MIRA INFORM REPORT
|
Report No. : |
342456 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECOPLAST LIMITED |
|
|
|
|
Registered
Office : |
National Highway Road No.8, Water Works, Cross Road, Abrama, Valsad – 396001, Gujarat |
|
Tel. No.: |
91-2632-226257 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
07.05.1981 |
|
|
|
|
Com. Reg. No.: |
04-004375 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.30.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200GJ1981PLC004375 |
|
|
|
|
IEC No.: |
0393074081 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTE00181G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE5030H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing, processing
and selling of Co-extruded Plastic Film for packaging and industrial
applications. |
|
|
|
|
No. of Employees
: |
97 (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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1981 and it is a manufacturer and
exporter of multilayer co-extrude plastic films. For the financial year ended 2015, company has reported 14.78% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 1.60% during the year under a review. Rating takes into account of company’s established position in the
domestic plastics packaging business supported by satisfactory financial profile
along with sound networth base and debt protection metrics. However, rating strength partially offset by company exposures to
risks relating to its presence in the highly fragmented packaging industry. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating =
BBB- |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk. |
|
Date |
September 15, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating =
A3 |
|
Rating Explanation |
Moderate degree of
safety and higher credit risk. |
|
Date |
September 15, 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 DENIED
Management non-cooperative (91-22-26820767)
LOCATIONS
|
Registered Office / Factory : |
National Highway Road No.8, Water Works, Cross Road, Abrama, Valsad –
396001, Gujarat, India |
|
Tel. No.: |
91-2632-226257 |
|
Fax No.: |
91-2632-226073 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Sales Office : |
4, Magan Mahal, 215, Sir, M.V. Road, Andheri (East), Mumbai – 400069,
Maharashtra, India |
|
Tel. No.: |
91-22-26830064 / 26820767 |
|
Fax No.: |
91-22-28366384 |
|
E-Mail : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Pheroze P. Kharas |
|
Designation : |
Chairman |
|
Address : |
25 Spenta, B. G. Kher Marg, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
08.12.1934 |
|
Date of Appointment : |
07.05.1981 |
|
|
|
|
Name : |
Mr. Jaymin B. Desai |
|
Designation : |
Managing Director |
|
Address : |
Aashiana, 4th Floor, Valsad-396001, |
|
Date of Birth/Age : |
30.09.1960 |
|
Qualification : |
B.E (Chemical) |
|
Experience : |
Over 27 years |
|
Date of Appointment : |
23.06.1990 |
|
|
|
|
Name : |
Mr. Bankim B. Desai |
|
Designation : |
Director |
|
Address : |
5/24 Varma Nagar, Old Nagardas Road, Andheri (East), Mumbai - 400069,
Maharashtra, India |
|
Date of Birth/Age : |
14.06.1956 |
|
Date of Appointment : |
25.08.2007 |
|
|
|
|
Name : |
Mr. Jehangir A. Moos |
|
Designation : |
Director |
|
Address : |
Director |
|
Date of Birth/Age : |
Karai Estate, |
|
Date of Appointment : |
21.05.1944 |
|
|
|
|
Name : |
Mr. Dhananjay T. Desai |
|
Designation : |
Director |
|
Address : |
Shree Rang, Madanwad, Valsad - 396001, Gujarat, India |
|
Date of Birth/Age : |
23.08.1942 |
|
Date of Appointment : |
20.01.2006 |
|
|
|
|
Name : |
Mr. Mukul B. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhupendra M. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Charuben N. Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. D. Desai |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Antony Alapat |
|
Designation : |
Company Secretary and Compliance Officer |
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 |
|
|
|
|
|
|
|
|
1283614 |
42.79 |
|
|
513267 |
17.11 |
|
|
1796881 |
59.90 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
1796881 |
59.90 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
186902 |
6.23 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
755541 |
25.18 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
250426 |
8.35 |
|
|
10250 |
0.34 |
|
|
10250 |
0.34 |
|
|
1203119 |
40.10 |
|
Total Public
shareholding (B) |
1203119 |
40.10 |
|
Total (A)+(B) |
3000000 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3000000 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Amita Jaymin Desai |
475016 |
15.83 |
|
2 |
Bhupendra Bhikhubhai Desai |
8640 |
0.29 |
|
3 |
Charulata Nitinbhai Patel |
355409 |
11.85 |
|
4 |
Indumati Balvantrai Desai |
128137 |
4.27 |
|
5 |
Jankee J Desai |
5800 |
0.19 |
|
6 |
Jaymin Balvantrai Desai |
82605 |
2.75 |
|
7 |
Jaymin Balvantrai Desai |
6176 |
0.21 |
|
8 |
Kunal Plastics Private Limited |
36440 |
1.21 |
|
9 |
Naheed Rushad Divecha |
1000 |
0.03 |
|
10 |
Nargis Pheroze Kharas |
33400 |
1.11 |
|
11 |
Nilay Nitinkumar Patel |
10565 |
0.35 |
|
12 |
Nitinkumar Manubhai Patel |
70051 |
2.34 |
|
13 |
Pheroze Pestonji Kharas |
81980 |
2.73 |
|
14 |
Silver Stream Properties Private Limited |
476827 |
15.89 |
|
15 |
Stuti J Desai |
19412 |
0.65 |
|
16 |
Yasmin Karl Divecha |
5423 |
0.18 |
|
|
Total |
1796881 |
59.90 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Emkay Global Financial Services |
35957 |
1.20 |
|
|
2 |
Manak Chand Daga |
45660 |
1.52 |
|
|
3 |
MMD Securities Private Limited |
62191 |
2.07 |
|
|
4 |
Chitranjan Baid |
44575 |
1.49 |
|
|
|
Total |
188383 |
6.28 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
processing and selling of Co-extruded Plastic Film for packaging and
industrial applications. |
|
|
|
|
Products : |
Co-extruded Plastic Film |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
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|
Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
97 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|||||||||||||||||||||||||||||||||
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Auditors : |
|
|
Name : |
Akkad Mehta and Company Chartered Accountants |
|
Address : |
Vatika14 Baptista Road, Opposite Ishwarlal Park, Vile Parle (West), Mumbai - 400056, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
Synergy Films Private Limited |
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise significant influence : |
Propack Industries (Proprietor Kunal Plastics Private Limited) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Million |
The reconciliation of
the number of shares outstanding is set out below
|
Particulars |
31.03.2015 |
|
|
No. of Shares |
Rs. In Millions |
|
|
Equity shares outstanding at the beginning of the |
3000000 |
30.000 |
|
Add : Fresh issue during the year |
-- |
-- |
|
Less : Buy back during the year |
-- |
-- |
|
Equity Shares outstanding at the end of the year |
3000000 |
30.000 |
The Company has only one class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders.
The Paid-up Capital includes 1500000 Equity Shares of Rs.10 each allotted as fully paid up Bonus shares by capitalizing Rs.5000000 out of General Reserve and Rs.10000000 out of Revaluation Reserve prior to Listing of Companies Equity Shares.
Details of shares
held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2015 |
|
|
No. of Shares |
%holding in that class of |
|
|
Equity shares voting rights |
|
|
|
Mrs. Amita J. Desai |
475016 |
15.83 |
|
Mrs. Charulata N. Patel |
344609 |
11.85 |
|
Silver Systems Properties Private Limited |
476827 |
15.89 |
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves &
Surplus |
172.161 |
163.365 |
148.993 |
|
(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) |
202.161 |
193.365 |
178.993 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
32.262 |
21.961 |
22.963 |
|
(b) Deferred tax
liabilities (Net) |
9.322 |
12.984 |
14.285 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.935 |
2.114 |
3.040 |
|
Total Non-current
Liabilities (3) |
44.519 |
37.059 |
40.288 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
84.517 |
123.422 |
88.424 |
|
(b) Trade payables |
85.334 |
95.650 |
86.977 |
|
(c) Other current
liabilities |
18.234 |
17.199 |
17.368 |
|
(d) Short-term provisions |
6.745 |
5.896 |
5.477 |
|
Total Current Liabilities
(4) |
194.830 |
242.167 |
198.246 |
|
|
|
|
|
|
TOTAL |
441.510 |
472.591 |
417.527 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
106.624 |
114.621 |
118.458 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.906 |
0.212 |
3.592 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.176 |
8.176 |
6.129 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.238 |
46.397 |
31.801 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
158.944 |
169.406 |
159.980 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
90.177 |
106.535 |
99.439 |
|
(c) Trade receivables |
171.568 |
172.242 |
141.837 |
|
(d) Cash and cash
equivalents |
4.001 |
11.321 |
6.418 |
|
(e) Short-term loans and
advances |
14.878 |
11.483 |
8.852 |
|
(f) Other current assets |
1.942 |
1.604 |
1.001 |
|
Total Current Assets |
282.566 |
303.185 |
257.547 |
|
|
|
|
|
|
TOTAL |
441.510 |
472.591 |
417.527 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
941.018 |
819.840 |
758.358 |
|
|
Other Income |
3.560 |
2.253 |
6.134 |
|
|
TOTAL |
944.578 |
822.093 |
764.492 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
742.079 |
631.874 |
567.238 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.793) |
(3.536) |
(2.657) |
|
|
Employees benefits
expense |
48.311 |
40.620 |
36.165 |
|
|
Exceptional Items |
0.000 |
0.000 |
7.196 |
|
|
Other expenses |
96.627 |
92.940 |
94.373 |
|
|
TOTAL |
884.224 |
761.898 |
702.315 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
60.354 |
60.195 |
62.177 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
19.239 |
18.619 |
19.767 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
41.115 |
41.576 |
42.410 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
18.283 |
14.601 |
14.298 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
22.832 |
26.975 |
28.112 |
|
|
|
|
|
|
|
Less |
TAX |
7.743 |
8.419 |
8.814 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
15.089 |
18.556 |
19.298 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
87.585 |
75.713 |
63.099 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
2.500 |
2.500 |
2.500 |
|
|
Dividend on Equity Shares |
3.600 |
3.600 |
3.600 |
|
|
Corporate Dividend Tax |
0.720 |
0.584 |
0.584 |
|
|
Total |
6.820 |
6.684 |
6.684 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
95.854 |
87.585 |
75.713 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of Goods
calculated on FOB basis |
102.305 |
121.375 |
114.741 |
|
|
TOTAL EARNINGS |
102.305 |
121.375 |
114.741 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
325.953 |
341.213 |
298.000 |
|
|
Components and Stores
parts |
1.849 |
1.252 |
0.711 |
|
|
Capital Goods |
8.144 |
4.642 |
0.000 |
|
|
TOTAL IMPORTS |
335.946 |
347.107 |
298.711 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
5.03 |
6.19 |
6.43 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
10.346 |
7.099 |
7.099 |
|
Cash generated from operations |
67.676 |
22.484 |
57.508 |
|
Net cash flow from / (used in) operating activities |
57.520 |
12.764 |
44.985 |
QUARTERLY
RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
|
1st
Quarter |
|
|
Net Sales |
254.430 |
|
Total Expenditure |
231.730 |
|
PBIDT (Excl OI) |
22.700 |
|
Other Income |
0.410 |
|
Operating Profit |
23.110 |
|
Interest |
4.490 |
|
Exceptional Items |
0.000 |
|
PBDT |
18.620 |
|
Depreciation |
4.380 |
|
Profit Before Tax |
14.240 |
|
Tax |
4.640 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
9.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
9.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.60 |
2.26 |
2.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
6.41 |
7.34 |
8.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.28 |
5.81 |
6.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.63 |
0.79 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.25 |
1.30 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.63.20/- |
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 |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
148.993 |
163.365 |
172.161 |
|
Net worth |
178.993 |
193.365 |
202.161 |
|
|
|
|
|
|
long-term borrowings |
22.963 |
21.961 |
32.262 |
|
Short term borrowings |
88.424 |
123.422 |
84.517 |
|
Current Maturities of
Long Term Debt |
7.099 |
7.099 |
10.346 |
|
Total borrowings |
118.486 |
152.482 |
127.125 |
|
Debt/Equity ratio |
0.662 |
0.789 |
0.629 |
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 |
758.358 |
819.840 |
941.018 |
|
|
|
8.107 |
14.781 |
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 |
758.358 |
819.840 |
941.018 |
|
Profit |
19.298 |
18.556 |
15.089 |
|
|
2.54% |
2.26% |
1.60% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
From public and
shareholders |
|
|
|
Deposits from public |
0.000 |
14.541 |
|
Deposits from shareholders |
0.000 |
1.500 |
|
Car loan under hire purchase |
1.391 |
2.474 |
|
SHORT TERM
BORROWING |
|
|
|
Inter Corporate Deposits |
8.000 |
8.000 |
|
Fixed Deposits from Public and Shareholders |
0.000 |
4.666 |
|
Car Finance under H.P. Agreement |
1.082 |
1.022 |
|
Total |
10.473 |
32.203 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10048419 |
21/02/2015 * |
254,300,000.00 |
BANK OF BARODA |
NANI KHATRIWAD, VALSAD - 396001, Gujarat, INDIA |
C46067443 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
Rs.
in million 31.03.2015 |
Rs.
in million 31.03.2014 |
|
In respect of claims against the Company not acknowledged as debts(Net) |
0.000 |
0.224 |
|
Customs duty on raw materials imported under advance authorization, against which export obligation is to be fulfilled |
0.000 |
1.148 |
OPERATIONS/STATE OF
COMPANY'S AFFAIRS
Financial Year 2014-15 has been a year of challenges, Raw material prices continued to be volatile during the year. Volatility in crude oil prices has adversely affected raw materials prices and its availability. Demand in domestic as well as export market was also affected due to this factor. Despite these adverse market conditions, Company has been able to achieve higher volumes. However the margins continue to be under pressure.
During the year, Sales volume has increased by 11 % while sales value has increased by 15% to Rs.941.018 Million from Rs.819.840 Million in the previous year. However profit before tax has dropped by 16% to Rs.22.831 Million from Rs.26.975 Million.
The Company continues to invest in equipment’s and ancillaries to upgrade its production facilities for meeting customer's quality requirements and for improving efficiencies.
No Material Changes have occurred from the end of the Financial Year till the date of this report affecting the Financial Position of the Company.
There is no Change in the nature of business during the year.
No significant and material orders have been passed by the regulators or Courts or Tribunals impacting the going concern status and the company's operations in future during the year.
CORPORATE INFORMATION
Subject is Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing, processing and selling of Co-extruded Plastic Film for packaging and industrial applications. The principal place of business of the company is at Abrama-Valsad. The Company caters to both domestic and international markets. It has various certifications like ISO 9001, ISO 14001 and ISO 22000 registration for products thereby complying with globally accepted quality standards.
UNAUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.06.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
253.978 |
|
Other operating income |
0.449 |
|
Total
income from Operations(net) |
254.427 |
|
Expenditure |
|
|
Cost of material consumed |
184.875 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
5.221 |
|
Employees benefit expenses |
13.394 |
|
Depreciation and amortization expenses |
4.384 |
|
Other expenditure |
27.819 |
|
Total expenses |
235.693 |
|
Profit
from operations before other income and Interest and Exceptional Items |
18.734 |
|
Profit before
Interest and Exceptional Items |
18.734 |
|
Finance costs |
4.493 |
|
Profit after
Interest but before Exceptional Items |
14.241 |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense |
14.241 |
|
Tax expenses |
4.643 |
|
Net Profit / (Loss)
from ordinary activities after tax |
9.598 |
|
Extraordinary Items |
0.000 |
|
Net Profit for the
period |
9.598 |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
30.000 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
|
Earnings per share
(before extraordinary items) (not annualized): |
|
|
Basic and diluted |
3.20 |
|
Earnings per share (after
extraordinary items) (not annualized): |
|
|
Basic and diluted |
3.20 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
1203119 |
|
- Percentage of shareholding |
40.10% |
|
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 |
1796881 |
|
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) |
59.90% |
|
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 |
Note:
- The unaudited financial results of the Company (Ecoplast Limited) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on August 8, 2015.
- A Limited Review has been carried out by the Statutory Auditors for the standalone results of the Company for the Quarter ended 30th June, 2015.
- Other expenditure includes Gain/loss on account of Foreign Exchange Fluctuations as per AS 11; Gain of Rs. 4.14 lacs for the quarter ended 30th June. 2015 and Gain of Rs.10.15 lacs for corresponding quarter for the previous year.
- The Company is primarily engaged in the business of manufacture of plastic film, which as per Accounting Standard - 17 on "Segment Reporting" notified pursuant to the Companies (Accounting Standard) Rules, 2006 issued by the Central Government in 5xercise of the powers conferred under sub section (1) of Section469 of the Companies Act, 2013 is considered to be the only reportable business segment. The Company is primarily operating in India which is considered as a single geographical segment.
- Tax Expenses includes Income Tax and Deffered Tax.
- The figures of the previous periods have been re-grouped/re-arranged wherever considered necessary for the purpose of comparison.
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicles
- Office Equipment
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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
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.