MIRA INFORM REPORT
|
Report No. : |
339559 |
|
Report Date : |
04.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BERGER PAINTS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Berger House, 129 Park Street, Kolkata – 700017, West Bengal |
|
Tel. No.: |
91-33-22299724 to 28 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
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|
Date of
Incorporation : |
17.12.1923 |
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|
|
|
Com. Reg. No.: |
21-004793 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.693.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51434WB1923PLC004793 |
|
|
|
|
IEC No.: |
0288019539 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCB0976E |
|
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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
: |
Manufacturer, Exporter and Importer of Synthetic resins and paints, Varnishes,
Enamels, etc. |
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|
|
|
No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 36000000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a one of the oldest paint companies in India. It manufactures paints and varnishes, and is present in all product segments, including decorative, general industrial, automotive, protective, and powder coatings. It is a well-established and reputed company having fine track record. The rating takes into consideration Berger Paints' established position in the Indian paints industry and it is a second-largest player in the paints industry supported by strong brand name with well-spread distribution network and wide product portfolio of the company. Further rating also takes into consideration company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trader relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 |
CRISIL |
|
Rating |
Long term rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
05.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
05.08.2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Shantanu Ghosh |
|
Designation : |
Accountant |
|
Contact No.: |
91-9230004006 |
LOCATIONS
|
Registered Office : |
Berger House, 129 Park Street, Kolkata – 700017, West Bengal, India |
|
Tel. No.: |
91-33-22299724 to 28 |
|
Mobile No.: |
91-9230004006 (Mr. Shantanu Ghosh) |
|
Fax No.: |
91-33-22499009/ 22499729/ 22003549 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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|
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Plant 1 : |
14 and |
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Tel. No.: |
91-33-2668 4706 |
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Fax No.: |
91-33-2668 2956 |
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|
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Plant 2 : |
RS No. 53-56 Pandasozhanallur, Village – Nettapakkam Commune,
Pondicherry – 605 106, Tamil Nadu, India |
|
Tel. No.: |
91-431-2699574 / 171 |
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Fax No.: |
91-431-2699171 |
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|
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Plant 3 : |
316-317, Kundaim Industrial Estate, Kundaim, North |
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Tel. No.: |
91-832-2395610 / 6407 |
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Fax No.: |
91-832-2395663 / 239 5610 |
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Plant 4 : |
D-20, Site-B, Surajpur Industrial Area, Greater Noida, District Gautam
Budh Nagar, Surajpur, India |
|
Tel. No.: |
91-120-2561320 / 2560621 / 2561321 |
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Plant 5 : |
38A, Industrial Area, |
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Tel. No.: |
91-5735-222384 / 222249 |
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Plant 6 : |
SIDCO Industrial Growth Centre, Sambha, District Jammu, Jammu and
Kashmir – 184 121 |
|
Tel. No.: |
09123-246451 / 58 / 59 |
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Plant 7 : |
103, G.T. Road, Rishra, Hooghly – 712 248 |
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Tel. No.: |
91-33-26720641 / 42 |
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Branch Office: |
Plot No.9, 10, 11, Survey No.112/1, Navagama Ruda Transport, Rajkot -
360 003, Gujarat, India |
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|
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Sales Office : |
804, Windfall Sahar Plaza Complex, J. B. Nagar, Andheri (East), Mumbai
– 400059, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Kuldip Singh Dhingra |
|
Designation : |
Chairman |
|
Address : |
3, Tees Janaury Marg,, Delhi, Delhi - 110011, India |
|
Date of Appointment : |
17.07.1991 |
|
DIN No.: |
00048406 |
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|
|
|
Name : |
Mr. Gurbachan Singh Dhingra |
|
Designation : |
Vice-Chairman |
|
Address : |
Rahen Basera, 6 Sultanpur Farms, Mehrauli, New Delhi - 110030, India |
|
Date of Appointment : |
14.05.1993 |
|
DIN No.: |
00048465 |
|
|
|
|
Name : |
Mr. Abhijit Roy |
|
Designation : |
Managing Director And Chief Executive Officer |
|
Address : |
Flat No - 3d, Block - 1, 10 Convent Road, Po/Ps - Entally, Kolkata - 700014, West Bengal, India |
|
Date of Appointment : |
11.02.2011 |
|
DIN No.: |
03439064 |
|
|
|
|
Name : |
Mr. Kamal Ranjan Das |
|
Designation : |
Director |
|
Address : |
8 Short Street, Kolkata - 700017, West Bengal, India |
|
Date of Appointment : |
20.05.1993 |
|
DIN No.: |
00048491 |
|
|
|
|
Name : |
Mr. Kanwardip Singh Dhingra |
|
Designation : |
Additional Director |
|
Address : |
Rahen Basera 6, Sultanpur Farms, Village Sultanpur, Mehrauli, New Delhi - 110030, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
02696670 |
|
|
|
|
Name : |
Mr. Naresh Gujral |
|
Designation : |
Additional Director |
|
Address : |
5a, Amrita Shergill Marg, New Delhi - 110003, India |
|
Date of Appointment : |
20.08.2014 |
|
DIN No.: |
00028444 |
|
|
|
|
Name : |
Mrs. Rishma Kaur |
|
Designation : |
Additional Director |
|
Address : |
New Motibagh Palace, Patiala, Patiala - 147001, Punjab, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
00043154 |
|
|
|
|
Name : |
Mr. Gopal Krishna Pillai |
|
Designation : |
Additional Director |
|
Address : |
D - 241, 2nd Floor, Sarvodaya Enclave, New Delhi - 110017, India |
|
Date of Appointment : |
12.09.2014 |
|
DIN No.: |
02340756 |
|
|
|
|
Name : |
Mr. Pulak Chandan Prasad |
|
Designation : |
Director |
|
Address : |
Block-10 Cuscaden Walk, 21-01 Singapore - 249693, Singapore |
|
Date of Appointment : |
13.11.2009 |
|
DIN No.: |
00003557 |
|
|
|
|
Name : |
Mr. Dhirendra Swarup |
|
Designation : |
Additional Director |
|
Address : |
A-9 / 13B, Vasant Vihar, New Delhi - 110057, India |
|
Date of Appointment : |
08.09.2014 |
|
DIN No.: |
02878434 |
KEY EXECUTIVES
|
Name : |
Mr. Aniruddha Sen |
|
Designation : |
Company Secretary |
|
Address : |
Flat A-1, Sohail Regency, 252/2 N S C Bose Road, Kolkata - 700040, West Bengal, India |
|
Date of Appointment : |
17.05.2010 |
|
PAN No. : |
AKTPS1168C |
|
|
|
|
Name : |
Mr. Shantanu Ghosh |
|
Designation : |
Accountant |
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|
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BOARD COMMITTEES : |
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|
Audit Committee : |
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Compensation
Committee and Nomination and Remuneration : |
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CSR Committee : |
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Business Process and
Committee Risk Management : |
|
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
33045616 |
4.77 |
|
|
386311794 |
55.72 |
|
|
419357410 |
60.49 |
|
|
|
|
|
|
100469130 |
14.49 |
|
|
100469130 |
14.49 |
|
Total shareholding
of Promoter and Promoter Group (A) |
519826540 |
74.98 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
4800454 |
0.69 |
|
|
186283 |
0.03 |
|
|
11796452 |
1.70 |
|
|
63800354 |
9.20 |
|
|
80583543 |
11.62 |
|
|
|
|
|
|
29711510 |
4.29 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
56878818 |
8.20 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
1846585 |
0.27 |
|
|
4441354 |
0.64 |
|
|
1294397 |
0.19 |
|
|
233935 |
0.03 |
|
|
68928 |
0.01 |
|
|
2844094 |
0.41 |
|
|
92878267 |
13.40 |
|
Total Public
shareholding (B) |
173461810 |
25.02 |
|
Total (A)+(B) |
693288350 |
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) |
693288350 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Synthetic resins and paints, Varnishes,
Enamels, etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
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Exports : |
|
|
Products : |
Synthetic Resins |
|
Countries : |
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|
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
China |
|
|
|
|
Terms : |
|
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Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Plot-No. Y-14, Salt Lake, Block-EP, Sector-5, Kolkata – 700091, West Bengal, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
BPIL is an Associate
Company of UKPI Limited.: |
|
|
|
|
|
Joint Venture Company: |
|
|
|
|
|
Wholly owned Subsidiary
company : |
|
|
|
|
|
Subsidiary of Beepee
Coatings Private Limited |
|
|
|
|
|
Enterprise over which
directors have significant influence : |
|
CAPITAL STRUCTURE
After 01.08.2014
Authorised Capital: Rs.750.000 Million
Issued, Subscribed & Paid-up Capital: Rs.693.288
Million
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.1/- each |
Rs.750.000 Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
693375600 |
Equity Shares |
Rs.1/- each |
Rs.693.400
Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
693284120 |
Equity Shares |
Rs.1/- each |
Rs.693.300
Million |
|
|
|
|
|
Reconciliation of
the number of shares and the amount of share capital:
|
Equity Shares |
For the year
ended 31st March 2015 |
|
|
Number of Shares |
% Holding |
|
|
Balance as at 1st
April |
692962634 |
693.000 |
|
Add: Shares issued on
exercise of employee stock options |
321486 |
0.300 |
|
Balance as at 31st March |
693284120 |
693.300 |
Details of Shareholders
having more than 5% of holding:
|
Name of
Shareholder |
As at 31st March, 2015 |
|
|
Number of Shares |
% holding |
|
|
U K Paints (India Limited) |
336797404 |
48.58 |
|
Jenson and Nicholson (Asia) Limited, UK |
100469130 |
14.49 |
|
Nalanda India Fund Limited |
36249576 |
5.23 |
Terms / rights
attached to equity shares:
Share Capital comprises of only equity shares of Rs.1/- each. The equity shares rank pari passu in all respects including right to dividend, issue of new shares and voting rights.
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 |
693.300 |
693.000 |
692.600 |
|
(b) Reserves & Surplus |
12234.700 |
10625.900 |
9151.700 |
|
(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) |
12928.000 |
11318.900 |
9844.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
335.700 |
260.100 |
166.400 |
|
(c) Other long term
liabilities |
143.800 |
158.000 |
124.700 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
479.500 |
418.100 |
291.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2884.900 |
3028.000 |
3030.200 |
|
(b) Trade payables |
5091.200 |
4884.700 |
3465.000 |
|
(c) Other current liabilities |
1064.000 |
968.100 |
943.000 |
|
(d) Short-term provisions |
654.900 |
991.400 |
814.700 |
|
Total
Current Liabilities (4) |
9695.000 |
9872.200 |
8252.900 |
|
|
|
|
|
|
TOTAL |
23102.500 |
21609.200 |
18388.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6350.700 |
5348.000 |
3144.300 |
|
(ii) Intangible Assets |
125.700 |
136.200 |
72.500 |
|
(iii) Capital work-in-progress |
875.100 |
1322.200 |
1661.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
51.000 |
|
(b) Non-current Investments |
1092.600 |
971.200 |
807.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
326.700 |
406.000 |
656.300 |
|
(e) Other Non-current assets |
1.400 |
0.000 |
0.800 |
|
Total
Non-Current Assets |
8772.200 |
8183.600 |
6393.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1344.900 |
901.700 |
98.200 |
|
(b) Inventories |
6465.000 |
6187.000 |
5769.100 |
|
(c) Trade receivables |
4344.100 |
3832.100 |
3245.500 |
|
(d) Cash and cash equivalents |
1411.500 |
1630.700 |
2225.400 |
|
(e) Short-term loans and
advances |
661.000 |
768.900 |
548.000 |
|
(f) Other current assets |
103.800 |
105.200 |
108.300 |
|
Total
Current Assets |
14330.300 |
13425.600 |
11994.500 |
|
|
|
|
|
|
TOTAL |
23102.500 |
21609.200 |
18388.300 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
38065.100 |
33848.200 |
30242.100 |
|
|
Other Income |
341.900 |
305.900 |
307.600 |
|
|
TOTAL
|
38407.000 |
34154.100 |
30549.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
19232.300 |
17729.400 |
16774.600 |
|
|
Purchases of Stock-in-Trade |
3276.400 |
3061.900 |
2357.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(247.300) |
(271.900) |
(414.900) |
|
|
Employees benefits expense |
1782.100 |
1587.400 |
1399.600 |
|
|
Other expenses |
9267.600 |
7845.000 |
6761.800 |
|
|
TOTAL
|
33311.100 |
29951.800 |
26878.900 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
5095.900 |
4202.300 |
3670.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
347.200 |
342.600 |
276.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4748.700 |
3859.700 |
3394.100 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
786.200 |
582.700 |
462.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
3962.500 |
3277.000 |
2931.300 |
|
|
|
|
|
|
|
Less |
TAX |
1302.200 |
934.500 |
833.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2660.300 |
2342.500 |
2098.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6324.500 |
5108.000 |
3949.100 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
234.200 |
209.800 |
|
|
Dividend (Proposed) |
450.000 |
762.300 |
623.300 |
|
|
Tax on Dividend |
416.000 |
129.500 |
106.000 |
|
|
Interim Dividend |
416.000 |
0.000 |
0.000 |
|
|
Tax on Interim Dividend |
85.200 |
0.000 |
0.000 |
|
|
Total
|
1042.900 |
1126.000 |
939.100 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
7941.900 |
6324.500 |
5108.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. value of Export |
17.700 |
30.400 |
25.900 |
|
|
Consultancy Fees |
1.900 |
1.900 |
1.700 |
|
|
TOTAL
EARNINGS |
19.600 |
32.300 |
27.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4764.100 |
3842.300 |
3428.500 |
|
|
Components and Stores parts |
18.700 |
2.400 |
5.900 |
|
|
Capital Goods |
2.600 |
28.000 |
108.600 |
|
|
TOTAL
IMPORTS |
4785.400 |
3872.700 |
3543.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.84 |
3.38 |
3.03 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
36000.000 |
The above information has been parted by Mr. Shantanu Ghosh
(Accountant).
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 |
4500.100 |
4284.400 |
2675.400 |
|
Net cash from operating activities |
3120.100 |
3374.400 |
1766.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.99 |
6.92 |
6.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
13.39 |
12.42 |
12.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.75 |
16.97 |
18.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.29 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.22 |
0.27 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.36 |
1.45 |
STOCK
PRICES
|
Face Value |
Rs.1.00 /- each |
|
Market Value |
Rs.212.15/- each |
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 |
692.600 |
693.000 |
693.300 |
|
Reserves & Surplus |
9151.700 |
10625.900 |
12234.700 |
|
Net worth |
9844.300 |
11318.900 |
12928.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3030.200 |
3028.000 |
2884.900 |
|
Total borrowings |
3030.200 |
3028.000 |
2884.900 |
|
Debt/Equity ratio |
0.308 |
0.268 |
0.223 |
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 |
30242.100 |
33848.200 |
38065.100 |
|
|
|
11.924 |
12.458 |
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 |
30242.100 |
33848.200 |
38065.100 |
|
Profit |
2098.000 |
2342.500 |
2660.300 |
|
|
6.94% |
6.92% |
6.99% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
CULCUTTA HIGH COURT |
||||
|
CASE STATUS INFORMATION SYSTEM |
||||
|
Case Status : Pending |
||||
|
Status of INCOME TAX APPEAL
TENDERED 62 of 2011 |
||||
|
COMMISSIONER OF INCOME
TAX, KOL-IV, KOLK VS. BERGER PAINTS (INDIA) LIMITED |
||||
|
Pet’s Adv. : S.
S. SARKAR |
||||
|
Res’s Adv. : |
||||
|
Court No. :
9 Last Listed On : Monday, June 15, 2015 |
||||
|
Category :
INCOME TAX : REVENUE |
||||
|
||||
|
Case Updated on : Friday, June 12, 2015 |
FINANCIAL PERFORMANCE
During
the financial year ended 31st March, 2015, the Company achieved net
consolidated revenue from operations of Rs.43220.600 Million as against Rs.
38697.200 Million in the previous year registering a growth of 11.69%. The
profit before depreciation, interest and tax was Rs. 5467.400 Million as
against Rs. 4673.200 Million in the previous year, recording an improvement of
17%. The profit before tax was Rs. 4041.000 Million (2013-14: Rs. 3499.800
Million) and the profit after tax was Rs. 2647.000 Million (2013-14: Rs.
2493.900 Million), representing an increase of 15.46% in profit before tax and
6.14% in profit after tax.
On a
standalone basis, the growth in sales was 12.5% and that of profit after tax,
13.5%. The growth in EBIDTA was 21.26 %. The income tax holiday period at two
of the Company’s units at Jammu expired on 31st March, 2014, leading to
increase in effective tax rate from about 28% to about 33%.
FOCUS AND OUTLOOK
FOR 2015-16
The
phenomenal rise in GDP over the past two decades has brought millions of
Indians into the chalice of a group now known as the emerging middle class. Young
Indians, particularly those belonging to the middle class and emerging middle
class, have rising aspirations and marked preferences. The Company believes
that given the right policy directions and implementation, the consumption of
paints will definitely increase at a steady rate from the current national
average of 4 kgs. Per capita. The consensus growth rate in GDP for the year
2015-16 seems to be 7.5% and that for the next year, 7.9%, calculated albeit on
a different base year. The World Bank believes that there would be much faster
growth by 2020-21. The rate of growth is bound to generate fresh demand for
paints all over.
To
cater to these requirements, the Company will launch fresh products with unique
properties in texture coatings, wood coatings and construction chemicals,
re-formulate some of its decorative paint products for better finish and
durability, introduce new offerings in water based and enamel based ranges and
improve packaging. The Company has already successfully developed all the
emulsions which are key intermediates for water based paints and will continue
to improve upon these. In the Industrial range of businesses, the Company will
continue to focus on fresh possibilities, product development and better
services. Industrial Business Line growths, particularly that of protective
coatings, are expected to look up in the current year.
COMPANY’S OPERATION
Over
the last five years (FY 10-11 to FY 14-15), the Company’s revenues, for all its
businesses, net of excise duties, grew at a CAGR of 17.57%. The EBIDTA
(excluding other income) growth rate was 20.59%. While the decorative business
continued to be the consistent performer, in the year under review, all the
businesses of the Company registered growth. This was possible through new
business development, sale of higher value added products and enrichment of
product portfolio.
The
Company’s decorative business constitutes around 80% of its overall
business. All the products of the Company including the premier ones such as
Silk, Weather coat All Guard and Easy Clean as well as others like Bison and
Luxol Hi Gloss received support from the market. All advertised products are
growing fast. The Company continued to upgrade the formulation of these
products in accordance with the customer requirements. In Wood Coatings,
Imperia - a high end coating with polyurethane finish and Wood keeper PU, an
all-purpose exterior coating, performed well in the market. The Company
launched Tartaruga Hi-Build, an exterior textured wall coating, incorporating a
selection of coloured grits with silicon for water resistance, in the previous
year and this was received by the market with enthusiasm. The Company’s
construction chemicals business continued to grow.
During
the year, the Company launched Express Painting – a hassle free, fast and
clean solution for painting of houses. The customers have often expressed their
apprehension about the dust generated and time taken to carry out painting
work. This is one of the major reasons for households deferring this essential
task. Express Painting addresses this apprehension for a faster, cleaner and
better painting experience - providing all round comfort to customers. Express
Painting or XP involves dealers, contractors and painters along with special
equipment and customized training for the purpose of providing a quick and
convenient painting service. The Prolinks Division, which deals with large
projects, progressed considerably during the year.
The
General Industrial and Automotive Business registered satisfactory growth
riding on the back of diverse formulations for automotive, two wheelers,
commercial vehicles and other industrial customers as well as development of
new customers. The Company continues to be the leader in the Protective
Coatings Business. This Business should further pick up upon execution of
planned infrastructure projects and availability of more funds in the market.
Powder coatings also bettered its performance.
All
the factories of the Company operated at a satisfactory level and continued to
provide the required support to the marketing teams. During the year, the
Company’s fully automated water based plant at Hindupur in Andhra
Pradesh and powder coatings plant at Jejuri were commissioned. These will
address supply needs of some key markets and provide flexibility to operations.
Automation of charging, filling and material handling systems, installation of
energy efficient equipment and standardization of processes resulted in
optimisation of production, minimisation of waste and uniformity in quality.
During
the year, the Company’s raw material costs, as percentage of sales, were lower
mainly due to better product mix, higher sales price realization, some
softening in raw material prices and improved buying.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Import Finance From Banks – Buyer’s Credit |
754.100 |
32.000 |
|
Total |
754.100 |
32.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10559827 |
30/06/2015 * |
1,299,649,500.00 |
BNP PARIBAS |
20 COLLYER QUAY, 01-01, TUNG CENTRE, SINGAPORE - 049319, SINGAPORE |
C58437807 |
|
2 |
10159037 |
18/03/2009 |
580,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARGLETTER, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
A60860749 |
|
3 |
10132650 |
16/10/2008 |
270,000,000.00 |
CORPORATION BANK |
DHARMTOLLA BRANCH, 8 LENIN SARANI, KOLKATA - 700013, WEST BENGAL, INDIA |
A52226917 |
|
4 |
90250293 |
30/03/2000 * |
40,000,000.00 |
PUNJAB NATIONAL BANK |
PARK STREET BRANCH, 44 PARK STREET, CALCUTTA - 700017, WEST BENGAL, INDIA |
- |
|
5 |
90250209 |
12/03/1997 |
50,000,000.00 |
INDUSTRIAL RECONSTRUCTION BANK OF INDIA |
19; NETAJI SUBHASD ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA |
- |
|
6 |
90250132 |
23/07/1996 * |
100,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDA |
VIKAS DEEP, 22 STATION ROAD, LUCKNOW - 226019, UTTAR PRADESH, INDIA |
- |
|
7 |
90251118 |
05/02/1997 * |
18,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 1/1; CAMAC STREET, CALCUTTA - 700016, WEST BENGAL, INDIA |
- |
|
8 |
90250113 |
15/09/1995 |
20,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 24; PARK STREET, CALCUTTA - 700016, WEST BENGAL, INDIA |
- |
|
9 |
90250029 |
22/06/1994 |
27,500,000.00 |
PUNJAB AND SIND BANK |
8 OLD COURT HOUSE
STREET, CALCUTTA - |
- |
|
10 |
90249997 |
07/01/1994 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
PARK STREET BRANCH, 1; PARK STREET, CALCUTTA - 700001, WEST BENGAL, INDIA |
* Date of charge modification
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
3 Months ended 30.06.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
10113.900 |
|
Other operating income |
30.100 |
|
Total
income from Operations(net) |
10144.000 |
|
Expenditure |
|
|
Cost of material consumed |
4910.800 |
|
Purchases of stock in trade |
983.000 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(76.400) |
|
Employees benefit expenses |
506.500 |
|
Depreciation and amortization expenses |
211.500 |
|
Other expenditure |
2366.300 |
|
Total expenses |
8901.700 |
|
Profit
from operations before other income and financial costs |
1242.300 |
|
Other income |
74.500 |
|
Profit from
ordinary activities before finance costs |
1316.800 |
|
Finance costs |
57.300 |
|
Profit from
ordinary activities before tax Expense: |
1259.500 |
|
Tax expenses |
431.500 |
|
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
828.000 |
|
Paid-up equity share capital (Nominal value Rs.1/- per share) |
693.300 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
Earnings per share (of Rs.1/- each) (not annualized): |
|
|
Basic |
1.19 |
|
Diluted |
1.19 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
173461810 |
|
- Percentage of shareholding |
25.02 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
519826540 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
74.98 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
Nil |
Note:
- The Company has only one business segment - Paints.
- During the quarter ended June 30, 2015 , the Company has allotted 4,230 equity shares of Re. 1/ each fully paid up to its eligible employees on their exercise of the options granted to them earlier, pursuant to Employees Stock Option Plan (ESOP).
- The above results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors at its meeting held on August 03, 2015. These results have been subjected to a ‘Limited Review' by the statutory auditors of the Company.
- Figures for the previous periods have been regrouped, wherever necessary.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Computer and Office Equipment
- Motor Cars and Other Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.22 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
74 |
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.