MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE AJIT PULP AND PAPER LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 239, Near Morai Railway Crossing,
Village Salvav, Via-Vapi, District Valsad - 396191, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.03.1995 |
|
|
|
|
Com. Reg. No.: |
04-025135 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 53.567
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21010GJ1995PLC025135 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Papers and also Power Generation by Windmills. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2286000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. Financially company seems to be performing well. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
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.
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 |
Cash Credit : (ICRA) BBB |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
February 2013 |
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 : |
Ms. Dimple Shah |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-260-2437059 |
|
Date : |
28.08.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 239, Near Morai Railway
Crossing, Village Salvav, Via-Vapi, District Valsad - 396191, Gujarat, India |
|
Tel. No.: |
91-260-2437059-091-106/ 3090919 |
|
Fax No.: |
91-260-2437090 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Gautam D Shah |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
BE Civil |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.07.2005 |
|
|
|
|
Name : |
Mr. Dhansukhlal G Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Piyush R Shah |
|
Designation : |
Director - Marketing |
|
|
|
|
Name : |
Mr. Dhansukh H Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.07.1941 |
|
Qualification : |
Advocate |
|
Experience : |
Specializing in Excise and Custom Matters. |
|
Date of Appointment : |
01.03.2003 |
|
|
|
|
Name : |
Mr. Mitesh M Mehta |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.03.1966 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
Expertise in the field of finance, accounts and auditing |
|
Date of Appointment : |
01.03.2003 |
KEY EXECUTIVES
|
Name : |
Ms. Dimple Shah |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2904040 |
54.21 |
|
|
2904040 |
54.21 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2904040 |
54.21 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
21199 |
0.40 |
|
|
|
|
|
|
726285 |
13.56 |
|
|
1676348 |
31.29 |
|
|
28828 |
0.54 |
|
|
21306 |
0.40 |
|
|
7522 |
0.14 |
|
|
2452660 |
45.79 |
|
Total Public shareholding (B) |
2452660 |
45.79 |
|
Total (A)+(B) |
5356700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5356700 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Sureshbhai C Shah |
454000 |
8.48 |
|
2 |
Gautam Dhansukhlal Shah |
1064500 |
19.87 |
|
3 |
Bela G Shah |
385540 |
7.20 |
|
4 |
Jayantilal M Shah |
435000 |
8.12 |
|
5 |
Piyush R Shah |
45000 |
0.84 |
|
6 |
Piyush R Shah |
45000 |
0.84 |
|
7 |
Piyush R Shah |
100000 |
1.87 |
|
8 |
Jaywantiben J Shah |
17300 |
0.32 |
|
9 |
Sunita S Shah |
184200 |
3.44 |
|
10 |
Bela Piyush Shah |
173500 |
3.24 |
|
|
Total |
2904040 |
54.21 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Bharat Mafatlal Shah |
270900 |
5.06 |
|
|
2 |
Varun Shah |
305300 |
5.70 |
|
|
3 |
Mahesh H Shah |
231475 |
4.32 |
|
|
4 |
Swetalben Mayur Shah |
142965 |
2.67 |
|
|
5 |
Varun Shah |
122400 |
2.28 |
|
|
6 |
Devashri Shah |
121400 |
2.27 |
|
|
7 |
Dipika Rajendrakumar Shah |
100860 |
1.88 |
|
|
8 |
Chandra C Shah |
112100 |
2.09 |
|
|
|
Total |
1407400 |
26.27 |
|
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with
PAC) belonging to the category “Public” and holding more than 5% of the total
number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Bharat Mafatlal Shah |
270900 |
5.06 |
|
|
2 |
Varun Shah |
305300 |
5.70 |
|
|
|
Total |
576200 |
10.76 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Papers and also Power Generation by Windmills. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
Indian Overseas
Bank State Bank of
India Bank of Baroda HDFC
Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H P Shah Associates Chartered Accountants |
|
Address : |
Vapi, Valsad, Gujarat, India |
|
|
|
|
Subsidiary Company : |
Shree Samrudhi Industrial Papers Private Limited |
|
|
|
|
Enterprises Owned by Directors or Major Shareholders : |
Ajit Steel Centre Twinkle Investment Paras Industries Piyush Export Ratilal Ujamlal Kashinda Shree Samrat Pulp and Paper Private Limited Shree Samarpan Pulp and Paper Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,356,700 |
Equity Shares |
Rs. 10/- each |
Rs. 53.567
Millions |
|
|
|
|
|
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,356,700 |
Equity Shares |
Rs. 10/- each |
Rs. 53.567
Millions |
|
|
|
|
|
Reconciliation of Number of shares fully
paid up outstanding at the beginning and at the end of the year
|
Particulars |
31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
No. of Shares at the beginning of the year |
5,356,700 |
53.567 |
|
Add: Shares fully paid up during the year |
0 |
0.000 |
|
No. of Shares at the end of the year |
5,356,700 |
53.567 |
Details of Shareholder holding more than 5 %
shares
|
Name of the
Shareholders |
31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Gautam D Shah |
1,064,500 |
19.87% |
|
Sureshbhai C Shah |
454,000 |
8.48% |
|
Jayantilal M Shah |
435,000 |
8.12% |
|
Bela G Shah |
385,540 |
7.20% |
|
Varun Shah |
304,300 |
5.68% |
|
Bharat Mafatlal Shah |
270,900 |
5.06% |
Terms and Rights attached to Equity Shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder of equity share is entitled to one vote per share. The company declare and pay dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company after distribution of preferential amount. The distribution will be in proportion of number of equity shares held by the shareholders.
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 |
53.567 |
53.567 |
54.658 |
|
(b) Reserves and Surplus |
518.019 |
380.295 |
303.681 |
|
(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) |
571.586 |
433.862 |
358.339 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
122.768 |
162.200 |
184.194 |
|
(b) Deferred tax liabilities (Net) |
106.261 |
93.425 |
79.213 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
6.944 |
5.314 |
4.162 |
|
Total
Non-current Liabilities (3) |
235.973 |
260.939 |
267.569 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
116.971 |
126.086 |
99.057 |
|
(b)
Trade payables |
110.224 |
154.129 |
116.036 |
|
(c)
Other current liabilities |
115.233 |
90.024 |
89.024 |
|
(d)
Short-term provisions |
8.390 |
3.560 |
3.211 |
|
Total
Current Liabilities (4) |
350.818 |
373.799 |
307.328 |
|
|
|
|
|
|
TOTAL |
1158.377 |
1068.600 |
933.236 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
604.546 |
606.536 |
536.253 |
|
(ii)
Intangible Assets |
2.640 |
2.791 |
1.080 |
|
(iii)
Capital work-in-progress0 |
85.052 |
23.789 |
17.987 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
25.172 |
12.973 |
6.220 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
35.339 |
44.929 |
35.233 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
752.749 |
691.018 |
596.773 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
145.892 |
140.430 |
102.399 |
|
(c)
Trade receivables |
224.584 |
176.016 |
151.378 |
|
(d)
Cash and cash equivalents |
17.028 |
36.555 |
47.560 |
|
(e)
Short-term loans and advances |
16.723 |
23.301 |
34.529 |
|
(f)
Other current assets |
1.401 |
1.280 |
0.597 |
|
Total
Current Assets |
405.628 |
377.582 |
336.463 |
|
|
|
|
|
|
TOTAL |
1158.377 |
1068.600 |
933.236 |
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1792.252 |
1549.019 |
1342.184 |
|
|
|
Other Income |
2.900 |
2.110 |
1.420 |
|
|
|
TOTAL |
1795.152 |
1551.129 |
1343.604 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1038.505 |
948.767 |
812.309 |
|
|
|
Changes in inventories of finished goods and work in progress |
(0.471) |
10.666 |
(16.557) |
|
|
|
Employee Benefit Expenses |
72.411 |
57.165 |
44.665 |
|
|
|
Other Expenses |
409.917 |
351.628 |
303.093 |
|
|
|
TOTAL |
1520.362 |
1368.226 |
1143.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
274.790 |
182.903 |
200.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
36.047 |
37.489 |
40.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
238.743 |
145.414 |
159.662 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
39.077 |
34.121 |
30.026 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.476 |
0.398 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
200.142 |
111.691 |
129.636 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
59.284 |
34.814 |
41.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
140.858 |
76.877 |
87.716 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
379.002 |
303.681 |
217.559 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.134 |
1.556 |
1.594 |
|
|
BALANCE CARRIED
TO THE B/S |
516.726 |
379.002 |
303.681 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
251.438 |
198.419 |
129.265 |
|
|
|
Stores and Spares |
9.474 |
4.778 |
3.218 |
|
|
|
Capital Goods |
19.883 |
11.991 |
25.321 |
|
|
TOTAL IMPORTS |
280.795 |
215.188 |
157.804 |
|
|
|
|
|
|
|
|
|
|
Earning (Including extraordinary/exceptional items) per equity share
of face value of Rs.10 each Basic and Diluted |
26.30 |
14.38 |
16.44 |
|
|
|
Earning (Excluding extraordinary/exceptional items) per equity share of
face value of Rs.10 each Basic and Diluted |
26.21 |
14.32 |
16.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.85
|
4.96 |
6.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.17
|
7.21 |
9.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.09
|
10.82 |
14.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.26 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.42
|
0.66 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.01 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
107.195 |
84.754 |
83.247 |
|
|
|
|
|
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10350704 |
02/04/2012 |
2,584,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA |
B37871068 |
|
2 |
10343195 |
28/02/2012 |
53,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, GROUND FLOOR,VIA HOUSE PLOT NO 135, GIDC CHAR RASTA, VAPI
- |
B35463132 |
|
3 |
10206849 |
21/03/2011 * |
147,500,000.00 |
INDIAN OVERSEAS BANK |
KANTA TRADE CENTRE, GIDC CHAR RASTA, VAPI SILVASSA ROAD, VAPI - 396195, GUJARAT, INDIA |
B10064210 |
|
4 |
10131802 |
08/08/2012 * |
774,500,000.00 |
INDIAN OVERSEAS BANK |
KANTA TRADE CENTRE, GIDC CHAR RASTA, VAPI SILVASSA ROAD, VAPI - 396191, GUJARAT, INDIA |
B56964679 |
* Date of charge modification
FINANCE:
The Company has tied up a term loan of Rs. 86.000 Millions with Company's Bankers under consortium arrangement for part financing Machinery and Equipment in the existing plant, and started drawing against the same during the year. The Company has continued drawing the amount out of term loan of Rs. 82.500 Millions sanctioned previously for setting up Co-Generation plant of the Company. The repayment of due loan installments and interest payment is being regularly done.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Company manufactures Multilayer Testliner and Testliner Paper and M.G. Kraft Paper from 140 to 250 GSM and 16 to 35 BF. This product is mainly used for making Corrugated Boxes, Duplex Cartons, Corrugated small e-fluet etc. as packaging material.
AN OVERVIEW:
The overall performance of the Company during the year has been satisfactory in line with general economic conditions in the country. The total income of the Company has increased by 16.48% to Rs. 1631.745 Millions during the year from Rs. 1400.925 Millions in the previous year. The Profit before Tax has decreased to Rs.111.597 Millions from Rs. 129.635 Millions and the Profit after Tax at Rs. 76.877 Millions as compared to Rs. 87.716 Millions of the previous year. The profit before tax has decreased by 13.91% and profit after tax has decreased by 12.35%.
CURRENT AND FUTURE
OUTLOOK:
The company has been constantly upgrading manufacturing facilities for improving production, quality of products and yields.
The Company has setup a Wind Mill having capacity of 1.25 MW on leased land at Village Murvel, Taluka Dwarka, District Jamnagar at a capital outlay of Rs.63.800 Millions and the same has been successfully commissioned and it has started power generation with effect from 30th March, 2012. The Directors expect that there will be reasonable improvement in production, sales turnover and profitability of the Company in the current year.
PLANS FOR EXPANSION
AND DIVERSIFICATION:
The Company is presently setting up a Co-Generation power Plant having capacity of 1.50 MW in the existing manufacturing plant of the Company at an estimated cost of Rs.125.000 Millions. This project is expected to be operational within next 18 months. The wholly owned subsidiary of the Company, namely Shree Samrudhi Industrial Papers Private Limited has not yet commenced business.
The Company`s 50:50 JV, Shree Samrat Pulp and Paper Private Limited is in the process of acquiring a running industrial unit for manufacture of kraft paper.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
|
Particulars |
Quarter
Ended On 30.06.2013 |
|
|
|
|
Unaudited |
|
|
1 |
Income from operations |
|
|
|
|
a) Net sales/income from
operation (Net of excise duty) |
479.929 |
|
|
|
b) Other operating income |
- |
|
|
|
Total Income from
Operations (Net) |
479.929 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials
consumed |
301.728 |
|
|
|
b) Change in inventory of
finished goods and work in process |
(3.958) |
|
|
|
c) Employee benefits
expense |
19.556 |
|
|
|
d) Depreciation and
amortisation expense |
10.070 |
|
|
|
e) Fuel and power consumed |
65.454 |
|
|
|
f) Other expenses |
28.382 |
|
|
|
Total Expenses
(a+b+c+d+e+f) |
421.232 |
|
|
3 |
Profit from operations before
other Income, finance costs and
exceptional items (1-2) |
58.697 |
|
|
4 |
Other income |
0.125 |
|
|
5 |
Profit from ordinary
activities before finance costs and
exceptional Items (3+4) |
58.822 |
|
|
6 |
Finance costs |
6.392 |
|
|
7 |
Profit from ordinary
activities after finance costs but before exceptional items (5-6) |
52.430 |
|
|
8 |
Exceptional items-DGVCL
refund/interest |
- |
|
|
9 |
Profit from ordinary
activities before tax(7+8) |
52.430 |
|
|
10 |
Tax expenses (a+b+c) |
7.688 |
|
|
|
a) Current tax |
16.584 |
|
|
|
b) Deferred Tax |
|
|
|
|
i) Current year |
4.117 |
|
|
|
ii) Prior year |
(13.013) |
|
|
|
c) (Excess)/short
provision for taxation of earlier years |
- |
|
|
11 |
Net Profit from ordinary
activities after tax (9-10) |
44.742 |
|
|
12 |
Extraordinary items (net
of tax expenses) |
- |
|
|
13 |
Net Profit for the period
(11-12) |
44.742 |
|
|
14 |
Paid up equity share capital (Face Value of Rs. 10/-
per share) |
53.567 |
|
|
15 |
Reserves excluding Revaluation Reserves |
|
|
|
16 |
Earnings per share Basic and Diluted (Rs)-not
annualized (before extraordinary items) |
8.35 |
|
|
17 |
Earnings per share Basic and Diluted (Rs)-not
annualized (after extraordinary items) |
8.35 |
|
|
PART-II |
|
||
|
A |
Particulars of Share Holding |
|
|
|
|
Particulars |
30.06.2013 |
|
|
|
|
Unaudited |
|
|
1 |
Public Share Holding- |
|
|
|
|
- Number of Shares |
2452660 |
|
|
|
- Percentage of Shareholding |
45.79% |
|
|
2 |
Promoters and Promoter Group Shareholding a)
Pledged/Encumbered |
|
|
|
|
-Number of Shares |
673750 |
|
|
|
-Percentage of Share (as a % of the total
Shareholding of Promoters and Promoter
Group) |
23.20% |
|
|
|
-Percentage of Shares (as a % of the total share
capital of the Company) |
12.58% |
|
|
|
b) Non-encumbered |
|
|
|
|
-Number of Shares |
2230290 |
|
|
|
-Percentage of Shares (as a % of the total
Shareholding of Promoters and Promoter Group) |
76.80% |
|
|
|
-Percentage of Shares (as a % of the total share
capital of the Company) |
41.63% |
|
|
|
|
|
|
|
B |
Investor Complaints [Nos.] |
|
|
|
|
Pending at beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
Nil |
|
|
|
Disposed-off during the quarter |
Nil |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
STANDALONE SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in Millions)
|
Particulars |
Quarter
Ended On 30.06.2013 |
|
|
Unaudited |
|
Segment
Revenue (Net Sales/ Income from operations) |
|
|
a) Paper |
470.376 |
|
b) Wind
Power |
9.553 |
|
Less: Inter
Segment Revenue |
- |
|
Net Sales/ Income from operations |
479929 |
|
Segment
Result : Profit before tax and Interest |
|
|
from each
segment |
|
|
a) Paper |
57.630 |
|
b) Wind
Power |
6.250 |
|
Total Income |
63.880 |
|
Less: (I)
Interest |
6.392 |
|
(II) Other Unallocable (Income )/ Expenditure net of |
5.058 |
|
Unallocable (Income) / Expenditure |
|
|
Add:
Exceptional Items |
- |
|
Total Profit Before Tax |
52.430 |
|
Capital Employed (Segment
Assets-Segment Liabilities) |
|
|
a) Paper |
838.357 |
|
b) Wind
Power |
137.387 |
|
c)
Other/Unallocable |
(359.416) |
|
Total Capital Employed |
616.328 |
Notes:
1.
Pursuant to Clause 41 of the
Listing Agreement, the company has opted to publish Consolidated Results. The Standalone
Financial Results are available at the company's
2. The above results have been considered by the Audit
Committee and approved by the Board of Directors at its meeting held on 12th
August, 2013.
3. Pursuant to the requirements of listing agreement, the
Statutory Auditors have performed a Limited Review of the financial results for
the quarter ended on 30th June 2013.
4. The Company identifies primary segments based on the
dominant source, nature of risks and returns and the internal organisation and
management structure. Accordingly, the Company has identified two primary
business segments viz Paper and Wind Power.
5. Deferred tax - prior period for the quarter ended 30th
June, 2013 represents reversal of deferred tax liability created in earlier
years in respect of timing differences which reverse during the tax holiday
period.
6. The figures for the preceding 3 months ended
31.03.2013 are the balancing figures between the audited figures in respect of
the full financial year ended 31st March 2013 and the unaudited published year
to date figures upto 31st December, 2012.
7. Sales and other expenses are net of VAT paid/ payable.
8. Previous year/quarters figures have been regrouped wherever necessary to make them comparable/conform to current quarter classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
Counter claims by supplier against the company not acknowledged as
debt |
2.837 |
2.837 |
|
Bank Guarantee |
4.388 |
0.538 |
FIXED ASSETS:
Tangible Assets
Land-Free Hold
Building
Plant and Machinery
Windmill
Electrical Installations
Furniture and Fixtures
Vehicles
Office Equipment
Intangible Asset
Expenditure on Leasehold Land
CMT REPORT (Corruption, Money Laundering and 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 : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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 and 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.