MIRA
INFORM REPORT
|
Report Date : |
28.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARCHIDPLY INDUSTIRES LIMITED |
|
|
|
|
Registered
Office : |
No. 29/2, G.K. Manor, 1st Floor, Nehru Circle,
Shesharipuram, Bangalore-560020, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.09.1995 |
|
|
|
|
Com. Reg. No.: |
08-018710 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.220.515
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1995PLC018710 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA07400B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA3135N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Marketing of Wood and Agro Based Panel Products. [Plywood,
Block Board, Flush Doors, Pre-Laminated Board] and High Pressure Laminates. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4100000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
a huge dip in the profitability of the company in the current financial year i.e.
2010-11. Due to the closure of the Mysore Unit of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management not co-operative.
LOCATIONS
|
Registered / Corporate Office : |
No. 29/2, G.K. Manor, 1st Floor, Nehru Circle, Shesharipuram,
Bangalore-560020, Karnataka, India |
|
Tel. No.: |
91-80-23445607/43420000/23440258/23348461 |
|
Fax No.: |
91-80-23348463 |
|
E-Mail : |
|
|
Website : |
http://www.archidply.com |
|
|
|
|
Factory 1 : |
Mysore-Hunsur Road, Hinkal, Mysore-570017, Karnataka, India |
|
Tel No.: |
91-821-2402953/54 |
|
Fax No.: |
91-821-2403005 |
|
|
|
|
Factory 2 : |
Plot No. 7, Sector 9, IIE, Pant Nagar, Rudrapur-268153, Uttaranchal,
India |
|
Tel No.: |
91-5944-239404/239432 |
|
Fax No.: |
91-5944-250270 |
|
|
|
|
Factory 3 : |
KSSIDC Industrial Area, Bangalore Road, Chintamani,
Chikkaballapur-563125, Karnataka, India |
|
Tel No.: |
91-8154-290644 |
|
|
|
|
Regional Office : |
Located At: ·
Bangalore ·
Hubli ·
Coimbatore ·
Cochin ·
Hyderabad ·
Chennai ·
New Delhi ·
Jaipur ·
Ghaziabad ·
Chandigarh ·
Lucknow ·
Punjab ·
Indore ·
Bhopal ·
Pune ·
Nagpur ·
Goa ·
Raipur ·
Ahmedabad ·
Mumbai ·
Kolkata ·
Ranchi ·
Guwahati ·
Patna ·
Bhubaneswar ·
Assam |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Deen Dayal Daga |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Shyam Daga |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajiv Daga |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Mohammed Shahid Aftab |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamal Kishore Taparia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharathkumar Hukumchand Rathi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Shareholder/Investor Grievances Committee : |
Mr. Rajiv Daga Mr. B.H. Rathi Mr. M.S. Aftab Mr. K. K. Taparia |
|
|
|
|
|
|
|
Audit Committee: |
Mr. Shyam Daga Mr. B.H. Rathi Mr. M.S. Aftab Mr. K. K. Taparia |
|
|
|
|
Remuneration/Compensation Committee: |
Mr. N.S. Adkoli Mr. K.K. Taparia Mr. B.H. Rathi Mr. M.S. Aftab |
|
|
|
|
Name : |
Mr. Rajneesh
Sharma |
|
Designation : |
Company
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4,144,480 |
18.78 |
|
|
11,232,463 |
50.91 |
|
|
15,376,943 |
69.69 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15,376,943 |
69.69 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1,320,747 |
5.99 |
|
|
|
|
|
|
3,807,900 |
17.26 |
|
|
1,438,966 |
6.52 |
|
|
120,444 |
0.55 |
|
|
117,088 |
0.53 |
|
|
3,356 |
0.02 |
|
|
6,688,057 |
30.31 |
|
Total Public shareholding (B) |
6,688,057 |
30.31 |
|
Total (A)+(B) |
22,065,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
22,065,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Wood and Agro Based Panel Products. [Plywood,
Block Board, Flush Doors, Pre-Laminated Board] and High Pressure Laminates. |
||||||
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|
|
||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Plywood/ Block Board |
Sqmt-4mm basis |
12850000 |
3859604 |
|
Rudrapur |
|
6850000 |
3859604 |
|
Mysore |
|
6000000 |
Nil |
|
Pre-Laminated Particle Board |
Sqmt-4mm basis |
5400000 |
2442405 |
|
Mysore |
|
Nil |
Nil |
|
Chintamani |
|
5400000 |
2442405 |
|
Decorative Laminate |
No. of Sheets |
1500000 |
803957 |
|
Rudrapur |
|
1500000 |
803957 |
|
Decorative Plywood |
Sqmt-4mm basis |
1500000 |
463616 |
|
Chintamani |
|
1500000 |
463616 |
|
Plain Particle Board |
Sqmt-4mm basis |
11250000 |
Nil
|
|
Mysore |
|
11250000 |
Nil |
GENERAL INFORMATION
|
Customers : |
·
Allahabad Bank ·
ABN Amro Bank ·
ANZ Grindlays Bank Limited ·
Bank of India ·
Lord Krishna Bank Limited ·
Hotel Sheraton ·
Hotel Leela Venture Limited ·
Bluechip India Limited ·
Cisco Systems, Inc. ·
Dishnet DSL Limited ·
G.S.M. Software ·
Kshema Technologies ·
Apollo Hospital Enterprises Limited ·
Escorts Hospital and Research ·
Virchow Labs Limited ·
Bhilai Institute of Technology ·
JK Paper Limited ·
Larsen and Toubro ·
WNS Contract Centre ·
Radha Soami Satsang ·
Reliance Petroleum Limited ·
Cift ·
Colgate-Palmolive ·
Hindustan Aeronautics Limited ·
ITC Limited |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
State Bank of India, Specialized
Commercial Branch 1st Floor, Krishi Bhavan, Hudson Circle
Bangalore - 560 001, Karnataka, India ·
Vijaya Bank, Corporate Bank
Branch 42/1, M.G. Road Bangalore - 560 001, Karnataka, India ·
Bank of India, Corporate
Banking Branch 1st Floor, Bank of India Building, 11, K.G. Road,
Bangalore - 560 009, Karnataka, India |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
GRV and PK Chartered Accountants |
|
Address : |
No. 205, 2nd Floor, Jala Shambhavi Complex, No. 22 and 23,
1st Main Road, Gandhinagar, Bangalore-560009, Karnataka, India |
|
|
|
|
Associates : |
·
The Mysore Chip Boards Limited ·
Assam Timber Products Private Limited ·
Shree Shyam Tea Private Limited ·
Bordhumsa Tea Company Private Limited ·
Vanraj suppliers Private Limited ·
Ravi Marketing Services Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22051500 |
Equity Shares |
Rs.10/- each
|
Rs.220.515
Millions |
NOTE: Out of the above 11568180 Equity shares of Rs. 10/- each issued as fully
paid up for acquiring the plywood and block board and particle and laminated
board (Both divisions) of the Mysore Chip Board Limited pursuant to Scheme of
Arrangement sanctioned by Hon'ble High court of Karnataka without payment being
received in cash in the financial year 2007 - 08. 51,500 shares of Rs.10 /-
each issued as fully paid under ESOP scheme during the financial year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
220.515 |
220.000 |
220.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
824.381 |
824.446 |
745.279 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1044.896 |
1044.446 |
965.279 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
687.649 |
709.860 |
662.089 |
|
|
2] Unsecured Loans |
7.956 |
0.000 |
4.000 |
|
|
TOTAL BORROWING |
695.605 |
709.860 |
666.089 |
|
|
DEFERRED TAX LIABILITIES |
4.880 |
2.880 |
4.499 |
|
|
|
|
|
|
|
|
TOTAL |
1745.381 |
1757.186 |
1635.867 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
590.558 |
555.782 |
532.612 |
|
|
Capital work-in-progress |
0.000 |
40.840 |
20.920 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.256 |
0.240 |
0.236 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
791.602
|
771.453 |
500.625 |
|
|
Sundry Debtors |
489.030
|
600.106 |
609.921 |
|
|
Cash & Bank Balances |
82.619
|
79.768 |
92.842 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
257.187
|
201.054 |
195.471 |
|
Total
Current Assets |
1620.438
|
1652.381 |
1398.859 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
411.354
|
435.045 |
232.453 |
|
|
Other Current Liabilities |
56.879
|
46.915 |
72.178 |
|
|
Provisions |
1.250
|
16.000 |
20.300 |
|
Total
Current Liabilities |
469.483
|
497.960 |
324.931 |
|
|
Net Current Assets |
1150.955
|
1154.421 |
1073.928 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.612 |
5.903 |
8.171 |
|
|
|
|
|
|
|
|
TOTAL |
1745.381 |
1757.186 |
1635.867 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1538.565 |
1513.246 |
1504.095 |
|
|
|
Other Income |
36.339 |
40.451 |
13.141 |
|
|
|
TOTAL (A) |
1574.904 |
1553.697 |
1517.236 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods consumed / sold |
966.581 |
843.869 |
823.951 |
|
|
|
Manufacturing Expenses |
113.723 |
99.730 |
109.486 |
|
|
|
Payments to and Provision for Employees |
133.486 |
134.709 |
107.835 |
|
|
|
Selling,
Distribution, Administrative and Other Expenses |
201.895 |
240.435 |
198.155 |
|
|
|
TOTAL (B) |
1415.685 |
1318.743 |
1239.427 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
159.219 |
234.954 |
277.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
107.221 |
97.500 |
77.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
51.998 |
137.454 |
199.957 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.522 |
43.286 |
34.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3.476 |
94.168 |
165.437 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.251 |
14.382 |
22.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.225 |
79.786 |
142.474 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
382.129 |
303.100 |
202.680 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Prior Period Income/ Expenditure |
0.199 |
0.757 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
13.945 |
|
|
|
Proposed Final Dividend |
0.000 |
0.000 |
22.000 |
|
|
|
Tax on Interim and Proposed Dividend |
0.000 |
0.000 |
6.109 |
|
|
BALANCE CARRIED
TO THE B/S |
382.155 |
382.129 |
303.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9.280 |
2.432 |
13.492 |
|
|
TOTAL EARNINGS |
9.280 |
2.432 |
13.492 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
144.697 |
154.320 |
154.059 |
|
|
|
Stores & Spares |
0.030 |
3.501 |
2.284 |
|
|
|
Capital Goods |
0.718 |
9.381 |
6.480 |
|
|
TOTAL IMPORTS |
145.445 |
167.202 |
162.823 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.01 |
3.59 |
6.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
368.670 |
427.640 |
402.480 |
507.960 |
445.650 |
|
Total Expenditure |
327.770 |
387.820 |
372.860 |
676.260 |
407.790 |
|
PBIDT (Excl OI) |
40.900 |
39.820 |
29.620 |
(168.300) |
37.860 |
|
Other Income |
8.700 |
12.330 |
2.820 |
209.850 |
1.570 |
|
Operating Profit |
49.600 |
52.150 |
32.440 |
41.550 |
39.430 |
|
Interest |
35.480 |
38.470 |
17.780 |
27.710 |
22.750 |
|
Exceptional Items |
0.000 |
1.290 |
(0.060) |
3.480 |
0.000 |
|
PBDT |
14.120 |
14.970 |
14.600 |
17.120 |
16.680 |
|
Depreciation |
12.840 |
11.920 |
12.450 |
12.420 |
12.110 |
|
Profit Before Tax |
1.290 |
3.050 |
2.150 |
4.900 |
4.570 |
|
Tax |
0.710 |
1.040 |
(0.540) |
1.030 |
0.7700 |
|
Profit After Tax |
0.580 |
2.000 |
2.690 |
3.870 |
3.80 |
|
Net Profit |
0.580 |
2.000 |
2.690 |
3.870 |
3.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.01
|
5.14 |
9.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.23
|
6.22 |
11.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.15
|
4.26 |
8.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.09 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.15 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45
|
3.32 |
4.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PERFORMANCE
REVIEW:
During the year of
operation, the Company has earned a profit after tax for current year of Rs.
0.225 Million. The Company's Net turnover during the year ended 31.03.2011 was
Rs.1538.565 Millions as against the previous year turnover of Rs. 1513.246
Millions. Due to the closure of the Mysore Unit of the Company, there is the
flat sales and reduction in overall profits of the Company during the current
financial year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
The year witnessed
inflationary trends beyond RBI targets and followed successive increases in CRR
and other monetary policy changes by RBI to curb inflation, which progressively
affected the business sentiment through the year. The continuous increase in
home loan rate of interest and sluggish scenario of the real estate sector has
affected the demand of the products. However, demand for the low cost housing,
teaser housing loan schemes, growth in the hospitality sectors and Governments'
continued focus on the infrastructure development had helped in maintaining and
creating the demand of our products.
OUTLOOK:
The Company's
outlook for the year ending 31st March, 2011 is to increase the capacity
utilization of the existing installed capacity across product category segment
of plywood's, laminates, veneers, and prelam particle boards.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
A) On account of
Demerger of Plywood and Block Board and Particle and laminated board (both
divisions) of The Mysore Chip Boards Limited into the Company in the financial
year 2007-08:
I) The Government of
Karnataka has demanded additional seignior age and interest amounting to Rs.
1.604 Millions (P.Y. Rs. Rs. 1.604 Millions) towards supply of timber to the
factory of The Mysore Chip Boards Limited, with effect from 23/2/1981 to
28/6/1982. The Mysore Chip Boards Limited, being a sick company at that time,
made request to the appropriate authority for waiver o f this amount. However
as a precautionary measure, The Mysore Chip Boards Limited has already paid an
amount of Rs. 0.425 Million (P.Y. Rs. 0.425 Million) against this demand.
II) Various parties
had filed a civil suit for recovery of dues / damages amounting to Rs. 1.229
Millions (P.Y. Rs. 1.229 Millions) against The Mysore Chip Boards Limited,
which has been disputed by The Mysore Chip Boards Limited and had deposited an
amount \ of Rs. 1.146 Millions ( P.Y. Rs. 1.146 Millions) with Hon'ble High
Court of Gujarat. The said amount of Rs. 1.146 Millions (P.Y. Rs. 1.146
Millions) had shown as an advance which Is included in Schedule no. 10 - Loans
and Advances (Advances recoverable in cash or kind or for value to be received)
forming part of Balance Sheet.
III) The Company, for and on behalf of The
Mysore Chip Boards Limited has given a guarantee towards a show cause notice
issued by the Excise Department demanding a dues of Rs. 72.891 Millions (P.Y.
Rs. . 72.891 Millions) from The Mysore Chip Boards Limited. However The Mysore
Chip Boards Limited had deposited an amount of Rs. 1.600 Millions (P.Y. Rs.
1.600 Millions) with Central Excise Department. The Mysore Chip Boards Limited
had filed an appeal and disputed the said demand and the demand has been
reduced to Rs.8.102 Millions (P.Y. Rs. 8.102 Millions) and the penalty of the
same amount by Commissioner of Central Excise, Mysore on 05/10/2006. The Mysore
Chip Board Limited has filed an appeal to Custom, Excise and Service Tax
Appellate Tribunal, Bangalore and obtained a stay order against that demand.
The tribunal has remanded back the case to the Commissioner of Central Excise
for taking fresh decision after following the principles of natural justice.
B) The Company has
imported plant and machinery under EPCG Scheme on which it has availed a duty
benefit of Rs. 30.795 Millions (P.Y. 30.109 Millions) and raw material under
Advance Licence scheme and availed a duty benefit of Rs. 25.196 Millions (P.Y.
24.493 Millions). The company has net export obligation of Rs. 241.788 Millions
(P.Y. Rs. 210.922 Millions) against these benefits at the year end.
C) Letter of Credit
established but material not received amounting to Rs. 5.806 Millions (P.Y. Rs.
22.958 Millions)
D) The Company has
undertaken Domestic factoring facility for its trade debtors from financial institutions,
the contingent liability for the same as at 31st March 2011 is Rs.102.299
Millions (P.Y. Rs. 111.612 Millions)
E) Guarantees given by the bank on behalf of the Company is Rs.11.011
Millions (P.Y. Rs. 11.011 Millions)
FIXED ASSETS:
·
Land
·
Building
·
Office Building
·
Plant and Machinery
·
Electrical Equipments
·
Water Supply installation
·
Laboratory Equipments
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
·
Crane
·
Temple
STATEMENT OF UNAUDITED
RESULTS FOR THE QUARTER ENDED 30.06.2012
Rs. in Millions
|
Particular |
3 Months Ended |
Preceding 3
Months Ended |
Corresponding 3
Months Ended in the Previous Year |
Previous Year
Ended |
|
|
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|
|
|
|
|
|
|
Net Sales/Income from Operations |
|
|
|
|
|
Gross Sales |
486.293 |
545.876 |
400.123 |
1840.339 |
|
less: Excise
Duty on sales |
10.515 |
9.716 |
8.812 |
36.905 |
|
less: VAT/ Sales
Tax & Turnover |
30.131 |
28.200 |
22.636 |
96.686 |
|
Net Sales / Income from Operations |
445.647 |
507.959 |
368.674 |
1706.747 |
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total Income from Operations |
445.647 |
507.959 |
368.674 |
1706.747 |
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Cost of
materials consumed |
217.295 |
336.623 |
155.132 |
942.413 |
|
Purchases of stock -In -trade |
64.499 |
92.018 |
77.491 |
279.002 |
|
Changes in
inventories of finished goods, work in progress and stock in trade |
4.259 |
(4.197) |
8.403 |
(7.995) |
|
Employee
benefits expense |
34.860 |
32.146 |
31.989 |
131.347 |
|
Depreciation |
12.107 |
12.421 |
12.838 |
49.620 |
|
Foreign exchange
fluctuation loss |
12.478 |
(5.450) |
0.242 |
9.214 |
|
Bad debts
write-off |
0.000 |
119.258 |
0.000 |
119.258 |
|
Other expenditure |
74.387 |
100.407 |
54.514 |
301.262 |
|
Total Expenses |
419.885 |
683.225 |
340.609 |
1824.121 |
|
Profit from
Operations before Other Income, finance costs and Exceptional Items |
25.762 |
(175.266) |
28.065 |
(117.374) |
|
Other Income |
1.566 |
204.396 |
8.704 |
213.207 |
|
Profit from
ordinary activities before finance cost
and Exceptional Items |
27.328 |
29.130 |
36.769 |
95.833 |
|
Finance Cost |
22.755 |
27.709 |
35.480 |
89.160 |
|
Profit after finance
cost but before Exceptional items |
4.572 |
1.421 |
1.289 |
6.674 |
|
Exception items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit (+) / Loss (-) from ordinary
activities before tax |
4.572 |
1.421 |
1.289 |
6.674 |
|
Prior Period Income(+)/(-)Expenditure |
|
3.476 |
|
4.710 |
|
Tax Expenses |
|
|
|
|
|
Current tax |
0.915 |
1.310 |
0.246 |
1.909 |
|
Deferred tax |
(0.145) |
(0.280) |
0.461 |
0.335 |
|
Net Profit (+)I Loss (-) from ordinary activities
after tax |
3.803 |
3.866 |
0.582 |
9.139 |
|
Extraordinary);
Item (net of tax expense Rs. Nil |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit(+)/
Loss(-) for the period |
3.803 |
3.866 |
0.582 |
9.139 |
|
Paid-up equity
Share capital (Face value Rs. 10
per share) |
220.650 |
220.650 |
220.650 |
220.650 |
|
Reserve
excluding Revaluation Reserves as per balance sheet |
-- |
836.543 |
-- |
836.543 |
|
Earnings Per
Share EPS |
|
|
|
|
|
Basic and Diluted EPS |
0.17 |
0.18 |
0.03 |
0.41 |
|
Basic and Diluted EPS after extraordinary items
for the period for the year to and for the previous year |
0.17 |
0.18 |
0.03 |
0.41 |
|
Public Shareholding |
|
|
|
|
|
No. of Shares |
6688057 |
6688057 |
6688057 |
6688057 |
|
Percentage of Shares |
30.31 |
30.31 |
30.31 |
30.31 |
|
Promoter and Promoter Group Shareholding |
|
|
|
|
|
Pledge/ Encumbered |
|
|
|
|
|
No. of Shares |
Nil |
Nil |
Nil |
Nil |
|
Percentage of Shares (a a % of total shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
Nil |
|
Non-Encumbered |
|
|
|
|
|
No. of Shares |
15376943 |
15376943 |
15376973 |
5376973 |
|
Percentage of Shares (a a % of total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
69.69 |
69.69 |
69.69 |
69.69 |
SEGMENT WISE REVENUE
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Particular |
3 Months Ended |
Preceding 3
Months Ended |
Corresponding 3
Months Ended in the Previous Year |
Previous Year
Ended |
|
|
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|
|
|
|
|
|
|
SEGMENT REVENUE (NET SALE) |
|
|
|
|
|
a) Wood Based |
310.117 |
358.697 |
273.424 |
1242.253 |
|
(b) Paper Based |
135.530 |
149.262 |
95.250 |
464.494 |
|
(c) Others |
0.000 |
0.000 |
0.000 |
0.000 |
|
(d) Unallocated |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total |
445.647 |
507.959 |
368.674 |
1706.747 |
|
Less: Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Sales / Income From Operations |
445.647 |
507.959 |
368.674 |
1706.747 |
|
|
|
|
|
|
|
SEGMENT RESULTS (PROFIT) (+) / LOSS (-) BEFORE TAX AND INTEREST FROM
EACH |
|
|
|
|
|
a) Wood Based |
52.039 |
83.295 |
66.314 |
277.915 |
|
(b) Paper Based |
34.981 |
49.823 |
21.474 |
140.418 |
|
(c) Others |
0.000 |
0.000 |
0.000 |
0.000 |
|
(d) Unallocated |
0.000 |
0.000 |
0.000 |
0.000 |
|
Total |
87.020 |
133.118 |
87.788 |
418.333 |
|
Less: (i) Interest |
22.755 |
27.709 |
35.480 |
89.160 |
|
(ii) Other Un-allocable Expenditure Net
Off |
61.258 |
308.384 |
59.723 |
535.707 |
|
(iii) Un-allocable Income |
1.566 |
204.396 |
8.704 |
213.207 |
|
Total Profit Before Tax |
4.572 |
1.421 |
1.289 |
6.673 |
|
|
|
|
|
|
|
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
a) Wood Based |
932.848 |
988.378 |
598.180 |
988.378 |
|
(b) Paper Based |
309.679 |
292.996 |
224.586 |
292.996 |
|
(c) Others |
0.000 |
0.000 |
0.000 |
0.000 |
|
(d) Unallocated |
370.913 |
312.059 |
967.991 |
312.059 |
|
Total |
1613.440 |
1593.433 |
1790.757 |
1593.433 |
NOTE:
·
The above results have been
reviewed by the audit committee in its meeting held on 14th August,
2012 and approved by the board of directors in its board meeting dated 14th
August, 2012.
·
No. of investor complaint
during the quarter ended 30.06.2012.
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
·
Figures for the previous periods
have been regrouped and reclassified to confirm to the classification of the
current period, wherever necessary.
·
There are no exceptional
/ extraordinary items during the quarter ended June 30, 2012.
WEBSITE DETAILS:
CORPORATE HISTORY:
Subject is the flagship company of the Archidply group. The Archidply
Group has been associated with plywood manufacturing for more than 30 years.
The Group has grown from a small saw mill in Assam to a modern state-of-the-art
manufacturer of wood panel products and decorative surfacing products in three
locations, Rudrapur, Mysore and Assam, with a network of branches, distributors
and dealers across India.
Since their inception, we are dedicated to constantly expanding and updating
their product range in order to stay ahead of the market. Their Company offers
comprehensive engineered interior products which include
1.
Plywood’s - Marine Plywood, Fire Retardant Plywood,
Shuttering Plywood, Densified Film Faced Plywood, BWR and MR Plywood, Lamyply and Lamyboard.
2.
Block Board and Flush Doors - BWR & MR grade
3.
Particle Boards - plain, veneered and pre laminated
particle board both in interior and exterior grade
4.
Decorative Laminates - range from 0.8mm to 1.5mm
and post form laminates
5.
Decorative Veneers - Teak, natural exotic veneers,
reconstituted veneers, engineering Veneers and dyed veneers.
All the products are manufactured by Their Company in integrated
multi-product modern facilities strategically located in two different
geographical zones namely Mysore, Karnataka in south of India and Rudrapur,
Uttarakhand in the northern part of India. Their manufacturing facilities have
machineries from the world renowned manufacturers of equipment for this
industry such as Dieffenbacher and Wemhoner from Germany, Steinemann, and
Kundig from Switzerland.
The brand “Archidply”, has positioned itself in the premium segment of the wood
panel and decorative surfacing products and is well known amongst architects,
interior designers and contractors for more than two decades, making it one of
the oldest active brands in its product category. The traders across India,
including dealers and distributors, have over a period of years recognized the
Archidply Group for its quality and fair policies.
Mr. Deen Dayal Daga, Chairman and Managing Director of Their Company has more
than two decades of experience in managing wood panel industries. He has been
conferred with several accolades which include a) the "Udyogapatra
Award" from the Vice President of India in 1982 acknowledging his
achievement as a self made industrialist, b) the "Swatantra Swarna Jayanti
Udyog Vibhushan Award" from the Union Minister of Commerce in 1999 for his
contribution to the economic development of the country and c) the "Melvin
Jones" fellowship award by Lions Club recognizing his efforts towards
social causes. He was the President of Assam Plywood Manufacturers Association
in the year 1995-1996.
Their products comply with quality standards of BIS and International standards
of BS of UK, NEMA of USA and DIN of Germany. We have been awarded ISO 9001:
2000 for quality management systems to manufacture and marketing of wood and
agro based panel products. Their Company has established independent Research
& Development laboratories headed by a chief chemist at their manufacturing
facilities. The products manufactured by Their Company are regularly tested
batch wise for mechanical and chemical properties before the batch is approved.
Their Company has set up a large distribution network and operates through 20
marketing and representative offices and 61 distributors and stockiest. As on
September 30, 2007, we have a network of 586 authorized dealers who in turn
supply to more than 2,000 sub dealers / retailers, giving a pan India presence
for marketing of their products. This ensures the availability of their
products off-the-shelf in any corner of India. Their Company has the manpower
strength of 531 of which 137 are deployed for marketing as on September 30,
2007.
BOARD OF DIRECTORS:
MR. DEEN DAYAL DAGA
CHAIRMAN AND MANAGING DIRECTOR AND CEO
Mr. Deen Dayal Daga is a Bachelor of Laws (LL.B.). He is our Promoter
and has been on our Board since 2004. He has an experience of over 30 years in managing
wood based industries. He has been conferred with several accolades which
include a) the "Udyogapatra Award" from the Vice President of India
in 1982 acknowledging his achievement as a self made industrialist, b) the
"Swatantra Swarna Jayanti Udyog Vibhushan Award" from the Union
Minister of Commerce in 1999 for his contribution to the economic development
of the country and c) the "Melvin Jones" fellowship award by Lions
Club recognizing his efforts towards social causes. He was the president of Assam
Plywood Manufacturers Association during the year 1995-1996 and was a committee
member of Federation of Indian Plywood Panel Industry. As our Chairman and
Managing Director, he is involved in the day to day operations of Our Company
MR. SHYAM D. DAGA
JOINT MANAGING DIRECTOR AND CFO
Mr. Shyam D. Daga is a commerce graduate from St. Xavier's, Kolkata
University. He was involved in the successful turnaround of The Mysore
Chipboards Limited (TMCL), which was a closed unit at the time of take over. He
was the Director of TMCL from 1996 to 2005. He is the Secretary of All India
particle board Manufacturer Association and was a committee member of South
India Plywood Manufacturers Association. He is involved in the day to day
operations of the Rudrapur, Uttarakhand Unit and also managing the finance and
marketing operations of Our Company.
MR. RAJIV D. DAGA
EXECUTIVE DIRECTOR
Mr. Rajiv D. Daga joined the Board of Directors of Archidply Industries
Limited in 2004. He completed his Bachelors in Industrial Engineering from
Purdue University, USA. He is presently a committee member of South India
Plywood Manufacturers Association. He was a software consultant with Manhattan
Associates, Atlanta, USA from 2001 to 2003. He is involved in running the day
to day operations of the Mysore Unit of Archidply Industries Limited.
MR. MOHAMMED SHAHID AFTAB
INDEPENDENT DIRECTOR
Mr. Mohammed Shahid Aftab, an independent director on our Board, has
completed his Masters in Commerce in 1965. He was the Chairman of Geep Industries
Limited; subsequently, he was associated with Punjab National Bank where he was
the General Manager and thereafter was associated with Vijaya Bank as an
executive director. He is on the board of the Gujarat Pathugan Energy
Corporation Private Limited, the Ram Swarup Laghu Udyog Limited and the Unicorn
Powergen Corporation Private Limited. He is engaged as a financial consultant
with Delton Cables Limited. He joined Our Company on September 7, 2007.
MR. KAMAL KISHORE TAPARIA
INDEPENDENT DIRECTOR
Mr. Kamal Kishore Taparia, an independent director on our Board,
received his B.E (Mechanical Engineering), from the MBM Engineering College. He
is on the board of directors of Universal Construction Machinery and Equipment
Private Limited and was the President of Indorama (a SP Lohiya Group Company)
and Rajshree Cements, where he was in charge of all India sales operations. He
was on the Board of Swastik Group, Saurashtra and Gujarat Sidhee Cements. He is
a member of FICCI Sub Committees of Housing Public Works, National Executive
Council of ICI and BIS for Civil Engineering Divisional Council and Cement and
Concrete Sectional Committee. He was the Governing Council Member of ICI and
was the Vice President of Pune Management Association. He joined Our Company on
September 3, 2007.
MR. BHARATHKUMAR HUKUMCHAND RATHI
INDEPENDENT
DIRECTOR
Mr. Bharathkumar Hukumchand Rathi, an independent director on Our Board,
received his Bachelor's degree in Architecture from Visveshwaraiah Regional
College of Engineering, Nagpur in 1969. He was previously associated with M/s.
Delbinco Schwartz and Donatoni, Chicago, USA and M/s. Skidmore, Owings and
Merrills Chicago, USA. He is on the board of Prashad Infrastructure Private
Limited and also a partner of Rathi Associates and Rathi Leasing. He has worked
on various interior and architectural projects. He joined Our Company on
September 3, 2007.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.59 |
|
|
1 |
Rs.87.87 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.