|
|
|
MIRA INFORM REPORT
|
Report No. : |
490316 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
RESINS AND PLASTICS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 8, Marol Industrial Estate, Off MIDC Cross Road, Andheri
(East), Mumbai-400093, Maharashtra |
|
Tel. No.: |
91-22-61987000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
22.12.1961 |
|
|
|
|
Com. Reg. No.: |
11-012223 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 35.723 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209MH1961PLC012223 |
|
|
|
|
IEC No.: |
0388003235 |
|
|
|
|
GST No.: |
27AAACR1888C1ZF |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR1888C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Exporter of Synthetic Resins like Alkyds, Acrylics, Polyamides, Phenolic, Polyurethane and Maleic Resins, etc. (Registered Activity and also Confirmed by Management) |
|
|
|
|
No. of Employees
: |
86 (Approximately) |
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 1961 having fine track record. It is engaged as manufacturer and exporter of synthetic resins like alkyds, acrylics, polyamides polyurethane, etc.
As per the financials of 2017, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating take into consideration the, strong financial profile marked by adequate net worth base and comfortable liquidity along with debt free operations.
The rating also takes into consideration the company’s long track record of the business operations and extensive experience of its promoters. Trade relations are fair. Payments seems to be regular and as per commitments. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: The Company has paid the Annual Listing Fees for the financial year 2015-16 to Ahmedabad Stock Exchange where the Company’s Shares are listed. SEBI has given exit order to Pune Stock Exchange w.e.f. 15th April, 2015.
Securities and Exchange Board of India (SEBI) vide its Circular No CIR/MRD/DSA/14/2012 dated 30/05/2012 have declared Exit Policy for De-recognized or Non-operational stock exchanges.
Accordingly, Company has filed an application along with necessary fees and documents to Ahmedabad Stock Exchange on 10/04/2015 and said application is still pending. |
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
NOT AVAILABLE
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
31-03-2016.
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 08.02.2018.
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. B N Patel |
|
Designation : |
Manager |
|
Contact No.: |
91-22-61987000 |
|
Date : |
03.01.2018 |
LOCATIONS
|
Registered Office : |
Plot No. 8, Marol Industrial Estate, Off MIDC Cross Road, Andheri (East),
Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-61987000 |
|
Fax No.: |
91-22-61987099 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Factory 1 : |
Taloja Industrial Estate of MIDC, Post Box No. 6, Taloja, District Raigad -410208, Maharashtra, India |
|
Tel. No.: |
91- 22-65517200 |
|
|
|
|
Factory 2 : |
Plot No. 3607, GIDC Industrial Estate, Ankleshwar, District Bharuch – 393002, Gujarat, India |
|
Tel. No.: |
91- 2646-223262 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Dhiren Purushottamdas Mehta |
|
Designation : |
Director |
|
Address : |
804, Vastu Shilp, Behind Manish Park, R. J. Road, Pump House, Andheri (East), Mumbai - 400093, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1952 |
|
Date of Appointment : |
08.12.2009 |
|
DIN No.: |
00001471 |
|
|
|
|
Name : |
Mr. Ashwin Suryakant Dani |
|
Designation : |
Director |
|
Address : |
Home Villa, 48, Krishna Sanghi Path, Mumbai - 400007, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1942 |
|
Date of Appointment : |
13.01.1970 |
|
DIN No.: |
00009126 |
|
|
|
|
Name : |
Mr. Abhay Arvind Vakil |
|
Designation : |
Director |
|
Address : |
Geetanjali, 9N, Gamadia Road, Off Peddar Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1950 |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
00009151 |
|
|
|
|
Name : |
Mr. Rupen Ashwin Choksi |
|
Designation : |
Managing Director |
|
Address : |
11-A, Jeevan Asha, 60-A, Peddar Road, Mumbai, 400026, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1976 |
|
Date of Appointment : |
21.06.2007 |
|
DIN No.: |
00059326 |
|
|
|
|
Name : |
Mr. Bharat Bhogilal Chovatia |
|
Designation : |
Director |
|
Address : |
10, Sanjog, 18 Pherozshah Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1954 |
|
Date of Appointment : |
28.08.2002 |
|
DIN No.: |
00271613 |
|
|
|
|
Name : |
Mr. Chetan Shashikant Thakkar |
|
Designation : |
Director |
|
Address : |
B/801 Augustus Building No. 1, Wing B CTS No 373, /390, Village Deonar, Govandi, Off V N Purav Margm, Mumbai - 400088, Maharashtra, India |
|
Date of Birth/Age : |
18.01.1975 |
|
Date of Appointment : |
06.02.2013 |
|
DIN No.: |
03273267 |
|
|
|
|
Name : |
Mr. Gobind Jhamatmal Lulla |
|
Designation : |
Managing Director |
|
Address : |
32, Kalpitam, Plot No.370, 16 Road,, TPS Iii, Bandra (West), Mumbai, 400050, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1954 |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
03298602 |
|
|
|
|
Name : |
Mrs. Hemangi Nilesh Modi |
|
Designation : |
Director |
|
Address : |
101, The Angel, 2 Krishna Sanghi Path, Gamdevi, Mumbai - 400007, Maharashtra, India |
|
Date of Appointment : |
09.07.2015 |
|
DIN No.: |
07232708 |
KEY EXECUTIVES
|
Name : |
Mrs. Sunita Rajesh Satpalkar |
|
Designation : |
Chief Finance Officer and Compliance Officer |
|
Address : |
C-303 Aishwarya Enclave, Y.T.Road, Near Dahisar Bridge, Next To Bus Depot, Dahisar West, Mumbai, 400068, Maharashtra, India |
|
Date of Appointment : |
19.05.2014 |
|
PAN No.: |
BAZPS3785A |
|
|
|
|
Name : |
Mr. B N Patel |
|
Designation : |
Manager |
|
|
|
|
Name : |
Mr. Amar A. Kumashi |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of
Shareholders |
|
No. of Shares |
|
Abhay Arvind Vakil |
|
150600 |
|
Abhay Arvind Vakil – HUF |
|
12000 |
|
Amar Arvind Vakil |
|
66600 |
|
Ami Manish Choksi |
|
2000 |
|
Ashish Ashwin Choksi |
|
46320 |
|
Ashwin Suryakant Dani |
|
6240 |
|
Ashwin Chimanlal Choksi |
|
50 |
|
Dipika Amar Vakil |
|
55600 |
|
Hasit A. Dani |
|
100800 |
|
Ina A. Dani |
|
130200 |
|
Jalaj A. Dani |
|
100800 |
|
Jigish Shailesh Choksi |
|
12000 |
|
Mahendra Chimanlal Choksi |
|
20633 |
|
Mahendra Chimanlal Choksi HUF |
|
1540 |
|
Malav A. Dani |
|
100800 |
|
Manish Mahendra Choksi |
|
58600 |
|
Prafullika Shailesh Choksi |
|
3880 |
|
Ragini Varun Vakil |
|
1000 |
|
Rita Mahendra Choksi |
|
76000 |
|
Rupal Anant Bhat |
|
48800 |
|
Rupen Ashwin Choksi |
|
46270 |
|
Shailesh Chimanlal Choksi |
|
28280 |
|
Shailesh Chimanlal Choksi HUF |
|
20000 |
|
Urvashi Ashwin Choksi |
|
67200 |
|
Vivek Abhay Vakil |
|
132100 |
|
Varun Amar Vakil |
|
77000 |
|
Vishal Shailesh Choksi |
|
12000 |
|
Castle Investments & Industries Private Limited |
|
8040 |
|
Doli Trading & Investments Private Limited |
|
8040 |
|
Elcid Investments Limited |
|
240714 |
|
Elf Trdg. & Chemicals Mfg. Limited |
|
315680 |
|
Geetanjali Trading & Investments Private Limited |
|
104233 |
|
Gujarat Organics Ltd. |
|
268760 |
|
Jaldhar Investments & Trading Co. Private Limited |
|
2800 |
|
Lambodar Investments and Trading Co. Limited |
|
32000 |
|
Lyon Investment & Industries Private Limited |
|
81920 |
|
Murahar Investments and Trading Co. Limited |
|
41600 |
|
Rupen Investment & Industries Private Limited |
|
1900 |
|
Suptaswar Investments and Trading Co. Limited |
|
41600 |
|
Tru Trading & Investments Private Limited |
|
20160 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Synthetic Resins like Alkyds, Acrylics, Polyamides, Phenolic, Polyurethane and Maleic Resins, etc. (Registered Activity and also Confirmed by Management) |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
Bangladesh |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Japan · China · Singapore |
|
|
|
|
Terms : |
|
|
Selling : |
Advance, L/C and Cheque |
|
|
|
|
Purchasing : |
Advance, L/C and Cheque |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Manufacturer
|
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|
No. of Employees : |
86 [Approximately] |
|||||||||||||||
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|
|||||||||||||||
|
Bankers : |
· HDFC Bank Limited ·
State Bank of India |
|||||||||||||||
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|
|
|||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Manubhai and Shah LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Companies
controlled by Directors / Relatives of Directors : |
· AR AR Intertect Design Private Limited · ARI Designs LLP · Asian Paints Limited · Ashwin Suryakant Dani (HUF) · Ashwin Ina Charitable Trust · Asteroids Trading and Investments Private Limited · Avinash Holding & Trading Co. Private Limited · Canes Venatici Trading Co. Private Limited · Castle Investment and Industries Private. Limited · Centaurus Trading and Investments Private Limited · Dani Charitable Foundation · Dani Finlease Limited · Doli Trading and Investments Private. Limited · Elcid Investments Limited · ELF Trading and Chemicals Mfg. Limited · Geetanjali Trading & Investments Private Limited · Germinait Solutions Private Limited · Gujarat Organics Limited · Hiren Holding Private Limited · Haish Holding & Trading Company Private Limited · Hasit Dani (HUF) · Hitech Insurance Broking Services Limited · Hitech Plast Limited · Hitech Skills Development Private Limited · Hitech Specialities Solutions Limited · Hydra Trading Private Limited · ISIS Holding & Trading Co. Private Limited. · Jalaj Trading and Investments Private Limited · Jalaj Dani (HUF) · Jaldhar Trading and Investments Private Limited · Lambodar Investments & Trading Co. Limited · Lyon Investment and Industries Private Limited · Murahar Investments and Trading Co. Limited · Navbharat Packaging Industries Limited · Naradiya Commercial LLP · Nehal Trading and Investments Private Limited · Parekh Plast India Limited · Pragati Chemicals Limited · Paladin Paints and Chemicals Private. Limited · Rayirth Holding and Trading Co. Private Limited · Ria Enterprises · Rituh Holding & Trading Co Private Limited · Riash Realty Private Limited · Ricinash Oil Mill Limited · Rupen Investment and Industries Private Limited · Smiti Holding and Trading Co. Private Limited · S.C. Dani Research Foundation Private Limited · Satyadharma Investments & Trading Co. Private Limited · Sudhanva Investments and Trading Co. Private Limited · Suptaswar Investments and Trading Co. Limited · Unnati Trading and Investments Private Limited · Vikatmev Containers Limited · Vijal Holding & Trading Company Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3661100 |
Equity Shares |
INR 10/- each |
INR 36.611 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3572300 |
Equity Shares |
INR 10/- each |
INR 35.723 Million |
|
|
|
|
|
Reconciliation of the
number of equity shares and amount outstanding at the beginning and at the end
of the reporting period :
|
Particulars |
31.03.2017 |
|
|
|
No of shares |
INR In Million |
|
Shares outstanding at the beginning of the year |
3572300 |
35.723 |
|
Add : Issued during year |
-- |
-- |
|
Shares outstanding at the end of the year |
3572300 |
35.723 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Name of Shareholder |
31.03.2017 |
|
|
|
No. of
Equity Shares held |
% of Holding |
|
Elf Trading and Chemicals Manufacturing Limited |
315680 |
8.84 |
|
Gujarat Organics Limited |
268760 |
7.52 |
|
Elcid Investments Limited |
240714 |
6.74 |
|
Abhay A Vakil |
208200 |
5.83 |
Terms/rights attached
to equity shares
The Company has only one class of shares referred to as equity shares of INR10 each. 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, except in the case of interim dividend.
As per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders
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 |
35.723 |
35.723 |
35.723 |
|
(b) Reserves & Surplus |
374.412 |
313.942 |
278.315 |
|
(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) |
410.135 |
349.665 |
314.038 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
7.316 |
7.049 |
7.285 |
|
(c)
Other long term liabilities |
0.050 |
0.050 |
0.050 |
|
(d)
long-term provisions |
6.362 |
4.748 |
5.666 |
|
Total
Non-current Liabilities (3) |
13.728 |
11.847 |
13.001 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.761 |
0.000 |
0.000 |
|
(b)
Trade payables |
81.668 |
83.570 |
82.343 |
|
(c)
Other current liabilities |
18.173 |
15.895 |
12.045 |
|
(d)
Short-term provisions |
3.856 |
4.770 |
16.526 |
|
Total
Current Liabilities (4) |
104.458 |
104.235 |
110.914 |
|
|
|
|
|
|
TOTAL |
528.321 |
465.747 |
437.953 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
65.273 |
61.710 |
54.594 |
|
(ii)
Intangible Assets |
1.091 |
0.853 |
0.887 |
|
(iii)
Capital work-in-progress |
2.254 |
4.061 |
6.199 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.002 |
0.002 |
0.002 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7.003 |
3.514 |
3.360 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
75.623 |
70.140 |
65.042 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
104.398 |
93.883 |
108.198 |
|
(c)
Trade receivables |
279.484 |
272.804 |
228.791 |
|
(d)
Cash and cash equivalents |
56.532 |
11.447 |
22.906 |
|
(e)
Short-term loans and advances |
9.619 |
14.848 |
10.719 |
|
(f)
Other current assets |
2.665 |
2.625 |
2.297 |
|
Total
Current Assets |
452.698 |
395.607 |
372.911 |
|
|
|
|
|
|
TOTAL |
528.321 |
465.747 |
437.953 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
1231.138 |
1157.183 |
1126.487 |
|
|
|
Other Income |
5.222 |
1.129 |
2.535 |
|
|
|
TOTAL |
1236.360 |
1158.312 |
1129.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
946.234 |
910.376 |
886.369 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
6.396 |
0.997 |
8.352 |
|
|
|
Employees benefits expense |
71.180 |
63.930 |
60.103 |
|
|
|
Other expenses |
120.883 |
106.836 |
101.686 |
|
|
|
TOTAL |
1144.693 |
1082.139 |
1056.510 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
91.667 |
76.173 |
72.512 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.223 |
0.448 |
0.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
91.444 |
75.725 |
72.227 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.638 |
5.735 |
7.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
85.806 |
69.990 |
65.035 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
25.336 |
21.463 |
19.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
60.470 |
48.527 |
45.196 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
13.802 |
14.881 |
8.364 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
326.186 |
317.237 |
253.344 |
|
|
|
Capital Goods and Engineering Items |
2.832 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
329.018 |
317.237 |
253.344 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(INR) |
16.93 |
13.58 |
12.65 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
79.244 |
47.261 |
61.350 |
|
|
|
|
|
|
Net cash flow generated from operating activities. |
50.258 |
24.645 |
41.544 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
82.86 |
86.05 |
74.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.41 |
4.24 |
4.92 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
31.50 |
33.51 |
33.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.88 |
0.81 |
0.67 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.34 |
1.14 |
1.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.20 |
0.22 |
0.25 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.25 |
0.30 |
0.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.17 |
0.19 |
0.20 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
411.06 |
170.03 |
254.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.91 |
4.19 |
4.01 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.45 |
10.42 |
10.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
14.74 |
13.88 |
14.39 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.33 |
3.80 |
3.36 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.33 |
2.89 |
2.39 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.78 |
0.75 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.02 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.33 |
3.80 |
3.36 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
35.723 |
35.723 |
35.723 |
|
Reserves & Surplus |
278.315 |
313.942 |
374.412 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
314.038 |
349.665 |
410.135 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.761 |
|
Total
borrowings |
0.000 |
0.000 |
0.761 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.002 |
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 |
1126.487 |
1157.183 |
1231.138 |
|
|
|
2.725 |
6.391 |
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 |
1126.487 |
1157.183 |
1231.138 |
|
Profit |
45.196 |
48.527 |
60.470 |
|
|
4.01% |
4.19% |
4.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B77804730 |
10399944 |
HDFC BANK LIMITED |
22/01/2013 |
06/06/2013 |
- |
56000000.0 |
HDFC BANK HOUSESENAPATI
BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
C05352612 |
90228000 |
STATE BANK OF INDIA |
09/09/1987 |
24/04/1996 |
27/05/2014 |
20000000.0 |
CHURCHGATE
BRANCHBOMBAYMH400001IN |
|
3 |
C05355565 |
90229350 |
STATE BANK OF INDIA |
26/05/1998 |
- |
27/05/2014 |
68000000.0 |
CHURCHGATE
BRANCHBOMBAYMH400001IN |
|
4 |
C05353891 |
90228105 |
STATE BANK OF INDIA |
29/09/1988 |
- |
27/05/2014 |
4800000.0 |
CHURCHGATE
BRANCHBOMBAYMH400001IN |
|
5 |
C05356779 |
90230507 |
STATE BANK OF INDIA |
09/09/1987 |
01/09/1999 |
27/05/2014 |
20000000.0 |
CHURCHGATE
BRANCHBOMBAYMH400020IN |
|
6 |
B68951177 |
10328175 |
STATE BANK OF INDIA |
14/12/2011 |
14/12/2011 |
28/01/2013 |
31000000.0 |
SME BACKBAY RECLAMATION
BRACHMITTAL COURT, B-WING, NARIMAN POINT,MUMBAIMH400021IN |
|
7 |
Y10331916 |
90229125 |
STATE BANK OF INDIA |
05/10/1996 |
- |
13/07/1998 |
57000000.0 |
CHURCHGATE
BRANCHBOMBAYMH400001IN |
|
8 |
Y10331016 |
90228225 |
STATE BANK OF INDIA |
29/09/1989 |
16/07/1993 |
03/04/1996 |
4800000.0 |
CHURCHGATE
BRANCHM.K. ROADBOMBAYMH400020IN |
|
9 |
Y10333206 |
90230415 |
STATE BANK OF INDIA |
13/02/1985 |
- |
03/04/1996 |
500000.0 |
CHURCHGATE
BRANCHBOMBAYMH400020IN |
|
10 |
Y10330088 |
90227297 |
STATE BANK OF INDIA |
08/01/1972 |
- |
03/04/1996 |
340000.0 |
CHURCHGATE
BRANCHM.K. ROADBOMBAYMH400001IN |
CORPORATE INFORMATION
NOTE ON BUSINESS ACTIVITY :
The company started its operations in 1971 and is pioneer in manufacturing and marketing of synthetic resins in India. Their product portfolio has wide range of products – Alkyds, Acrylics, Polyamides, Phenolic, Polyurethane and Maleic Resins. It has PAN India sales network / distributors providing technical service and support to small, large & MNC customers operating in Surface Coatings, Adhesives, Printing Inks and Construction Chemicals. It exports to neighbouring countries and are planning to expand it to other countries. Their Corporate Office is in Mumbai and has two manufacturing plants located in Taloja (Maharashtra) and Ankleshwar (Gujarat), both of which are in close proximity to the shipping ports. The Management team consists of experienced professionals having educational background in Chemical Engineering, Doctorates in Polymer Science and MBA’s from reputed institutes. Its well-equipped R&D centre is recognized by Government of India and it leverages technology to achieve a competitive advantage for its customers.
OPERATIONS / STATE OF
COMPANY’S AFFAIRS
The company started its operations in 1971 and is pioneer in manufacturing and marketing of synthetic resins in India. Their product portfolio has wide range of products – Alkyds, Acrylics, Polyamides, Phenolic, Polyurethane and Maleic Resins.
It has PAN India sales network / distributors providing technical service and support to small, large & MNC customers operating in Surface Coatings, Adhesives, Printing Inks and Construction Chemicals. It exports to neighbouring countries and are planning to expand it to other countries.
Their Corporate Office is in Mumbai and they have two manufacturing plants located in Taloja (Maharashtra) and Ankleshwar (Gujarat), both of which are in close proximity to the shipping ports.
The Management team consists of experienced professionals having educational background in Chemical Engineering, Polymer Science and MBA’s from reputed institutes. Its well-equipped R&D centre is recognized by Government of India and it leverages technology to offer products which provide competitive advantage for its customers.
During the financial year 2016-17, revenue from operations increased to INR 1231.138 million as against INR 1157.183 million in the previous year – a growth of 6.39%.
The Profit After Tax for the current year is INR 60.470 million as against INR 48.527 million in the previous year – a growth of 25%. They have been able to improve their profitability due to timely purchase of raw materials in the uncertain and volatile market, reduction in utilities cost and absorption of overheads over increased volume.
There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year 2016-17 and the date of this report.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 30th
JUNE 2017
(INR IN MILLION)
|
Particulars |
|
|
Quarter ended |
|
|
|
|
30.06.2017 |
|
|
|
|
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
|
|
376.131 |
|
Other Income |
|
|
1.718 |
|
Total
Revenue |
|
|
377.849 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
|
|
278.429 |
|
Changes in inventories of finished goods and
work-in-progress |
|
|
(21.848) |
|
Excise duty |
|
|
42.395 |
|
Employee benefits expense |
|
|
18.354 |
|
Finance cost |
|
|
0.028 |
|
Depreciation and Amortization expenses |
|
|
1.360 |
|
Other Expenditure |
|
|
38.454 |
|
Total
Expenses |
|
|
357.172 |
|
|
|
|
|
|
Profit before Exceptional and extra ordinary items and tax
|
|
|
20.676 |
|
|
|
|
|
|
Exceptional items |
|
|
0.000 |
|
|
|
|
|
|
Profit before extraordinary items and tax |
|
|
20.676 |
|
|
|
|
|
|
Extraordinary items |
|
|
0.000 |
|
Profit
before Tax |
|
|
20.676 |
|
|
|
|
|
|
Tax
Expense |
|
|
|
|
Current tax |
|
|
6.806 |
|
Deferred tax |
|
|
(0.326) |
|
Total
Tax Expense |
|
|
6.480 |
|
|
|
|
|
|
Profit
/ (Loss) after Tax |
|
|
14.196 |
|
|
|
|
|
|
Paid-up
Equity Share Capital (Face value INR 10/- per share) |
|
|
35.723 |
|
|
|
|
|
|
Basic
and Diluted EPS (in INR) |
|
|
3.97 |
NOTES:
1.
The company is engaged in the business of
manufacturing of synthetic resins, which is the only reportable segment
2.
The above result were reviewed by the audit
committee and taken on record by the board of directors of the company at their
respective meeting held on 28th July 2017.
3.
The statutory auditors have carried out a limited
review of the above results for the quarter ended 30th June 2017.
4.
The figures of previous year/period have been
regrouped/reclassified wherever required.
5.
The company at present is not listed on any of the
stock exchange in india and is placed on the dissemination board of national
stock exchange of india limited w.e.f. 20.06.2016. In view of the above the
Indian accounting standards (Ind-AS) including the rules notified under the
relevant provisions of the companies Act, 2013 are not applicable to the
company and according, financial statement are prepared in accordance with the
requirements of Indian generally accepted accounting principles, which includes
standards notified under the companies (accounting standards) rules, 2006. The
results are published as matter of good corporate governance in accordance with
past practices and without any obligations to do so.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Service Tax Credit disputed in appeals |
0.000 |
0.345 |
|
Letters of Credit and bank Guarantee issued by bank and outstanding as on 31st March , 2017 |
28.870 |
8.061 |
FIXED ASSETS:
TANGIBLE ASSETS
- Land-leasehold
- Buildings
- Plant and Equipment’s
- Furniture and Fixtures
- Vehicles
- Office equipment’s
- Others (specify nature)
Research and Development building
Research and Development equipment’s
INTANGIBLE ASSETS
- Computer Software
- License
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 records 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 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION
DETAILS
|
Information Gathered
by : |
PUJ |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
YES |
|
--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.