|
|
|
MIRA INFORM REPORT
|
Report No. : |
509579 |
|
Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TPL PLASTECH LIMITED (w.e.f. 2007) |
|
|
|
|
Formerly Known
As : |
TAINWALA POLYCONTAINERS LIMITED |
|
|
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|
Registered
Office : |
102, 1st Floor, Centre Point, Somnath Daman Road, Somnath,
Dabhel, Nani Daman, Daman-396210, Daman and Diu (U.T.) |
|
Tel. No.: |
91-22-40624200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
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|
Date of
Incorporation : |
30.09.1992 |
|
|
|
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Com. Reg. No.: |
56-004656 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 78.003 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209DD1992PLC004656 |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Plastic Products. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
201 (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 1753200 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Time Technoplast Limited” and it was incorporated in the year 1992 having a satisfactory track record. The subject is engaged as manufacturer of polymer products. As per the financial record of March 2017, the company has achieved marginal growth in its revenue as compared to its previous year and has maintained a fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its strong managerial and financial support receives from its parent. The company has its share price trading at around INR 319.20 on BSE as on 16th April 2018 as against its face value of INR 10. Further as per 3rd quarter results of December 2017, the company has achieved revenue of INR 46966.4 million and has clocked profit margin of approximately 6%. However, these rating strengths are partially offset by susceptibility to fluctuations in polymer prices and foreign exchange (forex) rates. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.05.2018
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-40624200]
LOCATIONS
|
Registered Office : |
102, 1st Floor, Centre Point, Somnath Daman Road, Somnath,
Dabhel, Nani Daman, Daman-396210, Daman and Diu (U.T.), India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
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|
|
|
Corporate Office 1 : |
55, Corporate Avenue, 2nd Floor, Saki Vihar Road, Andheri (East),
Mumbai-400072,
Maharashtra, India |
|
Fax No.: |
91-22-28575672 |
|
|
|
|
Corporate Office
2 : |
Sangeet Plaza, Office No. 501 to 504, 5th Floor, Opposite Marol Fire
Brigade, Marol Maroshi Road, Marol Naka, Andheri East, Mumbai-400059,
Maharashtra, India |
|
Tel. No.: |
91-22-40624200 |
|
Fax No.: |
91-22-40624299 |
|
|
|
|
Factory 1 : |
Plot No. 5 & 5P, Government Industrial Estate, Khadoli Village,
Silvassa – 396230 Dadra & Nagar Haveli - (U.T.), India |
|
|
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Factory 2 : |
Lane No. 5, Phase 2, SIDCO Industrial Complex, Bari Brahmna Industrial
Estate, Jammu-181133, Jammu and Kashmir, India |
|
|
|
|
Factory 3 : |
Survey No. 54B & 55C, Village Alak Devi, Tahsil Gadarpur, Distt.
U.S. Nagar-263153, Uttarakhand, India |
|
|
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|
Factory 4 : |
Survey No. 217/2, Village Kotda, Taluka Anjar, Bhuj, District
Kutch-370020, Gujarat, India |
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Factory 5 : |
Plot No. 1164, Khata Khasra No 1094/416, Opposite Highway Fuels, Mhow
Neemuch Road, Ratlam-457001, Madhya Pradesh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Mahinderkumar Dayanand Wadhwa |
|
Designation : |
Director |
|
Address : |
204 A, Landsand, Lokhandwala Complex, Andheri (W),
Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
14.07.2006 |
|
DIN No.: |
00064148 |
|
|
|
|
Name : |
Mr. Sanjaya Shrikrishna Kulkarni |
|
Designation : |
Director |
|
Address : |
A/12, Technocrat Society, Twin Tower Lane Prabhadevi,
Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
14.07.2006 |
|
DIN No.: |
00102575 |
|
|
|
|
Name : |
Mr. Anil Jain |
|
Designation : |
Director |
|
Address : |
311-312,Magnum Towers Lokhandwala Complex, 2nd X Lane,
Andheri West, Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1955 |
|
Qualification : |
B.Sc (Hon), Degree in Electrical Engineering from Punjab
University and MBA from Delhi |
|
Expertise in
specific functional areas: |
Over 29 years of experience in the field of Polymer Technology & Products. Started his career with Bharat Heavy Electricals Ltd. (BHEL) and later took assignment with Voltas Ltd., as a part of Senior Management Team. Also worked as Chief Executive Officer of leading rigid industrial packaging company in India. He is founder promoter of Time Technoplast Limited (TTL)
& Right from the commencement of its business he has worked towards
making TTL - a leading polymer product Company in India. |
|
Date of Appointment : |
19.04.2017 |
|
DIN No.: |
00183364 |
|
|
|
|
Name : |
Mrs. Monika Yateesh Srivastava |
|
Designation : |
Director |
|
Address : |
Flat No A/102, Serenity Complex, New Link Road Oshiwara,
Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
24-09-1965 |
|
Qualification : |
B.Sc, University of New Delhi M.Sc, Mumbai University PG Diploma
in Public Relations, New Delhi |
|
Expertise in
specific functional areas: |
28 years of work experience spanning various sectors
including development sector with Oxfam America and CRY. Consulting with
management consultancy group Global Synergies. Over 15 years experience with
Broadcast media houses like Zee Television and Sahara Television. Headed the
Sales and Marketing function. |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
02055547 |
|
|
|
|
Name : |
Mr. Suryapratap Maujiram Gupta |
|
Designation : |
Additional Director |
|
Address : |
Additional Commr of Police, Opposite Bhabha Hospital
Waterfield Road, Bandra West, Mumbai-400050, Maharashtra, India |
|
Date of Appointment : |
09.11.2017 |
|
DIN No.: |
07280370 |
|
|
|
|
Name : |
Mr. Deepak Bakhshi |
|
Designation : |
Director |
|
Address : |
801, Ashutosh SBK Ram Marg, Tilak Nagar , Chembur,
Mumbai-400089, Maharashtra, India |
|
Date of Birth/Age : |
05.10.1955 |
|
Qualification : |
Bachelor’s Degree in Electrical Engineering from PEC
Chandigarh and Post Graduate Diploma in Management from AIMA |
|
Expertise in
specific functional areas: |
More than 35 years of experience at various positions with
Oil and Natural Gas Corporation Limited. In last assignment, Mr. Bakhshi was
designated as Executive Director – Chief of Engineering Services Onshore and
headed a team of around 600 officials |
|
Date of Appointment : |
25.05.2017 |
|
DIN No.: |
07344217 |
|
|
|
|
Name : |
Mr. Mangesh Gopal Sarfare |
|
Designation : |
Wholetime Director |
|
Address : |
C/O, 601, Millenium Apartment, Andheri Kurla Road, Shivaji
Colony, Near WEH Metro Station, Chakala, A, Mumbai-400099, Maharashtra,
India |
|
Date of Birth/Age : |
03.03.1969 |
|
Qualification : |
Bachelor of Engineering from University of Mumbai. M.B.A.
in Operations Management and Graduate Diploma from Indian Institute of
Material Management |
|
Expertise in
specific functional areas: |
More than 20 years of experience in procurement &
Projects’, responsible for the entire gamut of supply chain management of
CAPEX, OPEX, Engineering material, consumables, new product development and
project execution strategies |
|
Date of Appointment : |
19.04.2017 |
|
DIN No.: |
07793543 |
KEY EXECUTIVES
|
Name : |
Mr. Murari Lal Jangid |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
29, Gunjanwala Building No. 1 B Wing, S.V.P. Road,
Borivali (West), Mumbai- 400092, Maharashtra, India |
|
Date of Appointment : |
24.05.2014 |
|
PAN No.: |
ABUPJ5449F |
|
|
|
|
Name : |
Mr. Manoj Kumar Mewara |
|
Designation : |
Company Secretary |
|
Address : |
I-201, Sun Residency, Near Chala Gram Panchayat Chala
Daman Road, Chala, Vapi-396191, Gujarat, India |
|
Date of Appointment : |
08.02.2013 |
|
PAN No.: |
AHAPM0537F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
5850126 |
75.00 |
|
Public |
1950174 |
25.00 |
|
|
|
|
|
Total |
7800300 |
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 (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Any Other
(specify) |
58,50,126 |
75.00 |
|
|
TIME TECHNOPLAST LIMITED |
58,50,126 |
75.00 |
|
|
Sub Total A1 |
58,50,126 |
75.00 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
58,50,126 |
75.00 |
|
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 % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
6400 |
0.08 |
|
|
Foreign Portfolio Investors |
451941 |
5.79 |
|
|
Bridge India Fund |
450000 |
5.77 |
|
|
Sub Total B1 |
458341 |
5.88 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
Million |
803663 |
10.30 |
|
|
Individual share capital in excess of INR
0.200 Million |
214273 |
2.75 |
|
|
Ravindrakumar Vinaykumar Ruia |
125650 |
1.61 |
|
|
Any Other (specify) |
473897 |
6.08 |
|
|
HUF |
50742 |
0.65 |
|
|
Non-Resident Indian (NRI) |
3278 |
0.04 |
|
|
Shriram Insight Share Brokers Ltd. |
85478 |
1.10 |
|
|
Clearing Members |
179299 |
2.30 |
|
|
Market Maker |
80 |
0.00 |
|
|
Bodies Corporate |
80792 |
1.04 |
|
|
IEPF |
159706 |
2.05 |
|
|
Sub Total B3 |
1491833 |
19.13 |
|
|
B=B1+B2+B3 |
1950174 |
25.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Plastic Products. [Registered
Activity] |
|
|
|
|
Products/ Services : |
Plastic Products |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
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|
No. of Employees : |
201 (Approximately) |
||||||||||||||||||||||||
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|
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|
Bankers : |
· IDBI Bank Limited ·
HDFC Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Time Technoplast Limited |
|
|
|
|
Fellow Subsidiary : |
NED Energy Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7800300 |
Equity Shares |
INR 10/- each |
INR 78.003
Million |
|
|
|
|
|
Rights of Equity
Shareholders
The Company has only one class of Equity Shares having par value of INR 10/- each, holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company.
Reconciliation of
numbers of equity shares
|
Particulars |
As at 31st March, 2017 |
|
|
|
Number |
Amount |
|
Shares outstanding at the beginning of the year |
7800300 |
78.003 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
7800300 |
78.003 |
In the preceding five years, the Company had not bought back, issued shares for consideration other than cash and bonus shares.
Details of members
holding equity shares more than 5%
|
Name of Shareholder |
As at 31st March, 2017 |
|
|
|
Number |
Amount |
|
Time Technoplast Limited (Holding company) |
5850126 |
75.00% |
Dividend Paid and
Proposed:
(i) The Board of Directors, in its meeting held on 25th May, 2016, proposed a final dividend of INR 2.5 per equity share and the same was approved by the shareholders at the Annual General Meeting held on 28th September, 2016, this resulted in a cash outflow of INR 23.471 Million, including corporate dividend tax of INR 3.970 Million.
(ii) The Board of Directors, in its meeting held on 25th May, 2017, have proposed a final dividend of INR 3 per equity share for the year ended 31st March, 2017. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved would result in a cash outflow of INR 28.165 Million including corporate dividend tax of INR 4.764 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 |
78.003 |
78.003 |
78.003 |
|
(b) Reserves & Surplus |
535.634 |
446.501 |
360.933 |
|
(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) |
613.637 |
524.504 |
438.936 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
75.700 |
0.000 |
44.200 |
|
(b) Deferred tax liabilities (Net) |
73.639 |
71.430 |
62.537 |
|
(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) |
149.339 |
71.430 |
106.737 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
282.461 |
192.248 |
332.439 |
|
(b)
Trade payables |
384.119 |
412.597 |
257.307 |
|
(c)
Other current liabilities |
43.508 |
99.775 |
69.494 |
|
(d)
Short-term provisions |
3.334 |
2.404 |
25.428 |
|
Total
Current Liabilities (4) |
713.422 |
707.024 |
684.668 |
|
|
|
|
|
|
TOTAL |
1476.398 |
1302.958 |
1230.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
508.596 |
486.127 |
449.979 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
61.267 |
12.000 |
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 |
6.037 |
4.144 |
9.193 |
|
(e)
Other Non-current assets |
28.866 |
32.630 |
0.000 |
|
Total
Non-Current Assets |
604.766 |
534.901 |
459.172 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
301.024 |
222.237 |
251.800 |
|
(c)
Trade receivables |
435.498 |
433.996 |
353.932 |
|
(d)
Cash and cash equivalents |
10.402 |
12.019 |
7.624 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
156.204 |
|
(f)
Other current assets |
124.708 |
99.805 |
1.609 |
|
Total
Current Assets |
871.632 |
768.057 |
771.169 |
|
|
|
|
|
|
TOTAL |
1476.398 |
1302.958 |
1230.341 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1801.470 |
1781.700 |
1831.590 |
|
|
|
Other Income |
1.064 |
0.000 |
0.114 |
|
|
|
TOTAL (A) |
1802.534 |
1781.700 |
1831.704 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1471.326 |
1437.033 |
1470.827 |
|
|
|
Manufacturing and Operating Costs |
101.732 |
87.840 |
78.195 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(81.892) |
(21.812) |
(33.371) |
|
|
|
Employees benefits expense |
67.648 |
51.297 |
46.977 |
|
|
|
Other expenses |
24.330 |
16.871 |
86.888 |
|
|
|
TOTAL (B) |
1583.144 |
1571.229 |
1649.516 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
219.390 |
210.471 |
182.188 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.833 |
45.943 |
54.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.557 |
164.528 |
127.528 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.538 |
29.141 |
27.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
147.019 |
135.387 |
99.861 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.220 |
49.453 |
23.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
112.799 |
85.934 |
76.094 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1263.473 |
1238.494 |
|
|
TOTAL IMPORTS |
NA |
1263.473 |
1238.494 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
14.46 |
11.02 |
9.76 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
8.800 |
44.200 |
41.900 |
|
|
|
|
|
|
Cash generated from operations |
65.388 |
354.675 |
109.200 |
|
|
|
|
|
|
Net Cash from Operating Activities
|
34.752 |
326.704 |
92.954 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
431.850 |
454.700 |
469.660 |
|
Total Expenditure |
376.400 |
399.070 |
410.780 |
|
PBIDT (Excl OI) |
55.450 |
55.630 |
58.880 |
|
Other Income |
0.010 |
0.030 |
0.020 |
|
Operating Profit |
55.460 |
55.660 |
58.900 |
|
Interest |
10.860 |
10.770 |
10.780 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
44.600 |
44.890 |
48.120 |
|
Depreciation |
7.600 |
7.230 |
8.410 |
|
Profit Before Tax |
37.000 |
37.660 |
39.710 |
|
Tax |
12.710 |
7.250 |
12.870 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
24.290 |
30.410 |
26.840 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
24.290 |
30.410 |
26.840 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
88.24 |
88.91 |
70.53 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.14 |
4.11 |
5.17 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
89.13 |
98.76 |
60.63 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.73 |
0.95 |
0.72 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.38 |
0.42 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.54 |
0.58 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.60 |
0.45 |
0.95 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.16 |
1.35 |
1.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.93 |
0.95 |
1.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.01 |
4.58 |
3.33 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.26 |
4.82 |
4.15 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.64 |
6.60 |
6.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.38 |
16.38 |
17.34 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.22 |
1.09 |
1.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.80 |
0.77 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.42 |
0.40 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.70 |
3.03 |
5.37 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.22 |
1.09 |
1.13 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 319.20/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
78.003 |
78.003 |
78.003 |
|
Reserves & Surplus |
360.933 |
446.501 |
535.634 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
438.936 |
524.504 |
613.637 |
|
|
|
|
|
|
Long-term borrowings |
44.200 |
0.000 |
75.700 |
|
Short term borrowings |
332.439 |
192.248 |
282.461 |
|
Current Maturities of Long term borrowings |
41.900 |
44.200 |
8.800 |
|
Total
borrowings |
418.539 |
236.448 |
366.961 |
|
Debt/Equity ratio |
0.954 |
0.451 |
0.598 |
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 |
1831.590 |
1781.700 |
1801.470 |
|
|
|
-2.724 |
1.110 |
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 |
1831.590 |
1781.700 |
1801.470 |
|
Profit |
76.094 |
85.934 |
112.799 |
|
|
4.15% |
4.82% |
6.26% |
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 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
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 |
G62894621 |
100134451 |
HDFC BANK LIMITED |
12/10/2017 |
- |
- |
140000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
G12552899 |
100051203 |
IDBI Bank Limited |
29/08/2016 |
- |
- |
84500000.0 |
Ground Floor, C7, G Block, Opposite NSEBandra Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
3 |
G62900212 |
10465658 |
HDFC BANK LIMITED |
23/10/2013 |
12/10/2017 |
- |
225000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
G12925541 |
10233529 |
IDBI Bank Limited |
24/07/2010 |
29/08/2016 |
- |
600000000.0 |
Ground Floor, C7, G Block, Opposite NSEBandra Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
5 |
G47236294 |
10517384 |
IDBI Bank Limited |
25/08/2014 |
23/05/2015 |
17/06/2017 |
56700000.0 |
Ground Floor, C7, G Block, Opposite NSEBandra Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
6 |
G47236864 |
10517386 |
IDBI Bank Limited |
25/08/2014 |
23/05/2015 |
17/06/2017 |
58800000.0 |
Ground Floor, C7, G Block, Opposite NSEBandra Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
7 |
C33420753 |
10195119 |
STANDARD CHARTERED BANK (acting as a security agent) |
24/12/2009 |
30/04/2013 |
12/11/2014 |
200000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
8 |
C25225970 |
10338949 |
ICICI Bank Limited |
27/01/2012 |
06/02/2012 |
30/09/2014 |
100000000.0 |
JMC HouseOpposite of Parimal Garden, Off C.G. Road, AmbawadAhmedabadGJ380006IN |
|
9 |
C25096363 |
10338943 |
ICICI BANK LIMITED |
27/01/2012 |
26/04/2012 |
25/09/2014 |
80000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
10 |
C25097882 |
10339071 |
ICICI BANK LIMITED |
27/01/2012 |
06/02/2012 |
25/09/2014 |
80000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
COMPANY OVERVIEW
The TPL PLASTECH LIMITED is public limited company incorporated and domiciled in India and has registered office at 102, 1st Floor, Centre Point, Somnath Daman Road, Somnath, Nani Daman, Daman (U.T.) 396 210. It is incorporated under the Companies Act, 1956 and its shares are listed on the Bombay Stock Exchange and National Stock Exchange in India. The Company has five plants situated across India. The Company is a subsidiary of Time Technoplast Limited.
OPERATIONS:
During the year, the Company has achieved revenue from operations of INR 1801.470 Million, as compared to the revenue from operation of INR 1781.700 Million of the previous year.
The Company has earned a Net profit after tax of INR 112.799 Million, thereby registering an increase of 30.95% as compared to the Net Profit after tax of INR 85.934 Million of the previous year.
MANAGEMENT DISCUSSION
& ANALYSIS
ECONOMIC OVERVIEW
Financial Year 2016-17 was marked as another difficult year for the world economy, with growth lowering to 2.3% (from 2.7%). The year was characterized by stagnant global trade, subdued investment and heightened policy uncertainty.
There was deceleration of growth in advanced economies (1.6%, down from 2.1%, the previous year). Economic growth in both the US and Europe was at a lower level, compared to the previous year. China’s growth continued to be slow, close to 7%, far below its earlier annual growth rates. Investments slowed down there due to overcapacity in nearly all sectors, resulting in sluggish industrial production. Weak investments and sluggish productivity affected many emerging markets and advanced economies, resulting in muted growth.
India, buoyed by low oil prices, remained the fastest growing major economy in the world (growth estimated at 7.1%). For the Indian economy, 2016- 17 was marginally better than the previous year. The first eight months of the fiscal saw momentum picking up on the growth front. However, as demonetisation lowered aggregate demand, gross value added growth, earlier estimated to touch 7.6%, was revised to 7.1% for 2016-17.
REVIEW OF OPERATION:
During the year, the Company has achieved Net revenue from operations of INR 1802.500 Million, thereby registering a growth of 1.17% as compared to the revenue from operation of INR 1781.700 Million of the previous year.
The Company registered an operating profit of INR 219.400 Million against INR 210.500 Million in the previous year. The operating profit grew by 4.24% despite marginal increase in revenue by 1.17% due to better realization from its Customers.
The Operating profit % to sales is 12.17% against 11.81% in the previous years, increased by 36bps.
The Company has earned a Net profit after tax of INR 112.700 Million, thereby registering an increase of 30.95% as compared to the Net Profit after tax of INR 86.000 Million of the previous year.
The Earning per share increased from INR 11.02 per share to INR 14.46 per shares.
FUTURE OUTLOOK,
OPPORTUNITIES AND THREATS:
1. The introduction of GST regime in the country is likely to be a game changer. It will disrupt the business during the year but in the long run it will benefit the Company. With the curb on informal economy, there is a likelihood of shift in business from unbranded players to branded players. This will lead to growth in the business of the Company in forthcoming years.
2. The global market for industrial packaging is estimated to be around $52 bn and is forecasted to reach $61 billion by 2020 clocking a growth rate of 3.4% per annum.
3. The chemical industry has constantly evolved over the years and comprehensive macro factors continue to influence for growth in this sector. Increased sustainability and environmental awareness as well as use for alternate energy resources and urbanization especially in the developing countries have opened various new avenues for chemical industry to innovate and grow rapidly.
On back of new initiatives by the Govt. of India, 100% FDI is allowed in this sector. Chemical industry is now gearing up and heading towards rapid growth.
4. However, your Company keeps increasing its footprint across geography to provide one stop packaging solution to its customer on just in time basis. Company has Five manufacturing facility at Silvassa, Jammu, Bhuj, Gadarpur and Ratlam.
5. The Realty sector was overall in a negative growth phase and Infrastructure projects were also at a lower pace. The Government at the Centre has put the priority focus on Swachh Bharat Abhiyan, Sanitation and affordable houses to all and development of 100 smart cities on all India basis. This should give boost to demand of Company’s products across the country in future.
6. To meet growing requirements in the Infrastructure Business segment, Company is also manufacturing High Pressure HDPE Pipes and DWC Pipes. Pipes helps Company to meet requirement of sewerage & drainage systems, effluent/sewerage treatment plants, destination, offshore & industrial piping, telecom & power cable ducting etc., and also confirms to National & International standards.
7. During the year, Company has invested total INR 123.900 Million to increase Capacity at exisiting locations in Industrial Packaging and DWC Pipes. 8. Considering the above factors, the outlook for the current year looks bright, except for unfavorable impact, if any, on account of rupee depreciation, weaker consumer sentiment or other unforeseen circumstances.
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from 213,
Sabari, Kachigam, Daman-396210, Daman and Diu (U.T.), India to the present address
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1. |
Income from Operations
|
|
|
|
|
|
a)
Revenue from Operations |
496.664 |
454.699 |
1356.213 |
|
|
b)
Other Income |
0.016 |
0.026 |
0.050 |
|
|
Total Income |
469.680 |
454.725 |
1356.263 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of Materials Consumed |
380.630 |
398.268 |
1127.295 |
|
|
b)
Manufacturing and Operating Costs |
25.765 |
25.018 |
76.153 |
|
|
c)
Changes in inventories of finished goods and work-in-progress |
(23.563) |
(51.333) |
(97.409) |
|
|
d)
Employee benefits expense |
19.759 |
19.294 |
57.571 |
|
|
e)
Finance Costs |
10.784 |
10.769 |
32.417 |
|
|
f) Depreciation and amortisation expense |
8.412 |
7.226 |
23.236 |
|
|
g)
Other expenses |
8.186 |
7.823 |
22.628 |
|
|
Total
Expenses |
429.973 |
417.066 |
1241.892 |
|
|
|
|
|
|
|
3. |
Profit / (Loss) before Tax |
39.707 |
37.659 |
114.371 |
|
4. |
Tax
expense |
12.870 |
7.245 |
32.832 |
|
5. |
Net
Profit after tax |
26.837 |
30.414 |
81.540 |
|
6. |
Other
Comprehensive income |
|
|
|
|
|
Items that will not be reclassified to
Profit and Loss |
|
|
|
|
|
Remeasurements
of net defined benefit plans (Net of tax) |
-- |
-- |
-- |
|
|
Other
Comprehensive income/ (expenses) |
-- |
-- |
-- |
|
7. |
Total
Comprehensive income for the period |
26.837 |
30.414 |
81.540 |
|
8. |
Paid
- up Equity Share Capital (face
value per share INR 10/-) |
78.003 |
78.003 |
78.003 |
|
9. |
Basic
and Diluted Earnings Per Share (face
value per share INR 10/-) |
3.44 |
3.90 |
10.45 |
NOTES:
1. The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 12th February, 2018. Limited Review of the same has been carried out by the statutory auditors of the Company in terms of Regulation 33 of SEBI (Listing and Other Disclosures Requirements) Regulations, 2015.
2. The Company's operations fall under a single segment i.e. polymers products.
3. The figures for the corresponding periods In the previous periods have been
regrouped and reclassified wherever necessary to make them comparable with the
figures for the current periods.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantees given by the bank on behalf of the Company |
10.258 |
5.150 |
|
Disputed indirect
taxes ( Excluding interest) |
|
|
|
Appeal filed by the Company |
3.750 |
8.981 |
|
Appeal filed by the Excise Department |
6.448 |
0.000 |
|
Disputed Income taxes (including interest) |
14.803 |
0.000 |
|
Disputed Electricity Duty (Excluding Interest) |
3.276 |
3.276 |
|
The company’s pending litigation comprises mainly claims
against the Company, proceedings pending with tax & other Authorities.
The Company has reviewed all its pending litigations and proceedings and has
made adequate provisions, wherever required and disclosed the contingent
liabilities, wherever applicable, in its financial statements. The Company
does not reasonable expect the outcome of these proceedings to have a
material impact on its financial statements. Future cash outflow in respect
of the above are determinable only on receipts of judgments/ decisions
pending with various forums/authorities. |
||
FIXED ASSETS:
· Land
· Buildings
· Plant & Equipments
· Moulds & Dies
· Electric Installation
· Laboratory Testing Equipments
· Furniture & Fixture
· Vehicles
· Office Equipments
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.53 |
|
UK Pound |
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
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.