MIRA
INFORM REPORT
|
Report No. : |
347597 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMMBI INDUSTRIES LIMITED |
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|
|
|
Formerly Known
As : |
EMMBI POLYARNS LIMITED |
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Registered
Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.) |
|
Tel. No.: |
91-22-67845555 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
000387 |
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Capital
Investment / Paid-up Capital : |
2476635 Euro |
|
|
|
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CIN No.: [Company Identification
No.] |
L17120DN1994PLC000387 |
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|
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IEC No.: |
0303054930 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAACE3423G |
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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
: |
Manufacturing, Exporting, Importing and Trading of HDPE
and PP - Woven Polymer Based Products. |
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|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
17836932 Euro |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It was incorporated in the year 1994 and is engaged in manufacturing, trading, exporting and importing of HDPE and PP - woven polymer based products. Overall financial position of the company is sound and healthy. Rating also takes into consideration vast experience of the promoters in polymer based packing products and increased presence of company in export market. Trade relations are reported .as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
22.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
22.04.2015 |
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 PARTED BY
|
Name : |
Mr. Nitin Patil |
|
Designation : |
Accounts And Finance Manager |
|
Contact No.: |
91-22-67845555 |
|
Date : |
28.10.2015 |
LOCATIONS
|
Registered Office : |
99/2/1, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, U.T. of D. and N.H., Silvassa, Dadar Nagar Haveli – 396230 (U.T.),
India |
||
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Tel. No.: |
91-22-67845555 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Valecha Chambers, 3rd Floor, Opposite Infiniti Mall, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Tel. No.: |
91-022-67845555 |
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Fax No.: |
91-022-67845506 |
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Unit 1 : |
191/2/4, Masat
Village, Meghwad Road, U.T. of Dadra and Nagar Haveli, Silvassa – 396230,
Gujarat, India |
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Unit 2 : |
99/2/1, Madhuban Industrial
Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli,
Silvassa – 396230, Gujarat, India |
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Unit 3 : |
99/2/9, Madhuban
Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar
Haveli, Silvassa – 396230, Gujarat, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Makrand M. Appalwar |
|
Designation : |
Chairman and Managing Director |
|
DIN No.: |
00171950 |
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|
Name : |
Mrs. Rinku M. Appalwar |
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Designation : |
Executive Director & Chief Financial
Officer |
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DIN No.: |
00171976 |
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|
Name : |
Dr. Mitravinda M. Appalwar |
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Designation : |
Non-Executive Directors |
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DIN No.: |
02716731 |
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Name : |
Mr. Sanjay R. Rathi |
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Designation : |
Non-Executive Directors |
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DIN No.: |
00022432 |
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Name : |
Mr. Prashant K. Lohiya |
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Designation : |
Non-Executive Directors |
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DIN No.: |
02990858 |
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Name : |
Dr. Venkatesh G. Joshi |
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Designation : |
Non-Executive Directors |
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DIN No.: |
01234871 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal R. Patvi |
|
Designation : |
Company Secretary and Compliance Officer |
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|
Name : |
Mr. Nitin Patil |
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Designation : |
Accounts And Finance Manager |
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BOARD COMMITTEES |
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Audit Committee
: |
Mr. Sanjay R. Rathi (Chairman) Mr.Prashant K. Lohiya Dr. Venkatesh G. Joshi Mrs.Rinku M. Appalwar |
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Nomination &
Remuneration Committee : |
Mr. Sanjay R. Rathi (Chairman) Mr. Prashant K. Lohiya Dr. Venkatesh G. Joshi |
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Committee of
Directors Committee : |
Mr. Makrand M. Appalwar (Chairman) Mr. Sanjay R. Rathi Mrs. Rinku M. Appalwar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
7471099 |
42.23 |
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|
2681500 |
15.16 |
|
|
10152599 |
57.39 |
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|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
10152599 |
57.39 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1078560 |
6.10 |
|
|
|
|
|
|
3759312 |
21.25 |
|
|
2478042 |
14.01 |
|
|
221737 |
1.25 |
|
|
221737 |
1.25 |
|
|
7537651 |
42.61 |
|
Total Public shareholding (B) |
7537651 |
42.61 |
|
Total (A)+(B) |
17690250 |
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) |
17690250 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting, Importing and Trading of HDPE
and PP - Woven Polymer Based Products. |
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|
|
|
Products : |
·
HDPE ·
PP - Woven Polymer Based |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
·
HDPE · PP - Woven Polymer Based |
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Countries : |
· USA · Australia · Netherland · UK |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Germany ·
Dubai ·
Israel |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· Export Import Bank of India, Cap Rest · Axis Bank, Narimanpoint, Mumbai Maharashtra, India
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Facilities : |
Note: Term Loans are secured by way of deposit of the title deed in respect of immovable properties of the Company including Land and Building situated at Plot no. 191/2/4, Massat Village, Meghwad Road, UT of Dadra and Nagar Haveli, Silvassa - 396230 and at Plot no. 99/2/1and9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, UT of Dadra and Nagar Haveli, Silvassa - 396230 and by hypothecation of Plant and Machinery and Furniture and Fixtures. The term loan are secured by way of first charge. Other Loans and Advances are secured by way of hypothecation of Cars and Transport Vehicles purchased under Hire Purchase Scheme. There is no default in repayment of principal loan or interest thereon. Working Capital
Loans : i) Cash Credit and Packing Credit loans from Punjab National Bank are secured by first pari passu charge on hypothecation of entire current assets, both present and future, of the Company including stocks and book debts, stock in transits and stock for ob work. Second pari passu charge on immovable properties of the Company including Land and Building situated at Plot no. 191/2/4, Massat Village, Meghwad Road, UT of Dadra and Nagar Haveli, Silvassa - 396230 and at Plot no. 99/2/1and9, and Survey no. 87 Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, UT of Dadra and Nagar Haveli, Silvassa 396230. ii) Working Capital and Pre-Cum-Post Shipment Loan from Exim Bank is secured by first Pari-Passu charge on entire current assets both present and future; Second Pari-Passu charge on the entire movable fixed assets both present and future; second Pari-Pasu charge on the entire Land and other Immovable properties both present and future. iii) Working Capital and Pre-Cum-Post Shipment Loan from Axis Bank is secured by first Pari-Passu charge on entire current assets both present and future; Second Pari-Passu charge on the entire movable fixed assets both present and future; second Pari-Passu charge on the entire Land and other Immovable properties both present and future. |
|
Auditors : |
|
|
Name : |
K. J. Shah and Associates Chartered Accountants |
|
Address : |
Shop
No. D-11, Sai Darshan - B, Ram Baug Lane, Opposite Mulji Nagar, Borivali
(West), Mumbai – 400092, Maharashtra, India |
|
Tel No.: |
91-22-28646766/28065318 |
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Mobile: |
91-9821280470 |
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Email: |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Euro 0.14 |
2520000 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17690250 |
Equity Shares |
Euro 0.14 |
2476635 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Euro]
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 |
2476635 |
2476635 |
2476635 |
|
(b) Reserves & Surplus |
6441831 |
5704507 |
5166901 |
|
(c) Money received against
share warrants |
0 |
0 |
0 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0 |
0 |
0 |
|
Total
Shareholders’ Funds (1) + (2) |
8918466 |
8181142 |
7643536 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
995070 |
865493 |
1189437 |
|
(b) Deferred tax liabilities
(Net) |
698592 |
606901 |
521831 |
|
(c) Other long term
liabilities |
0 |
0 |
0 |
|
(d) long-term provisions |
574225 |
606338 |
503944 |
|
Total
Non-current Liabilities (3) |
2267887 |
2078732 |
2215212 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
9798873 |
8326479 |
6678451 |
|
(b) Trade payables |
117746 |
206901 |
429296 |
|
(c) Other current liabilities |
796197 |
964225 |
875775 |
|
(d) Short-term provisions |
95915 |
88873 |
60563 |
|
Other |
15057 |
15198 |
14914 |
|
Total
Current Liabilities (4) |
10823788 |
9601676 |
8058999 |
|
|
|
|
|
|
TOTAL |
22010141 |
19861550 |
17917747 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7532817 |
7246338 |
6688451 |
|
(ii) Intangible Assets |
280986 |
74085 |
0 |
|
(iii) Capital work-in-progress |
0 |
0 |
0 |
|
(iv) Intangible assets under
development |
0 |
0 |
0 |
|
(b) Non-current Investments |
42113 |
42113 |
42113 |
|
(c) Deferred tax assets (net) |
0 |
0 |
0 |
|
(d) Long-term Loan and Advances |
454789 |
532676 |
468873 |
|
(e) Other Non-current assets |
986 |
1690 |
2535 |
|
Total
Non-Current Assets |
8311691 |
7896902 |
7201972 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0 |
0 |
0 |
|
(b) Inventories |
7701972 |
6849437 |
5711831 |
|
(c) Trade receivables |
4708732 |
4387324 |
3599155 |
|
(d) Cash and cash equivalents |
463239 |
21268 |
51831 |
|
(e) Short-term loans and
advances |
824507 |
706619 |
1352958 |
|
(f) Other current assets |
0 |
0 |
0 |
|
Total
Current Assets |
13698450 |
11964648 |
10715775 |
|
|
|
|
|
|
TOTAL |
22010141 |
19861550 |
17917747 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
25890563 |
22401408 |
19745211 |
|
|
Other Income |
78169 |
8309 |
4507 |
|
|
TOTAL
(A) |
25968732 |
22409717 |
19749718 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
16750000 |
14937746 |
12771549 |
|
|
Purchases of Stock-in-Trade |
2579014 |
1727183 |
2705211 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(976479) |
(1081127) |
(1373099) |
|
|
Employees benefits expense |
879437 |
774789 |
858733 |
|
|
Other expenses |
3888873 |
3879718 |
3011268 |
|
|
TOTAL
(B) |
23120845 |
20238309 |
17973662 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
2847887 |
2171408 |
1776056 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1251972 |
888873 |
746338 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1595915 |
1282535 |
1029718 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
430845 |
407042 |
350563 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1165070 |
875493 |
679155 |
|
|
|
|
|
|
|
Less |
TAX (H) |
324929 |
265070 |
222535 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
840141 |
610423 |
456620 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1864366 |
1326901 |
943944 |
|
|
|
|
|
|
|
|
EXCESS
PROVISION OF TAXES OF EARLIER YEARS |
0 |
0 |
2676 |
|
|
|
|
|
|
|
|
MAT
CREDIT UTILISED IN EARLIER YEARS |
0 |
0 |
18451 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Adjustment relating to fixed
assets |
13099 |
0 |
0 |
|
|
Proposed Dividend |
74789 |
62254 |
49859 |
|
|
Distribution tax on Dividend |
14930 |
10563 |
8028 |
|
|
Balance
Carried to the B/S |
2601831 |
1864366 |
1326901 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1355634 |
1142704 |
8239296 |
|
|
TOTAL
EARNINGS |
1355634 |
1142704 |
8239296 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Import of Raw Materials |
334225 |
218169 |
544225 |
|
|
Capital Goods |
0 |
0 |
7606 |
|
|
TOTAL
IMPORTS |
334225 |
218169 |
544225 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.05 |
0.03 |
0.03 |
Expected Sales (2015-2016) : 32394366 Euro
The above information has been parted by Mr. Nitin Patil
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
543521 |
5774648 |
497042 |
|
Cash generated from operations |
1308873 |
723803 |
(801286) |
|
Net Cash Generated From Operating Activities |
1112254 |
609155 |
(940845) |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2015 1st
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
6501690 |
|
Total Expenditure |
|
|
5687324 |
|
PBIDT (Excl OI) |
|
|
814366 |
|
Other Income |
|
|
74366 |
|
Operating Profit |
|
|
888732 |
|
Interest |
|
|
333239 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
555493 |
|
Depreciation |
|
|
119155 |
|
Profit Before Tax |
|
|
436338 |
|
Tax |
|
|
131690 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
304648 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
304648 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.24 |
2.72 |
2.31 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.00 |
9.69 |
8.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.30 |
4.42 |
3.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.27 |
1.83 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.25 |
1.33 |
STOCK
PRICES
|
Face Value |
Euro 0.14 |
|
Market Value |
Euro 087 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Euro]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Euro) |
(Euro) |
(Euro) |
|
Share Capital |
2476635 |
2476635 |
2476635 |
|
Reserves & Surplus |
5166901 |
5704507 |
6441831 |
|
Money received against share
warrants |
0 |
0 |
0 |
|
Share Application money pending allotment |
0 |
0 |
0 |
|
Net
worth |
7643536 |
8181142 |
8918466 |
|
|
|
|
|
|
long-term borrowings |
1189437 |
865493 |
995070 |
|
Short term borrowings |
6678451 |
8326479 |
9798873 |
|
Current maturities of
long-term debts |
497042 |
5774648 |
543521 |
|
Total
borrowings |
8364930 |
14966620 |
11337464 |
|
Debt/Equity
ratio |
1.094 |
1.829 |
1.271 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Euro) |
(Euro) |
(Euro) |
|
Sales |
19745211 |
22401408 |
25890563 |
|
|
|
13.452 |
15.576 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Euro) |
(Euro) |
(Euro) |
|
Sales |
19745211 |
22401408 |
25890563 |
|
Profit |
456620 |
610423 |
840141 |
|
|
2.31% |
2.72% |
3.24% |
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 |
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 |
Yes |
|
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 |
OPERATIONS
During
the year, the Company has achieved Revenue from Operations and the Income
aggregating to Euro 25968732 as against Euro 22409718 during the previous year,
registering an increase of about 16% over
the previous year. Profit after providing for taxes is Euro 840141 as against
Euro 610423 during the previous year, registering an increase of about 38% over
the previous year.
CORPORATE
INFORMATION
Subject
is a public limited company and is listed on BSE Limited and National Stock
Exchange of India Limited (NSE). The Company is engaged in the business of
Manufacturing and Trading of HDPE and PP - Woven Polymer Based Products.
Management
Discussion and Analysis
Forward
Looking Statements
The
report contains forward-looking statements, identified by words like ‘plans’,
‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’,
‘estimates’ and so on. All statements that address expectations or projections
about the future, but not limited to the Company’s strategy for growth, product
development, market position, expenditures and financial results, are
forward-looking statements. Since these are based on certain assumptions and
expectations of future events, the Company cannot guarantee that these are
accurate or will be realised. The Company’s actual results, performance or
achievements could thus differ from those projected in any forward-looking
statements. The Company assumes no responsibility to publicly amend, modify or
revise any such statements on the basis of subsequent developments, information
or events.
Economy
and Outlook
Growth
across the global economy continued to be tepid at 2.60% (2.50% in 2013),
driven by varying trends across economies. The US, UK, Germany, and France (all
Emmbi’s focus markets) continued to show improvements, both on account of
better labour market conditions, and easy monetary policies. Japan, China and
other parts of Asia witnessed slower growth, and the oil exporting countries
after years of consolidation, experienced declines due to the sudden drop in
prices of hydrocarbons from June 2014. Global trade grew during the same period
at less, than 4.00%, well below the pre-financial crisis level of 7.00% on
account of lower import demand in high-income countries and structural
adjustments.
The
outlook is expected to be divergent in the coming years, with the developed
economies, showing improved prospects on account of recovery in labour markets,
fiscal consolidation, and the low interest rate scenario. The oil exporting
economies, are expected to witness significant slowdown, however the capital
buffers that most of these economies possess, and their targeted spending plan
should offset the negative impact to some extent. Emerging economies,
especially the oil importers should benefit from the low prices of
hydrocarbons, as it would reduce inflationary pressures, and fiscal imbalances.
Indian
economy witnessed higher levels of growth at around 6.00% after stagnating at
sub 5.00% levels the past two fiscals. The core industrial sectors of mining,
manufacturing, and power witnessed a pick-up in activities. The growth in the
manufacturing sector was lower than what was ideal, both on account of subdued
demand, and lower capital commitments as the industry perhaps waited for more
positive policies from the government, prior to committing to investments.
Services sector continued to impress with its growth, and despite erratic
monsoons, there was improvement in the agricultural sector. Unfortunately the
agri-sector continues to depend on monsoon as a large part of it is rain-fed,
and any variation from historical pattern, can affect its output.
The
outlook for India continues to be positive, with inflation in check, we could
anticipate a gradual decline in interest rates, which has been a hurdle for
capital investments. Moreover if oil prices remain at current levels, it may
also spur up private consumption besides helping the government manage
subsidies, and reduce the deficit improving prospects moving forward.
The
governmental agenda of the “Make in India” should be a growth booster to the
manufacturing sector, and bring positive structural changes to the economy.
Manufacturing which currently contributes to 16% of India’s GDP, under this
scheme is expected to grow to an ambitious 25%. Given such a scenario it is
expected that manufacturing sector would double itself every three years. For
this to translate into reality, large-scale improvements and investments are
required both at the infrastructure, and industry levels.
Moreover
the government is also expected to ease certain norms, allow incentives, and
rationalise taxation to achieve this goal. Risks remain at local, and the
global level; events in the Euro area, Russia or a political turmoil could
affect not only projected growth, but also currency, and lead to flight of
capital.
(3)
Sector Performance
The
Polymer sector in India is valued at $30 billion, and this grew at 8% last year,
and, growth rate is pegged at 10% for the coming year. India is steadily
gaining a foothold in the global market, as China no longer offers the same
cost and other advantages.
Technical
textiles, which are essentially fabric woven out of polymers has been
experiencing a healthy growth in the region of 15% upwards for the past five
years. Traditionally North America, and Europe were the mainstay markets,
however this is changing with increased demand from Asia, on account of greater
consumption needs. Emmbi is expected to grow at a much faster rate compared to
the industry.
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 (Euro) |
As
on 31.03.2014 (Euro) |
||||||||||||||||||
|
LONG TERM
BORROWING |
|
|
||||||||||||||||||
|
From Corporates |
619436 |
64366 |
||||||||||||||||||
|
SHORT TERM
BORROWING |
|
|
||||||||||||||||||
|
Working Capital Loans from Banks |
9798873 |
8326479 |
||||||||||||||||||
|
Total |
10418309 |
8390845 |
||||||||||||||||||
|
Note: Repayment Schedule (Euro)
|
||||||||||||||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10532348 |
26/09/2014 |
4,150,750.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG
BUDHKAR MARG,, WORLI, MUMBAI, MAHA |
C34319145 |
|
2 |
10407002 |
14/02/2013 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B69169209 |
|
3 |
10407001 |
12/02/2013 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST) BRANCH,
8, CAMA INDUSTRIAL ESTATE, |
B69168524 |
|
4 |
10403195 |
17/01/2015 * |
826,100,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
C48149306 |
|
5 |
10373999 |
21/04/2015 * |
140,000,000.00 |
AXIS BANK LIMITED |
WORLI BRANCH,
GROUND FLOOR, AXIS HOUSE, C-2,, WAD |
C53072401 |
|
6 |
10259786 |
20/12/2012 * |
65,000,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
B68184373 |
|
7 |
10250929 |
22/08/2015 * |
250,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
WORLD TRADE
COMPLEX, 21 FLOOR,, CUFFE PARADE,, MU |
C62581749 |
|
8 |
10041394 |
06/12/2014 * |
360,000,000.00 |
PUNJAB NATIONAL BANK |
GOREGAON (EAST)
BRANCH, 8, CAMA INDUSTRIAL ESTATE, |
C48144554 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Euro)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
Guarantees Guarantee by Banks to Electricity Department (Silvassa) |
95775 |
62676 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH,
JUNE, 2015
(Euro)
|
|
Particulars |
Quarter
ended 30.06.2015 |
|
Income from Operations |
|
|
|
a) Income from Operations |
6468028 |
|
|
b) Other Operating Income |
33662 |
|
|
Total Income from Operations (Net) |
6501690 |
|
|
Expenses |
|
|
|
a) |
Cost of Materials consumed |
3813944 |
|
b) |
Purchase of stock in-trade |
814366 |
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(332676) |
|
d) |
Employee benefit expenses |
225634 |
|
e) |
Depreciation and amortization expense |
119155 |
|
f) |
Other expenses |
1165915 |
|
Total Expenses |
5806479 |
|
|
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
695211 |
|
Other Income |
74366 |
|
|
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
769577 |
|
Finance Costs |
333239 |
|
|
Profit /(Loss) from ordinary activities before tax |
436338 |
|
|
Tax Expense |
131690 |
|
|
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
304648 |
|
|
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
2476635 |
|
|
Reserve excluding
revaluation reserves |
-- |
|
|
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
Basic |
0.12 |
|
|
Diluted |
0.12 |
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
Public Shareholding |
|
|
|
- No. of Shares |
7593501 |
|
|
- Percentage of
Shareholding |
42.92 |
|
|
Promoters and promoter group shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
NIL |
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
NIL |
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
NIL |
|
|
b) Non- encumbered |
|
|
|
- Number of shares |
10096749 |
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
57.08 |
|
|
Particulars |
Quarter
ended 30.06.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
The Financial results have been reviewed by Audit Committee and approved by the Board of directors in its meeting held on 12th August, 2015. The above results have been subjected to limited review by Statutory Auditors of the Company as required under clause 41 of the Listing Agreement.
The entire operation of the Company relate to only one segment viz. Polymer
based multiple products.
Figures of the quarter ended 31st March, 2015 are the balancing figures between
audited figures in respect of the full financial year and published
year-to-date figures up to the third quarter of the relevant financial year.
Figures for the Previous period /quarter have been rearranged, re-grouped or
reclassified wherever necessary, to confirm with the figures for the current
period/quarter.
The Company is in the process of determining and identifying significant
components of Fixed Assets as prescribed under Schedule II to the Companies
Act, 2013 and the resultant impact if any will be considered in due course
during F.Y. 2015-16.
The Company has established a wholly owned subsidiary in Denmark namely
"Emmbi Scandinavia Aps" on 29th June, 2015. This Company is
established with the object to augment its export to endusers and improve
knowledge through direct customer interaction in the Scandinavian Region.
FIXED ASSETS
Tangible Fixed Assets
· Freehold Land
· Building
· Compound Wall
· Plant And Machinery
· Electrical Installation
· Furniture & Fixtures
· Crates
· Office Equipment
· Other Equipment
· Vehicles
Intangible Fixed
Assets
· Brand Development Expenses
· Knowledge Development Expenses
· Foreign Trade Fair Expenses
· Research And Development Expenses
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.