MIRA INFORM REPORT
|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BILT GRAPHIC PAPER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
P.O. Ballarpur Paper Mills, District Chandrapur – 442901, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2012 |
|
|
|
|
Date of
Incorporation : |
16.07.2007 |
|
|
|
|
Com. Reg. No.: |
11-172382 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 5500.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21000MH2007PLC172382 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importer of Writing and Printing Paper, Wood Pulp and
Caustic Soda. |
|
|
|
|
No. of Employees
: |
10000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 51120000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “AVANTHA GROUP”. It is a well established and reputed company having a good track
record. There appears slight dip in the profitability during 2012. However, general financial position of the company seems to be good.
Performance capability is high. The subject gets strong financial support from its group companies.
The promoter appears to be experience businessmen. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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.
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
|
Name : |
Mr. Arvind Sahani |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-7172-240282 |
|
Date : |
08.10.2013 |
LOCATIONS
|
Registered Office : |
P.O. Ballarpur Paper Mills, District Chandrapur – 442901, Maharashtra,
India |
|
Tel. No.: |
91-7172-240282/ 240270/ 240210 |
|
Mobile No.: |
91-9890478432 (Mr. R. K. Chhabra) |
|
Fax No.: |
91-7172-240548 / 240548 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
Thapar House, 124 Janpath, New Delhi – 110001, Delhi, India |
|
|
|
|
Corporate Office : |
First India Place, Tower-C, Block-A, Sushant Lok – I, Mehrauli-Gurgaon
Road, Gurgaon-122 002, Haryana, India |
|
Tel No.: |
91-124-2804242 / 43 |
|
Fax No.: |
91-124-2804261 |
|
|
|
|
Factory : |
·
Pune 105, Milestone Pune, ·
Andhra Pradesh Varangal District, Kamla Puram, India ·
Bhiwan Maharashtra, District Baramati, India |
DIRECTORS
AS ON 16.12.2011
|
Name : |
Mr. Bhuthalingam Hariharan |
|
Designation : |
Finance Director |
|
Address : |
D-2/3, Pachimi Marg, Vasant Vihar, New Delhi-110057, |
|
Date of Birth/Age : |
18.04.1957 |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
00012432 |
|
|
|
|
Name : |
Mr. Yogesh Aggarwal |
|
Designation : |
Whole Time Director |
|
Address : |
607, B. Aral Jas, |
|
Date of Birth/Age : |
08.02.1964 |
|
Date of Appointment : |
25.08.2008 |
|
DIN No.: |
00233722 |
|
|
|
|
Name : |
Mr. Ravindra Kumar Ahooja |
|
Designation : |
Director |
|
Address : |
155, Vigyapan Lok Apartment, Mayur Vihar, Phase-I Ext, New
Delhi-110021, Delhi, India |
|
Date of Birth/Age : |
28.02.1938 |
|
Date of Appointment : |
19.12.2008 |
|
DIN No.: |
00012607 |
|
|
|
|
Name : |
Mr. Rajeev Ranjan Vaderah |
|
Designation : |
Director |
|
Address : |
47, Paschimi Marg, Vasant Vihar, New Delhi-110057, Delhi, India |
|
Date of Birth/Age : |
30.08.1949 |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
00012252 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Bansal |
|
Designation : |
Company Secretary |
|
Address : |
IP College for Women, C-4, Staff Flats, Shamnath Nagar, Civil Lines, |
|
Date of Birth/Age : |
26.02.1972 |
|
Date of Appointment : |
25.08.2008 |
|
PAN No : |
ABTPB4125B |
|
|
|
|
Name : |
Mr. Arvind Sahani |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.12.2011
|
Names of Shareholders |
No. of Shares |
|
Ballarpur Industries Limited, |
49940 |
|
Mahajan Akhil (Nominee of Ballarpur Industries Limited, |
10 |
|
Pathak Sandeep (Nominee of Ballarpur Industries Limited, |
10 |
|
Jolly Vinu (Nominee of Ballarpur Industries Limited, |
10 |
|
Sehgal Shalinin (Nominee of Ballarpur Industries Limited, |
10 |
|
Ravindra Nadhan K. P. (Nominee of Ballarpur Industries Limited, |
10 |
|
Ballarpur Paper Holdings B. V. , |
550000000 |
|
Bansal Deepak (Nominee of Ballarpur Industries Limited, |
10 |
|
TOTAL
|
550050000 |
AS ON 16.12.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Writing and Printing Paper, Wood Pulp and
Caustic Soda. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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|
Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
|
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|
|||||||||||||||||||||
|
No. of Employees : |
10000 (Approximately) |
|||||||||||||||||||||
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Bankers : |
|
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|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
Axis Trustee Services Limited, Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhakar Marg, Worli, Mumbai-
400025, Maharashtra, India ·
IDFC Limited, KRM Tower, 8th Floor, No.1,
Harrington Road, Chetpet, Chennai-600031, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
K. K. Mankeshwar and Company Chartered Accountants |
|
Address : |
Kingsway Nagpur-440001, |
|
PAN No.: |
AABFK1156A |
|
|
|
|
Ultimate Holding Company : |
CIN No.:- L21010MH1945PLC010337 |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850100000 |
Equity Shares |
Rs.10/- each |
Rs. 8501.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550050000 |
Equity Shares |
Rs.10/- each |
Rs. 5500.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5500.500 |
5500.500 |
|
(b) Reserves & Surplus |
|
7280.800 |
6151.800 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12781.300 |
11652.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
19634.300 |
17335.400 |
|
(b) Deferred tax liabilities (Net) |
|
1888.700 |
1598.500 |
|
(c) Other long term
liabilities |
|
310.800 |
292.200 |
|
(d) long-term
provisions |
|
246.400 |
267.500 |
|
Total Non-current
Liabilities (3) |
|
22080.200 |
19493.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
6582.400 |
5289.100 |
|
(b) Trade
payables |
|
6302.000 |
7096.900 |
|
(c) Other
current liabilities |
|
5388.600 |
2052.300 |
|
(d) Short-term
provisions |
|
186.000 |
302.300 |
|
Total Current
Liabilities (4) |
|
18459.000 |
14740.600 |
|
|
|
|
|
|
TOTAL |
|
53320.500 |
45886.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
29142.900 |
28400.800 |
|
(ii)
Intangible Assets |
|
0.400 |
0.400 |
|
(iii)
Capital work-in-progress |
|
8894.100 |
948.300 |
|
(b) Non-current Investments |
|
330.500 |
330.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4676.800 |
5789.700 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
43044.700 |
35469.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
4770.700 |
5112.500 |
|
(c) Trade
receivables |
|
1763.400 |
1638.100 |
|
(d) Cash
and cash equivalents |
|
314.400 |
95.300 |
|
(e)
Short-term loans and advances |
|
3406.200 |
3542.600 |
|
(f) Other
current assets |
|
21.100 |
28.300 |
|
Total
Current Assets |
|
10275.800 |
10416.800 |
|
|
|
|
|
|
TOTAL |
|
53320.500 |
45886.500 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4500.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3284.018 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7784.518 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16739.832 |
|
|
2] Unsecured Loans |
|
|
7498.829 |
|
|
TOTAL BORROWING |
|
|
24238.661 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1396.272 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33419.451 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
29662.213 |
|
|
Capital work-in-progress |
|
|
263.258 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
330.516 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4393.162
|
|
|
Sundry Debtors |
|
|
1726.788
|
|
|
Cash & Bank Balances |
|
|
383.932
|
|
|
Other Current Assets |
|
|
6.085
|
|
|
Loans & Advances |
|
|
4429.529
|
|
Total
Current Assets |
|
|
10939.496 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2958.210 |
|
|
Other Current Liabilities |
|
|
3818.294
|
|
|
Provisions |
|
|
1009.519
|
|
Total
Current Liabilities |
|
|
7786.023 |
|
|
Net Current Assets |
|
|
3153.473
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
9.991 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33419.451 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31211.900 |
28420.600 |
21956.282 |
|
|
|
Other Income |
89.000 |
30.100 |
100.477 |
|
|
|
TOTAL (A) |
31300.900 |
28450.700 |
22056.759 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
17372.200 |
16051.700 |
|
|
|
|
Purchases of stock-in-trade |
0.000 |
45.600 |
|
|
|
|
Employee benefit expense |
1426.900 |
1338.100 |
|
|
|
|
Other expenses |
6854.100 |
5409.800 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(58.400) |
(188.100) |
|
|
|
|
TOTAL (B) |
25594.800 |
22657.100 |
17405.578 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5706.100 |
5793.600 |
4651.181 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2573.700 |
1972.100 |
1919.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3132.400 |
3821.500 |
2731.217 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1710.400 |
1665.600 |
1497.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1422.000 |
2155.900 |
1233.991 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
293.000 |
207.200 |
586.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1129.000 |
1948.700 |
647.173 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
2542.928 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
3190.101 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3419.900 |
4071.600 |
2636.848 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6728.000 |
8066.800 |
6590.231 |
|
|
|
Stores & Spares |
995.000 |
992.000 |
967.220 |
|
|
|
Capital Goods |
2953.900 |
15.700 |
228.424 |
|
|
TOTAL IMPORTS |
10676.900 |
9074.500 |
7785.875 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.05 |
4.33 |
1.44 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
PAT / Total Income |
(%) |
3.61
|
6.85 |
2.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.56
|
7.59 |
5.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
4.83 |
3.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.05
|
1.94 |
3.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56
|
0.71 |
1.41 |
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) |
Yes |
|
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 |
No |
|
UNSECURED LOAN |
Rs.
In Millions 30.06.2012 |
Rs.
In Millions 30.06.2011 |
|
Long Term
Borrowings |
|
|
|
Fully Convertible Debentures Others |
3000.000 |
3000.000 |
|
Term Loans From Others |
5283.000 |
0.000 |
|
Deferred Payment Liabilities |
286.400 |
288.500 |
|
Short Term
Borrowings |
|
|
|
Working Capital Loans From Banks |
6582.400 |
5289.100 |
|
|
|
|
|
TOTAL |
15151.800 |
8577.600 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
Current Maturities Of Long Term Debt |
3466.900 |
787.100 |
NA |
|
|
|
|
|
|
TOTAL |
3466.900 |
787.100 |
NA |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10448428 |
04/09/2013 |
4,685,216,760.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli,
Mumbai, Maharashtra - 400025, India |
B84732569 |
|
2 |
10443847 |
02/08/2013 |
1,220,000,000.00 |
DBS BANK Limited |
Capitol Point, Baba Kharak Singh Marg,,
Connaught |
B82502816 |
|
3 |
10436067 |
03/07/2013 |
3,000,000,000.00 |
State Bank Of India |
Cag Branch, 1, Tolstoy Marg, 12th Floor,
Jawahar |
B79281911 |
|
4 |
10433664 |
26/06/2013 |
1,500,000,000.00 |
GE Money Financial Services Private
Limited |
401 402 4th Flooraggarwal Millenium Tower,
E1 23 Netaji Subhash Place, Pitampura Delhi, Delhi - 110034, India |
B78221769 |
|
5 |
10414913 |
28/03/2013 |
1,350,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra - 400025, India |
B71788327 |
|
6 |
10393832 |
27/12/2012 |
2,500,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor,, No. 1, Harrington Road,
Chetpet, Chennai, Tamil Nadu - 600031, India |
B64822281 |
|
7 |
10284591 |
16/11/2012 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, |
B63542674 |
|
8 |
10274602 |
16/11/2012 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli,
Mumbai, Maharashtra - 400025, India |
B63543300 |
|
9 |
10261552 |
21/12/2010 |
2,500,000,000.00 |
Axis Trustee Services Limited |
Maker Towers 'F', 13th Floor, Cuffe
Parade, Colaba, Mumbai, Maharashtra - 400005, India |
B03521218 |
|
* Date of charge modification |
||||||
OPERATIONS
The Company
operates in the business of manufacturing and selling of pulp, paper and paper
products and its manufacturing operations are spread over three Units, namely
Ballarpur (Maharashtra), Bhigwan (Maharashtra) and Kamalapuram (Andhra
Pradesh).
The brief momentum
gained by the global economy after the crisis of 2008 came to an end from the
second half of calendar year (CY) 2011. Growth rates educed across the world
even in hitherto rapidly growing economies such as China and India The Euro
Zone, which was never out of trouble, faced one crisis after the other, led by
Greece and followed by Spain, with only Germany showing economic strength that
was, alas, not enough to bolster the economy of the region. Even US GDP growth,
more resilient than other OECD majors, remained in the 1.8 percent to 2.1
percent band with high unemployment and insufficient demand pull. Simply put,
CY2011 was worse than CY2010.
World Bank
estimates show that world’s real GDP growth dropped from 4.1 per cent in CY2010
to 2.7 per cent in CY2011. Worse, it is projected to be lower at 2.5 percent in
CY2012. More importantly, many of the larger and faster growing developing
countries, which were important drivers of global growth in the early
post-crisis period generating almost 50 percent of the increase in global
import demand and GDP growth have started to slow down. Real GDP growth in the
developing countries as a whole has fallen from 7.4 per cent in CY2010 to 6.1
percent in CY2011; and is expected to fall another 80 basis points to 5.3 per
cent in CY2012. Unbelievable as it may seem, China’s GDP growth for CY2012 is
estimated at 7.8 percent lower than what it has been for decades. And India
will be lucky to achieve 6 per cent.
In this gloomy
growth outlook, the business environment for the pulp and paper industry
remains uncertain. The uncertainty stems from a general slowdown in demand and
varying macroeconomic trends across different regions of the world. Many
producers have been affected by the impact of deteriorating macroeconomic
conditions in CY2011. However, the severity of such impacts have varied by
regions. In Asia-Pacific, China continues to outpace the market with a
projected sector growth rate in the 7 percent - 8 percent range for CY2012.
Although China’s short-term outlook is positive, the Chinese industry is facing
profitability challenges due to increasing raw material cost and producer
fragmentation. Europe is facing an economic recession, where producers are
addressing to declining demand and overcapacity for paper products. North
America is anticipating modest growth in CY2012 but several of the sub-sectors,
such as coated free-sheet, are challenged.
In this milieu, there are two clear trends emerging in the global pulp
and paper industry:
- The Chinese paper industry, now the largest in the world, remains
seriously non-integrated. It buys pulp from the global market and produces
paper. Given that pulp is sourced primarily by traders, this development
has created a divide between the market pulp cycle and the paper cycle.
- The market cycles of pulp and paper are getting shorter and success
in the industry is becoming largely dependent on effectively forecasting
the highs and lows of these cycles and taking proactive buying and selling
decisions.
Broadly speaking,
demand side conditions were difficult in financial year (FY) 2012, i.e. July
2011 to June 2012. Overall, paper prices were lower compared to FY2011 and
there was contraction in demand for writing and printing paper. In this
challenging environment, there were severe pressures on growth and margins.
To the Company’s
advantage, its core market in India is growing, although the rate of growth has
slowed down. Not only did Company focus on reading market developments and
taking proactive decisions, but also continued with its emphasis on improving
operational excellence, developing and leveraging its distribution network
through its ultimate holding company to maintain leadership in its core markets
and creating product differentiation to gain some market edge and better
contributions.
The positive for
the year was that Company continued to penetrate markets and grow its sales
volumes. On the negative side, input costs were higher relative to sales,
especially so for fuel and energy. Consequently, while net sales increased by
7.85 percent from Rs. 28397.700 Millions in FY2011 to Rs. 30626.900 Millions in
FY2012, Profit after tax (PAT) decreased by 42.06 per cent from Rs. 1948.700
Millions in FY2011 to Rs. 1129.000 Millions in FY2012.
ALL PLANT-WISE
DEVELOPMENTS AND PRODUCTION DETAILS ARE GIVEN HEREUNDER:
UNIT: BALLARPUR
During FY2012,
Ballarpur produced 248,560 MT of paper. Capacity augmentation with the
installation of a new state-of-the-art PM-7 paper machine commissioned by
Allimand of France has come on stream. The new machine, with an installed
capacity of 165,000 MTPA, produced 133,727 MT of paper in FY2012. This machine
and the finishing section have enhanced quality, provided better packing and
also reduced manpower use.
On the product
development front, Ballarpur successfully manufactured new shades and products,
including BILT Magna Print, Coating Base NCR, MG Poster for tea bags, copier grade
paper for the stationery segment and wrapper paper. These have been tuned to
meet customer needs in the domestic as well as export markets.
At the back-end,
unbleached pulp production was 128,440 MTPA. Improved operational efficiencies
resulted in better pulp quality with consistent brightness and increased pulp
strength for better operations of paper machines. Pulp mill operations have
been further optimised with change in raw material mix of wood and bamboo,
which resulted in improved performance of paper machines and quality of paper
produced. As a part of a fibre conservation programme, ash levels in paper have
been increased to reduce fibre consumption along with improvement in paper
quality.
Environment
management and resource conservation continued to be a key focus area. The mill
has reduced water consumption by 8.5 per cent. This was achieved by adopting
water efficient technologies and deploying 3-R (Reduce-Reuse-Recycle)
methodology in water conservation across the Unit. Steam and power consumption
has reduced by 5 percent per Unit of paper produced. This was brought about by
implementing various energy saving initiatives across the pulp and paper
manufacturing process such as thermo-compressors at paper machines, energy
efficient pumps, motors lightings and implementation of Energy Management
System (EnMS) ISO 50001:2011 for better operational controls. During FY2012,
the producer gas plant was commissioned to reduce energy cost in the lime kiln.
As a part of technology adoption for energy and environmental
sustainability, the existing pulp mill is being replaced with a modernised Unit
for which civil and erection work is in progress. The new pulp mill will have
advanced energy and resource efficient control systems.
ACHIEVEMENTS AND
AWARDS
- First integrated pulp and paper
industry in India to implement and certified Energy Management System
(EnMS) as per ISO 50001:2011.
- Certification for Integrated Management
System of ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007.
- Excellence in Energy Conservation and Management Award from the
Maharashtra Energy Development Agency (MEDA), Pune a Government of
Maharashtra body
- Environmental Best Practices Award 2012
from CII GBC Hyderabad for Most Innovative Environmental Project
- Gold Award for Excellence in
Environment Management 2011 from Greentech Foundation, New Delhi
- FSC COC and Control Wood certificate by
the Forest Stewardship Council.
- Shortlisted among top six globally by RISI-Pulp and Paper
International for the Best Efficiency Improvement of the Year Award 2011,
and the Environmental Strategy of the Year Award 2011.
UNIT: BHIGWAN
During FY2012, the
PM-1 line produced 140,483 MT of coated paper and coated boards. The new
state-of-the-art PM-2 which started commercial production in March 2009
produced 138,832 MT of coated paper during 2011-12. Total production of the
Unit was 279,315 MTPA, a decrease of 4,001 MTPA over FY2011. The reduction in
production in terms of weight was due to increased production of lower grammage
but high value added papers that yielded better financial returns.
The Unit
successfully developed several new products during the year. This included one
side coated flexible packaging paper used for various pouches, high light
fastness blue shade art cards used in playing card segment and paint shade
cards. Resource conservation continued to be a key focus area for Bhigwan.
Process changes were undertaken, such as: fibre furnish optimization, usage of
BCTMP, filler increase in base paper resulting in higher ash content,
optimization of coating formulations and wet end chemicals helping in reduced
usage of chemicals and fibre consumption. These operational improvements have
helped offset the impact of rising input prices to a large extent. Use of paper
grade BCTMP in furnish and increased ash level have not only reduced fibre
consumption but also improved paper and board quality and reduced specific
energy consumption.
During FY2012, the
mill obtained ISO 50001-2011 energy management system certification. A number
of energy conservation measures have resulted in reduction in specific energy
consumption in spite of increased production of lower grammage but high value
products.
These efforts have
been recognized at various national and international forums and the Unit has
received the following prestigious awards in FY2012.
ACHIEVEMENTS AND
AWARDS
- Earth Care Award for Green House Gases
(GHG) Mitigation (Large Enterprises) by JSW and the Times of India
- National Energy Conservation Award:
First Prize in Pulp and Paper Sector, by Bureau of Energy Efficiency
(Ministry of Power).
- 8th National Award for Excellence in Water Management: Received
Excellence Water Efficient Unit Award for two categories i.e. within fence
and beyond the fence by CII (Confederation of Indian Industry).
- Indian Manufacturing Excellence Gold
Certificate from Frost and Sullivan and The Economic Times.
- Greentech Safety Gold Award from
Greentech Foundation, New Delhi
- Good Green Governance (G3) Award from
Srushti Publications, New Delhi.
- Shortlisted among top five global manufacturing Units by RISI-Pulp
& Paper International for the ?Best Efficiency Improvement of the Year
Award 2011
UNIT: KAMALAPURAM
During FY2012, the
Unit produced 88,719 MT of rayon grade pulp an increase of 724 MT over the
previous year. It has improved and sustained high level of quality norms set by
its customers by improving and modifying the processes at every level. In the
process, it has successfully fulfilled the pulp demand of new customers such as
Kesoram Rayon and Century Rayon against their requirement in different quality
and sizes.
There were several
system improvement and plant sustainability projects to improve overall
efficiency of the plant. These include modification of evaporator bodies (mild
steel tubes with stainless steel tubes), thereby increasing throughput and
steam economy; updating and fine tuning of DD washer operations resulting in
increase of recovery efficiency from 92.6 per cent to 94.04 percent;
de-bottlenecking of the pulp cleaning system; optimization of chemical usage
through various process improvements such as commissioning of a new RCC C/D
Tower; and rehabilitation / Strengthening of the plant structures under a
programme called Project Savera.
Environmental
issues have always been a focus area of the mill. As a major initiative, the
cooking operation was changed by reusing pre-hydrolysis liquor which was
earlier going to ETP in order to improve the quality of the final effluent.
Resource
conservation continued to be a key focus area. Significant improvement was made
in recycling waste/ treated water in the process with the help of system
modification and technological improvements, which has reduced specific water
consumption by 3 per cent per MT of pulp. There was also a savings of 18 kwh/MT
of pulp saved in power consumption through energy conservation jobs like
stoppage of warm water
pumps and installation of variable frequency drives.
In addition, Kamalapuram has taken several measures for system improvement
enhance overall performance. These include:
- Re-commissioning of the old 5.6 MW
turbine generator with in-house expertise thereby reducing the dependence
on grid power
- New electrolyser cell assembly was installed in place of old one,
which increased the production rate and also resulted in lower power
consumption.
- Implementation of two blow tank
operation with individual blow lines to reduce steam consumption
- Old clarifier was renovated and
converted as tertiary clarifier which helped in improving final effluent
discharge norms.
- ETP upgraded by installing new systems
like on-line ambient monitoring station, stack monitoring, and treated
effluent buffer guard pond.
- Improved security vigilance in the mills
and the colony
- The Unit is IMS certified for Quality, Environment and Safety
(ISO:9001, ISO:14001 and ISO:18001) and has taken initiative to achieve
EnMS Certification (ISO- 50001).
FIXED ASSETS
- Land
- Building
- Plant,
Machinery and Equipments
- Office Equipments
- Vehicles
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. 61.68 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 83.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.