|
|
|
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
494915 |
|
Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOSHIBA MACHINE (CHENNAI) PRIVATE LIMITED (w.e.f.
08.11.2012) |
|
|
|
|
Formerly Known
As : |
L&T PLASTICS MACHINERY PRIVATE LIMITED (w.e.f. 06.09.2012) L&T PLASTICS MACHINERY LIMITED (w.e.f. 06.05.2009) L&T-DEMAG PLASTICS MACHINERY LIMITED |
|
|
|
|
Registered
Office : |
No.65 (P.O Box No 5), Chennai-Bangalore Highway,
Chembrambakkam, Poonamallee Taluk, Thiruvallur, Chennai – 600123, Tamilnadu |
|
Tel. No.: |
91-44-26812000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
20.06.2000 |
|
|
|
|
Com. Reg. No.: |
18-096087 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 173.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209TN2000PTC096087 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0300061919 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL6155E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the manufacture and supply of plastics injection moulding machines and auxiliary equipment. [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 is a wholly owned subsidiary of “Toshiba Machine Company Limited”, Japan and it was incorporated in the year 2000. As per financials of March 2017, the company has registered a growth of 13.64% in its revenue as compared to its previous year’s revenue and has reported fair profit margin of 4.40% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy financial risk profile along with zero debt balance sheet and good liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well established management team. Further, the company has reported earnings per share of INR 6.55 against its face value of INR 10. Payment terms are reported to be regular. In view of aforesaid, the company can be considered good for business
dealings with 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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 28.02.2018
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 DENIED
Management Non-Cooperative (91-44-26812000)
91-9841919181 -
Ringing
LOCATIONS
|
Registered Office/ Factory : |
No.65 (P.O Box No 5), Chennai-Bangalore Highway,
Chembrambakkam, Poonamallee Taluk, Thiruvallur, Chennai – 600123, Tamilnadu, India
|
|
Tel. No.: |
91-44-26812000 |
|
Mobile No.: |
91-9841919181 (Mr. K. Arul) |
|
Fax No.: |
91-44-26810303 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Parameswaran Kailas |
||||||||
|
Designation : |
Managing director |
||||||||
|
Address : |
Plot 2, "Sree Kailas", First Street, Sri Ayyappa Nagar,
Kolathur, Chennai – 600099, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
01.01.1953 |
||||||||
|
Date of Appointment : |
01.01.2013 |
||||||||
|
DIN No.: |
05219488 |
||||||||
|
PAN No.: |
AAAPK5174F |
||||||||
|
Other
Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Hiroshi Azuma |
||||||||
|
Designation : |
Whole-time director |
||||||||
|
Address : |
Yokohama Island Garden 936, 2-28-1, Heian-Cho, Tsurumi-Ku, Yokohama
City, Kanagawa, 2300031, Japan |
||||||||
|
Date of Birth/Age : |
26.11.1960 |
||||||||
|
Date of Appointment : |
01.08.2013 |
||||||||
|
DIN No.: |
06369624 |
||||||||
|
PAN No.: |
AJLPH1918G |
||||||||
|
Other
Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Teruhiko Inoue |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
1-14-3-210, IRIE, Kanagawa-Ku, Kanagawa, 2210014, Japan |
||||||||
|
Date of Birth/Age : |
19.09.1970 |
||||||||
|
Date of Appointment : |
01.08.2013 |
||||||||
|
DIN No.: |
03601833 |
||||||||
|
Other Directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Hirotoshi Mochizuki |
||||||||
|
Designation : |
Additional Director |
||||||||
|
Address : |
No.501, Maison Fiole Shinjyuku-Cyo 18-7, Shinjyuku-Cho Shinjyuku
4110048 Japan |
||||||||
|
Date of Appointment : |
10.02.2017 |
||||||||
|
DIN No.: |
07705923 |
||||||||
|
Other
Directorship:
|
|||||||||
KEY EXECUTIVES
|
Name : |
Sivasubramanian TN |
|
Designation : |
Company Secretary |
|
Address : |
New No 33, Old No 16/2 III Trust Cross Street,
Mandadelipakkam Chennai – 600028, Tamilnadu, India |
|
Date of Appointment : |
19.10.2016 |
|
PAN No.: |
AOSPS0264A |
|
|
|
|
Name : |
Mr. Siva Subramanian |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Toshiba Machine South East Asia PTE Limited, Japan |
|
1 |
|
Toshiba Machine Company Limited, Japan |
|
17299999 |
|
|
|
|
|
Total |
|
17300000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image008.gif)
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacture and supply of plastics injection moulding machines and auxiliary equipment. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7 and 8th Floor Asvn Ramana Tower 52 Venkatanrayana Road, T Nagar, Chennai – 600017, Tamilnadu, India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
· Toshiba Machine Company Limited, Japan |
|
|
|
|
Fellow Subsidiary Company : |
· Toshiba Machine South East Asia Pte Limited · Toshiba Machine (Thailand) Company Limited · Toshiba Machine (Shanghai) Company Limited · Toshiba Machine Company (America) · Toshiba Machine (India) Private Limited |
CAPITAL STRUCTURE
AS ON 10.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17300000 |
Equity Shares |
INR 10/- each |
INR 173.000
Million |
|
|
|
|
|
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 |
173.000 |
173.000 |
173.000 |
|
(b) Reserves & Surplus |
443.055 |
329.663 |
307.443 |
|
(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) |
616.055 |
502.663 |
480.443 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
19.381 |
12.055 |
16.015 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
19.381 |
12.055 |
16.015 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
9.082 |
31.839 |
|
(b) Trade
payables |
428.408 |
482.437 |
385.479 |
|
(c) Other
current liabilities |
136.680 |
126.110 |
113.053 |
|
(d) Short-term
provisions |
29.730 |
50.963 |
32.406 |
|
Total Current
Liabilities (4) |
594.818 |
668.592 |
562.777 |
|
|
|
|
|
|
TOTAL |
1230.254 |
1183.310 |
1059.235 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
224.915 |
184.344 |
191.316 |
|
(ii)
Intangible Assets |
16.564 |
14.099 |
17.171 |
|
(iii)
Capital work-in-progress |
1.533 |
0.000 |
0.000 |
|
(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 |
16.509 |
34.834 |
29.439 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
259.521 |
233.277 |
237.926 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
84.401 |
162.368 |
26.856 |
|
(b)
Inventories |
454.664 |
472.650 |
349.979 |
|
(c) Trade
receivables |
297.560 |
219.904 |
210.109 |
|
(d) Cash
and cash equivalents |
79.271 |
55.912 |
182.884 |
|
(e)
Short-term loans and advances |
53.100 |
36.117 |
47.268 |
|
(f) Other
current assets |
1.737 |
3.082 |
4.213 |
|
Total
Current Assets |
970.733 |
950.033 |
821.309 |
|
|
|
|
|
|
TOTAL |
1230.254 |
1183.310 |
1059.235 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2578.927 |
2269.319 |
2033.197 |
|
|
Other Income |
104.968 |
17.050 |
29.086 |
|
|
TOTAL |
2683.895 |
2286.369 |
2062.283 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1884.028 |
1746.974 |
1566.722 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
42.473 |
(58.368) |
(15.109) |
|
|
Employee benefit expense |
257.723 |
237.695 |
205.191 |
|
|
CSR expenditure |
0.957 |
0.000 |
1.222 |
|
|
Other expenses |
286.047 |
247.511 |
214.608 |
|
|
TOTAL |
2471.228 |
2173.812 |
1972.634 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
212.667 |
112.557 |
89.649 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.880 |
3.590 |
4.057 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
210.787 |
108.967 |
85.592 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
30.249 |
30.627 |
40.327 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
180.538 |
78.340 |
45.265 |
|
|
|
|
|
|
|
Less |
TAX |
67.146 |
22.389 |
17.215 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
113.392 |
55.951 |
28.050 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
154.872 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
154.872 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
394.345 |
|
|
Components and spare
parts |
0.000 |
0.000 |
0.105 |
|
|
Capital Goods |
0.000 |
0.000 |
0.766 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
395.216 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.55 |
3.23 |
1.62 |
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 |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
88.533 |
85.402 |
(38.229) |
|
Net cash flows from (used in) operating activities |
54.521 |
57.002 |
(44.587) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
42.11 |
35.37 |
37.72 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.67 |
10.32 |
9.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
83.00 |
100.80 |
89.81 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.47 |
0.24 |
0.26 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.88 |
0.57 |
0.43 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.48 |
0.57 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.02 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.97 |
1.33 |
1.17 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.39 |
0.39 |
0.43 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
113.12 |
31.35 |
22.10 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
4.40 |
2.47 |
1.38 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.22 |
4.73 |
2.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.41 |
11.13 |
5.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.63 |
1.42 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.87 |
0.71 |
0.84 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.50 |
0.42 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.05 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.63 |
1.42 |
1.46 |
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 |
173.000 |
173.000 |
173.000 |
|
Reserves & Surplus |
307.443 |
329.663 |
443.055 |
|
Net
worth |
480.443 |
502.663 |
616.055 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
31.839 |
9.082 |
0.000 |
|
Total
borrowings |
31.839 |
9.082 |
0.000 |
|
Debt/Equity
ratio |
0.066 |
0.018 |
0.000 |
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image010.gif)
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 |
2033.197 |
2269.319 |
2578.927 |
|
|
|
11.613 |
13.643 |
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image012.gif)
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 |
2033.197 |
2269.319 |
2578.927 |
|
Profit/ (Loss) |
28.050 |
55.951 |
113.392 |
|
|
1.38
% |
2.47
% |
4.40
% |
%20PRIVATE%20LIMITED%20-%20494915%2028-Feb-2018_files/image014.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
CORPORATE INFORMATION
The Company is engaged in the manufacture and supply of plastics injection moulding machines and auxiliary equipment. The Company was a wholly owned subsidiary of Larsen and Toubro Limited till 27 September 2012. Toshiba Machine Co. Limited, acquired the Company on 28 September 2012. The name of the Company was changed to Toshiba Machine (Chennai) Private Limited from L and T Plastics Machinery Limited with effect from 8 November 2012.
SUMMARY OF OPERATIONS
During the financial year 2016-17, the revenue from operations of the company rose to INR 2577.000 Million from INR 2269.000 Million as seen at the end of financial year 2015-16. This indicates a remarkable growth figure of 13.57%.
In terms of sheer number of machines sold, the company was successful in realizing a commendable sales figure of 727 IMM machines across various tonnages. This is an improvement of 47 machines more than what was sold in the previous financial year, thereby touching a growth rate of 6.91%.
The after tax profits of the company are another barometer of the appreciable performance we managed to attain. At the end of financial year 2016-17 the amount of Profit after Tax (PAT) stood at INR 113.000 Million. This is a markedly significant improvement over the PAT of last year which stood at INR 56.000 Million.
The amount of Earning Per Share (EPS) of the company also displays a similar growth trajectory compared to the previous years. For the financial year ended 31st March, 2017, the amount of EPS generated for the shareholders of the company stood at INR 6.55 per equity share.
That is almost a 102% increase over the EPS of financial year 2015-16.
STATE OF THE COMPANY'S AFFAIRS
The company is one of the leading high-end plastics injection molding machines and auxiliary equipment manufacturers in India. The company is a wholly owned subsidiary of Toshiba Machine Company of Japan.
With their decades of operational experience in plastic machinery segment, the company has been successful in helping hundreds of companies around the world to mold products with precision and speed, offering a very high quality of output. We offer competitive products and services to their clients that would equip them with a leading edge in the market place, in turn equipping them with the wherewithal to flourish in their respective industries and segments. Their superior products are perfectly complimented by their comprehensive service network and application knowledge across segments assists the clients to choose the right product for their requirement thereby optimizing the production with a very high up-time.
Given the immense momentum that the company has picked up over the last few years and the resultant peak in market share coupled with the prosperous future ahead of us, the company does not intend to change the nature of its business.
OUTLOOK
Plastic industry in India is making a significant contribution to the growth of Indian Economy and various key sectors like Automotive, Construction, Healthcare, FMCG, Electronics and Textile etc., The Indian plastics market is comprised of around 25,000 companies and employs 3 million people. The growth rate of the Indian plastics industry is one of the highest in the world, with plastics consumption growing at 16% per annum (compared to 10% p.a. in China and around 2.5% p.a. in the UK). The main Plastic Processing Technologies in India are Injection Molding Machine - 58%, Extrusion - 30%, Blow Molding 10% and others 2%. Plastic and plastic components being an indispensable and paramount component of almost all segments, the Injection Molding Machine (IMM) manufacturing segment has truly benefited from this tide of economic growth and development.
The research study aims at identifying emerging trends and opportunities in the global injection molding machine market along with a detailed classification of the market, in terms of value and volume. It identifies the key players in the global market and provides a comprehensive competitive landscape. The research study also includes a detailed segmentation of the global injection molding machine market on the basis of end-use industry, type, and region.
A favorable macro-economic environment characterized by controlled rates of inflation and marginally lower rates of borrowing is expected for the next financial year. The government also realizes that becoming a manufacturing hub will need several strategies reform to simplify manufacturing in India.
One of the proposed reforms, in line with "Make in India" is the proposed implementation of Goods and Service Tax (GST). Proposed GST will also propagate a positive change by ensuring cascading of taxes is reduced, thus leading to manufacturing synergy in India, thus resulting in the benefits of companies like subject.
The Indian plastics industry offers excellent potential in terms of capacity, infrastructure and skilled manpower. It is supported by a large number of polymer producers, and plastic process machinery and mold manufacturers in the country.
Chemicals and Petrochemicals and Plastics industry has grown around 12% this year, defying all claims of a slowdown in the economy post the demonetization drive. Further in the next three years, this sector is expected to grow at 15%; The Economic Survey forecasts a growth rate of 6.75% to 7.5% in FY17-18. Over the medium run, the implementation of the Goods and Services Tax (GST), follow-up to demonetization, and enacting other structural reforms should take the economy towards its potential real GDP growth of over 8%.
In the last decade, a number of emerging applications of plastics have been developed in many industries, such as Automotive, Packaging, Agriculture and Infrastructure, which have changed the day to day lives of the people. The industry has produced better and improved quality of plastics with the help of new technologies, especially in the packaging industry leading to replacement of several materials such as wood, metals and glass. The Government of India is taking every possible initiative to boost the infrastructure sector with investments of INR 25 lakh crore over the next 3 years in roads, railways and shipping infrastructure. Plastics play an important role in these sectors through usage in various products like pipes, wires and cables, water proofing membranes and wood PVC composites. Consequently, higher investments in these sectors will drive the demand for plastics.
Plastics are gradually becoming the material of choice for extensive usage due to their unique and diverse set of properties. With the government policies and initiatives stressing on manufacturing in the country, competitive rivalry in the sector is bound to grow considerably. However, due to low penetration levels of plastic products in the Indian market, especially rural segment, the per capita consumption of plastics is low.
Consumption of plastics in the U.S. at 109 kg and in China at 38 kg, India at 11 kg has a long way to go. The low consumption level indicates an enormous growth potential for the plastics sector.
PACKAGING INDUSTRY in India is one of the fastest growing industries with influence on all industries, directly or indirectly. Indian packaging industry has registered a CAGR of 15% in the last five years. The spending on packaged foods is increasing due to increase in per capita income, urbanization and growing numbers of working women. There is great growth potential since India's per capita consumption of packaging is only 4.3 kg whereas neighboring Asian countries such as China and Taiwan is about 6 kg and 19 kg respectively. This clearly indicates that the market is under penetrated and offers a great business opportunity for the Indian plastics packaging industry.
AUTOMOTIVE INDUSTRY is one the largest in the world and has grown at about 10-11% in the last five years from 14 million units in FY10 to 23 million units in FY15. The automobile industry accounts for 7.1% of the country's gross domestic product (GDP). An expanding middle class, a young population, and an increasing interest of companies in exploring rural markets have made the two wheelers segment (with 81% market share) the leader of the Indian automobile market. Given the positive outlook for the automobile industry, there is high potential for plastic usage to rise in the auto segment.
INFRASTRUCTURE is a key driver for the Indian economy. This segment is highly responsible for pushing India's overall development and enjoys focus from government for policies, ensuring timely creation of world class infrastructure. India's focus on infrastructure over the last decade made the country the second fastest growing economy in the world. As per the 12th Five Year Plan, India had committed USD 1 trillion in upgrading its ageing infrastructure like Power, Telecom, Roads, Irrigation, Railways, Oil and Gas and others. PVC and CPVC plays important role in the sustainable management of these sectors through various products like pipes, wires and cables, water proofing membranes, wood PVC composites, food and medicinal packaging.
ELECTRICAL market is one of the largest in the world. The main drivers for demand for the usage of Indian electronic products abroad are technological improvements and cost competitiveness. The demand for electronics has grown at an estimated 16% in the past five years. It has grown at 19% during the same period up from USD 57 billion in 2016-17. The growing customer base and the increasing penetration of electronic products in consumer durables segment have provided enough scope for the growth of plastics in the Indian electronics sector.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
9.082 |
|
|
|
|
|
Total |
0.000 |
9.082 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C37417102 |
10537431 |
HDFC BANK LIMITED |
24/11/2014 |
- |
- |
80000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG V LOWER PAREL W MUMBAI MH400013IN |
|
2 |
C12468799 |
80010037 |
AXIS BANK LIMITED |
01/02/2005 |
13/05/2014 |
- |
110000000.0 |
CORPORATE BANKING BRANCH - KARUMUTHU NILAYAM, GROUND FLOOR, NO 192, ANNA SALAI, CHENNAI TN600002IN |
|
3 |
C37471463 |
10513548 |
HDFC BANK LIMITED |
16/05/2014 |
- |
24/11/2014 |
80000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
4 |
B42164426 |
80033080 |
STANDARD CHARTERED BANK |
16/12/2003 |
- |
22/06/2012 |
80000000.0 |
19, RAJAJI SALAI CHENNAI TN600001IN |
|
5 |
B42165340 |
90148502 |
STANDARD CHARTERED BANK |
16/12/2003 |
06/06/2007 |
22/06/2012 |
180000000.0 |
19 RAJAJI SALAI CHENNAI TN600001IN |
|
6 |
B10029874 |
90148900 |
STANDARD CHARTERED BANK |
09/10/2004 |
30/11/2004 |
24/03/2011 |
180000000.0 |
19; RAJAJI SALAI CHENNAI TN600001IN |
|
7 |
B10029122 |
10080256 |
STANDARD CHARTERED BANK |
29/11/2007 |
10/01/2008 |
24/03/2011 |
100000000.0 |
19 RAJAJI SALAI CHENNAI TN600001IN |
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
Intangible Assets
· Brands and trade marks
· Trade marks
· Computer software
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 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
NKT |
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.