MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AGARWAL DUPLEX BOARD MILLS LIMITED |
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Formerly Known As : |
AGARWAL DUPLEX LIMITED |
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Registered Office : |
10/49-A, Shankar Gali, Vishwasnagar, Shahdra Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.09.1984 |
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Com. Reg. No.: |
55-19052 |
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CIN No.: [Company
Identification No.] |
U99999DL1984PLC019052 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12519D |
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PAN No.: [Permanent
Account No.] |
AAACA3230H |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer of Coated duplex board, kraft paper, speciality paper
like tdl, Poster, tissues Otc etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 620000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
10/49-A, Shankar Gali, Vishwasnagar, Shahdra Delhi, India |
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E-Mail : |
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Corporate Office : |
4 KM, Bhopa Road,
Muxuffarnagar-251001, Uttar Pradesh, India |
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Tel. No.: |
91-131-2614881 |
DIRECTORS
|
Name : |
Mr. Ankur Kumar Bindals |
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Designation : |
Director |
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Address : |
122, South Bhopa Road, New Mandi, Muzaffar Nagar-251001, Uttar Pradesh,
India |
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Date of Birth/Age : |
03.08.1980 |
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Date of Appointment : |
19.08.2001 |
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Name : |
Mr. Suresh Chand |
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Designation : |
Director |
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Address : |
97, Bhoparoad, Dakshini, Muzaffarnagar-251001, Uttar Pradesh, India |
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Date of Birth/Age : |
22.06.1942 |
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Date of Appointment : |
01.09.1984 |
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Name : |
Mr. Neeraj Goel |
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Designation : |
Director |
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Address : |
C-355, Saraswati Vihar, Delhi-110088, India |
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Date of Birth/Age : |
04.02.1959 |
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Date of Appointment : |
19.08.2001 |
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Name : |
Mr. Ajay Jain |
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Designation : |
Director |
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Address : |
R-160, Greater Kailash, New Delhi-110048, India |
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Date of Birth/Age : |
04.11.1960 |
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Tel No. : |
91-11-2643055 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
|
List of Allottees |
|
No. of Shares Allotted |
|
Ankit Bindal |
|
10000 |
|
Brij Bhushan |
|
10000 |
|
Satender Kumar |
|
20000 |
|
RPN Finterlease and Securities Limited |
|
100000 |
|
Nutan Goel |
|
110000 |
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Satyawan Sales Promotion Private Limited |
|
250000 |
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Anuvrat Transport Systems Limited |
|
500000 |
|
Deepak Kumar |
|
30000 |
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Rakhi Goel |
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30000 |
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Poonam Goel |
|
30000 |
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Ragini Kunchhal |
|
30000 |
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Urmila Garg |
|
20000 |
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Sudhir Mohan Sangal and sons (HUF) |
|
30000 |
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A.K. Agarwal and Sons (HUF) |
|
30000 |
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Vandana Mittal |
|
30000 |
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Naresh Chand Mittal |
|
30000 |
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Neeta Agarwal |
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30000 |
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Anita Rani |
|
25000 |
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Sushil Kumar and Sons (HUF) |
|
25000 |
|
Nisha |
|
25000 |
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Punish Kumar |
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25000 |
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Sanjay Kumar |
|
25000 |
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Akshay Kumar |
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25000 |
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Anil Kumar |
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30000 |
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Sushil Kumar |
|
30000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
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Bodies corporate (not mentioned above) |
|
59.17 |
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Directors or relatives of directors |
|
13.34 |
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Other top fifty (50) shareholders (other than listed above) |
|
21.49 |
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Others |
|
6.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coated duplex board, kraft paper, speciality paper
like tdl, Poster, tissues Otc etc. |
GENERAL
INFORMATION
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No. of Employees : |
+ 3000 |
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Bankers : |
Oriental Bank of Commerce, 13-B, New Mandi, Muzuaffarnagar-251001,
Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10500000 |
Equity Shares |
Rs. 10/- each |
Rs. 105.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
10500000 |
Equity Shares |
Rs. 10/- each |
Rs. 105.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
105.000 |
100.000 |
90.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.932 |
14.536 |
10.194 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
124.932 |
114.536 |
100.194 |
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LOAN FUNDS |
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1] Secured Loans |
120.998 |
98.004 |
95.744 |
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2] Unsecured Loans |
36.794 |
40.034 |
47.662 |
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TOTAL BORROWING |
157.792 |
138.038 |
143.406 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
282.724 |
252.574 |
243.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
172.952 |
136.114 |
41.285 |
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Capital work-in-progress |
0.000 |
0.000 |
88.545 |
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INVESTMENT |
5.250 |
5.250 |
5.250 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
147.373
|
137.453 |
114.461 |
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Sundry Debtors |
71.724
|
59.072 |
43.731 |
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Cash & Bank Balances |
13.516
|
13.845 |
4.836 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.299
|
9.779 |
22.921 |
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Total
Current Assets |
244.912
|
220.149 |
185.949 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
139.699
|
108.533 |
77.084 |
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Provisions |
0.691
|
0.406 |
0.345 |
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Total
Current Liabilities |
140.390
|
108.939 |
77.429 |
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Net Current Assets |
104.522
|
111.210 |
108.520 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
282.724 |
252.574 |
243.600 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
266.744 |
231.861 |
173.092 |
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Other Income |
0.000 |
1.198 |
16.334 |
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Total Income |
266.744 |
233.059 |
189.426 |
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Profit/(Loss) Before Tax |
35.588 |
14.115 |
24.790 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
35.588 |
14.115 |
24.790 |
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Expenditures : |
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Raw Material Consumed |
107.063 |
93.374 |
60.859 |
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Consumption of stores and spares parts |
10.144 |
10.897 |
10.776 |
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Increase/(Decrease) in Finished Goods |
5.580 |
11.644 |
[9.413] |
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Salaries, Wages, Bonus, etc. |
4.721 |
4.091 |
3.509 |
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Managerial Remuneration |
0.900 |
0.900 |
0.540 |
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Payment to Auditors |
0.045 |
0.030 |
0.026 |
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Interest |
9.634 |
8.534 |
3.111 |
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Insurance Expenses |
0.870 |
0.685 |
0.367 |
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Power & Fuel |
19.643 |
23.828 |
28.597 |
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Depreciation & Amortization |
9.469 |
8.668 |
4.352 |
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Other Expenditure |
63.087 |
56.292 |
61.912 |
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Total Expenditure |
231.156 |
218.943 |
164.636 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.34
|
6.06 |
13.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.34
|
6.09 |
14.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.52
|
3.96 |
10.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.12 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
2.16 |
2.20 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.02 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company has been shifted from 27-B/9, New
Rohit Road, New Delhi-110005, India to present address w.e.f 19.08.2001
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80002462 |
|
Corporate
identity number of the company |
U99999DL1984PLC019052 |
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Name of the
company |
AGARWAL DUPLEX BOARD MILLS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
10/49-A, Shankar Gali, Vishwasnagar, Shahdra Delhi, India |
|
Type of charge |
Immovable
Property Movable Property Any interest in
immovable property |
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Particular of
charge holder |
Oriental Bank of Commerce, 13-B, New Mandi, Muzuaffarnagar-251001,
Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement dated 25.03.2008 between OBC, New Mandi, Muzaffarnagar and Agarwal
Duplex Boards Mills Limited |
|
Date of
instrument Creating the charge |
25.03.2008 |
|
Amount secured by
the charge |
Rs. 25.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.75% Terms of
Repayment Repayable as per
repayment schedule and/ or on demand to the bank as the case may be in terms
of the principal agreement referred above with interest, costs, fees and
other usual bank charges. Margin 25% Extent and Operation
of the charge The Bank shall
hold the title deeds already deposited with the Bank as security in the from
of equitable mortgage of the property covered thereby factory land together
with all building, super structure, plant and machinery, constructed or to be
constructed, istalled or to be installed and all accrrfetions thereto at
kahsra no. 150/1 measuring 1.977 hectare and khasra no. 150/2 measuring 1.908
hectare situated at 4th K. M. Stone, Bhopa Road, Muzuaffarnaga by
constructive delivery. Others The hypothecated
assets as per Schedule-II of the agreement dated 25.03.2008 belonging to the
borrower and its possession are charged in favour of the bank until the
entire dues are adjusted / liquidated. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
18.04.2006 |
|
Particulars of
the present modification |
Bank Guarantee of
Rs. 5.000 Millions added in the existing Cash Credit of Rs. 20.000 Millions
making total Cash Credit limit of Rs. 25.000 Millions |
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|