MIRA
INFORM REPORT
|
Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM TIMBER PRODUCTS LIMITED |
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Registered
Office : |
Village Kusumi, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.08.1982 |
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Com. Reg. No.: |
15-001101 |
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Capital
Investment / Paid-up Capital : |
Rs. 183.295 Millions |
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CIN No.: [Company Identification
No.] |
L02001OR1982PLC0011001 |
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Legal Form : |
A public limited liability company. The company's shares are listed on the
stock exchanges. |
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Line of Business
: |
Manufacturing of Medium Density Fibre Board. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 680000 |
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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. The company has
incurred some losses during the year. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Village Kusumi, Po and District Nabarangpur – 764059, |
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Tel. No.: |
91-6858-222148/ 222142/ 222053 |
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Fax No.: |
91-6858-222042 |
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E-Mail : |
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Website : |
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Head Office/ Corporate : |
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Tel. No.: |
91-33-22438706/ 8708/ 8857/ 32939132/ 32939210 |
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Fax No.: |
91-33-22438709 |
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E-Mail : |
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Regional Offices : |
Located at: v
Chennai v
v
Mumbai v
Kolkata |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. N. G. Khaitan |
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Designation : |
Director |
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Name : |
Mr. S. K. Parikh |
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Designation : |
Director |
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Name : |
Mr. Prabir Chakravarti |
|
Designation : |
Director |
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Name : |
Mrs. Vidula Jalan |
|
Designation : |
Director |
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Name : |
Mr. Anand Daga (w.e.f. 08.12.2010) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Charulata Kabra |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
121027 |
0.66 |
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|
6331894 |
34.55 |
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Any Others (specify) |
20000 |
0.11 |
|
Societies |
20000 |
0.11 |
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|
6472921 |
35.32 |
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|
450000 |
2.46 |
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|
450000 |
2.46 |
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Total shareholding of Promoter and Promoter Group (A) |
6922921 |
37.77 |
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(B) Public Shareholding |
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|
23000 |
0.13 |
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|
900 |
0.00 |
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|
2100 |
0.01 |
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|
26000 |
0.14 |
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|
4160656 |
22.70 |
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|
5807155 |
31.69 |
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939.612 |
5.13 |
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|
471.056 |
2.57 |
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427773 |
2.33 |
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|
43283 |
0.24 |
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|
11378479 |
62.08 |
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Total Public shareholding (B) |
11404479 |
62.23 |
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Total (A)+(B) |
18327400 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
|
(1) Promoter and Promoter Group |
-- |
-- |
|
(2) Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A)+(B)+(C) |
18327400 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Medium Density Fibre Board. |
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Products : |
v
PRE
Laminated Exterior Grade v
PRE
Laminated Interior Grade v
Exterior
Grade v
Interior
Grade etc |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Licensed
Capacity |
Installed
Capacity |
|
MDF Board |
MT |
|
26400 |
30000 |
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Formaldehyde |
MT |
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N.A. |
13200 |
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Description |
Unit |
Qty. |
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Production |
|
MDF |
MT |
18157 |
GENERAL INFORMATION
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
v
State Bank of v
State Bank of v
IDBI Bank Limited v
Indusland Bank v
ICICI Bank Limited (Formerly The Bank
OF Rajasthan Limited) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SM Daga and Company Chartered Accountants |
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Address : |
11, Clive Row, Kolkata – 700001, |
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Enterprises over
which significant influence exercised by Director |
v
Vidula Consultancy Services Limited v
Mangalam Cement Limited v
Ms. Vidula Jalan |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
18327400 |
Equity Shares |
Rs. 10/- each |
Rs. 183.274
Millions |
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Add: Shares Forfeited Account |
|
Rs. 0.021
Millions |
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Total |
|
Rs. 183.295 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
183.295 |
183.295 |
183.295 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.000 |
23.737 |
36.050 |
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4] (Accumulated Losses) |
(21.054) |
0.000 |
0.000 |
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NETWORTH |
170.241 |
207.032 |
219.345 |
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LOAN FUNDS |
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1] Secured Loans |
108.430 |
313.755 |
357.216 |
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2] Unsecured Loans |
357.500 |
93.222 |
58.733 |
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TOTAL BORROWING |
465.930 |
406.977 |
415.949 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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TOTAL |
636.171 |
614.009 |
635.294 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
245.116 |
224.949 |
160.276 |
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Capital work-in-progress |
14.498 |
23.649 |
56.634 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERRED TAX ASSETS |
57.278 |
38.483 |
36.675 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
234.777
|
288.927 |
270.942 |
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Sundry Debtors |
124.925
|
99.900 |
151.088 |
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Cash & Bank Balances |
12.103
|
8.934 |
19.720 |
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Other Current Assets |
8.445
|
7.235 |
3.491 |
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Loans & Advances |
172.352
|
164.369 |
190.918 |
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Total
Current Assets |
552.602
|
569.365 |
636.159 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
144.866
|
170.640 |
190.454 |
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Other Current Liabilities |
56.027
|
41.728 |
22.317 |
|
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Provisions |
32.930
|
30.569 |
42.179 |
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Total
Current Liabilities |
233.823
|
242.937 |
254.950 |
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Net Current Assets |
318.779
|
326.428 |
381.209 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
636.171 |
614.009 |
635.294 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
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Income |
510.965 |
675.682 |
709.680 |
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Other Income |
5.707 |
6.480 |
6.319 |
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|
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TOTAL (A) |
516.672 |
682.162 |
715.999 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Payments and Benefits to Personnel |
82.617 |
84.983 |
83.406 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
376.503 |
570.387 |
586.986 |
|
|
|
Increase/(Decrease) In Stock |
49.532 |
(15.909) |
(36.439) |
|
|
|
TOTAL (B) |
508.652 |
639.461 |
633.953 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.020 |
42.701 |
82.046 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.358 |
45.478 |
41.619 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(40.338) |
(2.777) |
40.427 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.256 |
11.344 |
11.027 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(55.594) |
(14.121) |
29.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(18.796) |
(1.808) |
14.477 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(36.798) |
(12.313) |
14.923 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.737 |
28.050 |
27.492 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Excess Provision of Wealth Tax Written Back |
0.007 |
0.000 |
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
|
|
|
|
Dividend |
0.000 |
0.000 |
|
|
|
|
Tax on Dividend |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
(21.054) |
15.737 |
28.050 |
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.635 |
0.767 |
0.924 |
|
|
TOTAL EARNINGS |
1.635 |
0.767 |
0.924 |
|
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|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.372 |
11.316 |
25.278 |
|
|
|
Stores & Spares |
4.729 |
3.862 |
3.008 |
|
|
|
Capital Goods |
Nil |
1.074 |
0.074 |
|
|
|
Traded Goods |
Nil |
24.324 |
27.093 |
|
|
TOTAL IMPORTS |
5.101 |
40.576 |
55.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.01) |
(0.67) |
0.81 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
2nd
Quarter |
|
Sales Turnover |
141.630 |
197.590 |
199.840 |
222.480 |
|
Total Expenditure |
124.560 |
205.000 |
194.740 |
212.670 |
|
PBIDT (Excl
OI) |
17.070 |
(7.410) |
5.100 |
9.810 |
|
Other Income |
0.770 |
0.210 |
0.740 |
3.230 |
|
Operating
Profit |
17.840 |
(7.200) |
5.840 |
13.040 |
|
Interest |
11.810 |
6.860 |
26.050 |
13.090 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
6.030 |
(14.060) |
(20.210) |
(0.050) |
|
Depreciation |
4.000 |
4.060 |
4.050 |
4.600 |
|
Profit
Before Tax |
2.030 |
(18.120) |
(24.260) |
(4.660) |
|
Tax |
0.100 |
0.550 |
(8.460) |
(1.160) |
|
Reported PAT |
1.930 |
(17.570) |
(15.800) |
(3.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.930 |
(17.570) |
(15.800) |
(3.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.12)
|
(1.80) |
2.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.88)
|
(2.09) |
4.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.97)
|
(1.78) |
3.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.33)
|
(0.07) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.11
|
3.14 |
3.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.34 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
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 |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
Yes |
SOCIO ECONOMIC ENVIRONMENT
After growing
at 8.0% in 2009/10, the Indian economy picked up further steam in 2010/11
recording a real GDP growth of 8.6% during the year. While the Agricultural
sector posted an above-trend growth of 5.4% aided in part by a low base effect,
Industry and Services grew by 8.1% and 9.6% respectively. After clocking an
impressive growth of 8.9% in the first half of the year, the economy showed
signs of moderate growth in the second half. With the Indian economy on a
positive growth path, the number of construction projects has also risen
substantially over the past few years.
As per
the estimates of European Panel Federation (EPF), the worldwide market of MDF
and particle board is increasing at a fast rate of 13 % per year. Wood-based
panels have a broad diversity of uses in every economy around the world. These
are widely used for partitions, kitchen and office cabinets, panels, drawers,
tables, and furniture, and are
gradually replacing ply wood. With reducing wood supply
and the need to use eco-friendly products, the demand for MDF products is expected to remain robust.
OPERATIONAL
PERFORMANCE
During the year, the company incurred a Net after tax loss of Rs. 36.700
Millions. The turnover of the Company came down to Rs. 558.461 Millions
(Previous Year Rs.719.960 Millions) and the production was also lower at 18157
Mt. (Previous Year 29286 Mt).
A major reason for the decline was the outbreak of a fire in the
Hydraulic Room of the factory in the month of April 2010 in which major plant
equipments were damaged. Fortunately no harm was caused to any of their workers
and personnel in the factory. However, the MDF production came to a complete
halt for nearly three and a half months; as a result of which the company
suffered a loss of Rs. 43.700 Millions in the first quarter alone.
Immediate steps were taken to restore the damaged equipment
and for
installation of a standby system which was commissioned by the end of July 2010
after which production could be gradually restored. In March 2011, the original
German hydraulic machine that was damaged in the fire was reinstalled. A
planned shutdown was taken
for the same.
The company improved its operational efficiency by commissioning the
installation of a higher efficiency boiler resulting in reduction of their coal
consumption. Proactive steps have also been taken to ensure preventive
maintenance of the machinery.
The Company is certified for an integrated system for:
v
ISO 9001:2008 ensuring stringent process quality
control
v
ISO 14001:2004 ensuring superior environmental
management system
v
OHSAS 18001:2007 ensuring advanced occupational
health and safety management system
MARKETING AND
SALES
The Company has benefited further from leveraging its brand “Duratuff”
to command a premium position in the market. Duratuff is widely recognized as
an industry pioneer because of its strong brand recall and implicit trust among
customers.
The Sales network was consolidated by appointment of new channel
partners, along with strategic rationalisation of distribution channels.
The company is currently in the process of restoring its farm forestry
operations by engaging in clonal plantation of high yielding gall resistant
seedlings, which were badly affected by the Gall Disease in 2009. The company
has 850 acres of land on lease for various periods where uprooting of old tree
stumps and fresh plantation is being undertaken in phases. This is a capital
intensive and time consuming project.
The company has also applied for Clean Development Mechanism (CDM) which
will earn carbon credits for plantation activity. Till date 28 forestry
projects across the globe have been registered of which three are from
RAW MATERIAL
Price and avalibility of other major raw materials such as methanol, TG
Urea , Melamine remained fairly stable.
AMALGAMATION WITH
MANGALAM CEMENT LIMITED
The merger of the Company with M/s Mangalam Cement Limited, is in
process and the Hon’ble High Court of Orissa, Cuttack, vide its order dated
22nd April 2011, has directed to convene a meeting of the Equity Shareholders
of the Company on Saturday, the 29th May, 2011 at the Registered Office of the
Company.
The merger on approval by the Hon’ble High Court of Rajasthan and the
Hon’ble high Court of Orrisa will be effective from 1st of April 2010.
AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND FULL YEAR ENDED 31ST MARCH,
2012
(Rs.
in Millions)
|
Particular |
3 Months ended 31.03.2012 |
Preceding 3 months ended 31.12.2011 |
Year to date figures for current year ended |
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
222.486 |
199.842 |
761.544 |
|
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income from
operations (net) |
222.486 |
199.842 |
761.544 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
98.492 |
107.350 |
314.961 |
|
(b) Purchases of
Stock-in –trade |
(0.001) |
0.000 |
0.000 |
|
(c) Changes in inventories of finished goods,
work-in –progress and stock-in-trade |
(21.399) |
(41.634) |
(81.159) |
|
(d) Employee benefit expenses |
32.827 |
28.819 |
119.564 |
|
(e)
Depreciation and amortization expenses |
4.602 |
4.054 |
16.706 |
|
(f) Other
Expenses |
|
|
|
|
-
Power and Fuel |
40.458 |
44.514 |
148.699 |
|
- Freight and Delivery charges |
23.255 |
30.130 |
101.320 |
|
- Selling Expenses |
11.403 |
4.843 |
23.825 |
|
- Others |
27.646 |
20.716 |
82.773 |
|
Total Expenses |
217.283 |
198.792 |
753.689 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
5.203 |
1.050 |
7.855 |
|
Other Income |
3.225 |
0.740 |
4.951 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
8.428 |
1.790 |
12.806 |
|
Finance costs |
13.093 |
26.046 |
57.814 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but before Exceptional item |
(4.665) |
(24.256) |
(45.008) |
|
Exceptional
item |
0.000 |
0.000 |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
(4.665) |
(24.256) |
(45.008) |
|
Tax Expenses |
|
|
|
|
- Current Tax |
(0.115) |
0.000 |
0.002 |
|
- Deferred
Tax Liability/ Assets |
(1.047) |
(8.455) |
(10.068) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(3.503) |
(15.801) |
(34.942) |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net Profit for the period |
(3.503) |
(15.801) |
(34.942) |
|
Paid- up
Equity Share Capital (Face value of
the share – Rs. 10) |
183.274 |
183.274 |
183.274 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
0.000 |
0.000 |
0.000 |
|
Earnings per share (before extraordinary
items) (of Rs. 10/- each) (not annualized) -
Basic |
(0.19) |
(0.86) |
(1.91) |
|
- Diluted |
(0.19) |
(0.86) |
(1.91) |
|
Earnings per share (after extraordinary
items) (of Rs. 10/- each) (not annualized) - Basic |
(0.19) |
(0.86) |
(1.91) |
|
- Diluted |
(0.19) |
(0.86) |
(1.91) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
11404479 |
11404479 |
11404479 |
|
Percentage of Shareholding |
62.23 |
62.23 |
62.23 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
6922921 |
6922921 |
6922921 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100 |
100 |
100 |
|
- Percentage
of Shares (as a % of the
total share capital of the company) |
37.77 |
37.77 |
37.77 |
|
|
Particulars |
Quarter Ended 31st
March 2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1) The above results have been reviewed by the Audit Committee and the
same have been approved by the Board of Director of the company at their
respective meetings held on 10th May, 2012.
2) Figures of the previous period have been regrouped/ rearranged
wherever considered necessary.
3) The company has only one segment i.e. MDF hence no segment reporting
has been made.
CONTINGENT
LIABILITIES
|
Contingent
liabilities not provided for in respect of : |
31.03.2011 |
31.03.2010 |
|
a) Sales
Tax matters pending in appeal |
130.414 |
56.405 |
|
b) Excise/Service
Tax matters as under : |
|
|
|
i) Excise matters pending in appeal |
13.582 |
13.293 |
|
ii) Service Tax outward freight |
5.221 |
2.947 |
|
c) State Excise matters pending in appeal |
84.715 |
84.715 |
|
d) Bank guarantees given in favour of District magistrate and Collector Nabarangpur and remaining outstanding |
0.500 |
0.500 |
FIXED ASSETS
v
Land
v
Roads and Buildings
v
Plant and Machinery
v Electrical Installations and Fittings
v
Furniture and Fittings
v
Office Equipments
v
Vehicles
v
Capitalised Software
AS PER WEBSITE
DETAILS
PROFILE
Subject, a part of the highly diversified B. K. Birla Group
of Companies, introduced medium density fibre boards to
DURATUFF MDF is made at Mangalam Timbers Products' state-of-the-art, automated manufacturing plant, mostly out of specially selected timbers. A continuous, computer-controlled process shapes them, after which they are compressed at high heat and pressure. What emerges is high quality fibreboard, uniformly thick and smooth, stable on both surfaces.
Currently the market leader in plain and pre-laminated MDF, Mangalam Timbers DURATUFF MDF is the markets most preferred brand.
Today DURATUFF MDF has various uses in homes and offices, showrooms and factories even in sculptors¿ studios. It is widely used in making furniture and fixtures, interior designing, appliance cabinets, partitions, photo-lamination, carved handicrafts etc.
BOARD OF DIRECTORS
Shri N. G. Khaitan, eminent Solicitor and Advocate, Senior Partner at Khaitan and Company, Kolkata has been on the board of the Company since its inception.
Smt. Vidula Jalan, an MBA
(Strategic Marketing, Leadership and Change Management) from ISB,
Shri S. K. Parik, a Chartered
Accountant with vast experience, plays a significant role in guiding the
Company’s growth
Shri Prabir Chakravarti with a
BA (Honours), MA (Economics), L.L.B (
Shri Anand Daga with B. Com.
from St Xaviers College, Kolkata. He has done various courses on Financial
Planing. He has been family business for the last 21 years and also provides
financial consultancy to various Company.
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. 55.15 |
|
|
1 |
Rs. 85.22 |
|
Euro |
1 |
Rs. 69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.