MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MALU PAPER MILLS LIMITED (w.e.f. 24.04.1998) |
|
|
|
|
Formerly Known
As : |
MALU SOLVEX LIMITED |
|
|
|
|
Registered
Office : |
Heera Plaza, 4th Floor, Near Telephone Exchange, Nagpur –
440008, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-076009 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 170.593 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15142MH1994PLC076009 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPM03504E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM4333M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Paper |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 380000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. It has incurring loss from past some years.
However, business is active. Payments are reported to be slow. The company can be considered for business dealings with great
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = D |
|
Rating Explanation |
Default |
|
Date |
December, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limited = D |
|
Rating Explanation |
Default |
|
Date |
December, 2012 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Karamkele |
|
Designation : |
Account Department |
|
Contact No.: |
91-712-2760308 |
|
Date : |
23.08.2013 |
LOCATIONS
|
Registered Office : |
Heera Plaza, 4th Floor, Near Telephone Exchange, Nagpur – 440008,
Maharashtra, India |
|
Tel. No.: |
91-712-2760308/2733100/2778506 |
|
Fax No.: |
91-712-2760310 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 and 2: |
Village Borujwada, Nagpur – Saoner Road, Taluka Saoner, District
Nagpur, Maharashtra, India |
|
|
|
|
Factory 3 : |
Village Heti (Surla), Saoner MIDC Industrial Area, Taluka Saoner,
District Nagpur, Maharashtra, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Damodarlal Ramlal Malu |
|
Designation : |
Chairman |
|
Address : |
4, Poonam Chaya, Ravi Industrial Co, Near Natraj Society, Thane,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1946 |
|
Qualification : |
Graduate and LLB |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00301120 |
|
|
|
|
Name : |
Mr. Punamchand Ramlal Malu |
|
Designation : |
Managing Director |
|
Address : |
1249, Neelkamal Central Avenue, Nagpur-440002, Maharashtra, India |
|
Date of Birth/Age : |
13.03.1952 |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00301030 |
|
|
|
|
Name : |
Mr. Banwarilal Bhanwarlal Malu |
|
Designation : |
Joint Managing Director |
|
Address : |
Kamal Sadn, Gandhibagh, Nagpur -440002, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1959 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00301297 |
|
|
|
|
Name : |
Mr. Vasudeo Bhanwarlal Malu |
|
Designation : |
Director |
|
Address : |
Kamal Sadn, Gandhibagh, Nagpur -440002, Maharashtra, India |
|
Date of Birth/Age : |
07.06.190 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00301313 |
|
|
|
|
Name : |
Mr. Chandrakant Jaydevshankar Thakar |
|
Designation : |
Director |
|
Address : |
220, Chandramouli, Near Verma Tractor Co., East Wardhman Nagar, Nagpur
– 440008, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1936 |
|
Qualification : |
Graduate and LLB From Nagpur University |
|
Date of Appointment : |
11.11.2005 |
|
DIN No.: |
00784189 |
|
|
|
|
Name : |
Mr. Satyanarayan Radhakrishna Rathi |
|
Designation : |
Director |
|
Address : |
"Shraddha" East Wardhman Nagar, Near Radhakrishna Hospital,
Nagpur 440 008, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
11.11.2005 |
|
DIN No.: |
01797378 |
|
|
|
|
Name : |
Mr. Anil Kumar Purushottam Das Rathi |
|
Designation : |
Director |
|
Address : |
P/No/33, Central Bazar Road, Ramdaspeth Nagpur – 440010, Maharashtra,
India |
|
Date of Birth/Age : |
03.06.1954 |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
01874539 |
|
|
|
|
Name : |
Mr. Shyansunder Shivnarayan Sarda |
|
Designation : |
Director |
|
Address : |
114-1, Shivaji Ward, Bhandara, Maharashtra, India |
|
Date of Birth/Age : |
14.03.1958 |
|
Date of Appointment : |
29.09.2011 |
|
DIN No.: |
02399265 |
KEY EXECUTIVES
|
Name : |
Mr. Gyanesh Verma |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Girish Malpani |
|
Designation : |
Chief Financial Officer and Compliance Officer |
|
|
|
|
Name : |
Mr. Karamkele |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8206077 |
48.10 |
|
|
3032144 |
17.77 |
|
|
11238221 |
65.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11238221 |
65.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
877897 |
5.15 |
|
|
|
|
|
|
2524382 |
14.80 |
|
|
2351985 |
13.79 |
|
|
66765 |
0.39 |
|
|
35478 |
0.21 |
|
|
31287 |
0.18 |
|
|
5821029 |
34.12 |
|
Total Public shareholding (B) |
5821029 |
34.12 |
|
Total (A)+(B) |
17059250 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17059250 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Paper |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C / Cash / Credit |
||||||
|
|
|
||||||
|
Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Uses |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
No. of Employees : |
300 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Bankers : |
Tel.
No.: 91-712-6621800
|
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
--- |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
Demble Ramani and Company Chartered Accountants |
|
Address : |
201, MG House, R.T. Road, Civil Lines, Nagpur – 440001, Maharashtra,
India |
|
Tel. No.: |
91-712-3918630/3918631 |
|
Fax No.: |
91-712-3918654 |
|
E-Mail : |
|
|
PAN No.: |
AABFD9880A |
|
|
|
|
Internal Auditors |
Samria and Company Chartered Accountants |
|
|
|
|
Associate Companies
: |
|
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17059250 |
Equity Shares |
Rs. 10/- each |
Rs.170.593
Millions |
|
|
|
|
|
Reconciliation of
Number of Shares Outstanding:
|
Particular |
Number of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
17,059,250 |
170.593 |
|
Movement During the Year |
- |
- |
|
Shares outstanding at the end of the year |
17,059,250 |
170.593 |
Details of
Shareholders, holding more than 5% of the Paid up Equity Share Capital of the
Company with Voting Rights :
|
Particular |
Number of Shares |
Rs. In Millions |
|
Frontline Commercial Private Limited |
962,222 |
5.64% |
|
Wistaria Farms Private Limited |
1,033,500 |
6.06% |
|
Kaveri Malu |
1,052,487 |
6.17% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.593 |
170.593 |
170.593 |
|
(b) Reserves & Surplus |
(74.874) |
49.334 |
251.430 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
95.719 |
219.927 |
422.023 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
890.922 |
858.645 |
611.978 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
141.403 |
140.607 |
118.552 |
|
(d) long-term
provisions |
3.009 |
2.754 |
2.207 |
|
Total Non-current
Liabilities (3) |
1035.334 |
1002.006 |
732.737 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
159.857 |
153.103 |
246.391 |
|
(b) Trade
payables |
178.846 |
86.716 |
123.989 |
|
(c) Other
current liabilities |
59.802 |
30.895 |
34.192 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
398.505 |
270.714 |
404.572 |
|
|
|
|
|
|
TOTAL |
1529.558 |
1492.647 |
1559.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
990.690 |
1029.387 |
1075.109 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.100 |
1.100 |
1.100 |
|
(c) Deferred tax assets (net) |
127.194 |
71.825 |
(18.781) |
|
(d) Long-term Loan and Advances |
63.476 |
60.967 |
53.325 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1182.460 |
1163.279 |
1110.753 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
118.502 |
123.016 |
162.249 |
|
(c) Trade
receivables |
174.228 |
168.122 |
203.843 |
|
(d) Cash
and cash equivalents |
22.430 |
15.827 |
41.896 |
|
(e)
Short-term loans and advances |
31.938 |
22.403 |
41.591 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
347.098 |
329.368 |
449.579 |
|
|
|
|
|
|
TOTAL |
1529.558 |
1492.647 |
1559.332 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1775.433 |
1692.903 |
1688.303 |
|
|
|
Other Income |
26.686 |
4.105 |
31.017 |
|
|
|
TOTAL (A) |
1802.119 |
1697.008 |
1719.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1155.953 |
1124.163 |
1043.595 |
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in- Trade |
(3.023) |
(0.991) |
41.499 |
|
|
|
Employee benefits expense |
38.148 |
34.865 |
32.085 |
|
|
|
Other expenses |
574.929 |
631.263 |
460.140 |
|
|
|
TOTAL (B) |
1766.007 |
1789.300 |
1577.319 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.112 |
(92.292) |
142.001 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
153.913 |
139.208 |
125.459 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(117.801) |
(231.500) |
16.542 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.776 |
61.202 |
59.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(179.577) |
(292.702) |
(43.076) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(55.369) |
(90.606) |
(13.267) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(124.208) |
(202.096) |
(29.809) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis; |
10.728 |
NA |
NA |
|
|
TOTAL EARNINGS |
10.728 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
162.652 |
140.362 |
NA |
|
|
|
Components and spare parts |
9.929 |
2.406 |
NA |
|
|
TOTAL IMPORTS |
172.581 |
142.768 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(7.28) |
(11.85) |
(1.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.89)
|
(11.91) |
(1.73) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.11)
|
(17.29) |
(2.55) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.82)
|
(20.62) |
(2.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.88)
|
(1.33) |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
10.98
|
4.60 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
1.22 |
1.11 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
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 |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDIAN PAPER INDUSTRY
SCENARIO
The Indian paper industry is expected to grow at a rate of ~6.4% CAGR to 15.5-16 Million Mt up to FY17, as compared to a 5.8% CAGR from FY08-12(E). India, the 15th largest paper manufacturer, is the world’s fastest growing paper market; producing however, only 2.6% of its total output. The per capita consumption in India stands at only 9.3 kg as against 42 kg in China, 22 kg in Indonesia, 25 kg in Malaysia and 312 kg in the US.
The Indian Paper Industry is classified into three main segments –
- Paperboard and Industrial Packaging (Paperboard) comprising ~45% of the industry,
- Printing and Writing Paper (P and W), accounting for ~35% and
- Newsprint segment (Newsprint) covering ~20% of the domestic paper production.
About 70% of the total installed capacity of paper production in India is accounted by Gujarat, West Bengal, Orissa, Andhra Pradesh, Karnataka and Maharashtra. Uttar Pradesh, Tamil Nadu, Haryana, Kerala, Bihar and Assam together account for about 25% of the total paper production in India.
INDUSTRY OUTLOOK
- The growth of paperboard sector in 5 years ending FY17 would be higher than 5.7% CAGR FY08-12 due to greater thrust on industrialisation, rising income levels and improving demography.
- Factors such as improvement in the domestic economic scenario, various Government programmes aimed at improving literacy, with increased outlays and efficient targeting would lead to a better performance of the W and P sector, as compared to 6.3% CAGR for past 5 years.
- Increasing circulation of newspaper/journals/magazines due to higher literacy rates, greater focus of print media companies on regional content and improved demand traction from corporate sector due to higher advertisement spending is likely to help the Newsprint segment grow at a higher CAGR up to FY17, than the growth of 4.9% in the period FY08- 12.
- India is self‐sufficient in most paper segments, except for Newsprint and higher grades of W and P papers on account of non-availability of superior quality of pulp. ~60% of newsprint domestic demand is met through imports due to inverted duty structure, poor economies of scale and lower product quality in comparison to international producers.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
210.650 |
156.205 |
|
Loans and advances from others |
118.900 |
117.300 |
|
Total |
329.550 |
273.505 |
CONTINGENT LIABILITIES:
Rs. In Millions
|
Particular |
31.03.2013 |
|
Bank Guarantee Outstanding |
13.495 |
|
Letter of Credit |
116.201 |
|
Bonds Executed in Favour of Government Authorities in respect of EPCG Licence towards duty saved against which Export ogligation has to be made. |
61.401 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10383237 |
29/09/2012 |
1,131,800,000.00 |
Axis Bank Limited |
2nd Flr, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B60795945 |
|
2 |
10111570 |
24/04/2008 |
100,000,000.00 |
AXIS BANK LIMITED |
M. G. HOUSE, RABINDRANATH TAGORE ROAD,, BESIDES B |
A40662827 |
|
3 |
10111558 |
24/04/2008 |
409,500,000.00 |
AXIS BANK LIMITED |
M. G. HOUSE, RABINDRANATH TAGORE ROAD,, BESIDES BOARD
OFFICE, CIVIL LINES,, NAGPUR, Maharashtra - 4 |
A40672503 |
|
4 |
10023999 |
01/11/2006 |
450,000,000.00 |
UTI BANK LIMITED |
MAKER TOWERS F, 13TH FLOOR, CUFFEE PARADE, COLABA,, MUMBAI, Maharashtra - 440005, INDIA |
A05904172 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Factory Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Computers Boiler
- Captive Power Plant
- Water Supply Equipments
- Fire Fighting Equipments
- Effluent Treatment
- Electrical Installation
- Misc. Fixed Assets
- Vehicle ( Four Wheeler)
- Vehicle (Industrial)
- Vehicle ( Two Wheeler)
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 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.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.