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|
MIRA INFORM REPORT
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Report No. : |
502307 |
|
Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TCPL PACKAGING LIMITED (w.e.f.
September, 2008) |
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Formerly Known
As : |
TWENTY FIRST CENTURY PRINTERS LIMITED |
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Registered
Office : |
Empire Mills Complex, 414, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra |
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Tel. No.: |
91-22-61646000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.08.1987 |
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Com. Reg. No.: |
11-044505 |
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Capital
Investment / Paid-up Capital : |
INR 87.000 Million |
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CIN No.: [Company Identification
No.] |
L22210MH1987PLC044505 |
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IEC No.: [Import-Export Code No.] |
0388203765 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT1406E |
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GSTN : [Goods & Service Tax Registration
No.] |
27AAACT1406E1ZV / 05AAACT1406E1Z1 |
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TIN/CST No.: |
27100282842 |
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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 of printed packaging material, Paper and Paper Products. (Registered activity) |
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No. of Employees
: |
1598 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A + |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit: |
USD 5083000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
TCPL Packaging Limited (Formerly known as Twenty First Century
Limited) is engaged into manufacturing of printed packaging material, Paper and
papers Products. The company was incorporated in the year 1987 and is based
in Mumbai, Maharashtra. It is an established company having fine track
record. For the financial year ended 2017, the company has witnessed a growth
in its revenue and has achieved fair profit margin at 5.42%. The company possesses sound financial profile marked by healthy
networth base along with fair debt level and favorable gap between trade
payable to its trade receivable. General financial position of the company is sound. Fundamentals of
the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are seems to be regular and as per commitment. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.01.2018 |
|
|
|
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Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
12.01.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 07.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Lognathan |
|
Designation : |
Vice President |
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Contact No.: |
91-260-2640259 |
|
Date : |
05.04.2018 |
Management non-cooperative (Tel
No.:91-1334-239177 / 91-260-2640256)
LOCATIONS
|
Registered Office/ Head Office
: |
Empire Mills Complex, 414, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
|
Tel. No.: |
91-22-61646000 |
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Fax No.: |
91-22-24935893 |
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E-Mail : |
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Website : |
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Factory 1 : |
Survey No. 135/2, Khanvel Road, Dapada, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
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Tel. No.: |
91 260 2699044 / 2699055 |
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Factory 2 : |
Plot 1 & 2, Sector 6A, Integrated Industrial Estate,
SIDCUL, Haridwar-249403, |
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Tel. No.: |
91-1334-239176-9/ 395217 |
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Fax No.: |
91-1334-239175 |
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Factory 3 : |
Plot No – 19, IGC Chaygaon, Phase – I, PO – Birpara,
District – Kamrup (Rural), Assam – 781 123 India |
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Factory 4 : |
Shed No.1, 2 and 3 Plot No.124 and 127A, Kundaim Industrial Estate,
Kundaim, Ponda, Goa-403115, India |
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Tel. No.: |
91-832-2395235/ 40 |
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Factory 5 : |
18 – 22, Govt. Ind. Estate, Masat, Silvassa, Union Territory of Dadra and Nagar Haveli – 396 230, India. |
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Tel No.: |
91-260-2640259 / 0067 |
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Fax No.: |
91-260-2640066 |
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Marketing Office 1 : |
416, Fourth Floor DLF, Tower B Jasola District Centre, New Delhi – 110025 India |
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Tel No.: |
91-11-48686000 |
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Fax No.: |
91-11-49072826 |
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Marketing Office 2 : |
10/2, Hungerford Street, Kolkata – 700017, West Bengal,
India |
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Tel No.: |
91-33-40509200 |
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Fax No.: |
91-33-40509300 |
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Marketing Office
3 : |
26, Cunningham Road, Bangalore – 560052, Karnataka, India |
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Tel No.: |
91-80-40509200 |
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Fax No.: |
91-80-40509300 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Saketkumar Kanoria |
|
Designation : |
Managing Director |
|
Address : |
7-C, Il Palazzo, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
18.02.1991 |
|
DIN No.: |
00040801 |
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Name : |
Mr. Sohan Gamanlal Nanavati |
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Designation : |
Whole-Time Director |
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Address : |
Flat 1001, B-Wing, Ekta Meadows Chsl, Borivali (East), Mumbai - 400066, Maharashtra, India |
|
Date of Appointment : |
30.05.2011 |
|
DIN No.: |
00023526 |
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|
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Name : |
Mr. Kailashkumar Kanoria |
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Designation : |
Whole-Time Director |
|
Address : |
8-C, Ill Palazzo, Little Gibbs Road, Malabar Hill, Mumbai
- 400006, Maharashtra, India |
|
Date of Appointment : |
28.03.1995 |
|
DIN No.: |
00023328 |
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|
|
|
Name : |
Mr. Akshay Saketkumar Kanoria |
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Designation : |
Whole-Time Director |
|
Address : |
7C, Il Palazzo, Little Gibbs Road,, Malabar Hill,, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
27.05.2016 |
|
DIN No.: |
07289528 |
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|
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|
Name : |
Mr. Atul Kisanchand Sud |
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Designation : |
Director |
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Address : |
12 C, Harbour Heights 'A', N. A. Sawant Marg, Coloba,
Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
25.09.1993 |
|
DIN No.: |
00016018 |
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|
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|
Name : |
Ms. Sonal Agrawal |
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Designation : |
Director |
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Address : |
42, Jolly Maker, Appartments No. 3, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
30.06.2014 |
|
DIN No.: |
00021900 |
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|
Name : |
Mr. Sudhir Ajitkumar Merchant |
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Designation : |
Director |
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Address : |
8-A Suvas Apartment, 68 F Nepeansea Road, Malabar Hill,
Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
30.10.2009 |
|
DIN No.: |
00033406 |
|
|
|
|
Name : |
Mr. Rabindra Nath Jhunjhunwala |
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Designation : |
Director |
|
Address : |
New Pushpa Milan, 67, Worli Hill Road, Worli, Mumbai -
400018, Maharashtra, India |
|
Date of Appointment : |
30.06.2014 |
|
DIN No.: |
00050729 |
|
|
|
|
Name : |
Mr. Sunil Himatlal Talati |
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Designation : |
Director |
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Address : |
4, Rushil Bunglows, Judges Bunglow Road, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
22.01.2015 |
|
DIN No.: |
00621947 |
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|
|
Name : |
Mr. Rishav Saket Kanoria |
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Designation : |
Director |
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Address : |
7C, Il Palazzo, Little Gibbs Road,, Malabar Hill,, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
07.08.2015 |
|
DIN No.: |
05338165 |
……….
KEY EXECUTIVES
|
Name : |
Mr. Vivek Purushottam Poddar |
|
Designation : |
Chief Financial Officer |
|
Address : |
1201, Pine Woods, Raheja Willows, Lokhandwala, Kandivali
(East), Mumbai - 400101, Maharashtra,
India |
|
Date of Appointment : |
30.05.2014 |
|
PAN No.: |
ACQPP2727D |
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|
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|
Name : |
Mr. Harish V Anchan |
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Designation : |
Company Secretary |
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Address : |
Flat No. 11 A Tower D Viceroy Park Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India |
|
Date of Appointment : |
05.11.2015 |
|
PAN No.: |
ADDPA4446L |
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|
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|
Name : |
Mr. Lognathan |
|
Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter Group |
5071974 |
55.74 |
|
|
(B) Public |
4028026 |
44.26 |
|
|
Grand Total |
9100000 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
747621 |
8.22 |
|
|
Kahini Saket Kanoria |
199000 |
2.19 |
|
|
Urmila Kanoria |
125000 |
1.37 |
|
|
Akshay Kanoria |
114000 |
1.25 |
|
|
Rishav Kanoria |
114000 |
1.25 |
|
|
Vidur Kanoria |
114000 |
1.25 |
|
|
Saket Kanoria |
41504 |
0.46 |
|
|
Sangita Jindal |
40067 |
0.44 |
|
|
Sajjan Jindal |
50 |
0.00 |
|
|
Any Other (specify) |
4324353 |
47.52 |
|
|
Accuraform Pvt Ltd |
1940173 |
21.32 |
|
|
Narmada Fintrade Private Limited |
1885911 |
20.72 |
|
|
Samridhi Holding Pvt Ltd |
268269 |
2.95 |
|
|
Saubhagya Investors & Dealers Pvt Ltd |
230000 |
2.53 |
|
|
Sub Total A1 |
5071974 |
55.74 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
5071974 |
55.74 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
|||
|
Mutual Funds/ |
700 |
0.01 |
|
|
Alternate Investment Funds |
440461 |
4.84 |
|
|
Dsp Blackrock Core Fund |
373686 |
4.11 |
|
|
Foreign Portfolio Investors |
3446 |
0.04 |
|
|
Financial Institutions/ Banks |
43 |
0.00 |
|
|
Sub Total B1 |
444650 |
4.89 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
50 |
0.00 |
|
|
Sub Total B2 |
50 |
0.00 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million
|
1844872 |
20.27 |
|
|
Individual share capital in excess of INR
0.200 Million |
1072451 |
11.79 |
|
|
Anil Kumar Goel |
807000 |
8.87 |
|
|
Vijay Kishanlal Kedia |
122315 |
1.34 |
|
|
Any Other (specify) |
666003 |
7.32 |
|
|
HUF |
44196 |
0.49 |
|
|
NRI – Non- Repat |
37471 |
0.41 |
|
|
Director or Director's Relatives |
1500 |
0.02 |
|
|
NRI – Repat |
51796 |
0.57 |
|
|
Foreign Portfolio Investors (Category III) |
59000 |
0.65 |
|
|
Clearing Members |
27144 |
0.30 |
|
|
Bodies Corporate |
345942 |
3.80 |
|
|
Molecular Trading And Mercantile Pvt Ltd |
145192 |
1.60 |
|
|
Investor Education And Protection Fund
Authority Ministry Of Corporate Affairs |
98954 |
1.09 |
|
|
Sub Total B3 |
3583326 |
39.38 |
|
|
B=B1+B2+B3 |
4028026 |
44.26 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of printed packaging material, Paper and Paper Products. (Registered activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
1598 (Approximately) |
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Bankers : |
(INR in Million) |
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Facilities : |
Note: Long Term
Borrowing: [1] The loans from banks
are secured by First pari passu charge on movable and immovable assets of the
Company situated at Haridwar, Silvassa, Guwahati & Goa both present &
future and Second pari passu charge by way of hypothecation of the Company's
entire stock and other movables including books debts, bills, outstanding
monies, receivables both present and future. The loans from others are
secured by hypothecation of specific machinery / assets for which loans are
availed. [2] Rupee Currency Loan from
banks carries interest in the range of 10.10% to 11.75% p.a. and Foreign
Currency Loans from banks carries interest at LIBOR+ranging from 100 to 200
basis points. The loans are repayable in monthly/quarterly instalments. Rupee
Curruncy laon from others carries intrest in the range of 9% to 13.50% and is
repayable in monthly instalments. [3]
Maturity profile of Secured term loans are set out below:
Short Term
Borrowing: Working Capital Loans and Acceptances are secured by first pari passu charge by way of hypothecation of raw materials, semi-finished goods, finished goods, tools & spares, packing material, book debts and assignment of actionable claims. The same are also secured by second pari passu charge on movable fix assets and in movable fix assest. The loan is repayable on demand and carries interest in the range of 7.25% to 11.50 % p.a. |
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Auditors : |
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|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address: |
38, Bombay Mutual Building, 2nd Floor,
Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel No.: |
91-22-22623000 |
|
Email : |
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Website : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Enterprises in which control / Significant influence exist: |
·
Accura Reprotech Private Limited ·
Narmada Fintrade Private Limited ·
Flixit Animations Private Limited · Accuraform Private Limited |
|
|
|
|
Enterprises over
which Key Management Personnel and Relatives of such personnel exercise
significant Influence : |
·
TCPL Foundation ·
Kanoria Seva Kendra |
CAPITAL STRUCTURE
After 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9100000 |
Equity Shares |
INR 10/- each |
INR 91.000
Million |
|
|
|
|
|
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
INR 10/- each |
INR 87.000
Million |
|
|
|
|
|
Reconciliation
of Equity shares outstanding at the beginning and at the end of the year
|
Particulars |
As at 31.03.2017 |
|
|
|
No |
INR in Million |
|
Equity shares outstanding at
the beginning of the year |
8700000 |
87.000 |
|
At the End of the year |
8700000 |
87.000 |
Terms attached to
equity shares
The Company has only one class of equity shares having par value of INR 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
As at 31.03.2017 |
|
|
|
No |
% of Holding |
|
Accuraform Private Limited |
1940173 |
22.30 |
|
Narmada Fintrade Private Limited |
1885911 |
21.68 |
|
Anil Kumar Goel |
806423 |
9.27 |
|
Spice Commerce & Trade Private Limited* |
456255 |
5.24 |
|
AMVD Holding Private Limited* |
-- |
0.00 |
|
Sampannata Investments Private Limited* |
-- |
0.00 |
|
Total |
5088762 |
58.49 |
|
Notes: *These Companies have been amalgamated with Narmada Fintrade Private Limited. |
||
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
87.000 |
87.000 |
87.000 |
|
(b) Reserves & Surplus |
1692.209 |
1360.129 |
1051.297 |
|
(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) |
1779.209 |
1447.129 |
1138.297 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1561.142 |
1228.319 |
974.250 |
|
(b) Deferred tax liabilities (Net) |
276.577 |
192.339 |
132.914 |
|
(c) Other long term
liabilities |
16.481 |
8.420 |
7.613 |
|
(d) long-term
provisions |
35.477 |
25.905 |
23.289 |
|
Total Non-current
Liabilities (3) |
1889.677 |
1454.983 |
1138.066 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1039.358 |
770.429 |
589.613 |
|
(b) Trade
payables |
719.928 |
543.339 |
604.094 |
|
(c) Other
current liabilities |
628.215 |
561.347 |
439.853 |
|
(d) Short-term
provisions |
0.000 |
76.963 |
62.827 |
|
Total Current
Liabilities (4) |
2387.501 |
1952.078 |
1696.387 |
|
|
|
|
|
|
TOTAL |
6056.387 |
4854.190 |
3972.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3645.722 |
2805.256 |
2272.844 |
|
(ii)
Intangible Assets |
15.110 |
13.876 |
6.452 |
|
(iii)
Capital work-in-progress |
39.884 |
94.324 |
17.240 |
|
(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 |
124.093 |
136.664 |
119.827 |
|
(e) Other
Non-current assets |
32.097 |
2.008 |
1.325 |
|
Total Non-Current
Assets |
3856.906 |
3052.128 |
2417.688 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
955.662 |
670.787 |
585.153 |
|
(c) Trade
receivables |
1033.723 |
967.668 |
823.356 |
|
(d) Cash
and cash equivalents |
73.052 |
61.724 |
62.354 |
|
(e)
Short-term loans and advances |
112.166 |
67.749 |
61.073 |
|
(f) Other
current assets |
24.878 |
34.134 |
23.126 |
|
Total
Current Assets |
2199.481 |
1802.062 |
1555.062 |
|
|
|
|
|
|
TOTAL |
6056.387 |
4854.190 |
3972.750 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Net Revenue from Operation |
6130.375 |
5926.089 |
4978.420 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
TOTAL
|
6130.375 |
5926.089 |
4978.420 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3256.336 |
3234.842 |
2835.672 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(49.113) |
(8.997) |
(35.008) |
|
|
Employees benefits expense |
554.061 |
461.698 |
349.082 |
|
|
Other expenses |
1391.201 |
1233.123 |
1008.699 |
|
|
TOTAL
|
5152.485 |
4920.666 |
4158.445 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
977.890 |
1005.423 |
819.975 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
213.895 |
201.265 |
172.882 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
763.995 |
804.158 |
647.093 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
290.912 |
251.839 |
216.734 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
473.083 |
552.319 |
430.359 |
|
|
|
|
|
|
|
Less |
TAX |
141.004 |
169.524 |
108.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
332.079 |
382.795 |
321.859 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
393.456 |
187.624 |
28.592 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
100.000 |
|
|
Proposed Dividend |
0.000 |
63.945 |
52.200 |
|
|
Tax on Dividend |
0.000 |
13.018 |
10.627 |
|
|
Total
|
100.000 |
176.963 |
162.827 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
625.535 |
393.456 |
187.624 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1085.694 |
1258.604 |
1014.569 |
|
|
TOTAL
EARNINGS |
1085.694 |
1258.604 |
1014.569 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
110.199 |
122.967 |
47.474 |
|
|
Consumable |
97.768 |
61.118 |
54.653 |
|
|
Capital Goods |
688.850 |
422.233 |
289.556 |
|
|
TOTAL
IMPORTS |
896.817 |
606.318 |
391.683 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
38.17 |
44.00 |
37.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowing |
433.068 |
355.020 |
235.776 |
|
Cash generated from operations |
897.957 |
815.181 |
780.139 |
|
Net cash flow from operating activity |
804.915 |
723.960 |
688.357 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
1541.030 |
1810.440 |
2165.900 |
|
Total Expenditure |
1377.200 |
1581.240 |
1921.090 |
|
PBIDT (Excl OI) |
163.830 |
229.200 |
244.810 |
|
Other Income |
42.390 |
NA |
NA |
|
Operating Profit |
206.220 |
229.200 |
244.810 |
|
Interest |
67.450 |
61.110 |
60.020 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
138.770 |
168.090 |
184.790 |
|
Depreciation |
91.430 |
83.300 |
87.260 |
|
Profit Before Tax |
47.340 |
84.790 |
97.530 |
|
Tax |
16.390 |
25.890 |
25.730 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
30.950 |
58.890 |
71.800 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
30.950 |
58.890 |
71.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
61.55 |
59.60 |
60.37 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.93 |
6.12 |
6.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
80.70 |
61.31 |
77.76 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.02 |
1.50 |
1.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.26 |
0.35 |
0.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.72 |
0.73 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.71 |
1.63 |
1.58 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.34 |
1.35 |
1.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.08 |
2.01 |
2.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.57 |
5.00 |
4.74 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.42 |
6.46 |
6.47 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.48 |
7.89 |
8.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.66 |
26.45 |
28.28 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.92 |
0.92 |
0.92 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.52 |
0.58 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.29 |
0.30 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
34.87 |
27.05 |
20.69 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.92 |
0.92 |
0.92 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 580/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
87.000 |
87.000 |
87.000 |
|
Reserves & Surplus |
1051.297 |
1360.129 |
1692.209 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1138.297 |
1447.129 |
1779.209 |
|
|
|
|
|
|
long-term borrowings |
974.250 |
1228.319 |
1561.142 |
|
Short term borrowings |
589.613 |
770.429 |
1039.358 |
|
Current maturities of
long-term borrowing |
235.776 |
355.020 |
433.068 |
|
Total
borrowings |
1799.639 |
2353.768 |
3033.568 |
|
Debt/Equity
ratio |
1.581 |
1.627 |
1.705 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4978.420 |
5926.089 |
6130.375 |
|
|
|
19.036 |
3.447 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4978.420 |
5926.089 |
6130.375 |
|
Profit |
321.859 |
382.795 |
332.079 |
|
|
6.47% |
6.46% |
5.42% |
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) |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
WORKING REVIEW
During the year 2016-17, the gross turnover of The Company has increased marginally to INR 6130.375 million from INR 5926.089 million for the previous year ended 31st March, 2016 representing a growth of 4.61 %.
The Company continues to do a share of its business by the conversion route (defined as business where the customer provides the main raw material). However, had all the products been sold on sales basis, the turnover would have been INR 6900.000 million as against INR 6603.400 million representing a growth of 4.49 %.
The year has been a difficult year for the Company due to the macro economic conditions that the company had to encounter. The performance of the company was affected adversely on account of the demonetization notification that the Government of India announced on 8th November, 2016, whereby there was a drastic reduction in the offtake of packaging materials as a result of lower consumer demand of our customers. This event infact caused a reduction in overall volume and for the first time in many years, for the quarter ended March, the Company’s sales were actually lower than the corresponding quarter of the previous year. The Directors consider that the lag effect of the demonetization effect was largely instrumental in this reduction. In addition to the above, the exchange rate of Rupee v/s U.S. Dollar & Euro has also had an adverse effect on the Company’s performance.
The Company exports a fair share of its products and most of these transactions are conducted in US Dollar currency. Since the Rupee has appreciated against US Dollar, there was reduction in the realization of our exports, which not only lowered turnover but also affected profitability.
During the year, The Company has undertaken major expansion projects. The Directors are pleased to announce that all of them were completed satisfactorily.
Silvassa offset packaging plant has been expanded by installing a new KBA offset printing line with all accessories which commenced commercial production in October 2016. This machine is equipped with several advanced features enabling high value packaging to be converted.
Further, the Guwahati plant of the Company has also received another new printing line from KBA, Germany which was installed in March 2017. Commercial production has also commenced on this machine. By the installation of this machine, the capacity of Guwahati plant has been doubled which shall be useful to cater to the growing volumes of the Company in the North Eastern region of India.
Further, the Company has taken a major step forward in entering into the flexible packaging segment and has set-up a green field plant at Silvassa. This plant was ready for trial run in September / October 2016 and has started commercial production in February 2017. This plant is also equipped with state-of-art equipment which are mainly imported from Italy and its output though at a low volume has stabilized. With the entry of The Company into this fast growing segment, it can now cater to a very largepart of the customers overall packaging requirements.
As a consequence of the above, the Company had to bear an additional burden of depreciation and interest besides overheads coupled with low growth in sales. The EBIDTA margin for the year has reduced from 17.31 % to 16.43 % resulting in a lower profitability.
FUTURE PROSPECTS
As a result of various expansion plans undertaken by the company over the past few years, The Company presently has 15 highly configured printing lines installed cumulatively across its various plants.
As a result of the same, the Company has very large capacity by which it can realise significant growth in the years to come. Now that the lag effect of demonetization is behind us, The Directors are confident of achieving higher rates of growth in the future.
The company is now well positioned in the market place on account of larger and more varied manufacturing base, as a result of expansion carried out recently.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G75597617 |
100151394 |
AXIS BANK LIMITED |
16/01/2018 |
- |
- |
720000.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
2 |
G75596908 |
100151392 |
AXIS BANK LIMITED |
30/12/2017 |
- |
- |
675000.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
3 |
G75601187 |
100151402 |
AXIS BANK LIMITED |
30/12/2017 |
- |
- |
550000.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
4 |
G69847705 |
100139455 |
AXIS BANK LIMITED |
15/11/2017 |
- |
- |
500000.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
5 |
G70187497 |
100140067 |
AXIS BANK LIMITED |
06/11/2017 |
- |
- |
632223.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
6 |
G69880003 |
100139506 |
AXIS BANK LIMITED |
06/11/2017 |
- |
- |
615000.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD-380006 GUJARAT INDIA |
|
7 |
G59505644 |
100130454 |
HDFC BANK LIMITED |
28/09/2017 |
- |
- |
650000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013 MAHARASHTRA INDIA |
|
8 |
G53682142 |
100123275 |
HDFC BANK LIMITED |
13/09/2017 |
- |
- |
542000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013 MAHARASHTRA INDIA |
|
9 |
G52296878 |
100120276 |
HDFC BANK LIMITED |
01/08/2017 |
- |
- |
726000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013 MAHARASHTRA INDIA |
|
10 |
G52378023 |
100120456 |
HDFC BANK LIMITED |
01/08/2017 |
- |
- |
898000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013 MAHARASHTRA INDIA |
Contingent
Liabilities:
i) Counter Guarantees given to the banks in respect of: Bank Guarantees of INR 63.039 million given to the Electricity Departments / Various Government Authorities (Previous year 27.944 million)
ii) Disputed demands of INR 11.998 million in respect of various orders passed by Central Excise /Income Tax authorities (Previous year 26.704 million) for which appeals are made.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Leasehold Improvement
- Plant & Machinery
- Furniture & Fixture
- Office Equipment
- 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.