MIRA INFORM REPORT
|
Report No. : |
340893 |
|
Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
STYLAM INDUSTRIES LIMITED |
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|
Formerly Known
As : |
GOLDEN LAMINATES LIMITED |
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Registered
Office : |
SCO 14, Sector 7- C, Madhya Marg, Phase-I, Chandigarh – 160019 |
|
Tel. No.: |
91-172-5021555 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
28.10.1991 |
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Com. Reg. No.: |
53-011732 |
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Capital
Investment / Paid-up Capital : |
Rs.73.162 Million |
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CIN No.: [Company Identification
No.] |
L20211CH1991PLC011732 |
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IEC No.: |
2292000318 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PTLG10945E |
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PAN No.: [Permanent Account No.] |
AAACG5969R |
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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 of laminates |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
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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 incorporated during the year 1991.
It has a satisfactory track record. For the financial year 2015, the company has decent operational
activity marked by good top line growth i.e. 15.6% along with improvement in
sales turnover and achieved a profitability margin of 4.3%. The rating takes into consideration, the ability of the company to
efficiently manage its working capital, healthy financial risk profile along
with favourable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payments are
reported as usually correct. In view of healthy financial risk profile, 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 |
|
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 |
13.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities= A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.04.2014 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Sanjeev Vaid |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-172-5021555 |
|
Date : |
12.09.2015 |
LOCATIONS
|
Registered Office : |
SCO 14, Sector 7- C, Madhya Marg, Phase-I, Chandigarh – 160019, India |
|
Tel. No.: |
91-172-5021555 / 5021666 |
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Fax No.: |
91-172-2795213 / 5021495 |
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E-Mail : |
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Website : |
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Works : |
192-193, Industrial Area, Panchkula – 134108, Haryana, India |
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Tel. No.: |
91-172- 2565387 |
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Fax No.: |
91-172-2565033 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Jagdish Gupta |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Satish Gupta |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. Mahavir Singh |
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Designation : |
Director |
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|
Name : |
Mr. Satpal Garg |
|
Designation : |
Director |
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|
Name : |
Mr. Ravinder Krishan |
|
Designation : |
Director |
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|
Name : |
Ms. Usha Gupta |
|
Designation : |
Director |
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|
Name : |
Mr. Manav Gupta |
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Designation : |
Whole time Director and Chief Finance Officer |
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|
Name : |
Mr. Manit Gupta |
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Designation : |
Additional Director |
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|
Name : |
Ms. Sonia Aggarwal |
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Designation : |
Additional Director in Independent Capacity |
KEY EXECUTIVES
|
Name : |
CS. Sonia Arora |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Sanjeev Vaid |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1854413 |
25.35 |
|
|
2449643 |
33.48 |
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|
2449643 |
33.48 |
|
|
4304056 |
58.83 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
4304056 |
58.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
451044 |
6.17 |
|
|
|
|
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Individual shareholders holding nominal share capital up
to Rs.0.100 million |
1300726 |
17.78 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 million |
1066978 |
14.58 |
|
|
193396 |
2.64 |
|
|
62571 |
0.86 |
|
|
120581 |
1.65 |
|
|
10244 |
0.14 |
|
|
3012144 |
41.17 |
|
Total Public shareholding (B) |
3012144 |
41.17 |
|
Total (A)+(B) |
7316200 |
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) |
7316200 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of laminates |
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Products : |
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Brand Names : |
“STYLAM” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· ING Vysya Bank Limited, Sector 8-C, Chandigarh, India |
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Facilities : |
NOTES: Long Term Borrowings Term Loan from Financial Institution is secured by mortgage and first charge on immovable and movable property, both present and future, at Plot No.19, Sector-22, Information Technology Park, Panchkula, and second charge on the fixed assets at Plot No.192-193, Industrial Area, Phase-I, Panchkula All other term Loans are secured by mortgage and charge on the immovable and movable properties of the company, both present and future, at Plot No.192-193, Industrial Area, Phase-I, Panchkula and second charge on the current assets of the company. Term loans are further secured by personnel guarantee of the promoter/directors of the company. Finance of vehicles are secured by hypothecation of particular vehicle. Short Term Borrowings All working Capital Loans are secured by first charge by way of hypothecation of current assets of the company and its branches and second charge over movable and immovable properties of the company at Industrial Area, Panchkula and second charge on movable and immovable property at Plot No.19, Sector-22, Information Technology Park, Panchkula. |
|
Auditors : |
|
|
Name : |
Sunil k Sood and Company Chartered Accountants |
|
Address : |
#143, Sector-7, Panchkula – 134109, Haryana, India |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Enterprises over which Key Managerial Personnel
are able to exercise significant influence : |
· Golden Chemtech Private Limited · Amravati Infrastructure Developers Limited · Evershine Recreation Private Limited · Zeal Exim Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8050000 |
Equity Shares |
Rs. 10/- each |
Rs.80.500 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7361200 |
Equity Shares |
Rs. 10/- each |
Rs.73.162 Million |
|
|
|
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|
The detail of the
equity shares held by each shareholder holding more than 5% is as below:-
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Jagdish Gupta |
985450 |
13.47% |
|
Satish Gupta |
868963 |
11.88% |
|
Manit Gupta |
412198 |
5.63% |
|
Usha Gupta |
712875 |
9.74% |
|
Pushpa Gupta |
550970 |
7.53% |
|
Rattan Devi |
385700 |
5.27% |
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 |
73.162 |
73.162 |
73.162 |
|
(b) Reserves & Surplus |
367.291 |
273.362 |
205.103 |
|
(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) |
440.453 |
346.524 |
278.265 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
378.335 |
294.330 |
233.731 |
|
(b) Deferred tax liabilities (Net) |
16.105 |
14.926 |
12.046 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
394.440 |
309.256 |
245.777 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
415.107 |
400.045 |
361.771 |
|
(b) Trade
payables |
130.944 |
143.037 |
79.434 |
|
(c) Other
current liabilities |
86.521 |
103.879 |
154.520 |
|
(d) Short-term
provisions |
26.919 |
9.951 |
14.849 |
|
Total Current
Liabilities (4) |
659.491 |
656.912 |
610.574 |
|
|
|
|
|
|
TOTAL |
1494.384 |
1312.692 |
1134.616 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
486.412 |
506.975 |
307.380 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
307.332 |
203.640 |
183.793 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
33.774 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
793.744 |
710.615 |
524.947 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
254.502 |
246.354 |
311.001 |
|
(c) Trade
receivables |
335.662 |
262.842 |
204.924 |
|
(d) Cash
and cash equivalents |
19.329 |
35.643 |
12.305 |
|
(e)
Short-term loans and advances |
87.517 |
52.937 |
78.183 |
|
(f) Other
current assets |
3.630 |
4.301 |
3.256 |
|
Total
Current Assets |
700.640 |
602.077 |
609.669 |
|
|
|
|
|
|
TOTAL |
1494.384 |
1312.692 |
1134.616 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2138.095 |
1849.260 |
1402.113 |
|
|
|
|
Other Income |
6.491 |
19.809 |
12.106 |
|
|
|
|
TOTAL (A) |
2144.586 |
1869.069 |
1414.219 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1272.759 |
1130.136 |
941.521 |
|
|
|
|
Purchase of Stock-in-trade |
39.829 |
49.675 |
2.691 |
|
|
|
|
(Increase)/Decrease in finished goods |
(12.447) |
(18.287) |
(69.081) |
|
|
|
|
Employee Benefits Expenses |
132.155 |
110.412 |
99.763 |
|
|
|
|
Other Expenses |
481.909 |
397.772 |
302.649 |
|
|
|
|
TOTAL (B) |
1914.205 |
1669.708 |
1277.543 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
230.381 |
199.361 |
136.676 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
49.298 |
66.815 |
46.633 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
181.083 |
132.546 |
90.043 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
41.993 |
32.637 |
30.699 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
139.090 |
99.909 |
59.344 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
45.161 |
31.650 |
18.657 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
93.929 |
68.259 |
40.687 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
270.526 |
202.267 |
161.580 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
364.455 |
270.526 |
202.267 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY
ON FOB |
1575.282 |
1483.482 |
1023.945 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
766.193 |
553.936 |
363.405 |
|
|
|
|
Components and spare parts |
15.647 |
8.831 |
0.000 |
|
|
|
|
Capital Goods |
0.000 |
0.000 |
20.468 |
|
|
|
TOTAL IMPORTS |
781.840 |
562.767 |
383.873 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
12.84 |
9.33 |
5.56 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
23.865 |
38.550 |
0.000 |
|
Cash generated from operations |
87.358 |
227.579 |
44.597 |
|
Net cash flow from / (used in) operating activities |
57.198 |
198.810 |
32.495 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
4.39 |
3.69 |
2.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.78 |
10.78 |
9.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
11.72 |
9.01 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.29 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.86 |
2.12 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
0.92 |
1.00 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.131.40/- |
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 |
73.162 |
73.162 |
73.162 |
|
Reserves & Surplus |
205.103 |
273.362 |
367.291 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
278.265 |
346.524 |
440.453 |
|
|
|
|
|
|
long-term borrowings |
233.731 |
294.330 |
378.335 |
|
Short term borrowings |
361.771 |
400.045 |
415.107 |
|
Current Maturities of Long term debt |
0.000 |
38.550 |
23.865 |
|
Total
borrowings |
595.502 |
732.925 |
817.307 |
|
Debt/Equity
ratio |
2.140 |
2.115 |
1.856 |
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 |
1402.113 |
1849.260 |
2138.095 |
|
|
|
31.891 |
15.619 |
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
|
1402.113 |
1849.260 |
2138.095 |
|
Profit |
40.687 |
68.259 |
93.929 |
|
|
2.90% |
3.69% |
4.39% |
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
ECONOMIC OVERVIEW
As per the latest GDP growth estimates, Indian economy grew by 7.4% in FY15 compared to 6.9% in FY14, mostly driven by improved economic fundamentals and revision of GDP methodology calculation. Even inflation showed signs of moderation, a welcome sign - wholesale price and consumer price inflation declined to 4.2% and 7.4% respectively, compared with last year's 6.3% and 10.1%. Reduced inflation, falling crude oil prices, stable Rupee, improved purchasing power and consumer spending, higher capital inflows supported by the government policy reforms have already put India on an accelerating growth track and improved the business outlook.
The Government envisages GDP growth to accelerate to 8% in FY16 driven by strengthening macroeconomic fundamentals and implementation of policy reforms recently announced. Reforms like e-auctions of coal mines and telecom, FDI hike in insurance, speedier regulatory approvals etc. will be critical growth enablers to debottleneck stalled projects, improve the investment outlook and the ease of doing business in the country.
Reforms currently underway such as GST implementation, Amendment on Land Acquisition Bill, Labour Reforms, etc., are expected to provide the requisite thrust for growth in the medium-term.
HIGHLIGHTS OF PERFORMANCE
During the year, against the backdrop of challenging business environment, the company has recorded moderate performance both in income and its profit. The income touched Rs. 2144.500 million which is 16% more than last year and recorded profit of Rs.139.000 million which is up by 39% as over the previous year.
The company had coupled with high level of modernization, concentrated efforts of both Management and dedicated employees; the whole hearted supports of Banks, suppliers and customers attained these levels of performance. The earnings per equity share (of face value of Rs.10/-) for the year increased to Rs.12.84 from Rs.9.33 for the previous year.
During the year 2014-15, the company has recorded revenue from exports, including export incentive entitlement, of Rs. 1678.200 million, which represents 78.25% of total revenue. The company has showcased its products in major exhibitions in strategically important markets.
During the year, the company has also progressed well in domestic business with an increase of 36% in revenues over the previous year.
OUTLOOK
The Company’s outlook remains favourable on account that in spite of the depressed economic conditions during past two years, the prospects for the medium to long term looks promising.
During the last year, a stable Government at the Centre has assumed office and it is expected that major policy reforms would be undertaken with all seriousness. It is expected that interest rates would be softened thereby giving a much needed impetus to manufacturing which would consequently increase consumption. This would lead to an all-round buoyancy especially for the industry and infrastructural sectors.
The government has planned game-changing reforms in indirect tax through the introduction of GST, which is likely to be introduced with effect from 1st April, 2016. Introduction of GST was a much awaited reform and is expected to provide numerous benefits to both business and consumers. With the introduction of GST, supply chain inefficiencies will be reduced, Inter-state trade will become easy and the market will be integrated at the national level.
The government with proactive initiatives like Make in India, Smart Cities and Swachh Bharat Abhiyan, among others will drive the industrial momentum.
BUSINESS OVERVIEW
Subject is in the business of laminates i.e. Decorative Laminates, Metallic Laminates, Compact Laminates, Exterior Laminates, HCL etc.
Stylam decorative laminates are suitable for a wide range of applications in both your home furniture and professional environment like wooden claddings/lining of walls and columns, lift linings, doors, shelves, vanity units, table tops, work-tops, office partitions, counters, cubicles, store fittings, desks, storage units etc.
Stylam decorative laminates are available in wide range of colours in Solids and Woodgrains designs and in many evergreen and new texture finishes and are available in 5 different sizes to cater to your varying needs.
Stylam Metallic (metal foil) laminates provides a modern decorative and innovative appeal to your interiors. Stylam Metallic laminates have bright and reflective surface aspects which render the ambience a modern and sleek look. These laminates are ideal for use in the hospitality, interior design, gaming, entertainment, retail, signage display and furniture industries.
Stylam Compact laminates are formulated with inner core of celluloid fibres impregnated with special thermosetting resins. These resins and the special heat and pressure cycles impart properties of a solid, load bearing hard laminate, which is resistant to wide range of atmospheric and chemical agents for use in internal and external atmospheric conditions. High values of Flexural strength and tensile strength ensures that these laminates are suitable for saw cutting, drilling, machining and punching as per requirement.
Stylam provides an exclusive range of supreme and contemporary colors, designs and textures to choose from their products add on to give an absolute luxurious and aesthetic look to your homes and commercial spaces.
Over the past 23 years, the company has created multiple drivers of growth by developing a portfolio of world-class products. The company’s philosophy is to attain transparency and accountability in its relationship with all its stakeholders, ensuring a high degree of regulatory compliance.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The major end-use segments constitute are New Residential Construction, Residential Replacement, and Commercial Sector i.e. Furniture and interior infrastructure. With tremendous growth in real estate sector and rise in the disposable income of the country’s middle class, there is an anticipated exponential growth in the demand for interior infrastructure products. The projected growth of the company is based on the push and- pull effects of supply and demand determinants like the economic trends in India, growth of infrastructure and housing. The domestic laminates industry is highly fragmented with majority of sector comprising unorganized players though there has been increasing shift in consumer preference from unbranded to branded goods. Competition from both organized as well as unorganized players leads to pricing pressure for the players in the industry. In the Export segment however, demand has been stable on account of shift from the wood based panel products to engineered panels like MDF and particle board. India is one of the largest exporters of the laminates in the world. Players with established track record of delivering quality products in the export markets, including STYLAM have been consistently able to register growth in turnover over the years despite the global slowdown though the prospects of the company will be primarily driver by the demand from the real estate sector and its ability to manage currency fluctuations.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
From Directors |
120.242 |
87.491 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From Others |
3.342 |
3.343 |
|
|
|
|
|
Total |
123.584 |
90.834 |
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2015
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
603.247 |
|
b) Other operating income |
2.766 |
|
Total
income from Operations(net) |
606.013 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
351.984 |
|
b) Purchases of stock in trade |
9.878 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
11.768 |
|
d) Employees benefit expenses |
37.684 |
|
e) Depreciation and amortization expenses |
11.395 |
|
f) Other expenditure |
129.120 |
|
Total expenses |
551.829 |
|
3. Profit from operations before other income and
financial costs |
54.184 |
|
4. Other income |
0.000 |
|
5. Profit from ordinary activities before finance costs |
54.184 |
|
6. Finance costs |
13.572 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
40.613 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities
before tax Expense: |
40.613 |
|
10.Tax expenses |
13.229 |
|
11.Net Profit / (Loss) from ordinary
activities after tax |
27.384 |
|
12.Extraordinary Items (net of tax
expense) |
0.000 |
|
13.Net Profit / (Loss) for the
period |
27.384 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
73.162 |
|
15.
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each |
|
|
(a) Basic and diluted |
3.74 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
3012144 |
|
- Percentage of shareholding |
41.17% |
|
2. Promoters and Promoters group Shareholding |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
1000000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
23.23% |
|
Percentage of shares (as a % of total share capital of the
company) |
13.67% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
3304056 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
76.77% |
|
Percentage of shares (as a % of total share capital of the
company) |
45.16% |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES:
1.
The financial results for the quarter ended
30.06.2015 were reviewed by the Audit Committee and have been approved by the
Board of Directors in their meeting held on 8th August 2015.
2.
The Company operates into single
business segment.
3.
The above results has been reviewed by the
auditors of the company.
4.
Figures of the previous period/year
have been regrouped and re-arranged wherever necessary
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10541855 |
26/03/2015 * |
242,500,000.00 |
Haryana State Industrial and Infrastructure Development Corporation Ltd |
C 13-14, Sector-6, Panchkula, Haryana - 134109, India |
C47815295 |
|
2 |
10398842 |
21/05/2013 * |
70,000,000.00 |
ING Vysya Bank Limited |
Sco 70-71, Ground Floor,, Sector - 8c, Madhya Marg,, Chandigarh, Punjab - 160018, India |
B76820729 |
|
3 |
10393040 |
26/11/2012 |
115,000,000.00 |
State Bank of Patiala |
Commercial Branch, S.C.O. 103-107, Sector 8 C, Chandigarh - 160019, India |
B64544109 |
|
4 |
90170591 |
05/08/2015 * |
581,000,000.00 |
State Bank of Patiala |
Commercial Branch, S.C.O.-103-107, Sector-8-C, Chandigarh - 160019, India |
C62110317 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Freehold Land
· Building
· Factory Building
· Showroom Building
· Plant and Machinery
· Factory Equipments
· Computer Equipments
· Furniture and Fixtures
· Vehicles
· Motor 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.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
51 |
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.