|
|
|
MIRA INFORM REPORT
|
Report No. : |
510975 |
|
Report Date : |
30.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
GANESHA ECOSPHERE LIMITED (w.e.f. 28.09.2011) |
|
|
|
|
Formerly Known
As : |
GANESH POLYTEX LIMITED |
|
|
|
|
Registered Office
: |
Village Raipur, Rania Kalpi Road, Dehat Kanpur– 209304, Uttar Pradesh |
|
Tel. No.: |
91-512-2154183 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
30.10.1987 |
|
|
|
|
Com. Reg. No.: |
20-009090 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 191.769 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51109UP1987PLC009090 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6334N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Recycled Polyester Staple Fibre (RPSF) and Recycled Polyester Spun Yarn (RPSY) from pre and post-consumer PET Bottle scrap. [Registered Activity] |
|
|
|
|
No. of Employees
: |
2068 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 6600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1987 and it is a manufacturer of Recycles Polyester Staple Fibre (RPSF) and Recycled Polyester Spun Yarn (RPSY) from PET bottle scrap. As per financials of March 2017, the company has registered a growth of 4.15% in its revenue as compared to its previous year’s revenue and has reported fair profit margin of 4.44%. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with strong debt coverage indicators and good liquidity position. Rating also takes into account extensive experience of promoters, the management team in regenerated polyester staple fibre (RSPF) business, fully integrated operations, efficient raw material procurement and product distribution network. Share are quoted high on Stock Exchanges. (Shares are traded at a price of INR 378.60 against its face value of INR 10.) However, rating strength is partially offset by volatility in the finished goods prices which are linked to virgin polyester staple fibre. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 1802.200 million and has reported good profit margin of 5.14%. Payments seems to be regular. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions. Note: GPL POLYFILS is a division of “GANESH POLYTEX LIMITED” which is the former name of the company. |
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating= A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
28.03.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
28.03.2018 |
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
31-03-2018.
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 30.05.2018
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 DENIED BY
|
Name : |
Mr. Rajesh Singh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-512-2555506 |
|
Date : |
22.05.2018 |
91-512-2154183 – Not Working
91-9198708383 – Continuously Ringing
LOCATIONS
|
Registered Office : |
Village Raipur, Rania Kalpi Road, Dehat Kanpur– 209304, Uttar Pradesh,
India |
|
Tel. No.: |
91-512-2154183 / 2555506 |
|
Fax No.: |
91-512-2555293 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
113/216-B, Swaroop Nagar, Kanpur - 208002, Uttar Pradesh, India |
|
Tel. No.: |
91-512-2555504-06 |
|
Fax No.: |
91-512-2555293 |
|
|
|
|
Marketing Head Office : |
309, Agarwal Cyber Plaza, Netaji Subhash Place, Pitampura,
Delhi – 110034, India |
|
Tel. No.: |
91-11-27352015 |
|
Fax No.: |
91-11-27352016 |
|
|
|
|
Works : |
Kanpur Unit Ø Raipur, (Rania), Kalpi Road, District Kanpur Dehat, Uttar Pradesh, India Rudrapur Unit Ø Plot No. 6, Sector -2, Integrated Industrial Estate, Pantnagar, Uttarakhand, India Bilaspur Units Ø Khata No. 96 and 97, Arazi Village Kotha, Ali Nagar, Pargana and Tehsil Bilaspur, District Rampur, Uttar Pradesh, India Ø Gata No. 112, Village Temra, Tehsil Bilaspur, District Rampur, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Shyam Sunder Sharmma |
|
Designation : |
Chairman and Managing Director |
|
Address : |
3/85, Vishnupuri, Kanpur – 208002, Uttar
Pradesh, India |
|
Date of Birth/Age : |
74 years |
|
Date of Appointment : |
19.06.1989 |
|
DIN No.: |
00530921 |
|
|
|
|
Name : |
Mr. Vishnu Dutt Khandelwal |
|
Designation : |
Executive Vice Chairman |
|
Address : |
Flat No. 801, Sangeeta Apartment 14/59,
Civil Lines, Kanpur – 208001, Uttar Pradesh, India |
|
Date of Birth/Age : |
68 years |
|
Date of Appointment : |
30.10.1987 |
|
DIN No.: |
00383507 |
|
|
|
|
Name : |
Mr. Sharad Sharma |
|
Designation : |
Joint Managing Director |
|
Address : |
3/85, Vishnupuri, Kanpur – 208002, Uttar
Pradesh, India |
|
Date of Birth/Age : |
51 years |
|
Date of Appointment : |
30.10.1987 |
|
DIN No.: |
00383178 |
|
|
|
|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
Executive Director |
|
Address : |
3/85, Vishnupuri, Kanpur – 208002, Uttar
Pradesh, India |
|
Date of Birth/Age : |
48 years |
|
Date of Appointment : |
19.06.2008 |
|
DIN No.: |
02228607 |
|
|
|
|
Name : |
Mr. Gopal Singh Shekhavat |
|
Designation : |
Director (Administration) |
|
Address : |
Flat No. 306, Congo B Omex Reviera, Udham
Singh Nagar, Rudrapur – 263153, Uttarakhand, India |
|
Date of Birth/Age : |
64 years |
|
Date of Appointment : |
25.05.2013 |
|
DIN No.: |
06591844 |
|
|
|
|
Name : |
Mr. Surendra Kumar Kabra |
|
Designation : |
Independent Director |
|
Address : |
Flat No 301, Aswini Apartments, 7-1-28, Ameerpet,
Hyderabad – 500016, Telangana, India |
|
Date of Birth/Age : |
73 years |
|
Date of Appointment : |
19.07.1994 |
|
DIN No.: |
01280980 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Goenka |
|
Designation : |
Independent Director |
|
Address : |
3/194, Vishnupuri, Kanpur – 208002, Uttar
Pradesh, India |
|
Date of Birth/Age : |
63 years |
|
Date of Appointment : |
29.07.2006 |
|
DIN No.: |
00404746 |
|
|
|
|
Name : |
Mr. Vishwanath Chandak |
|
Designation : |
Independent Director |
|
Address : |
BF-19, Salt Lake, Sector-I, Kolkata –
700064, West Bengal, India |
|
Date of Birth/Age : |
80 years |
|
Date of Appointment : |
28.02.2009 |
|
DIN No.: |
00313035 |
|
|
|
|
Name : |
Mr. Anoop Gupta |
|
Designation : |
Independent Director |
|
Address : |
Row House No – 26, Vasant Vihar, Pokhran
Road No - 2, Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
59 years |
|
Date of Appointment : |
26.05.2012 |
|
DIN No.: |
00153340 |
|
|
|
|
Name : |
Mr. Abhilash Lal |
|
Designation : |
Independent Director |
|
Address : |
H.No. C-192, D.L.F. Ph-3 Belvedere Park and
Tower Village: Nathupur, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
52 years |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
03203177 |
|
|
|
|
Name : |
Mr. Narayanan Subramaniam |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 1309 A, Beverly Park II, Mehrauli
Gurgaon Road, DLF, Phase II, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
56 years |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
00166621 |
|
|
|
|
Name : |
Mrs. Seema Sharma |
|
Designation : |
Director |
|
Address : |
3/85, Vishnupuri, Kanpur Nagar, Kanpur –
208001, Uttar Pradesh, India |
|
Date of Birth/Age : |
44 years |
|
Date of Appointment : |
30.03.2016 |
|
DIN No.: |
07466530 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Agarwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
7/180, Prem Ratan Vatika, Swaroop Nagar,
Kanpur – 208002, Uttar Pradesh, India |
|
Date of Appointment : |
09.07.2014 |
|
PAN No.: |
AANPA8328E |
|
|
|
|
Name : |
Mr. Bharat Kumar Sajnani |
|
Designation : |
Company Secretary |
|
Address : |
HIG-506, Ratan Lal Nagar, Kanpur – 208022, Uttar
Pradesh, India |
|
Date of Appointment : |
21.04.2008 |
|
PAN No.: |
BDGPS2831D |
|
|
|
|
Name : |
Mr. Rajesh Singh |
|
Designation : |
Accounts Department |
SHAREHOLDING PATTERN
AS ON 11.05.2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
8695936 |
39.84 |
|
(B) Public |
13133461 |
60.16 |
|
Grand Total |
21829397 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
6143935 |
28.15 |
|
Shyam Sunder
Sharmma |
1938927 |
8.88 |
|
Rajesh Sharma |
1095529 |
5.02 |
|
Sharad Sharma |
875583 |
4.01 |
|
Vishnu Dutt
Khandelwal |
720200 |
3.30 |
|
Vimal Sharma |
471250 |
2.16 |
|
Seema Sharma |
269215 |
1.23 |
|
Ratna Sharma |
257825 |
1.18 |
|
Shyam Sunder
Sharmma HUF |
107000 |
0.49 |
|
Sandeep
Khandelwal |
106050 |
0.49 |
|
Yash Sharma |
100000 |
0.46 |
|
Sharad Sharma HUF |
94731 |
0.43 |
|
Nirmal Khandelwal |
46875 |
0.21 |
|
Vishnu Dutt
Khandelwal HUF |
37500 |
0.17 |
|
Rajesh Sharma HUF |
23250 |
0.11 |
|
Any Other
(Specify) |
2552001 |
11.69 |
|
Gpl Finance
Limited |
2123201 |
9.73 |
|
Sandeep Yarns
Private Limited |
428800 |
1.96 |
|
Sub Total A1 |
8695936 |
39.84 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
8695936 |
39.84 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
3234075 |
14.82 |
|
SBI Mutual Fund |
1560675 |
7.15 |
|
Principal Trustee
Co. Private Limited -Principal Mutual Fund-Principal Emerging Bluechip Fund |
345000 |
1.58 |
|
DSP Blackrock
Fund |
1326100 |
6.07 |
|
Alternate
Investment Funds |
188600 |
0.86 |
|
Foreign Portfolio
Investors |
718670 |
3.29 |
|
Hypnos Fund
Limited |
663320 |
3.04 |
|
Financial
Institutions/ Banks |
5977 |
0.03 |
|
Sub Total B1 |
4147322 |
19.00 |
|
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 |
2478175 |
11.35 |
|
Individual share
capital in excess of INR 0.200 million |
1219718 |
5.59 |
|
Sangeeta Pareekh |
442538 |
2.03 |
|
Madhukar Sheth |
222379 |
1.02 |
|
Any Other
(specify) |
5288246 |
24.23 |
|
Bodies Corporate |
4316953 |
19.78 |
|
MCAP India Fund
Limited |
2975877 |
13.63 |
|
Essel Industries
Private Limited |
575324 |
2.64 |
|
Stock Holding
Corporation Of India Limited - A/C NSE Derivatives |
267300 |
1.22 |
|
Non-Resident
Indian (NRI) |
70303 |
0.32 |
|
HUF |
240657 |
1.10 |
|
Trusts |
3300 |
0.02 |
|
Clearing Members |
218928 |
1.00 |
|
Investor
Education and Protection Fund |
438105 |
2.01 |
|
Sub Total B3 |
8986139 |
41.17 |
|
B=B1+B2+B3 |
13133461 |
60.16 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Recycled Polyester Staple Fibre (RPSF) and Recycled Polyester Spun Yarn (RPSY) from pre and post-consumer PET Bottle scrap. [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 : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2068 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Overseas Branch, 15/54 B, Virendra Smriti Complex, Civil Lines, Kanpur – 208001, Uttar Pradesh, India · Bank of Baroda · HDFC Bank ·
Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM BORROWINGS Nature of
Security and Terms of Repayment: a. Rupee Term Loans from Banks & State
Government: i)
Rupee Term Loans and Foreign Currency Loan from
Banks, including Buyers credit from Bank, aggregating to INR 632.585 million (Previous Year INR 948.702 million)
are secured by way of first charge, on pari-passu basis among lending banks,
over entire fixed assets (present
and future) (except the assets exclusively charged/ hypothecated against
specific loan) including equitable mortgage
of entire properties of the Company. These loans are further secured by way
of extension of first charge on pari-passu basis, on current assets of the Company and personal guarantees
of executive directors and others. These loans are repayable in monthly/ quarterly installments as per following
maturity profile:
ii) Interest Free loan of INR 2.304 million (Previous Year Nil) received from U.P. State Government under Industrial Investment Promotion Scheme is secured by way of Bank Guarantee and repayable during 2023-24. b. Rupee term loans from Others aggregating to INR 6.103 million (Previous Year INR 18.944 million) relate to assets purchased under hire purchase/ financing arrangements with finance companies and are secured by way of hypothecation of the specified assets. These loans are further secured by personal guarantees of some of the executive directors, repayable in monthly installments and maturity profile is as under:
SHORT TERM BORROWINGS · Working capital loans from Banks are secured by hypothecation of current assets of the Company both present and future, ranking pari-passu inter-se. These loans are further secured by way of extension of pari-passu 1st charge on fixed assets (except the assets exclusively charged/ hypothecated against specific loan) of the Company and also guaranteed by the Executive Directors and others. |
|
Auditors : |
|
|
Name : |
Mehrotra Rakesh Kumar and Company Chartered Accountants |
|
Address : |
Kanpur, Uttar Pradesh, India |
|
Membership No.: |
073081 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Companies and
Concerns Controlled by Key Management Personnel / Relatives : |
· Sandeep Yarns Private Limited · GPL Finance Limited |
|
|
|
|
Relatives of Key Management
Personnel : |
· Shyam Sunder Sharmma HUF · Vishnu Dutt Khandelwal HUF · Sharad Sharma HUF · Rajesh Sharma HUF |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
INR 10/- each |
INR 240.000 Million |
|
3150000 |
Preference Shares |
INR 100/- each |
INR 315.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 555.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19176877 |
Equity Shares |
INR 10/- each |
INR 191.769 Million |
|
|
|
|
|
·
Reconciliation
of the number of shares outstanding:
|
Equity Shares |
Number
of Shares |
|
Equity Shares outstanding at the beginning of the year |
19176877 |
|
Add: Shares issued during the year |
-- |
|
Equity Shares outstanding at the end of the year |
19176877 |
· The Company is having only one class of equity shares having par value of INR 10/- per share. Each Shareholder is eligible for one vote per share. Equity shareholders are having the right of dividend, proposed by the Board of Directors subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their holding.
·
Details
of Shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares held |
% holding |
|
Equity Shares |
|
|
|
MCAP India Fund Limited |
2975877 |
15.52 |
|
GPL Finance Limited |
2123201 |
11.07 |
|
Shyam Sunder Sharmma |
1938927 |
10.11 |
|
SBI Mutual Fund |
1424605 |
7.43 |
|
Rajesh Sharma |
1095529 |
5.71 |
· The Company has neither issued shares for a consideration other than cash/ bonus shares nor bought back any shares during the period of 5 years immediately preceding the reporting date.
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 |
191.769 |
191.769 |
472.760 |
|
(b) Reserves & Surplus |
2109.094 |
1810.035 |
1299.314 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
7.125 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2300.863 |
2001.804 |
1779.199 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
367.656 |
717.480 |
869.128 |
|
(b) Deferred tax liabilities (Net) |
142.549 |
121.640 |
96.273 |
|
(c) Other long term
liabilities |
3.180 |
7.973 |
8.323 |
|
(d) long-term
provisions |
40.728 |
32.080 |
26.467 |
|
Total Non-current
Liabilities (3) |
554.113 |
879.173 |
1000.191 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
625.293 |
464.762 |
796.320 |
|
(b) Trade
payables |
338.615 |
217.298 |
330.156 |
|
(c) Other
current liabilities |
623.355 |
517.618 |
458.864 |
|
(d) Short-term
provisions |
22.346 |
42.658 |
55.191 |
|
Total Current
Liabilities (4) |
1609.609 |
1242.336 |
1640.531 |
|
|
|
|
|
|
TOTAL |
4464.585 |
4123.313 |
4419.921 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2386.021 |
2556.495 |
2577.289 |
|
(ii)
Intangible Assets |
1.897 |
1.929 |
1.929 |
|
(iii)
Capital work-in-progress |
96.532 |
5.399 |
97.855 |
|
(iv)
Intangible assets under development |
2.281 |
1.140 |
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 |
99.887 |
25.084 |
27.269 |
|
(e) Other
Non-current assets |
3.640 |
3.145 |
3.503 |
|
Total Non-Current
Assets |
2590.258 |
2593.192 |
2707.845 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
922.541 |
692.688 |
823.428 |
|
(c) Trade
receivables |
560.549 |
497.354 |
407.354 |
|
(d) Cash
and cash equivalents |
111.810 |
37.764 |
159.525 |
|
(e)
Short-term loans and advances |
264.936 |
278.789 |
279.768 |
|
(f) Other
current assets |
14.491 |
23.526 |
42.001 |
|
Total
Current Assets |
1874.327 |
1530.121 |
1712.076 |
|
|
|
|
|
|
TOTAL |
4464.585 |
4123.313 |
4419.921 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
6741.773 |
6472.859 |
6232.480 |
|
|
|
|
Other Income |
22.551 |
14.656 |
17.058 |
|
|
|
|
TOTAL |
6764.324 |
6487.515 |
6249.538 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
4112.446 |
3905.957 |
3992.850 |
|
|
|
|
Purchase of Stock-in-trade |
191.731 |
102.497 |
163.647 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(59.921) |
84.350 |
1.070 |
|
|
|
|
Employee Benefits Expenses |
440.259 |
393.213 |
336.661 |
|
|
|
|
Other Expenses |
1264.550 |
1248.615 |
1108.448 |
|
|
|
|
TOTAL |
5949.065 |
5734.632 |
5602.676 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
815.259 |
752.883 |
646.862 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
148.712 |
198.622 |
196.725 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
666.547 |
554.261 |
450.137 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
204.312 |
210.490 |
188.722 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
462.235 |
343.771 |
261.415 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
162.794 |
95.179 |
30.748 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
299.441 |
248.592 |
230.667 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
347.929 |
358.863 |
305.563 |
|
|
|
TOTAL EARNINGS |
347.929 |
358.863 |
305.563 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials/ Traded Goods |
268.147 |
183.348 |
289.020 |
|
|
|
|
Stores & Spares |
27.020 |
25.241 |
12.409 |
|
|
|
|
Repair to Plant & Machinery |
0.000 |
0.000 |
0.337 |
|
|
|
|
Capital Goods |
3.824 |
0.000 |
59.316 |
|
|
|
TOTAL IMPORTS |
298.991 |
208.589 |
361.082 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
|
|
|
||
|
|
-
Basic |
15.59 |
12.84 |
13.36 |
||
|
|
-
Diluted |
15.59 |
12.84 |
13.34 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
369.260 |
322.617 |
274.962 |
|
Cash generated from operations |
687.222 |
836.631 |
450.870 |
|
Net cash from operating activities |
593.993 |
767.823 |
389.499 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
31.03.2018 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
|
Net sales |
1969.250 |
1687.270 |
1802.180 |
2115.910 |
|
Total Expenditure |
1757.270 |
1492.840 |
1588.230 |
1874.910 |
|
PBIDT (Excluding Other Income) |
211.980 |
194.430 |
213.950 |
241.000 |
|
Other income |
3.830 |
1.230 |
4.930 |
20.060 |
|
Operating Profit |
215.810 |
195.660 |
218.880 |
261.060 |
|
Interest |
33.210 |
34.320 |
30.150 |
48.040 |
|
Exceptional Items |
NA |
NA |
NA |
NA |
|
PBDT |
182.600 |
161.340 |
188.730 |
213.020 |
|
Depreciation |
47.650 |
48.730 |
49.450 |
59.000 |
|
Profit Before Tax |
134.950 |
112.610 |
139.280 |
154.020 |
|
Tax |
46.420 |
39.770 |
46.710 |
55.650 |
|
Provisions and
contingencies |
NA |
NA |
NA |
NA |
|
Profit after tax |
88.520 |
72.840 |
92.570 |
98.370 |
|
Extraordinary Items |
NA |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
NA |
|
Net Profit |
88.520 |
72.840 |
92.570 |
98.370 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
30.35 |
28.05 |
23.86 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
12.03 |
13.01 |
15.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
28.72 |
19.79 |
28.99 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.88 |
1.09 |
0.79 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.33 |
0.29 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.53 |
0.55 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.59 |
0.75 |
1.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.70 |
0.62 |
0.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.08 |
1.28 |
1.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.48 |
3.79 |
3.29 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
4.44 |
3.84 |
3.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.71 |
6.03 |
5.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.01 |
12.42 |
12.96 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.16 |
1.23 |
1.04 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.59 |
0.67 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.49 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.10 |
7.85 |
4.10 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.16 |
1.23 |
1.04 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 378.60/- |
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 |
472.760 |
191.769 |
191.769 |
|
Reserves & Surplus |
1299.314 |
1810.035 |
2109.094 |
|
Money received against share
warrants |
7.125 |
0.000 |
0.000 |
|
Net
worth |
1779.199 |
2001.804 |
2300.863 |
|
|
|
|
|
|
Long-Term Borrowings |
869.128 |
717.480 |
367.656 |
|
Short Term Borrowings |
796.320 |
464.762 |
625.293 |
|
Current Maturities of Long term debt |
274.962 |
322.617 |
369.260 |
|
Total
borrowings |
1940.410 |
1504.859 |
1362.209 |
|
Debt/Equity
ratio |
1.091 |
0.752 |
0.592 |
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 |
6232.480 |
6472.859 |
6741.773 |
|
|
|
3.857 |
4.154 |
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
|
6232.480 |
6472.859 |
6741.773 |
|
Profit |
230.667 |
248.592 |
299.441 |
|
|
3.70% |
3.84% |
4.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
ABOUT THE COMPANY
The Company recycles PET into “RPSF” (Recycled Polyester Staple Fibre) that finds application in clothing, technical textile, fibrefill, automotive etc. The Company has been into sustainable business of PET recycling since 1995 and recycles more than 4 billion PET Waste today.
The Company pioneered the manufacture of Recycled Polyester Staple Fibre (RPSF) and Recycled Polyester Spun Yarn (RPSY) from pre and post-consumer PET Bottle scrap under the leadership and visionary farsightedness of their illustrious Chairman cum Managing Director Shri Shyam Sunder Sharmma. Ganesha is headed by a team of dynamic professionals.
Being into sustainable business of PET bottle recycling, the Company aims to collect maximum PET waste through its 20+ collection centres across India and minimize its environmental impact by turning it into resource.
Having its manufacturing units at Kanpur (Uttar Pradesh), Rudrapur (Uttarakhand), and Bilaspur (Uttar Pradesh), Ganesha has a cumulative capacity of 97800 Tonnes per annum (87,600 TPA of RPSF and 7200 TPA of RPSY and 3000 TPA of Dyed and Texturised/ Twisted Filament Yarn) of RPSF and yarn.
The collected waste PET bottles are compressed and packed into bales that are shipped to manufacturing facilities. These bales are sorted to remove non-PET stuffs, which are further cleaned, chipped to small flakes and converted into RPSF through high speed extruders in a non-chemical process. The products (fibre/yarn) manufactured by the company find application in some or the other form to manufacture textile (T-Shirts, body warmers etc.), functional textiles (non-woven air filter fabric, geo textiles, carpets, car upholstery) and fillings (for pillows, duvets, toys).
FINANCIAL AND OPERATIONAL PERFORMANCE
The Company recorded a growth of 4.15%, with revenue from operations of INR 6741.800 million, during the year, as compared to INR 6472.900 million in FY 2015-16. The increase in revenue is primarily on account of volume growth. Earnings before Depreciation, Interest and Taxation (EBITDA) with INR 815.200 million witnessed a growth of 8.27%, as compared to INR 752.900 million in the previous year. During the year, the Net Profit of the Company increased by 20.43% at INR 299.400 million as against INR 248.600 million in previous year.
Despite disruption caused by demonetization in second half of F.Y. 2017, the Company has been able to maintain growth and to achieve satisfactory results during the year. The Directors are pleased to report that the expansion project of Recycled Polyester Staple Fibre (RPSF) of 21,000 TPA at Temra, Bilaspur, District: Rampur (U.P.), is progressing satisfactorily and expected to be operational during second half of F.Y. 2018.
The performance of the Company during the current year continues to be encouraging and barring unforeseen circumstances, the Directors expect the Company to achieve better results during the year.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The financial year 2016-17 witnessed a deceleration in global economic growth at under 3.0%, the slowest since 2009. Weakness in global trade coupled with low investment cycle and rebalancing of economic activity in China from manufacturing led demand towards consumption and services-led growth contributed to the declining growth. Lack of political support for trade policies in advanced economies and gradual tightening of monetary policy in the United States kept the growth subdued.
However, with a boost from recent fiscal initiatives, notably in China and the United States, together with an easier stance in the euro area, the world has been witnessing improved momentum in economic activity around the turn of the year. Rise in consumer and business confidence in most advanced economies, cyclical uptick in global manufacturing and trade as well as better prospects for emerging markets have led to most forecasts predicting an improved outlook for global growth, seen at 3.3% in 2017 and 3.6% in 2018. Much of the demand in emerging economies is expected to continue to be driven by China, catalyzed by public and private investment spending.
Although growth is expected to strengthen, benefitting from recovery in commodity prices, protectionist policies by governments are increasingly being seen as risks to global growth. Headline inflation in most countries is rising as a result of higher oil and other commodity prices, but is expected to remain subdued until economic expansion gains significant robust traction.
On the domestic front, the Indian economy has, for a long time, remained in a sweet spot as compared with most other emerging economies, with the country’s GDP growing at a robust 7.1% last year and expected to increase momentum in 2017-18. On the positive side, the economy was buoyed by government consumption, 7th pay commission salary payments and recovery in demand for exports to advance economies. Headline inflation, however, rose during the early part of the year due to higher international oil prices. While the overall inflation, both headline and core inflation, have remained below 5%, the risks to upside remain as rising input costs feed into output prices in the wake of rising demand.
Last year also witnessed significant international political changes and radical domestic policy actions, which have brought about need for substantial shifts in the underlying growth drivers, namely demonetization and passage of the transformational Goods and Services Tax (GST).
Demonetisation of large currency notes signaled a regime change, aimed at penalizing illicit wealth and so-called ‘black money’. While the move is expected to create short-term pressures on cash flows for most businesses, especially small and medium-sized businesses, the long term benefits are expected to accrue to India’s economic growth as more income gets accounted within the formal economy. Furthermore, the government has taken several initiatives to encourage a shift in consumer behavior towards adoption of digital instruments for various transactions, away from the informal cash system, which is expected to eventually lead higher GDP growth, better tax compliance and tax revenues.
The Goods and Services Tax (GST) is targeted towards creating a common Indian market, with uniform and simplified taxation regime, which in turn is expected to boost investment and growth for the economy.
The government also enacted a package of measures to assist the clothing sector that by virtue of being export-oriented and labor-intensive could provide a boost to employment, especially female employment. Other structural reform measures such as solidifying the legal basis for Aadhaar, overhaul of bankruptcy laws and easing foreign direct investment rules cemented India’s reputation as one of the few bright spots in an otherwise tempered global economy. India is among the world’s fastest growing major economies, underpinned by a stable macro-economy, lower than- before inflation and interest rates and improving domestic consumption demand. The Economic Survey has forecast India’s GDP growth between 6.75% to 7.5% for FY17-18.
Global PET industry
Polyethylene terephthalate (PET) is the building block of the common polyester chain. Polyester resin manufacturers create PET from mono-ethylene glycol (MEG) and purified terephthalic acid (PTA), which is derived from fossil fuels such as crude oil and natural gas. PET is a strong, stiff synthetic fibre and resin which is also clear, tough, lightweight and shatterproof making it ideal for use as packaging material across a wide array of product applications such as bottled drinking water, carbonated soft drinks, edible oils, juices, jars, tubs and trays for food items, sheets and films for packaging.
The global retail consumption of PET bottles in food, beverages, personal and home care industries amounted to 488 billion in 2016, comprising 14% of the total sales in the retail packaging industry. Most of the demand continues to come from Asia, particularly China, apart from Africa and the Middle East. Due to its light weight which reduces fuel consumption in transportation, and its barrier properties which keep food fresh longer and reduce food waste, plastics are increasingly replacing other packaging materials. The global consumption of PET bottles is set to reach 21.1 million tonnes by 2021, fuelled by further technological developments such as packaging for milk, hot sauces and cooking preparations.
The global polyethylene terephthalate (PET) market was worth US$25.11 bn in 2016. Rising at a 5.80% CAGR, the market’s opportunity is expected to US$39.16 bn by the end of 2024.
Indian PET industry
Plastic recycling is a process of cleaning, sorting and processing of pre-consumer or post-consumer plastic waste into resins for various applications. This plastic scrap can be rigid, like bottles, containers, furniture etc., or non-rigid, like films, wrappers, pliable sheets etc. The plastic recycling market is also segmented based on resin type as PET, PP, HDPE, LDPE, PS, PVC, and others. PET is largely recycled into PET fibers and yarns for textile applications.
Globally, India is one of the fastest growing markets for PET resins. Robust growth in packaging sector, rapid industrialization and growing urbanization are the major factors fuelling the country’s PET resins market. Moreover, emerging economy, new capacity additions and increasing consumption of packaged food and beverages are further expected to aid the Indian market of PET resins during 2016-2025. The PET resin market in India is pegged at around US$1 billion and expected to grow at a CAGR of 8.6% between 2014 and 2019. The market of PET resins in India is anticipated to cross US$ 9.1 Billion by 2025.
The Government of India has also introduced the plastic waste management rule recently with an extended responsibility for recycling plastic scraps on all the manufacturers, producers and bulk generators of plastic. Therefore, this will have a good and positive impact on the industry in the time to come.
Global fibre market
The increase of the world fiber market consumption was 1.5% up to 99 million tons in 2016 according to preliminary calculation. Oil based synthetic fibers had the biggest share with 62.7%. Cellulosic and protein-based fibers consist of cotton (around 24.3%), wood based cellulose fibers (around 6.6%), other natural fibers (around 5.3%) and wool (around 1.1%). Global fiber consumption in 2016 by type of fiber in percent (basis = 99 mn tons).
The year 2016 will always be remembered from textile perspective as historic milestone. The world market size has surpassed the incredible volume of 100 million tonnes. Fiber production on global stage has grown 3% to 100 million tonnes due to 8% rebound in cotton production after disastrous contraction in the 2015-16 season. The world market has even arrived at 101 million tonnes when taking into account the cotton consumption which was fairly unchanged to the preceding year. Manmade fibers now occupy 70% of the global market. While synthetic fibers have suffered from their slowest growth in eight years at below 2% cellulosic fibers have expanded at a rate above 3%.
Indian fibre market
The fundamental strength of the textile industry in India is its strong production base of wide range of fibre / yarns from natural fibres like cotton, jute, silk and wool to synthetic / man-made fibres like polyester, viscose, nylon and acrylic. India accounts for about 14 per cent of the world’s production of textile fibres and yarns (largest producer of jute, 2nd largest producer of silk and cotton; and 3rd largest in cellulosic fibre). India is the 2nd largest producer of Manmade Fibre and Filament, globally, with production of around 211 million kg in 2016- 17.
Production of man-made fibre has also been on an upward trend. Production stood at 1.347 million tonnes in FY16 with the figure reinforcing a recovery from 2009 levels. During FY17, production of man-made fibre in India stood at 1.36 million tonnes.
CRISIL Research expects overall PSF demand to continue growing at 4.5-5.5 per cent CAGR as against 5.3 per cent CAGR in the last five years. Demand from blended yarn and other applications, which account for 58 per cent of PSF demand, is expected to increase at 3-4 per cent till 2018-19 driven by demand for blended fabric because of the expected price differential vis-a-vis cotton fabric.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Directors |
32.800 |
10.600 |
|
Loans from Directors' relatives |
63.125 |
52.175 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand: |
|
|
|
From Directors |
0.000 |
18.700 |
|
From Directors' relatives and other related parties |
13.750 |
10.025 |
|
From others |
0.000 |
5.150 |
|
|
|
|
|
Total |
109.675 |
96.650 |
|
NOTES: LONG TERM
BORROWINGS · Unsecured Loans from Director and Directors’ relatives aggregating to INR 95.925 million (Previous Year INR 71.275 million) are repayable during 2020-21 after the repayment of Banks’ term loans as per terms of sanction. |
||
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1802.179 |
1687.274 |
5459.612 |
|
Other Operating Income |
4.934 |
1.226 |
9.985 |
|
Total
Income from Operations |
1807.113 |
1688.500 |
5469.597 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1194.405 |
1080.863 |
3374.185 |
|
Purchase of Stock in Trade |
57.291 |
31.830 |
150.606 |
|
Changes in inventories of finished goods and
work-in-progress |
(137.423) |
(87.183) |
(86.905) |
|
Excise duty on sale of goods |
-- |
(0.853) |
36.379 |
|
Employee benefits expense |
114.753 |
123.871 |
342.906 |
|
Finance Costs |
30.150 |
34.321 |
97.681 |
|
Depreciation and Amortization expenses |
49.451 |
48.735 |
145.834 |
|
Power and fuel |
187.903 |
192.090 |
564.329 |
|
Other Expenditure |
171.299 |
152.217 |
457.743 |
|
Total
Expenses |
1667.829 |
1575.891 |
5082.758 |
|
Profit / (Loss) before Tax |
139.284 |
112.609 |
386.839 |
|
Tax Expense |
|
|
|
|
-
Current tax |
43.761 |
37.646 |
123.468 |
|
-
Deferred tax |
2.952 |
2.119 |
9.432 |
|
Profit
/ (Loss) after Tax |
92.571 |
72.844 |
253.939 |
|
Other Comprehensive Income |
|
|
|
|
·
Items that will not be
reclassified to profit or loss - Re-measurement gains on defined benefit obligations |
0.085 |
0.085 |
0.254 |
|
Total other Comprehensive Income |
92.656 |
72.929 |
254.193 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
191.769 |
191.769 |
191.769 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
4.83 |
3.80 |
13.25 |
NOTES:
1. The above financial results, after review by the Audit Committee, have been approved and taken on record by the Board of Directors at its meeting held on February 13, 2018. Limited review, as required under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 has been carried out by the Statutory Auditors.
2. The Company has adopted Indian Accounting Standards ("Ind AS") from April 1, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder. The date of transition is April 1, 2016. The impact of transition has been accounted for in opening reserves and the comparative period results has been restated accordingly.
3. The format for unaudited quarterly results as prescribed in SEBI’s Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 has been modified to comply with the requirements of SEBI’s circular dated 5 July 2016, IND AS and Schedule III (Division II) to the Companies Act, 2013, which are applicable to companies that are required to comply with IND AS.
4. The statement does not include Ind AS-compliant results for the previous year ended 31 March 2017 as the same are not mandatory as per SEBI’s circular dated 5 July 2016 referred in note 3 above.
5. The Company is engaged in the manufacturing of the products of same type/ class and as such there are no reportable segments as per Indian Accounting Standards for Operating Segments (Ind AS 108), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
6. The Company has expanded its plant at the Temra Unit which commenced commercial production w.e.f. 1st February, 2018. This will result in an increase in the existing Recycled Polyester Staple Fibre (RPSF) capacity by 21,000 TPA.
7. Post the applicability of Goods & Services Tax (GST) Act with effect from July 1, 2017, revenue from operations is disclosed net of GST in accordance with Indian Accounting Standard -18 and Schedule III to the Companies Act, 2013, whereas till June 30, 2017, it included excise duty. Accordingly the revenue from operations for the quarter and nine months ended December 31, 2017 is not comparable with the previous periods.
8. Previous periods figures have been regrouped/ reclassified where considered necessary to conform to current period's classification/ disclosure.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G83594770 |
100168674 |
YES BANK LIMITED |
17/03/2018 |
- |
- |
90000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. A. B. ROAD, WORLI MUMBAI MH400018IN |
|
2 |
G74817719 |
100149735 |
YES BANK LIMITED |
28/12/2017 |
- |
- |
250000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA DR. A.B. ROAD, WORLI MUMBAI MH400018IN |
|
3 |
G46485389 |
10164469 |
STATE BANK OF INDIA |
05/05/2009 |
22/05/2017 |
- |
2777800000.0 |
OVERSEAS BRANCH15/54 B, VIRENDRA SMRITI COMPLEX, CIVIL LINES KANPUR UP208001IN |
|
4 |
G78622222 |
100093452 |
STATE BANK OF INDIA |
29/03/2017 |
- |
08/02/2018 |
2088300000.0 |
OVERSEAS BRANCH 15/54 B, VIRENDRA SMRITI COMPLEX, CIVIL LINES KANPUR UP208001IN |
|
5 |
G74824988 |
10620557 |
YES BANK LIMITED |
21/01/2016 |
- |
15/01/2018 |
200000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA DR. ANNIE BESANT ROAD, WORLI MUMBAI MH400018IN |
|
6 |
G74825787 |
100075688 |
YES BANK LIMITED |
18/01/2017 |
- |
15/01/2018 |
400000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA DR. ANNIE BESANT ROAD, WORLI MUMBAI MH400018IN |
|
7 |
G42373050 |
10495911 |
ALLAHABAD BANK |
28/03/2014 |
- |
13/04/2017 |
279000000.0 |
ALLAHABAD BANK MAIN BRANCH, M.G. ROAD KANPUR UP208001IN |
|
8 |
G41566225 |
10215641 |
TATA CAPITAL LIMITED |
16/04/2010 |
- |
06/04/2017 |
12600000.0 |
ONE FORBES DR V B GANDHI MARG, FORT MUMBAI MH400001IN |
|
9 |
G41570615 |
10244629 |
TATA CAPITAL LIMITED |
06/09/2010 |
25/02/2011 |
06/04/2017 |
7400000.0 |
ONE FORBES DR V B GANDHI MARG, FORT MUMBAI MH400001IN |
|
10 |
G42404525 |
10204432 |
STATE BANK OF PATIALA |
11/02/2010 |
- |
31/03/2017 |
350000.0 |
GUMTI NO 5 KANPUR UP208012IN |
FIXED ASSETS:
Tangible Assets
· Freehold Land and Site Development
· Leasehold Land
· Buildings
· Machinery
· Furniture and Fixtures
· Office Equipments
· Motor Vehicles
Intangible Assets
· Technical Knowhow
·
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 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
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 |
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.