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|
|
MIRA INFORM REPORT
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Report No. : |
500314 |
|
Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PLASTIBLENDS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Fortune Terraces, 10th Floor, A Wing, New Link Road,
Opposite Citi Mall, Andheri (West), Mumbai – 400053, Maharashtra |
|
Tel. No.: |
91-22-26736468 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
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Date of
Incorporation : |
22.01.1991 |
|
|
|
|
Com. Reg. No.: |
11-059943 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 64.973 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1991PLC059943 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0391007475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6287B |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Masterbatches. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
491 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated in the year 1991 and it is having excellent track records. The company manufactures white, black, and coloured master batches and compounds used primarily as colouring agents in plastics. For the financial year 2017, the company has increased in its revenue from operations as compared to previous year and maintained decent profitability margin of 5.77%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established market position in the master batch segment along with vast experience of the promoters and improvement in the revenue profile during the year. However, this rating strength is partially offset by volatility in raw material prices and exposure to intense competition. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
01.03.2018 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
01.03.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 28.03.2018
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 Co-Operative (91-22-267364681/672052001)
LOCATIONS
|
Registered Office : |
Fortune Terraces, 10th Floor, A Wing, New Link Road,
Opposite Citi Mall, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26736468 |
|
Fax No.: |
91-22-26736808 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works 1 : |
Khasara No.216, Village Raipur, Pargana: Bhagwanpur, Tehsil, Roorkee,
District- Haridwar - 247667, Uttarakhand, India |
|
Tel. No.: |
91-1332-235046/ 7 |
|
Fax No.: |
91-1332-235045 |
|
E-Mail : |
|
|
|
|
|
Works 2 : |
Daman Industrial Estate, Kadaiya Village, Daman – 396210, India |
|
|
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|
Works 3 : |
Block No. 18-A, 15, Makhinga, Palsana, Surat – 394315, Gujarat, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shreevallabh Gopilal Kabra |
|
Designation : |
Managing Director |
|
Address : |
46, Vithal Nagar Co-Operative Housing Society Limited, Gopikunj,
11th Road, Jvpd Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra,
India |
|
Date of Appointment : |
22.01.1991 |
|
DIN No.: |
00015415 |
|
|
|
|
Name : |
Mr. Satyanarayan Gopilal Kabra |
|
Designation : |
Managing Director |
|
Address : |
46, Vithal Nagar Co-Operative Housing Society Limited,
Gopikunj, 11th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049,
Maharashtra, India |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00015930 |
|
|
|
|
Name : |
Mr. Bajrang Lal Bagra |
|
Designation : |
Director |
|
Address : |
B-203, Rail Vihar, Sector-15, Part-2, Gurugram – 122001,
Haryana, India |
|
Date of Appointment : |
07.11.2014 |
|
DIN No.: |
00090596 |
|
|
|
|
Name : |
Pushp Raj Singhvi |
|
Designation : |
Director |
|
Address : |
B-302 Highland Park Co-Operative Housing Society Link
Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Appointment : |
28.04.2006 |
|
DIN No.: |
00255738 |
|
|
|
|
Name : |
Mr. Pushapraj Singhvi |
|
Designation : |
Director |
|
Address : |
B-302 Highland Park Co-Operative Housing Society Link
Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Appointment : |
09.09.2014 |
|
DIN No.: |
00347511 |
|
|
|
|
Name : |
Mr. Rahul Ramkumar Rathi |
|
Designation : |
Additional Director |
|
Address : |
796.189-B, Construction House Bhandarkar Institute Road,
Deccan Gymkha Na, Pune – 411004, Maharashtra, India |
|
Date of Appointment : |
30.01.2018 |
|
DIN No.: |
00966359 |
|
|
|
|
Name : |
Mr. Sudarshan Krishnarao Parab |
|
Designation : |
Director |
|
Address : |
Building A-11, 3 Dahivali CHS Limited, Kandar Pada,
Dahisar West, Mumbai - 400068,
Maharashtra, India |
|
Date of Appointment : |
22.10.2008 |
|
DIN No.: |
02331587 |
|
|
|
|
Name : |
Mr. Varun Satyanarayan Kabra |
|
Designation : |
Whole - time Director |
|
Address : |
Gopikunj, 46 Vithal Nagar CHS Limited, Road No. 11, J V P
D Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
03376617 |
|
|
|
|
Name : |
Mrs. Jyoti Varun Kabra |
|
Designation : |
Director |
|
Address : |
Gopi Kunj, 46, Vithal Nagar Chsl, 11th Road, JVPD Scheme,
Vile Parle West, Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
11.05.2017 |
|
DIN No.: |
07088904 |
|
|
|
|
Name : |
Mr. Anand Kabra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Ekta Kabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yatish B. Vasudeo |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu Suresh. Mhatre |
|
Designation : |
Company Secretary |
|
Address : |
402 Prathmesh Co-Op. Housing Society Limited, Kharkar Ali, Thane West, Thane - 400601, Maharashtra, India |
|
Date of Appointment : |
02.05.2011 |
|
PAN No.: |
ALQPM4958G |
|
|
|
|
Name : |
Mr. Anand Ramswaroop Mundra |
|
Designation : |
Chief Executive Officer |
|
Address : |
B/202, Sai Darshan Society, Opposite Andheri Fire Brigade, S. V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
12.08.2015 |
|
PAN No.: |
AAGPM7707A |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
16116338 |
62.01 |
|
|
(B) Public |
9872862 |
37.99 |
|
|
Grand Total |
25989200 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu Undivided Family |
94,55,928 |
36.38 |
|
|
Anand Shreevallabh Kabra |
4,000 |
0.02 |
|
|
Satyanarayan Gopilal Kabra |
27,82,856 |
10.71 |
|
|
Saritadevi Satyanarayan Kabra |
25,93,392 |
9.98 |
|
|
Varun Satyanarayan Kabra |
40,63,680 |
15.64 |
|
|
Veenadevi Shreevallabh Kabra |
4,000 |
0.02 |
|
|
Ekta Anand Kabra |
4,000 |
0.02 |
|
|
Shreevallabh Gopilal Kabra |
4,000 |
0.02 |
|
|
Any Other (Specify) |
66,60,410 |
25.63 |
|
|
Kolsite Corporation Llp |
48,13,848 |
18.52 |
|
|
Kabra Extrusiontechnik Limited |
18,46,562 |
7.11 |
|
|
Sub Total A1 |
1,61,16,338 |
62.01 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
1,61,16,338 |
62.01 |
STATEMENT SHOWING SHAREHOLDING PATTERN
OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
0 |
6,800 |
|
|
Mutual Funds/ |
6800 |
1,40,100 |
|
|
Foreign Portfolio
Investors |
140100 |
9,116 |
|
|
Financial Institutions/ Banks |
9116 |
4,59,600 |
|
|
Any Other (specify) |
459600 |
4,59,600 |
|
|
Colloids (Widnes) Limited Pen |
459600 |
6,15,616 |
|
|
Sub Total B1 |
615616 |
||
|
B2) Central Government/ State Government(s)/ President of India |
0 |
||
|
B3) Non-Institutions |
0 |
62,84,334 |
|
|
Individual share
capital upto INR 0.200 Million |
6284334 |
16,56,696 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1656696 |
13,16,216 |
|
|
Any Other (specify) |
1316216 |
5,98,811 |
|
|
Bodies Corporate |
598811 |
85,061 |
|
|
Clearing Members |
85061 |
3,70,593 |
|
|
HUF |
370593 |
1,05,026 |
|
|
NRI – Non- Repat |
105026 |
1,56,725 |
|
|
NRI – Repat |
156725 |
92,57,246 |
|
|
Sub Total B3 |
9257246 |
98,72,862 |
|
|
B=B1+B2+B3 |
9872862 |
11957 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Masterbatches. (Registered
Activity) |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
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|
Customers : |
|
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|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
491 (Approximately) |
||||||||||||||||||||||||
|
|
|
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|
Bankers : |
|
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
A.G. Ogale and Company Chartered Accountant |
|
Address : |
Ganesh Prasad, 365/38, Ekbote Colony, Shankarsheth Road, Pune,
Maharashtra, India |
|
Tel No: |
91-9422032049 |
|
Email: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Concern: |
|
|
|
|
|
Enterprise over
which Executive Directors exercise significant influence: |
|
CAPITAL STRUCTURE
AS ON 18.07.2017
Authorised Capital : INR 250.000 Million
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,29,94,600 |
Equity Shares |
INR 5/- each |
INR 64.973 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,00,00,000 |
Equity Shares |
INR 5/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,29,94,600 |
Equity Shares |
INR 5/- each |
INR 64.973 Million |
|
|
|
|
|
Reconciliation of
number of Equity Shares outstanding at the beginning and at the end of the year
|
Equity Shares |
Number
of Shares |
|
Number of Shares Outstanding at the beginning of the year |
1,29,94,600 |
|
Add : Number of Shares alloted during the year |
- |
|
No of Shares Outstanding at the end of the year |
1,29,94,600 |
D Shares in the Company
held by each Shareholder holding more than 5% Shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kolsite Corporation LLP |
2406924 |
18.52 |
|
Varun Satyanarayan Kabra |
2031840 |
15.64 |
|
Satyanarayan Gopilal Kabra |
1398928 |
10.77 |
|
Saritadevi Satyanarayan Kabra |
1296696 |
09.98 |
|
Kabra Extrusiontechnik Limited |
923281 |
7.11 |
|
Anand Shreevallabh Kabra |
2000 |
0.02 |
|
Shreevallabh Gopilal Kabra |
2,000 |
0.02 |
FINANCIAL DATA
[all figures are
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 |
64.973 |
64.973 |
64.973 |
|
(b) Reserves & Surplus |
2107.907 |
1777.645 |
1510.933 |
|
(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) |
2172.880 |
1842.618 |
1575.906 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
412.597 |
340.956 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
127.093 |
110.804 |
78.831 |
|
(c) Other long term
liabilities |
183.092 |
195.266 |
150.791 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
722.782 |
647.026 |
229.622 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
497.305 |
483.976 |
203.000 |
|
(b) Trade payables |
364.107 |
496.528 |
288.051 |
|
(c) Other current
liabilities |
82.589 |
79.898 |
137.141 |
|
(d) Short-term provisions |
96.344 |
61.236 |
141.722 |
|
Total Current Liabilities
(4) |
1040.345 |
1121.638 |
769.914 |
|
|
|
|
|
|
TOTAL |
3936.007 |
3611.282 |
2575.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1675.956 |
1507.613 |
726.208 |
|
(ii) Intangible Assets |
3.644 |
4.771 |
2.797 |
|
(iii) Capital
work-in-progress |
1.583 |
11.662 |
47.092 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
24.750 |
31.068 |
33.086 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
37.421 |
36.804 |
23.781 |
|
Total Non-Current Assets |
1743.354 |
1591.918 |
832.964 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
718.579 |
568.775 |
445.162 |
|
(c) Trade receivables |
1130.782 |
1080.529 |
924.721 |
|
(d) Cash and cash
equivalents |
19.537 |
26.839 |
28.284 |
|
(e) Short-term loans and
advances |
272.135 |
302.056 |
235.417 |
|
(f) Other current assets |
51.620 |
41.165 |
108.894 |
|
Total Current Assets |
2192.653 |
2019.364 |
1742.478 |
|
|
|
|
|
|
TOTAL |
3936.007 |
3611.282 |
2575.442 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5719.819 |
5198.702 |
4943.540 |
|
|
Other Income |
18.362 |
23.877 |
18.590 |
|
|
TOTAL |
5738.181 |
5222.579 |
4962.130 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4097.209 |
3645.229 |
3428.418 |
|
|
Purchases of
Stock-in-Trade |
1.409 |
2.114 |
1.120 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(120.129) |
(16.149) |
95.460 |
|
|
Employees benefits
expense |
242.290 |
204.456 |
161.065 |
|
|
Other expenses |
863.322 |
770.417 |
749.518 |
|
|
TOTAL |
5084.101 |
4606.067 |
4435.581 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
654.080 |
616.512 |
526.549 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
79.837 |
35.488 |
36.028 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
574.243 |
581.024 |
490.521 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
103.504 |
62.350 |
62.388 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
470.739 |
518.674 |
428.133 |
|
|
|
|
|
|
|
Less |
TAX |
140.477 |
141.966 |
127.621 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
330.262 |
376.708 |
300.512 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1429.027 |
1202.315 |
1018.228 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
35.000 |
40.000 |
30.000 |
|
|
Dividend |
0.000 |
90.962 |
71.470 |
|
|
Tax on Dividend |
0.000 |
19.034 |
14.955 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1724.289 |
1429.027 |
1202.315 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1455.127 |
1385.856 |
1416.770 |
|
|
TOTAL EARNINGS |
1455.127 |
1385.856 |
1416.770 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1249.795 |
1303.475 |
1448.407 |
|
|
Components and Stores
parts |
10.483 |
9.378 |
6.320 |
|
|
Capital Goods |
1.069 |
78.629 |
1.808 |
|
|
TOTAL IMPORTS |
1261.347 |
1391.482 |
1456.535 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
25.42 |
28.99 |
23.13 |
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 flow from (used in) operations |
656.672 |
612.494 |
521.496 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2st
Quarter |
3st
Quarter |
|
Net sales |
1449.860 |
1441.250 |
1401.900 |
|
Total Expenditure |
1331.130 |
1342.890 |
1291.490 |
|
PBIDT (Excluding Other Income) |
118.730 |
98.360 |
110.410 |
|
Other income |
5.540 |
6.400 |
7.530 |
|
Operating Profit |
124.270 |
104.760 |
117.940 |
|
Interest |
16.300 |
17.300 |
19.980 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
107.970 |
87.460 |
97.960 |
|
Depreciation |
28.790 |
29.260 |
29.760 |
|
Profit Before Tax |
79.180 |
58.200 |
68.200 |
|
Tax |
26.330 |
30.190 |
14.630 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
52.850 |
28.010 |
53.570 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
52.850 |
28.010 |
53.570 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
72.16 |
75.86 |
68.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.06 |
4.81 |
5.35 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
32.43 |
49.69 |
30.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.91 |
1.08 |
1.18 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.39 |
0.40 |
0.68 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.37 |
0.41 |
0.30 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.42 |
0.45 |
0.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.48 |
0.61 |
0.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.77 |
0.83 |
0.49 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.19 |
17.37 |
14.61 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.77 |
7.25 |
6.08 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.39 |
10.43 |
11.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.20 |
20.44 |
19.07 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.11 |
1.80 |
2.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.42 |
1.29 |
1.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.51 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
14.00 |
12.70 |
3.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.11 |
1.80 |
2.26 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5/- |
|
Market Value |
INR 196/- |
FINANCIAL ANALYSIS
[all figures are
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 |
64.973 |
64.973 |
64.973 |
|
Reserves & Surplus |
1510.933 |
1777.645 |
2107.907 |
|
Net worth |
1575.906 |
1842.618 |
2172.880 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
340.956 |
412.597 |
|
Short term borrowings |
203.000 |
483.976 |
497.305 |
|
Total borrowings |
203.000 |
824.932 |
909.902 |
|
Debt/Equity ratio |
0.129 |
0.448 |
0.419 |
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 |
4943.540 |
5198.702 |
5719.819 |
|
|
|
5.162 |
10.024 |
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 |
4943.540 |
5198.702 |
5719.819 |
|
Profit/(Loss) |
300.512 |
376.708 |
330.262 |
|
|
6.08% |
7.25% |
5.77% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INFORMATION ABOUT BUSINESS
SEGMENTS
The Company is operating in one segment only i.e. Manufacturing of Masterbatches.
REVIEW OF
OPERATIONS AND STATE OF COMPANY'S AFFAIRS
The highlights of the Company's performance for the year ended 31 March, 2017 during which several proactive measures they undertaken are :
- Total Revenue of INR 5738.200 Million as against INR 5222.600 Million an increase of INR 515.600 Million growth of approx 10 %.
- During the year, Company achieved several milestones by clocking highest ever Revenue, Sales volume, Production etc. in history of the Company.
- They are pleased to inform you that since their inception, they are holding the leadership position as No. 1 in Masterbatch segment in organized market in India.
- EBDITA (Earning Before Depreciation, Interest Tax, Amortization) increased by INR 37.600 Million to INR 654.100 Million from INR 616.500 Million, an increase of 6.10%.
- They have successfully completed the first year of new manufacturing unit at Palsana, Surat which commenced the commercial production on 25 March, 2016. In addition further CAPEX was done during FY 16-17. Since last 2 years Company has done CAPEX of more than INR 1000.000 Million, which was funded mainly through internal accrual.
- As compared with previous year the Interest and Depreciation cumulatively increased by INR 85.500 Million, resulting into their Profit before Tax (PBT) of INR 47.900 Million and Profit after Tax (PAT) of INR 46.400 Million as compared with previous year.
- Cash Profit is maintained at similar levels of INR 574.200 Million as against INR 581.000 Million in previous year. Post demonetisation, Company exhibited resilience by achieving the highest ever
- Domestic monthly sales, surpassing the previous months sales, in 3 months out of 4 month than Dec 2016 to Mar 2017.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Winds of uncertainty have been looming over Global economy for some time now, though recently they are witnessing some signs of recovery in major economies. Indian economy has emerged as the fastest growing economy in the world as per International Monetary Fund (IMF). Indian economy grew at 7.1% in the financial year 2016 -17 and is expected to grow in much the same manner at approx 7.5% in 2017-18. Stable Government, focus on strong infrastructure, softening of global commodity prices, proposed implementation of Goods and Service Tax (GST) in July, 2017 and positive forecast for current year's monsoon have helped India get a favourable economic outlook for the next financial year. As per Knowledge paper issued by Federation of Indian Chamber of Commerce and Industry (FICCI) in April, 2017 the Plastic processing industry consists of over 30,000 units comprising of upstream polymer manufacturers and downstream plastic processing units manufacturing different plastic products. It is highly fragmented with 75% of plastic processing units being in small-scale sector.
Increasing demand from various sectors like packaging, agriculture, textile fibres, infrastructure and low level of per capita consumption of plastics in India of 12 Kgs as against world average of 27 kgs are indicative of the strong growth potential in the Plastic Industry in India.
The Company is a leader in manufacturing of Masterbatches, which are used to impart colour and special properties to the polymer products. These Masterbatches are plastic granules in which pigments or additives are added. The Company has presence in practically all segments of Masterbatches i.e. White/ Black / Colour / Additive / Filler unlike most other competitors who are not present in all segments. Masterbatches find applications in various plastic processing industries, such as Flexible Packaging (FMCG, consumer durable and pharmaceuticals), Agriculture, Irrigation, Piping, Infrastructure, Consumer Durables etc. With the development of specialty masterbatches like anti‐static, flame-retardant, anti‐microbial, anti-rodent, bio degradable etc. demand of masterbatches is set to boost substantially across various end user industries.
BUSINESS OUTLOOK
Plastics are emerging as wonder material for modern society with its versatile applicability, adherence to regulatory standards and better aesthetic value addition to end products. Plastics are changing the way in which they are living our everyday lives. Utility of plastics as alternative materials in replacement of traditional materials are increasingly being explored in various areas due to different benefits offered by its use like light they lights, high strength, reusability etc. With the Government's current campaign on 'Make in India' which aims to turn India into a global manufacturing hub, a tremendous growth is expected in the plastic processing industry in the coming years.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From other Parties |
|
|
|
Other Parties |
3.545 |
9.345 |
|
Total |
3.545 |
9.345 |
|
Note:
First Pari Passu charge on Company's entire stock & book debts present and future and First Pari Passu charge on all plant & machinery and immoveable fixed assets of the Company located at 74/1,2, 75/3 at Daman Industrial Estate. There is no default, continuing or Otherwise as at the Balance Sheet Date, in repayment of any of the above borrowings. |
||
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31 DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
1401.900 |
1441.248 |
4293.014 |
|
Other Operating Income |
7.528 |
6.402 |
19.464 |
|
Total
Income from Operations |
1409.428 |
1447.650 |
4312.478 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1146.154 |
1064.179 |
3233.763 |
|
Purchase of Stock in Trade |
-- |
0.120 |
0.270 |
|
Changes in inventories of finished goods and
work-in-progress |
(63.752) |
54.620 |
(31.521) |
|
Excise Duty |
-- |
-- |
121.121 |
|
Employee benefits expense |
62.881 |
68.155 |
193.389 |
|
Finance Costs |
19.981 |
17.296 |
53.580 |
|
Depreciation and Amortization expenses |
29.755 |
29.264 |
87.811 |
|
Other Expenditure |
148.206 |
155.821 |
448.493 |
|
Total
Expenses |
1341.225 |
1389.455 |
4106.906 |
|
Profit/(Loss)
from Operations before Other Income, Finance Costs, & Exceptional items |
68.201 |
58.195 |
205.572 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit/(Loss)
from before tax |
68.201 |
58.195 |
205.572 |
|
|
|
|
|
|
Tax Expense |
53.571 |
28.005 |
134.423 |
|
|
|
|
|
|
Other
compressive income |
|
|
|
|
Item that will be reclassified |
(2.813) |
(11.500) |
14.603 |
|
Total
Other compressive income |
50.758 |
16.505 |
1149.026 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
129.946 |
129.946 |
129.946 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
1.95 |
0.64 |
5.73 |
NOTES:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 30th January, 2018.
- Statutory Auditors have
carried out the "Limited Review" of the Financial Results of the
current quarter & nine months.
The Company has adopted Indian Accounting Standards (Ind AS) from April 01, 2017. The figures for Quarter and Nine Months ended Dec 31, 2016 are in compliance of Ind AS.
Revenues from operations for the current quarter and nine months are not comparable with previous periods since sales are net of GST, whereas excise duties form part of other expenses.
- The Company has issued and alloted 12994600 Equity Shares to eligible shareholders on book closure date July 4, 2017 as bonus equity shares by capitalising reserves on July 5, 2017. The Earnine Per Share figures for the quarter/ nine months ended Dec. 31, 2016 have been restated to give effect to allotment of bonus shares as required by IND AS-33.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G46404422 |
100104171 |
YES BANK LIMITED |
17/11/2016 |
- |
- |
200000000.0 |
YES BANK TOWER, IFC2, 23RD FLOOR, SENAPATI BAPATMARG, ELPHINSTON, MUMBAI – 400013, MAHARASHTRA, INDIA |
|
2 |
G28676104 |
100024377 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
26/04/2016 |
23/11/2016 |
- |
450000000.0 |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
3 |
G47420997 |
10483552 |
KOTAK MAHINDRA BANK LIMITED |
18/02/2014 |
14/06/2017 |
- |
100000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E), MUMBAI – 400051, MAHARASHTRA, INDIA |
|
4 |
C04502894 |
10392170 |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED |
12/12/2012 |
13/03/2014 |
- |
200000000.0 |
INDIAN AREA MANAGEMENT OFFICE, 52/60, M G ROAD, PO BOX 128, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
5 |
G11023371 |
10324162 |
DBS BANK LTD |
18/12/2011 |
11/08/2016 |
- |
400000000.0 |
DLF CAPITOL POINT, GROUND FLOOR AND FIRST FLOOR,BABA KARAK SINGH MARG, CONNAUGHT PALACE,NEW DELHI – 110001, INDIA |
|
6 |
C05430541 |
80014638 |
HDFC BANK LIMITED |
20/04/2004 |
13/03/2014 |
- |
236000000.0 |
TRADE WORLD, A WING, 2ND FLOOR, KAMLA MILLS COMPD.,SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI – 400013, MAHARASHTRA, INDIA |
|
7 |
C04655858 |
90162802 |
STATE BANK OF INDIA |
22/10/1993 |
13/03/2014 |
- |
962000000.0 |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR,WORLD
TRADE CENTRE, CUFF PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA |
|
8 |
G42542019 |
10429827 |
INDUSIND BANK LTD. |
09/05/2013 |
13/03/2014 |
06/04/2017 |
200000000.0 |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE – 411001,
MAHARASHTRA, INDIA |
|
9 |
A12586756 |
90167100 |
STATE BANK OF INDIA |
24/03/1999 |
- |
23/03/2007 |
105000000.0 |
INDL. FINANCE, BRANCH, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
10 |
A12586194 |
90167052 |
STATE BANK OF INDIA |
24/03/1994 |
17/03/1999 |
23/03/2007 |
105000000.0 |
INDL. FINANCE, BRANCH, MUMBAI – 400001, MAHARASHTRA, INDIA |
FIXED ASSETS:
- Land
- Building
- Plant & Equipments
- R & D equipments
- Furniture & Fixture
- Vehicles
- Electrical Installatiion & Fittings
- Office Equipments
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 64.79 |
|
|
1 |
INR 92.25 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NKTS |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.