|
|
|
MIRA INFORM REPORT
|
Report No. : |
503086 |
|
Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHANKAR PACKAGINGS LIMITED |
|
|
|
|
Registered
Office : |
303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai –
400011, Maharashtra |
|
Tel. No.: |
91-22-24903225 / 24903228 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
06.05.1985 |
|
|
|
|
Com. Reg. No.: |
11-036120 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 28.050 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1985PLC036120 |
|
|
|
|
TIN No: |
27540204030 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388055847 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACS8076P1ZL |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS8076P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of FIBC Bags (Flexible Intermediate Bulk Containers). [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985 and it is a manufacturer of flexible intermediate bulk containers. It products include standard, stabilized, conical, liners, ventilated, tubular and other kinds of bags. Management has failed to file its latest financials with Government Registry. As per available financials of March 2016, the company has registered a growth of 15.15% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 7.18% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and good liquidity position. Rating also takes into account the vast experience of promoters in packaging business and stable relationships with customers. Further, the company has reported a good earnings per share of INR 69.39 against its face value of INR 10. However, rating strength is partially offset by vulnerability of its operating margins to volatility in raw material prices and its working capital intensive operations. Payments seems to be regular. In view of aforesaid, the company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Rating (BBB+) Issuer Non-Cooperative |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November 09, 2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Rating (A2) Issuer Non-Cooperative |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
November 09, 2017 |
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 10.04.2018
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. Jitendra Rana |
|
Designation : |
Sales Manager |
|
Contact No.: |
91-9998953428 |
|
Date : |
09.04.2018 |
Management non co-operative (91-22-24903236)
91-22-24903228/ 24903225 (Not Working)
LOCATIONS
|
Registered / Corporate Office: |
303, Turf Estate, Dr. E. Moses Road, Shakti Mills Lane, Mumbai –
400011, Maharashtra, India |
|
Tel. No.: |
91-22-24903236 |
|
Fax No.: |
91-22-24903227 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 / Sales Office : |
2-3-4-5-6, GIDC Estate, Vaghodia,
District: Vadodara – 391760, Gujarat, India |
|
Tel. No.: |
91-2668-262334/ 262434 |
|
Fax No.: |
91-2668-262833 |
|
|
|
|
Factory 2 : |
Plot No.1415-1416, GIDC Estate, Vadodara, Gujarat, India |
|
|
|
|
Branch Office : |
(Hyderabad -
Marketing) 508, Maheshwari Chambers, Somajiguda, Hyderabad – 500082, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-40038828 |
DIRECTORS
AS ON 31.03.2016
|
Name : |
Mr. Vikramshankar Govindshankar Pandya |
|
Designation : |
Managing Director |
|
Address : |
A/5, Garib CHSL, N.S. Road, No.5, JVPD, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.04.2013 |
|
PAN No.: |
AGJPP9410C |
|
DIN No.: |
01595269 |
|
|
|
|
Name : |
Mr. Gaj Singh Jodhpur |
|
Designation : |
Director |
|
Address : |
Umaid Bhavan Palace, Jodhpur – 342006, Rajasthan, India |
|
Date of Birth/Age : |
13.01.1948 |
|
Qualification : |
Graduate B.A. (Hons) |
|
Date of Appointment : |
27.02.1988 |
|
DIN No.: |
00061278 |
|
|
|
|
Name : |
Mr. Govind Shankar Pandya |
|
Designation : |
Director |
|
Address : |
A-5, Garibdas CHSL, N.S. Road No. 5, J.V.P.D. Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1930 |
|
Qualification : |
Graduate M. COM, LLB, A.C.A |
|
Date of Appointment : |
09.04.2008 |
|
DIN No.: |
00316822 |
|
PAN No.: |
AADPP9794R |
|
|
|
|
Name : |
Mr. Praveen Shankar Pratap Shankar Pandya |
|
Designation : |
Director |
|
Address : |
132/133, 13th Floor, D Building, Petit Hall 66, Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1950 |
|
Qualification : |
Graduate B.COM, A.C.A. |
|
Date of Appointment : |
06.05.1985 |
|
DIN No.: |
00316843 |
|
|
|
|
Name : |
Mr. Rajeevshankar Anandshankar Pandya |
|
Designation : |
Additional Director |
|
Address : |
A-273-283, Kalpataru Horizon Tower, 28th Floor, S K Ahire Marg, Near Doordarshan, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1951 |
|
Qualification : |
Graduate B.COM, MBA |
|
Date of Appointment : |
23.11.2013 |
|
DIN No.: |
01131603 |
|
|
|
|
Name : |
Mr. Anandshankar Revashankar Pandya |
|
Designation : |
Director |
|
Address : |
A-273-283, Kalpataru Horizon Tower, 28th Floor, S K Ahire Marg, Near Doordarshan, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
11.04.1923 |
|
Qualification : |
Graduate B.A. |
|
Date of Appointment : |
21.06.1986 |
|
DIN No.: |
01163634 |
|
PAN No.: |
AAFPP4024N |
|
|
|
|
Name : |
Mr. Akshayshankar Pratapshankar Pandya |
|
Designation : |
Director |
|
Address : |
112-A, Paradise Apartments, 44, Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1965 |
|
Qualification : |
Graduate (B.COM) |
|
Date of Appointment : |
21.09.2010 |
|
DIN No.: |
01557239 |
|
|
|
|
Name : |
Mr. Shrinarayan Bhalchandra Kulkarni |
|
Designation : |
Director |
|
Address : |
Flat No.11 12, Eden Roc, 3, Union Park, Bandra-West, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1965 |
|
Qualification : |
B.COM, MBA |
|
Date of Appointment : |
20.08.2015 |
|
DIN No.: |
01559498 |
KEY EXECUTIVES
|
Name : |
Mrs. Pranab Lalit Mitra |
|
Designation : |
Secretary |
|
Address : |
302, Usha Sadan CHSL, Next To Bhavani Nagar, Marol Maroshi Road, Mumbai - 400059, Maharashtra, India |
|
Date of Birth |
24.05.1961 |
|
Qualification : |
B. COM, LLB, F.C.S. |
|
Date of Appointment : |
01.01.1986 |
|
PAN No.: |
AAFPM3756L |
|
|
|
|
Name : |
Mr. Avaneesh Rajnikant Dubey Dwivedi |
|
Designation : |
Chief Financial Officer |
|
Address : |
AB-69, Shree Darshan Society, Maneja, Vadodara – 390009, Gujarat, India |
|
Date of Birth |
07.04.1970 |
|
Qualification : |
B. Com, A.C.A. |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AAZPD7986P |
|
|
|
|
Name : |
Yogesh Choudhary and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
B-101/27, Janlkalyan 22, Gorai-1, Borivali (West), Mumbai-400092, Maharashtra, India |
|
Email: |
yogesh84cs@gmail.com |
|
Mob. No.: |
91-9594818784 |
|
PAN No.: |
AOBPC1500Q |
|
|
|
|
Name : |
Mr. Jitendra Rana |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2016
|
Names of Shareholders |
No. of Shares |
|
Praveen Shankar Pandya |
35547 |
|
Rajeev Shankar Pandya |
134500 |
|
Govind Shankar Pandya |
147375 |
|
Vikram Shankar Pandya |
296655 |
|
Alka Rajeev Pandya |
31625 |
|
Namita Praveen Pandya |
29274 |
|
Urvashi B. Bhatt |
2185 |
|
Sangeeta Pandya |
46000 |
|
Akshay Shankar Pandya |
34500 |
|
Bulk Bags India Limited, India |
391100 |
|
Shivani Pandya |
34500 |
|
Shuchi Pandya |
34500 |
|
Avinash Pandya |
70437 |
|
Siddarth Pandya |
70437 |
|
Vivek Pandya |
65500 |
|
Shankar Securities (Private) Limited, India |
150000 |
|
Aparna Kulkarni |
5750 |
|
Saroj Pandya |
62360 |
|
Dhruv Akhay Pandya |
35938 |
|
Kashyap Akhay Pandya |
24438 |
|
Revashankar Gems Limited, India
|
11250 |
|
Shankar Realty Private Limited, India |
22590 |
|
Shankar Jewels Limited, India |
11250 |
|
Rati Vikram Pandya |
1572 |
|
R.D. Pandya (HUF) |
650 |
|
Umaid Investment Company Private Limited, India |
690000 |
|
Komal Goel |
41295 |
|
Anand Shankar Pandya |
10000 |
|
Ankur Pandya |
120000 |
|
Jyotishankar Pandya |
43125 |
|
Dolphin Investment Limited, India |
150600 |
|
|
|
|
Total |
2804953 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2016
|
Category |
Percentage |
|
Promoters - Individual/Hindu Undivided Family – India |
27.29 |
|
Non-resident Indian (NRI) |
1.54 |
|
Body corporate |
24.60 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – India |
20.30 |
|
Foreign institutional investors |
5.37 |
|
Body corporate |
20.90 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of FIBC Bags (Flexible Intermediate Bulk Containers). [Registered Activity] |
||||
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Products : |
|
||||
|
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|
||||
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Brand Names : |
Not Available |
||||
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|
|
||||
|
Agencies Held : |
Not Available |
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|
|
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||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
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|
Customers : |
|
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|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
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|
Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Rajendra and Company Chartered Accountants |
|
Address : |
1311, Dalamal Tower, 211, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
PAN No.: |
AAAFR1878D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture : |
·
Lift Pack DOO, Denmark |
|
|
|
|
Subsidiary Company : |
·
Shankar Europe BVBA, United Kingdom ·
LC Shankar Pty Limited, Singapore ·
Shankarpack Poland SP Zoo, Poland |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
AS ON 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2804953 |
Equity Shares |
INR 10/- each |
INR 28.050 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
28.050 |
28.050 |
28.050 |
|
(b) Reserves and Surplus |
1087.675 |
901.150 |
840.810 |
|
(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) |
1115.725 |
929.200 |
868.860 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
178.344 |
266.590 |
439.956 |
|
(b) Deferred tax liabilities (Net) |
102.306 |
91.238 |
69.646 |
|
(c) Other long-term
liabilities |
17.382 |
19.221 |
9.273 |
|
(d) long-term
provisions |
26.420 |
20.975 |
14.183 |
|
Total Non-current
Liabilities (3) |
324.452 |
398.024 |
533.058 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
552.837 |
559.488 |
532.323 |
|
(b) Trade
payables |
115.725 |
68.295 |
95.090 |
|
(c) Other
current liabilities |
200.092 |
308.641 |
195.334 |
|
(d) Short-term
provisions |
113.873 |
53.834 |
95.123 |
|
Total Current
Liabilities (4) |
982.527 |
990.258 |
917.870 |
|
|
|
|
|
|
TOTAL |
2422.704 |
2317.482 |
2319.788 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1198.262 |
1175.518 |
877.263 |
|
(ii)
Intangible Assets |
1.401 |
1.269 |
0.779 |
|
(iii) Tangible assets
capital work-in-progress |
0.169 |
0.000 |
63.673 |
|
(iv)
Intangible assets under development |
14.816 |
14.173 |
10.311 |
|
(b) Non-current Investments |
18.015 |
18.015 |
18.015 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
30.787 |
30.680 |
31.882 |
|
(e) Other
Non-current assets |
2.009 |
2.108 |
10.686 |
|
Total Non-Current
Assets |
1265.459 |
1241.763 |
1012.609 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
60.485 |
88.151 |
84.252 |
|
(b)
Inventories |
338.318 |
342.556 |
308.488 |
|
(c) Trade
receivables |
468.644 |
290.076 |
344.001 |
|
(d) Cash and
bank balances |
50.114 |
149.001 |
357.558 |
|
(e)
Short-term loans and advances |
184.483 |
165.283 |
167.002 |
|
(f) Other
current assets |
55.201 |
40.652 |
45.878 |
|
Total Current
Assets |
1157.245 |
1075.719 |
1307.179 |
|
|
|
|
|
|
TOTAL |
2422.704 |
2317.482 |
2319.788 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2711.093 |
2354.488 |
2512.601 |
|
|
Other Income |
14.382 |
22.678 |
8.992 |
|
|
TOTAL |
2725.475 |
2377.166 |
2521.593 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1287.750 |
1247.202 |
1368.059 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.157) |
(35.006) |
(80.034) |
|
|
Employee benefit expense |
323.453 |
222.353 |
204.971 |
|
|
CSR expenditure |
0.474 |
0.188 |
0.000 |
|
|
Other expenses |
661.369 |
694.925 |
675.582 |
|
|
TOTAL |
2272.889 |
2129.662 |
2168.578 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
452.586 |
247.504 |
353.015 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
71.691 |
36.571 |
43.173 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
380.895 |
210.933 |
309.842 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
76.162 |
73.553 |
72.311 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
304.733 |
137.380 |
237.531 |
|
|
|
|
|
|
|
Less |
TAX |
110.109 |
63.961 |
88.209 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
194.624 |
73.419 |
149.322 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
755.378 |
702.380 |
576.195 |
|
|
|
|
|
|
|
Add |
Adjustment related to Fixed Assets |
0.317 |
(4.421) |
0.000 |
|
|
|
|
|
|
|
Add |
Corporate Dividend Tax relating to Previous Year |
0.000 |
0.244 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
General and Legal Reserve |
0.000 |
7.342 |
14.933 |
|
|
Proposed Dividend |
7.012 |
7.012 |
7.012 |
|
|
Tax on Dividend |
1.402 |
1.402 |
1.192 |
|
|
Total |
8.414 |
15.756 |
23.137 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
941.905 |
755.378 |
702.380 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2319.591 |
2022.115 |
2234.923 |
|
|
TOTAL EARNINGS |
2319.591 |
2022.115 |
2234.923 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
332.365 |
149.956 |
236.956 |
|
|
Components and spare
parts |
35.962 |
27.857 |
25.353 |
|
|
Capital Goods |
8.743 |
3.703 |
11.953 |
|
|
TOTAL IMPORTS |
377.071 |
181.517 |
274.262 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
69.39 |
26.17 |
53.24 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
91.736 |
185.289 |
134.574 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
291.486 |
294.161 |
213.733 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
238.056 |
226.615 |
146.141 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
63.09 |
44.97 |
49.97 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.78 |
8.12 |
7.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
32.80 |
19.99 |
25.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.34 |
0.72 |
1.14 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.37 |
0.21 |
0.37 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.52 |
0.62 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.74 |
1.09 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.88 |
1.07 |
1.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.09 |
1.28 |
1.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.31 |
6.77 |
8.18 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
7.18 |
3.12 |
5.94 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.03 |
3.17 |
6.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.44 |
7.90 |
17.19 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.18 |
1.09 |
1.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.83 |
0.74 |
1.09 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.46 |
0.40 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
29.34 |
36.06 |
39.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.18 |
1.09 |
1.42 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
28.050 |
28.050 |
28.050 |
|
Reserves & Surplus |
840.810 |
901.150 |
1087.675 |
|
Net
worth |
868.860 |
929.200 |
1115.725 |
|
|
|
|
|
|
Long-term borrowings |
439.956 |
266.590 |
178.344 |
|
Short term borrowings |
532.323 |
559.488 |
552.837 |
|
Current maturities of
long-term debts |
134.574 |
185.289 |
91.736 |
|
Total
borrowings |
1106.853 |
1011.367 |
822.917 |
|
Debt/Equity
ratio |
1.274 |
1.088 |
0.738 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2512.601 |
2354.488 |
2711.093 |
|
|
|
(6.293) |
15.146 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2512.601 |
2354.488 |
2711.093 |
|
Profit/ (Loss) |
149.322 |
73.419 |
194.624 |
|
|
5.94
% |
3.12
% |
7.18
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
28.050 |
28.050 |
|
(b) Reserves and Surplus |
|
956.814 |
802.740 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Minority interest |
|
1.052 |
0.758 |
|
Total
Shareholders’ Funds (1) + (2) |
|
985.916 |
831.548 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
178.345 |
266.590 |
|
(b) Deferred tax liabilities (Net) |
|
102.306 |
91.844 |
|
(c) Other long-term
liabilities |
|
17.382 |
19.222 |
|
(d) long-term
provisions |
|
26.420 |
20.976 |
|
Total Non-current
Liabilities (3) |
|
324.453 |
398.632 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
603.259 |
608.196 |
|
(b) Trade
payables |
|
133.068 |
85.024 |
|
(c) Other
current liabilities |
|
211.803 |
317.068 |
|
(d) Short-term
provisions |
|
113.873 |
53.834 |
|
Total Current
Liabilities (4) |
|
1062.003 |
1064.122 |
|
|
|
|
|
|
TOTAL |
|
2372.372 |
2294.302 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1219.099 |
1197.433 |
|
(ii)
Intangible Assets |
|
2.012 |
1.894 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.169 |
0.000 |
|
(iv)
Intangible assets under development |
|
14.816 |
14.173 |
|
(b) Non-current Investments |
|
3.000 |
3.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
30.787 |
30.680 |
|
(e) Other Non-current
assets |
|
2.009 |
2.108 |
|
Total Non-Current
Assets |
|
1271.892 |
1249.288 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
60.485 |
88.151 |
|
(b)
Inventories |
|
391.179 |
387.164 |
|
(c) Trade
receivables |
|
368.496 |
222.387 |
|
(d) Cash and
bank balances |
|
57.984 |
153.717 |
|
(e)
Short-term loans and advances |
|
165.572 |
149.820 |
|
(f) Other
current assets |
|
56.764 |
43.775 |
|
Total
Current Assets |
|
1100.480 |
1045.014 |
|
|
|
|
|
|
TOTAL |
|
2372.372 |
2294.302 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
3136.840 |
2778.746 |
|
|
Other Income |
|
17.439 |
26.915 |
|
|
TOTAL |
|
3154.279 |
2805.661 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1396.642 |
1380.492 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
8.937 |
(45.073) |
|
|
Employee benefit expense |
|
427.622 |
320.228 |
|
|
CSR expenditure |
|
0.474 |
0.188 |
|
|
Other expenses |
|
893.898 |
943.666 |
|
|
TOTAL |
|
2727.573 |
2599.501 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
426.706 |
206.160 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
72.231 |
37.046 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
354.475 |
169.114 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
79.678 |
78.329 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
274.797 |
90.785 |
|
|
|
|
|
|
|
Less |
TAX |
|
109.587 |
63.881 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
|
165.210 |
26.904 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
58.83 |
9.55 |
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 |
Yes |
|
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 |
No |
|
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 |
NOTE: The Registered address of the company has been shifted from A-4, Purshottam Buildings, Opera House, Mumbai, Maharashtra, India to present address w.e.f. 13.04.2008
OPERATING RESULTS AND
BUSINESS
The gross turnover of the company for the year is INR 2711.093 million showing an increase of 16% over the previous year. The profit after tax of the company is INR 194.624 million. The total capacity of the company as on date is 19,843 MT per annum. The actual capacity utilization was 16,219 MT which reflects the capacity utilization of up to 82%. The business environment of the company continues to remain favorable barring developments in the global environment.
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Intercorporate deposits |
2.075 |
2.074 |
|
Loans and advances from directors |
1.710 |
2.060 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits from shareholders |
0.000 |
1.117 |
|
Intercorporate deposits |
0.000 |
6.355 |
|
Total |
3.785 |
11.606 |
INDEX OF CAHREGS:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B96956149 |
10478992 |
CITIBANK N. A. |
31/12/2013 |
- |
- |
50000000.0 |
Pelican, 2nd floor, Opp Race Course Towers,Gotri Road, VadodaraBarodaGJ390007IN |
|
2 |
B96955760 |
10478991 |
CITIBANK N. A. |
31/12/2013 |
- |
- |
580000000.0 |
Pelican, 2nd floor, Opp Race Course Towers,Gotri Road, VadodaraBarodaGJ390007IN |
|
3 |
B94021383 |
10062886 |
STATE BANK OF INDIA |
10/07/2007 |
09/01/2014 |
- |
1840800000.0 |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLE,VADODARAGJ390007IN |
|
4 |
Y10317886 |
90215987 |
STATE BANK OF INDIA |
15/12/1995 |
- |
- |
50013000.0 |
COMMERCIAL BRANCHMUMBAIMH400023IN |
|
5 |
Y10312777 |
90210878 |
STATE BANK OF INDIA |
15/12/1995 |
08/08/1996 |
- |
50013000.0 |
COMERCIAL BRANCHJUSTICE GN VAIDAY MARGMUMBAIMH400023IN |
|
6 |
Y10314250 |
90212351 |
STATE BANK OF INDIA |
18/03/1993 |
- |
- |
4348000.0 |
COMERCIAL BRANCHJUSTICE GN VAIDAY MARGMUMBAIMH400023IN |
|
7 |
Y10314199 |
90212300 |
STATE BANK OF INDIA |
16/09/1992 |
30/11/2006 |
- |
300000000.0 |
INDUSTRIAL FIANANCE BRANCH, 'THE ARCADE',2ND FLOOR, WORLD TRADE CENTRE,CUFFE PARADE,MUMBAIMH400005IN |
|
8 |
Y10344606 |
90236969 |
STATE BANK OF INDIA |
16/09/1992 |
31/10/2005 |
- |
33263000.0 |
INDUSTRIAL FINANCE BRANCHCUFFE PARADEMUMBAIMH400005IN |
|
9 |
Y10314035 |
90212136 |
STATE BANK OF INDIA |
24/12/1990 |
- |
- |
13000000.0 |
COMMERCIAL BRANCHJUSTICE G.N. VAIDYA MARGMUMBAIMH400023IN |
|
10 |
Y10313782 |
90211883 |
STATE BANK OF INDIA |
13/02/1989 |
- |
- |
12000000.0 |
COMERCIAL BRANCHJUSTICE GN VAIDAY MARGMUMBAIMH400023IN |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2016 |
|
Claims against company not acknowledged as debt |
25.514 |
|
Guarantees |
10.531 |
|
Other money for which company is contingently liable |
136.111 |
FIXED ASSETS:
· Land
· Buildings
· Plant and Equipment
· Vehicles
· Motor Vehicles
· Office Equipment
· Other 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 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 64.93 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VEK |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
NO |
|
--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.