MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
V G PAPER AND BOARDS LIMITED |
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Registered Office : |
Nithya Nilayam, 132 Palani Road, Venkatesa
Mills Post, Udamalpet – 642128, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.09.1986 |
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Com. Reg. No.: |
18-1845 |
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CIN No.: [Company
Identification No.] |
U02102TZ1986PLC001845 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBV03135G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Printing and Writing Paper |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Nithya Nilayam, 132 Palani Road, Venkatesa
Mills Post, Udamalpet – 642128, Tamilnadu, India |
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Tel. No.: |
91-4252-252286 |
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Fax No.: |
91-4252-252288 |
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E-Mail : |
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Website : |
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Factory 1 : |
Palani
Road, Swaminathapuram, Madathukulam-642113, Coimbatore |
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Tel. No.: |
91-4252-252286, 252287, 252386, 252344 |
DIRECTORS
|
Name : |
Dr. Venkatasubba Naidu Gengusamy |
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Designation : |
Chairman |
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Address : |
Door No. 133, Venkata Nilayam, Venkatesa Mills Post, Udumalpet –
642128, Tamilnadu, India |
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Date of Birth/Age : |
04.10.1931 |
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Date of Appointment : |
19.09.1986 |
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Name : |
Ms. Rajalakshmi Govindaswamy Naidu |
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Designation : |
Director |
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Address : |
Door No. 133, Venkata Nilayam, Venkatesa Mills Post, Udumalpet –
642128, Tamilnadu, India |
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Date of Birth/Age : |
05.11.1934 |
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Date of Appointment : |
19.09.1986 |
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Name : |
Mr. Raveendran Gengusamy |
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Designation : |
Director |
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Address : |
Door No. 133, Venkata Nilayam, Venkatesa Mills Post, Udumalpet –
642128, Tamilnadu, India |
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Date of Birth/Age : |
17.01.1959 |
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Date of Appointment : |
19.09.1986 |
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Name : |
Ms. Nandini Raveendran Gengusamy |
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Designation : |
Director |
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Address : |
Door No. 133, Venkata Nilayam, Venkatesa Mills Post, Udumalpet –
642128, Tamilnadu, India |
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Date of Birth/Age : |
30.04.1964 |
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Date of Appointment : |
19.09.1986 |
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Name : |
Mr. A. Nallamuthu |
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Designation : |
Director |
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Address : |
12, Kalpana Road, Udamalpet, Coimbatore– 612126, Tamilnadu, India |
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Date of Birth/Age : |
20.06.1935 |
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Date of Appointment : |
30.09.1993 |
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Name : |
Mr. T. Devadas |
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Designation : |
Director |
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Address : |
Vallakundapuram, Ammapati Post, Udumalpet, Taluk |
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Date of Birth/Age : |
13.03.1955 |
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Date of Appointment : |
13.02.2001 |
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Name : |
Mr. D. Senthilkumar |
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Designation : |
Director |
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Address : |
2/126, Bunglow Thottam, Pethappampatta Post, Udumalpet Taluk |
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Date of Birth/Age : |
03.02.1969 |
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Date of Appointment : |
21.06.2002 |
KEY EXECUTIVES
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Name : |
Mr. P. Ratnasapapathy |
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Designation : |
Financial Controller |
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Email : |
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Name : |
Mr. Kadhar Babu |
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Designation : |
Vice - President (Tech) |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Amaravathi Sri Venkatesa Paper Mills Limited |
|
500000 |
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P. Chandrasekaran |
|
16500 |
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Anilkumar Agarwal |
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2600 |
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Biju Thomas Mathew |
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2000 |
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T. Esther |
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2000 |
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V. Genguswamy |
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687500 |
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M. Jabamani |
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2000 |
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T. Johnson |
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1900 |
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Kailash Prasad Agarwal |
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2800 |
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G. Prasadarao |
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20000 |
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Rajalakshmi Paper Mills Limited |
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250000 |
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G. Rajalakshmi |
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110000 |
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G Raveendran |
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1232000 |
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C. G. Ramakrishnan |
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4000 |
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G. Raveendran |
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1232000 |
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Sunilkumar Agarwal |
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2600 |
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C. Thirumalaisamy |
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16500 |
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Vishnuvardhan Paper Mills Private Limited |
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250000 |
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V. Thirumulanathan |
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125000 |
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V. Rajeswari |
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125000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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27.92 % |
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Directors or relatives of directors |
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59.89 % |
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Other top fifty shareholders |
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12.19 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printing and Writing Paper |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Paper |
M.T. |
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|
18500 |
GENERAL
INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
ICICI Bank Limited Cheran Plaza 1090, Trichy Road, Coimbatore – 641018 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. V. Visvanathan and Associates Chartered Accountants |
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Address : |
No. 6, M. S. S. Memorial Building, D. B. Road, R. S. Puram, Coimbatore
– 641002, Tamilnadu, India |
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Associates/Subsidiaries : |
Ř Amaravathi Sri
Venkatesa Paper Mills Limited Ř Rajalakshmi
Paper Mills Limited Ř Vishnuvardhan
Paper Mills Private Limited Ř The Sri
Venkatesa Mills Limited Ř V. G. Textiles
Private Limited Ř Amaravathi
Investments Limited Ř Nithya Finance
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 37.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,581,800 |
Equity Shares |
Rs. 10/- each |
Rs. 35.818
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
30.09.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
35.818 |
35.818 |
35.818 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.807 |
56.311 |
3.792 |
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NETWORTH |
124.625 |
92.129 |
39.610 |
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LOAN FUNDS |
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1] Secured Loans |
40.314 |
42.550 |
28.104 |
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2] Unsecured Loans |
118.768 |
138.231 |
181.139 |
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TOTAL BORROWING |
159.082 |
180.781 |
209.243 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
49.782 |
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TOTAL |
283.707 |
272.910 |
298.635 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
244.607 |
258.986 |
262.759 |
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INVESTMENT |
0.605 |
0.605 |
0.705 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
44.045
|
69.455 |
85.035 |
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Sundry Debtors |
69.258
|
62.221 |
67.494 |
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Cash & Bank Balances |
26.120
|
21.861 |
22.367 |
|
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Other Current Assets |
0.068
|
1.786 |
2.102 |
|
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Loans & Advances |
69.004
|
19.499 |
22.552 |
|
Total
Current Assets |
208.495
|
174.822 |
199.550 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
131.948
|
150.307 |
163.243 |
|
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Provisions |
38.641
|
11.883 |
1.873 |
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Total
Current Liabilities |
170.589
|
162.190 |
165.116 |
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Net Current Assets |
37.906
|
12.632 |
34.434 |
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MISCELLANEOUS EXPENSES |
0.589 |
0.687 |
0.737 |
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TOTAL |
283.707 |
272.910 |
298.635 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
30.09.2004 |
|
|
Sales Turnover |
717.516 |
299.398 |
834.389 |
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Other Income |
13.188 |
6.211 |
0.568 |
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Total Income |
730.704 |
305.609 |
834.957 |
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Profit/(Loss) Before Tax |
59.824 |
12.537 |
7.546 |
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Provision for Taxation |
28.195 |
9.800 |
1.508 |
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Profit/(Loss) After Tax |
31.629 |
2.737 |
6.038 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
23.800 |
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Total Earnings |
NA |
NA |
23.800 |
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Imports : |
|
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Raw Materials |
NA |
81.381 |
219.251 |
|
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Stores & Spares |
NA |
1.823 |
0.591 |
|
|
Capital Goods |
NA |
0.000 |
5.727 |
|
Total Imports |
NA |
83.204 |
225.569 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
25.426 |
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Raw Material Consumed |
390.504 |
161.085 |
451.761 |
|
|
Store Consumed |
0.000 |
0.000 |
60.682 |
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|
Salaries, Wages, Bonus, etc. |
9.314 |
4.842 |
0.000 |
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|
Managerial Remuneration |
1.349 |
0.673 |
2.025 |
|
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Payment to Auditors |
0.074 |
0.050 |
0.000 |
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Interest |
33.591 |
26.895 |
57.622 |
|
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Insurance Expenses |
1.439 |
0.651 |
0.000 |
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|
Power & Fuel |
77.244 |
35.091 |
170.526 |
|
|
Depreciation |
0.000 |
0.000 |
28.918 |
|
|
Other Expenditure |
157.365 |
63.785 |
30.384 |
|
Total Expenditure |
670.880 |
293.072 |
827.344 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
30.09.2004 |
|
PAT / Total Income |
(%) |
4.33
|
0.90 |
0.72 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.34
|
4.19 |
0.90 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.20
|
2.89 |
0.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.14 |
0.19 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
3.72 |
9.45 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.08 |
1.21 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ř
Land
Ř
Buildings
Ř
Machinery
Ř
Electric Machinery
Ř
Wind Mill
Ř
Furniture and Office Equipments
Ř
Motor Vehicles
Contingent Liabilities no provided for Bills Discounted with Bank : Rs. 18.831
Millions
Bankers Charges
Report as per Registry
|
Name of the company |
V G PAPER AND
BOARDS LIMITED |
|
Presented By |
V G PAPER AND
BOARDS LIMITED |
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Date and description of instrument creating the change |
Deed of Hypothecation
dated the 09.12.2004 executed by V G PAPER AND BOARDS LIMITED in favour of ICICI
Bank Limited |
|
Amount secured by the charge/amount owing on the securities of charge |
Working capital facilities
not exceeding Rs. 76.000 Millions extended / granted to the Borrower |
|
Gist of the terms and conditions and extent and operation of the charge. |
Covenant by the
Borrower to comply / to ensure compliance with all the terms and conditions
set out in the Master facility agreement dated 09.12.2004 entered between the
borrower and ICICI as modified amended from time to time The borrower
shall pay / repay all amounts in respect of the facilities and pay interest
and all others monies in the manner set out in the agreement and the other
Transaction Documents The assets were
thereby hypothecated inter alia to ICICI as and by way of exclusive as
specified in annexure as security for and be charged with the repayment of
the facilities all interest and other monies payable by the borrower to ICICI
as specified in the agreement and other transaction documents. The borrower to
keep the assets in marketable and good conditions and also insured as
provided in the deed of hypothecation / the agreement. Power of entry,
power to take charge and / or possession of, seize, recover, receive, appoint
receivers of and remove and / or sale by auction or private contract,
dispatch for realization or otherwise dispose of or deal with all or any part
of the assets etc. as provided in deed of hypothecation. All other terms
and conditions as contained in the deed of hypothecation. |
|
Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited Cheran Plaza 1090, Trichy Road, Coimbatore – 641018 |
|
Date and brief description of instrument modifying the charge |
No instrument was
executed but on the 09.12.2004 a mortgage was created by the company in
favour of ICICI by deposit of title deeds with ICICI in respect of company’s
immovable properties situate at 1. Tirupur in Udumalpet Taluk, 2. Pushpathur
Village, Palani Taluk, 3. Shankaramanallur Udumalpet Taluk and Ramakulam
Ayacut, West Komaralingam Village, Tamilnadu in order to create a security
thereon as and by way of mortgage by deposit of title deeds pursuant to the
resolution passed by the committee of directors of the company on 29.11.2004.
|
|
Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The facility
together with interest thereon at the respective agreed rates, additional
interest, liquidated damages, commitments charges, premia on prepayment,
costs, charges and other expenses payable by the company to ICICI in respect
thereof secured under the abovementioned deed of hypothecation is also now
secured inter alia, by the said mortgage by deposit of title deeds in respect
of the company’s immovable properties situate at 1. Tirupur in Udumalpet
Taluk, 2. Pushpathur Village, Palani Taluk, 3. Shankaramanallur Udumalpet
Taluk and Ramakulam Ayacut, West Komaralingam Village, Tamilnadu together
with all buildings and structures thereon and all plant and machinery
aattached to earth or permanently fastened anything attached to the earth. |
AS PER WEBSITE
The biggest company of The Sri Venkatesa
Group. Having a turnover in excess of 1.2-Billion INR. It has production facility
in two places. Unit-1, at Madathukulam, Tamilnadu makes quality Newsprint,
first started in 1989, now this unit supplies Super-Deluxe 47 & 50GSM,
newsprint to all leading South Indian Dailies. Its Unit-2, started in 1999, an
import from Sweden is a state of the art machine. This unit too manufactures
Newsprint paper, primarily 48gsm, and could boast of nearly all Indian Regional
Vernacular Newspaper as its customers. The support of its Valued customers,
suppliers, bankers, staffs and the workforce have made this company a very
successful one with a monthly production of 4500Metric Tonnes.
The two units of V.G.Papers have their
windmills and give employment to a workforce of 550-employees, thus enabling
rural employment. Also the company now is planning aggressive but calculated
growth and aims to be one of the top producers of Newsprint in India. A little
bit of exports is also being made, but predominantly it caters to the needs of
the domestic newspapers. Currently V.G.Papers is the 4th largest producer of
Newsprint in the country.
Infrastructure
Unit-I
- High
Consistency pulper
- Imported
de-inking plant
- PM1, 2.4meter
deckle, 320.MPM, 45TPD
- Refiners,
screens
- Rewinder and
cutters
- Low Pressure
Thermax Boiler
- Klienweifer
Calender
Unit-II
- High Consistency
Voith Pulper
- Voith
De-Inking Plant
- Krima
Cellwood Hot Dispersion plant
- Dorr Oliver
thickeners
- Roningen
petter water recycling plant
- Low pressure
CVL boiler
- Albia centri
cleaning system
- KMW 4.8meter
deckle, 340MPM, Combination machione, 105.TPD
- Jagenberg
Combi Blade coating system
- Measurex
Quality Control System
- Edward
Kusters Vario Calender
- Duplex cutter
- Jagenberg
Rewinder
Products being manufactured
|
Variety |
GSM RANGE |
|
Cream wave |
47-70 |
|
White Printing |
47-70 |
|
Snow white wave |
47-70 |
|
Computer stationary |
60-80 |
|
Economy varieties of the above |
47-70 |
|
Standard Newsprint Special |
48-52 |
|
Standard Newsprint Super Deluxe |
48-52 |
|
Standard Newsprint Deluxe |
48-52 |
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 |
Rs.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|