all respects including voting rights and entitlement to dividend.
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 |
131.340 |
131.340 |
131.340 |
|
(b) Reserves & Surplus |
999.315 |
955.834 |
926.342 |
|
(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) |
1130.655 |
1087.174 |
1057.682 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
2.200 |
|
(c) Other long term liabilities |
4.904 |
5.104 |
5.304 |
|
(d) long-term provisions |
20.643 |
17.097 |
14.961 |
|
Total Non-current Liabilities (3) |
25.547 |
22.201 |
22.465 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
203.347 |
178.455 |
172.096 |
|
(c) Other current
liabilities |
102.113 |
121.243 |
105.888 |
|
(d) Short-term provisions |
46.549 |
41.718 |
45.004 |
|
Total Current Liabilities (4) |
352.009 |
341.416 |
322.988 |
|
|
|
|
|
|
TOTAL |
1508.211 |
1450.791 |
1403.135 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
150.884 |
167.726 |
192.769 |
|
(ii) Intangible Assets |
9.458 |
4.524 |
4.077 |
|
(iii) Capital
work-in-progress |
1.000 |
0.399 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
11.515 |
1.000 |
0.000 |
|
(d) Long-term Loan and Advances |
36.150 |
18.336 |
16.508 |
|
(e) Other Non-current assets |
27.148 |
26.891 |
26.996 |
|
Total Non-Current Assets |
236.155 |
218.876 |
240.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
274.963 |
366.679 |
278.841 |
|
(c) Trade receivables |
606.160 |
573.625 |
630.334 |
|
(d) Cash and cash
equivalents |
315.497 |
207.638 |
174.769 |
|
(e) Short-term loans and
advances |
26.026 |
50.667 |
50.688 |
|
(f) Other current assets |
49.410 |
33.306 |
28.153 |
|
Total Current Assets |
1272.056 |
1231.915 |
1162.785 |
|
|
|
|
|
|
TOTAL |
1508.211 |
1450.791 |
1403.135 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2519.557 |
2419.571 |
2205.909 |
|
|
Other Income |
38.748 |
33.577 |
30.786 |
|
|
TOTAL |
2558.305 |
2453.148 |
2236.695 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1720.176 |
1753.201 |
1525.257 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
45.159 |
(30.514) |
(0.623) |
|
|
Employees benefits
expense |
203.556 |
180.670 |
151.364 |
|
|
Other expenses |
446.194 |
433.390 |
422.348 |
|
|
TOTAL |
2415.085 |
2336.747 |
2098.346 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
143.220 |
116.401 |
138.349 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.030 |
0.034 |
0.030 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
143.190 |
116.367 |
138.319 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.467 |
35.326 |
34.412 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
108.723 |
81.041 |
103.907 |
|
|
|
|
|
|
|
Less |
TAX |
38.200 |
28.500 |
36.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
70.523 |
52.541 |
67.907 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
262.657 |
241.495 |
201.637 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
5.000 |
5.000 |
5.000 |
|
|
Proposed Dividend |
19.700 |
19.701 |
19.701 |
|
|
Tax on Dividend |
4.011 |
3.348 |
3.348 |
|
|
Total |
28.711 |
28.049 |
28.049 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
304.469 |
265.987 |
241.495 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
367.702 |
321.834 |
268.906 |
|
|
Export of Marketing
Services |
1.890 |
1.780 |
1.974 |
|
|
TOTAL EARNINGS |
369.592 |
323.614 |
270.880 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
407.250 |
486.079 |
412.534 |
|
|
Components and Stores
parts |
1.312 |
0.802 |
2.358 |
|
|
Capital Goods |
0.000 |
3.277 |
5.586 |
|
|
TOTAL IMPORTS |
408.562 |
490.158 |
420.478 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
5.37 |
4.00 |
5.17 |
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 |
206.171 |
98.626 |
144.096 |
|
Net cash from operating activities |
159.141 |
66.892 |
104.066 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.80 |
2.17 |
3.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
5.68 |
4.81 |
6.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.27 |
5.59 |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.61 |
3.61 |
3.60 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
Unaudited 30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
607.520 |
|
Total Expenditure |
|
|
565.620 |
|
PBIDT (Excl OI) |
|
|
41.900 |
|
Other Income |
|
|
0.500 |
|
Operating Profit |
|
|
42.400 |
|
Interest |
|
|
0.010 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
42.390 |
|
Depreciation |
|
|
7.030 |
|
Profit Before Tax |
|
|
35.360 |
|
Tax |
|
|
12.500 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
22.860 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 85.00/- |
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 |
131.340 |
131.340 |
131.340 |
|
Reserves & Surplus |
926.342 |
955.834 |
999.315 |
|
Net worth |
1057.682 |
1087.174 |
1130.655 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
2205.909 |
2419.571 |
2519.557 |
|
|
|
9.686 |
4.132 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2205.909 |
2419.571 |
2519.557 |
|
Profit |
67.907 |
52.541 |
70.523 |
|
|
3.08% |
2.17% |
2.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
----- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is one of the largest manufacturers of Flexible
and Rigid PVC Films, and a prominent name in pharma/non pharma packaging
industry in India and abroad, producing high quality products. The Company
operates from its two plants located at Thane and Nasik, Maharashtra.
The Company is engaged in the processing of plastic polymers and manufacture of PVC films by Calendering process, PVDC coated Rigid PVC film and certain plastic products through extrusion processes. Rigid PVC film is largely used for packaging in the Pharmaceutical, Food and FMCG industries. Flexible PVC film and plastic extruded products are used for a variety of industrial and consumer applications. Overall growth rate of the market size is estimated to be 10% to 12% annually.
The image of the Company, built through decades of quality products and efficient customer service is the major strength of the Company. The Company has a significant share of the Rigid PVC film market and is also the quality leader in the Flexible PVC film market.
FINANCIAL PERFORMANCE
Company’s Gross Sales for the year stood at Rs. 2760.000 Million compared to Rs. 2660.000 Million during the previous year. Margins during the year improved due to favourable fluctuations in major raw materials arising mainly due to softening of crude oil prices. Better product mix and cost savings in energy, yielded company’s improved profitability. The Company earned a profit (before tax) of Rs. 108.700 Million as compared to Rs. 81.000 Million in the previous year. Company’s financial position for ten (10) years is appended separately in the Annual Report
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is one of the largest manufacturers of Flexible and Rigid PVC Films, and a prominent name in pharma/non pharma packaging industry in India and abroad, producing high quality products. The Company operates from its two plants located at Thane and Nasik, Maharashtra.
The Company is engaged in the processing of plastic polymers and manufacture of PVC films by Calendering process, PVDC coated Rigid PVC film and certain plastic products through extrusion processes. Rigid PVC film is largely used for packaging in the Pharmaceutical, Food and FMCG industries. Flexible PVC film and plastic extruded products are used for a variety of industrial and consumer applications. Overall growth rate of the market size is estimated to be 10% to 12% annually.
The image of the Company, built through decades of quality
products and efficient customer service is the major strength of the Company. The
Company has a significant share of the Rigid PVC film market and is also the
quality leader in the Flexible PVC film market.
OPPORTUNITIES,
THREATS AND OUTLOOK
The Company foresees ample opportunity of growth in the coming years. With the growing trend of mass consumerism and better living standards, demand for Company’s products are expected to grow. Opportunities can also be explored to convert certain non-PVC packaging applications into PVC-based films. Should this happen, new vistas of opportunities can emerge
Though
the Company is a major player over decades, it faces competition in domestic
market, as similar products being made available by many local players
belonging to the organised and unorganised sector. However, the Company always
remained as a preferred supplier in respective segments being a consistent and
quality supplier. The overall capacity in the industry is significantly more
than the overall demand leading to threats of margin pressures.
The
company serves a very large segment, both pharma and non-pharma. With possible
growth in the Indian economy, it is believed that the outlook for your company
is good and positive.
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30th
June 2015.
(Rs. In Million)
|
Particulars |
3
Months Ended 30.06.2015 (Unaudited) |
|
Income from Operations |
|
|
(a) Net sates/income from operations (Net of excise duty) |
600.151 |
|
(b) Other Operating Income |
7.368 |
|
Total income from
operations (net) |
607.519 |
|
Expenses |
|
|
(a) Cost of materials consumed |
428.841 |
|
(b) Purchases of stock-in trade |
0.000 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(26.716) |
|
(d) Employee benefits expense |
53.059 |
|
(e) Depreciation and Amortization Expenses |
7.033 |
|
(f) Other Expenses |
63.758 |
|
(g) Power and Fuel and water |
46.683 |
|
(h) Value of Wind Power |
0.000 |
|
Total expenses |
572.658 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
34.861 |
|
Other Income |
0.500 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
35.361 |
|
Finance Costs |
0.006 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
35.355 |
|
Exceptional items |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
35.355 |
|
Tax expenses |
12.500 |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
22.855 |
|
Extraordinary item (net of tax expense) |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
22.855 |
|
Share of profit' (loss) of associates |
|
|
Minority Interest |
|
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
131.34 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
---- |
|
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualized): |
|
|
(a) Basic |
1.74 |
|
(b) Diluted |
1.74 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
A. Public Shareholding |
|
|
- Number of shares |
3687148 |
|
- Percentage of shareholding |
28.07 |
|
Promoters and Promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
6698325 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
70.91 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
51 |
|
b) Non Encumbered |
|
|
- Number of shares |
2748498 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
29.09 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
20.93 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
The Company is engaged mainly in processing of plastic polymers and its products are covered under a single reportable segment as per Accounting Standard on Segment Reporting (AS 17) issued by ICAI.
Figures for the quarter ended March 31, 2015 are the balancing figures between
the audited figures in respect of the financial year ended March 31, 2015 and
the unaudited figures upto nine months ended December 31, 2014.
The above results were approved by the Board of Directors at its meeting held
on August 07, 2015 and a 'Limited review' of the same has been carried out by
the Auditors of the Company.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10475103 |
09/01/2014 |
172,500,000.00 |
BANK OF MAHARASHTRA |
READY MONEY TERRACE, DR. ANNIE BESANT ROAD,
WORLI, MUMBAI - 400018, Maharashtra INDIA |
B95303384 |
FIXED ASSETS:
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.22 |
|
UK Pound |
1 |
Rs. 99.93 |
|
Euro |
1 |
Rs. 71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared by
: |
SANS |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
YES |
|
--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.