Business
information report
1. Summary Information
|
|
|
Country |
|
|
|
Company Name |
TODAYS WRITING
INSTRUMENTS LIMITED |
Principal Name 1 |
Mr. Sunil Agarwal |
|
|
Status |
Sick company |
Principal Name 2 |
Mr. Pushpak Chavan |
|
|
|
|
Registration # |
54-000041 |
|
|
Street Address |
Survey No 251/2,
Valsad Falia, Near |
|||
|
Established Date |
29.04.1992 |
SIC Code |
-- |
|
|
Telephone# |
91-260- 2668574 /
2668538 |
Business Style 1 |
Manufacturer |
|
|
Fax # |
91-260-2668536 |
Business Style 2 |
- |
|
|
Homepage |
Product Name 1 |
Ball Pens |
||
|
# of employees |
Not Available |
Product Name 2 |
Gel Pens |
|
|
Paid up capital |
Rs.
128,133,000/- |
Product Name 3 |
Roller Pens |
|
|
Shareholders |
Shareholding of Promoter and
Promoter Group (12.40%) Public shareholding (87.60%) |
Banking |
State Bank of |
|
|
Public Limited Corp. |
Yes |
Business Period |
20 Years |
|
|
IPO |
Yes |
International Ins. |
- |
|
|
Public |
Yes |
Rating |
Ca (13) |
|
|
Related
Company |
||||
|
Relation
|
Country
|
Company
Name |
CEO |
|
|
Subsidiaries |
-- |
Today’s Stationery Mart Limited |
-- |
|
|
Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
862,718,000 |
Current Liabilities |
240,695,000 |
|
Inventories |
542,929,000 |
Long-term Liabilities |
1,776,416,000
|
|
Fixed Assets |
380,490,000 |
Other Liabilities |
71,957,000 |
|
Deferred Assets |
91,247,000 |
Total Liabilities |
2,089,068,000 |
|
Invest& other Assets |
41,660,000 |
Retained Earnings |
147,729,000 |
|
|
|
Net Worth |
(170,024,000) |
|
Total Assets |
1,919,044,000 |
Total Liab. & Equity |
1,919,044,000 |
|
Total Assets (Previous Year) |
2,091,812,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
670,089,000 |
Net Profit (Loss) |
(343,951,000) |
|
Sales(Previous yr) |
631,102,000 |
Net Profit(Loss)(Prev.yr) |
(345,379,000) |
MIRA
INFORM REPORT
|
Report Date : |
08.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TODAYS WRITING
INSTRUMENTS LIMITED (w.e.f 02.11.2011) |
|
|
|
|
Formerly Known
As : |
TODAYS WRITING PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Survey No 251/2,
Valsad Falia, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
29.04.1992 |
|
|
|
|
Com. Reg. No.: |
54-000041 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 128.133 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999DD1992PLC000041 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTT00791A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT1487E |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. Company’s shares are listed on the stock exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in Manufacturing of Pens. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Sick company |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a sick company and has been referred to the Board for
Industrial and Financial Reconstruction (BIFR). Financial position of the
company is weak. Networth of the company has been eroded. Payments are reported
to be slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
Survey No 251/2,
Valsad Falia, Near |
|
Tel. No.: |
91-260- 2668574 /
2668538 |
|
Fax No.: |
91-260-2668536 |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
201, Hari Om Chambers, B-16, New |
|
Tel. No.: |
91-22-66954900 |
|
Fax No.: |
91-22-66954910 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Rajesh Kumar Drolia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ronald Netto |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Pushpak Chavan |
|
Designation : |
Whole-time Director (Resigned w.e.f. 12.02.2011) |
|
|
|
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Whole-time Director (Resigned w.e.f. 14.06.2011) |
|
|
|
|
Name : |
Mr. Shridhar M. Parande |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1132212 |
8.84 |
|
|
1132212 |
8.84 |
|
|
|
|
|
Bodies Corporate |
456000 |
3.56 |
|
Total shareholding of Promoter and Promoter Group (A) |
1588212 |
12.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
144999 |
1.13 |
|
|
641814 |
5.01 |
|
|
786.813 |
6.14 |
|
|
|
|
|
|
2754431 |
21.50 |
|
|
|
|
|
|
4631238 |
36.14 |
|
|
2188185 |
17.08 |
|
|
864421 |
6.75 |
|
|
9839 |
0.08 |
|
|
20000 |
0.16 |
|
|
119070 |
0.93 |
|
Hindu Undivided Families |
389905 |
3.04 |
|
ESOP/ESOS/ESPS |
25200 |
0.20 |
|
Trusts |
300407 |
2.34 |
|
|
10438275 |
81.46 |
|
Total Public shareholding (B) |
11225088 |
87.60 |
|
Total (A)+(B) |
12813300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
- |
|
Total (A)+(B)+(C) |
12813300 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Pens. |
||||||
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|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ball Pen |
GRS. |
Not Applicable |
Not Applicable |
1585098 |
|
Refill |
GRS. |
Not Applicable |
Not Applicable |
138869 |
|
Ball Pen Parts* |
GRS. |
Not Applicable |
Not Applicable |
-- |
|
And Other |
GRS. |
Not Applicable |
Not Applicable |
-- |
*In view of large no. of items, quantitative
details has not been given.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
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|
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Bankers : |
|
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|
|||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ajay
Shobha and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
|
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 |
|
|
|
|
|
|
12813300 |
Equity Shares Note: 4125000 Equity Shares of Rs. 10/- each issued as fully paid up
pursuant to the scheme of amalgamation without payment being received in
cash. |
Rs. 10/- Each |
Rs. 128.133
Millions |
|
|
|
|
|
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 |
128.133 |
128.133 |
128.133 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
147.729 |
147.729 |
391.173 |
|
|
4] (Accumulated Losses) |
(445.886) |
(101.935) |
0.000 |
|
|
NETWORTH |
(170.024) |
173.927 |
519.306 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1276.285 |
1180.800 |
1111.567 |
|
|
2] Unsecured Loans |
500.131 |
474.107 |
457.670 |
|
|
TOTAL BORROWING |
1776.416 |
1654.907 |
1569.237 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1606.392 |
1828.834 |
2088.543 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
380.490 |
452.632 |
493.007 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
15.027 |
|
|
|
|
|
|
|
|
INVESTMENT |
41.660 |
41.527 |
41.526 |
|
|
DEFERRED TAX ASSETS |
91.247 |
100.072 |
60.925 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
542.929
|
541.627
|
452.7870
|
|
|
Sundry Debtors |
462.570
|
519.590
|
767.443
|
|
|
Cash & Bank Balances |
61.902
|
21.370
|
22.752
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
338.246
|
414.994
|
499.655
|
|
Total
Current Assets |
1405.647
|
1497.581 |
1742.637 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
220.227
|
187.802
|
139.471
|
|
|
Other Current Liabilities |
20.468
|
22.944
|
69.376
|
|
|
Provisions |
71.957
|
52.232
|
61.400 |
|
Total
Current Liabilities |
312.652
|
262.978 |
270.247 |
|
|
Net Current Assets |
1092.995
|
1234.603
|
1478.058
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1606.392
|
1828.834 |
2088.543 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
670.089 |
631.102 |
2563.228 |
|
|
|
Other Income |
6.777 |
22.214 |
11.796 |
|
|
|
TOTAL (A) |
676.866 |
653.316 |
2575.024 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
487.872 |
410.565 |
2373.826 |
|
|
|
Manufacturing and other Expenses |
298.121 |
365.154 |
414.577 |
|
|
|
TOTAL (B) |
785.993 |
775.719 |
2788.403 |
|
|
|
|
|
|
|
|
Less |
PROFIT
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(109.127) |
(122.403) |
(213.379) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
123.521 |
184.889 |
133.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(232.648) |
(307.292) |
(346.917) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.754 |
77.234 |
58.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
BEFORE TAX (E-F) (G) |
(315.402) |
(384.526) |
(405.697) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.549 |
(39.147) |
(96.654) |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
AFTER TAX (G-H) (I) |
(343.951) |
(345.379) |
(309.043) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(101.935) |
209.444 |
518.487 |
|
|
|
|
|
|
|
|
|
Add |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
34.000 |
NA |
|
|
BALANCE (LOSS)
CARRIED TO THE B/S |
(445.886) |
(101.935) |
209.444 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
91.218 |
31.368 |
NA |
|
|
TOTAL EARNINGS |
91.218 |
31.368 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.270 |
24.469 |
53.933 |
|
|
|
Finished Goods |
14.035 |
4.150 |
2.257 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.437 |
|
|
TOTAL IMPORTS |
31.305 |
28.619 |
57.627 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(26.84) |
(26.95) |
(24.12) |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
165.800 |
158.660 |
147.500 |
|
Total Expenditure |
151.730 |
399.440 |
352.060 |
|
PBIDT (Excl
OI) |
14.070 |
(240.780) |
(204.560) |
|
Other Income |
0.000 |
0.200 |
0.000 |
|
Operating
Profit |
14.070 |
(240.780) |
(204.560) |
|
Interest |
25.230 |
30.830 |
23.820 |
|
Exceptional
Items |
0.000 |
(388.580) |
(36.35) |
|
PBDT |
(11.160) |
(659.990) |
(264.730) |
|
Depreciation |
20.510 |
20.830 |
20.570 |
|
Profit
Before Tax |
(31.670) |
(680.820) |
(285.300) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
(31.670) |
(680.820) |
(285.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(31.670) |
(680.820) |
(285.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(50.82)
|
(52.87)
|
(12.00)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.07)
|
(60.93)
|
(15.83)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.80)
|
(19.72)
|
(18.15)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.86
|
(2.21)
|
(0.78)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(12.29)
|
11.03
|
3.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
5.69
|
6.59
|
LOCAL AGENCY FURTHER INFORMATION
|
Available in Report [Yes/No] |
|
|
1.
Year of Establishment |
Yes |
|
2.
Locality of the Firm |
Yes |
|
3.
Construction of the firm |
Yes |
|
4.
Premises details |
Yes |
|
5.
Type of Business |
Yes |
|
6.
Line of Business |
Yes |
|
7.
Promoters background |
Yes |
|
8.
No. of Employees |
Yes |
|
9.
Name of Person Contacted |
Yes |
|
10.
Designation of contact person |
Yes |
|
11.
Turnover of firm for last two year |
Yes |
|
12.
Profitability for last three years |
No |
|
13.
Reasons for variation <> 20% |
------------- |
|
14.
Estimation for coming financial year |
Yes |
|
15.
Capital the business |
Yes |
|
16.
Details of sister concerns |
Yes |
|
17.
Major Suppliers |
No |
|
18.
Major Customers |
No |
|
19.
Payment Terms |
Yes |
|
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 |
No |
|
25.
Conduct of the banking account |
------------ |
|
26.
Buyer visit details |
------------- |
|
27.
Financials, if provided |
No |
|
28.
Incorporation details, if applicable |
No |
|
29.
Last accounts filed at ROC |
No |
|
30.
Major Shareholders, if applicable |
No |
Mr. Rajesh Kumar
Drolia, Chairman
Mr. Rajesh Kumar
Drolia (51 years) is a Commerce graduate and a self-made young and dynamic
entrepreneur having 28 years experience in the Writing Instruments Industry. A
first generation entrepreneur, he actively participates in effective
segmentation of the market and comes out with new concepts and innovative
designs. His main strength is the ability to innovate and bring new designs,
models and concepts, suitable for every segment of the market. Under his
leadership the company has achieved tremendous success over the years.
Mr. Ronald Netto,
Managing Director
Mr. Ronald Netto
(51 years) is an experienced strategist, who began his career in the creative
field. As advertising professional, he has experience of launching over 100
successful brand-building campaigns. Over 2 decades, as a strategist he has
gained experience in the fields of Finance, Advertising, Marketing and
Corporate Management. He is active in corporate planning and new project
planning and development.
Mr. Rahul Gupta, Non Executive Director and Independent
Director
Mr. Rahul Gupta (46
years) is a Commerce graduate having vast experience in the field of marketing,
designing and communication. His practical experience in the field of marketing
is very helpful in forming various marketing strategies
Mr. Shreedhar
Parande: Non Executive and
Independent Director
Mr. Shreedhar
Parande (74 years) is a B.S.C gold Medalist along with other high
profile qualifications like M. Sc., LLB, LLM. CAIIB, AIB. (
PERFORMANCE
During the year
the company achieved net sales of Rs. 670.00 Millions (previous year Rs. 631.100 Millions) and incurred net
loss of Rs. 343.900 Millions
(previous year 345.400 Millions).
One of the major reason for the loss of the company is due to the continuous process of valuing
inventory due to the introduction of new models, which results in some models
moving slowly and may have to be sold at a lower price. As a matter of good
corporate practice these are reviewed and discussed with the auditors and
suitable provisioning is made while valuing the inventory. Likewise, debtors
are being reviewed progressively and provisioning has been made after a
detailed assessment. Otherwise given the fact that in this year the company had
embarked on a phase of consolidation, after revamping in the last two years,
the performance has been satisfactory since the company has retained its market
and consolidated it's presence.
The encouraging
part of the performance has been nearly 1.9 times increase in exports compared
to the previous year and we are currently exporting to 16 countries. The
exponential growth in exports is exported to continue in the current financial
year.
OUTLOOK
The outlook for
the industry in lndia is promising. The dereservation of the industry coupled
with the excellence developed by the country in manufacturing tips and inks of
international standards at competitive price has given the industry an edge,
while the players in Europe, US and
The growth in
matured markets i s likely to depend on how well companies Innovate and focus
on manufacturing wide range of products. Meanwhile, in developing countries,
growth could be attributed to rapid increase in population, literacy levels,
and increasing demand for good quality writing gear, and effective pricing.
The market for
writing instruments is vivid and active, even in the electronic age. A few
warnings were signaled to the industry players by certain associations,
highlighting increased application of hi-tech communication, and data transfer
technologies. But, the threat was far from the reality. Writing instruments are
still a vital part of daily routine of a school going child to an executive
working in a hi-tech office. Innovations are key for market growth. However,
environmental regulations are leaving their impact on the industry. Earlier,
the industry had several negative aspects such as inks with toxic materials.
However, nowadays producers are making it a point to contribute to environment
protection. The market for Writing and Marking Instruments was affected by the
economic recession during 2008-2009 and witnessed moderate growth till 2010.
The export lead recovery in 2011 and the international appreciation of Indian
writing instruments industry has opened a Pandora’s Box.
In conclusion one
could say that the purple patch for the Writing instrument industry has begun
and is likely to continue for a few years which could see exponential growth.
FINANCIAL
RESTRUCTURING
With the
persistent efforts of the management and the support of the lenders the company’s
case for restructuring under Corporate Debt Restructuring (CDR) mechanism was
admitted in the CDR cell in 12th March, 2010. The final package was
approved by the CDR empowered group in 24th September, 2010 paving
way for the reemergence of the Company in the Writing Instrument and stationery
space. Subsequently the Letter of approval was issued by the CDR Cell to the
company. The company is on path of revival and is consolidating all business
streams after two years of internal restructuring.
The Board
expresses its gratitude to the Lenders for supporting the company at this
crucial juncture.
The CDR package is
expected to be implemented by 30th September 2011. This will facilitate the
smooth working of the company and alignment of the loan repayment to the cash
flow realities of the Business.
Some lenders and
creditors have initiated winding up proceedings and recovery proceeding in DRT
against the company to recover their dues. The Winding up proceeding instituted
by HDFC (IARC) has been admitted by the high Court. The Company is confident of
defending these Proceedings.
STATUS REPORT ON
THE SUBSIDIARIES:
Today’s Stationery
Mart Limited
At Present only
Skelton operations are being conducted.
Today’s
Infrastructure and Construction Limited
The effort is
directed towards realizing all the investments made by the company so that same
the can be ploughed back to the parent company for furthering its business.
Today’s Fluid
Technologies Limited
This subsidiary
has not commenced any business. As it was decided not to pursue the business
for which the company was set up for the time being all decisions pertaining to
the company has been deferred in view of the consolidation process undertaken
by the group.
The Ministry of
Corporate Affairs has vide General Circular No. 2/2011 dated 8th February 2011,
granted general exemption for not attaching the annual accounts of the
subsidiary companies with account of Holding Company.
Pursuant to said
circular, the Board of Directors of the company in their meeting held on 15th
June, 2011 has given their consent for not attaching the Annual Accounts of the
Subsidiary Companies with that of the Holding company. Accordingly, we are not
attaching Balance sheet, Profit and Loss Account, Directors’ Report and Auditors’
Report and other documents of the Subsidiary Companies. However these documents
shall be made available upon request to member of the company interested in
obtaining the same and shall be available for inspection at the Head/Registered
Office of your company and that of the concerned Subsidiary. As required, the
financial data of the Subsidiary Companies has been furnished along with the
statement pursuant to section 212 of the Companies Act, 1956 and form a part of
this Annual Report.
Industry Structure
and Development
The industry has
graduated post the dereservation at a fast pace and has been attracting serious
international attention for it’s capabilities. The main players in the industry
have embarked upon expansion sensing the opportunity and have been investing on
brand building in a serious way. New entrants with financial muscle and
background in FMCG business with a focus on global play are a new development
in this sector.
These developments
have altered the character of the industry which essentially had a family
orientation and was considered a labour intensive SSI sector foray, to
transform in to a medium scale industry with huge potential to acquire
international character. In this emerging scenario we are working towards the
objective of being a major player in the industry in the next four years.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2011
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2011 (Unaudited) |
Nine Months ended 31.12.2011 (Unaudited) |
|
a) Net Sales / Income from Operations |
145.530 |
466.677 |
|
b) Other Operating Income |
1.966 |
5.284 |
|
Total Operating Income |
147.496 |
471.961 |
|
Expenditure |
|
|
|
(a) Consumption of Raw Materials |
299.988 |
752.147 |
|
(b) Staff Cost |
16.981 |
41.253 |
|
(c) Depreciation |
20.573 |
61.912 |
|
(d) Other Expenditure |
35.083 |
109.832 |
|
Total Expenditure |
372.625 |
965.144 |
|
Profit From Operations before other Income Interest & Exceptional Items |
(225.129) |
(493.183) |
|
Other Income |
- |
0.200 |
|
Profit before Interest and Exceptional items |
(225.129) |
492.983) |
|
Interest |
23.821 |
79.874 |
|
Profit after interest before Exceptional items |
(248.950) |
(572.857) |
|
Exceptional Items |
36.353 |
424.937 |
|
Profit / (Loss) From
Ordinary activities before Tax |
(285.303) |
(997.794) |
|
Tax Expenses |
|
|
|
- For Current Tax |
- |
- |
|
- For Differed Tax |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
(285.303) |
(997.794) |
|
Extraordinary Items |
- |
- |
|
Net Profit/(Loss) for the period |
(285.303) |
(997.794) |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
128.133 |
128.133 |
|
Reserves (Excluding Revaluation Reserves) |
- |
|
|
Earnings Per Share
(EPS) |
|
|
|
-Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
(22.27) |
(77.87) |
|
-Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
(22.27) |
(77.87) |
|
Public Share Holding |
|
|
|
- Number of Shares |
11225088 |
11225088 |
|
- Percentage of shareholding |
87.60 |
87.60 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
30000 |
30000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
1.89 |
1.89 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.23 |
0.23 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
1558212 |
1558212 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
98.11 |
98.11 |
|
- Percentage of Share (as a % of the total share capital of the company) |
12.16 |
12.16 |
Note:
1)
The above unaudited standalone results were
reviewed by the Audit Committee and approved by the Board of Directors of the
company in the meeting held on 11th February, 2012. The above
results do not include the results of the Company’s subsidiaries which will
form part of audited annual consolidated accounts.
2)
The Limited Review as required under clause 41 of
the listing agreements has been carried out by the statutory auditors.
3)
Figures have been re-grouped wherever necessary to
facilitate comparison.
4)
Interest of CDR lenders has been provided as per
CDR scheme. For others, it is provided to the extent charged by them.
5)
The Company operates only in one business segments
i.e. Writing Instruments and Stationery items in the context of Accounting
Standard 17 Disclosure of segment information is not applicable.
6)
The company based on continued evaluation of over
due debtors, in consultation with the auditors, has made a provision for doubt
full debts of Rs. 36.353 Millions during this quarter.
7)
Valuation of slow moving inventory has been
diminuted by Rs. 210.177 Millions which is reflected in item 2(a) above.
8)
The company ‘s reference filed under section 15(1)
of Sick Industrial Companies Act, 1985
with Board for Industrial and Financial
(BIFR) has been registered via case no. 63/2011
FIXED
ASSETS:
- Building
- Plant and Machinery
- Technical Know-how
- Electrical Installations
- Moulds
- Office Equipments
- Computer
- Furniture and Fixtures
- Vehicles
CONTINGENT LIABILITIES NOT PROVIDED FOR: -
i) Outstanding liabilities in respect of
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank Guarantee |
128.63 |
101.56 |
|
|
|
|
ii) In respect of
Income Tax demand for the Assessment Years 2008-2009 amounting to Rs. 75.350
Millions the company preferred appeal before Appellate authority and has made
lower provision for Rs. 15.093
Millions in their books of accounts, since the company is confident that The
Appeal will be decided in its favour.
iii) The company
has provided for of Rs. 8,583,911 / - in respect of admitted tax demand raised
by The Maharashtra VAT department. However no provision for interest and
penalty has been made by company as the department has not assessed the same.
iv) Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances) is Rs. 2.000 Millions (March 2010 : Rs. 1.000
Millions).
AS PER WEB DETAILS:
Company Profile:
Subject is the makers of India's popular pen brand "Today's Pens"; is a multi-faceted, million dollar company with interests in Writing Instruments, Office Supplies, Petrotech and Construction businesses.
Today's Pens is an internationally acclaimed Manufacturer and Exporter of High
Quality Plastic Ball Pens, Plastic Del Pens and Refills SINCE 1986.
Today's Pens is a fully integrated writing instruments company with In-House
Designing capability Mould making unit, Tips making unit, Refill making unit
(Gel and Ball), Injection Molding and Assembly.
At Today's, innovation is not just a guiding philosophy; it is a key business
process focused on consumer needs. Today's offers one of the largest range of
pens offered by any manufacturer in
Today's Pens is also best known and appreciated worldwide for their Originality
of Designs, Quality, Affordability and their Ease of Writing.
Today's has
Today's Pens is present in -
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 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. 53.34 |
|
|
1 |
Rs. 86.09 |
|
Euro |
1 |
Rs. 69.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
13 |
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.