MIRA INFORM REPORT
|
Report Date : |
03.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
BILT GRAPHIC PAPER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
P.O. Ballarpur Paper Mills, District Chandrapur – 442901, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
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 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB2230M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
and Selling of Paper and Paper Products. |
|
|
|
|
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 56000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of “AVANTHA GROUP”. It is a well-established and reputed company having good track. 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 promoters appear 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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot. India-China
trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The
US comes second at $46 billion with 8.1 % share during the first nine months of
the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH INDIA RATINGS |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
23.07.2012 |
|
Rating Agency Name |
FITCH INDIA RATINGS |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
23.07.2012 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE.
Contact No.: 91-124-2804242/ 43
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, Solapur Highway, Bhadalwadi, Pundhwadi, Pune –
413105, Maharashtra, India ·
Andhra Pradesh Varangal District, Kamla Puram, India ·
Bhiwan Maharashtra, District Baramati, India |
DIRECTORS
(AS ON 12.12.2013)
|
Name : |
Mr. Bhuthalingam Hariharan |
|
Designation : |
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 : |
V-5A, Satya Sadan, Satya Marg, Chanakya Puri, New Delhi – 110021,
India |
|
Date of Birth/Age : |
28.02.1938 |
|
Date of Appointment : |
20.10.2009 |
|
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 |
|
|
|
|
Name : |
Mr. Pradeep Bhude Vasudeo |
|
Designation : |
Director |
|
Address : |
B-1/8, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
08.01.1950 |
|
Date of Appointment : |
07.02.2012 |
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 12.12.2013)
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Ballarpur Industries Limited, |
49940 |
0.01 |
|
Mahajan Akhil (Nominee of Ballarpur Industries Limited, |
10 |
0.00 |
|
Pathak Sandeep (Nominee of Ballarpur Industries Limited, |
10 |
0.00 |
|
Jolly Vinu (Nominee of Ballarpur Industries Limited, |
10 |
0.00 |
|
Sehgal Shalinin (Nominee of Ballarpur Industries Limited, |
10 |
0.00 |
|
Vivek Chaudhary (Nominee of Ballarpur Industries Limited, India) |
10 |
0.00 |
|
Ballarpur Paper Holdings B. V., Netherlands |
550000000 |
99.99 |
|
Deepak Bansal (Nominee of Ballarpur Industries Limited, India) |
10 |
0.00 |
|
|
|
|
|
Total |
550050000 |
100.00 |
(AS ON 31.12.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Bodies corporate |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of Paper and Paper Products. |
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||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
10000 (Approximately) |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra,
India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||
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|
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 : |
·
Ballarpur Industries Limited, India CIN No.:- L21010MH1945PLC010337 |
|
|
|
|
Holding Company : |
·
Ballarpur Paper Holdings B.V., Netherlands |
|
|
|
|
Fellow Subsidiaries : |
·
Ballarpur International Holdings B.V. ·
Ballarpur International Graphic Paper Holdings
B.V. ·
Ballarpur Speciality Paper Holdings B.V. ·
Ballarpur Packaging Holdings B.V.# ·
Sabah Forest Industries Sdn. Bhd. ·
BILT Tree Tech Limited ·
Premier Tissues (India) Limited # Merged with
Ballarpur Speciality Paper Holdings B.V. with effect from 8th June, 2013. |
CAPITAL STRUCTURE
(AS ON 30.06.2013)
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 |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
5500.500 |
5500.500 |
5500.500 |
|
(b) Reserves & Surplus |
8420.600 |
7280.800 |
6151.800 |
|
(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) |
13921.100 |
12781.300 |
11652.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
22145.500 |
19634.300 |
17335.400 |
|
(b) Deferred tax liabilities (Net) |
2057.800 |
1888.700 |
1598.500 |
|
(c) Other long term
liabilities |
418.700 |
310.800 |
292.200 |
|
(d) long-term
provisions |
319.800 |
246.400 |
267.500 |
|
Total Non-current
Liabilities (3) |
24941.800 |
22080.200 |
19493.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9623.500 |
6582.400 |
5289.100 |
|
(b) Trade
payables |
7784.100 |
6047.800 |
7096.900 |
|
(c) Other
current liabilities |
5775.200 |
5642.800 |
2052.300 |
|
(d) Short-term
provisions |
431.300 |
186.000 |
302.300 |
|
Total Current
Liabilities (4) |
23614.100 |
18459.000 |
14740.600 |
|
|
|
|
|
|
TOTAL |
62477.000 |
53320.500 |
45886.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
32660.600 |
29142.900 |
28400.800 |
|
(ii)
Intangible Assets |
116.600 |
0.400 |
0.400 |
|
(iii)
Capital work-in-progress |
14017.800 |
8894.100 |
948.300 |
|
(iv)
Intangible assets under development |
100.500 |
0.000 |
0.000 |
|
(b) Non-current Investments |
330.500 |
330.500 |
330.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2964.500 |
4676.800 |
5789.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
50190.500 |
43044.700 |
35469.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6716.500 |
4770.700 |
5112.500 |
|
(c) Trade
receivables |
1827.600 |
1763.400 |
1638.100 |
|
(d) Cash
and cash equivalents |
200.600 |
314.400 |
95.300 |
|
(e)
Short-term loans and advances |
3531.200 |
3406.200 |
3542.600 |
|
(f) Other
current assets |
10.600 |
21.100 |
28.300 |
|
Total
Current Assets |
12286.500 |
10275.800 |
10416.800 |
|
|
|
|
|
|
TOTAL |
62477.000 |
53320.500 |
45886.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33092.100 |
31211.900 |
28420.600 |
|
|
|
Other Income |
47.900 |
89.000 |
30.100 |
|
|
|
TOTAL (A) |
33140.000 |
31300.900 |
28450.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18800.900 |
17372.200 |
16051.700 |
|
|
|
Purchases of stock-in-trade |
0.000 |
0.000 |
45.600 |
|
|
|
Employee benefit expense |
1601.200 |
1426.900 |
1338.100 |
|
|
|
Other expenses |
6798.700 |
6854.100 |
5409.800 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(72.200) |
(58.400) |
(188.100) |
|
|
|
TOTAL (B) |
27128.600 |
25594.800 |
22657.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6011.400 |
5706.100 |
5793.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2444.400 |
2573.700 |
1972.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3567.000 |
3132.400 |
3821.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1813.400 |
1710.400 |
1665.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1753.600 |
1422.000 |
2155.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.300 |
293.000 |
207.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1555.300 |
1129.000 |
1948.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4392.800 |
3263.800 |
NA |
|
|
|
|
|
|
|
|
|
Add |
Transfer from Debenture Redemption Reserves |
200.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend paid on 55,00,50,000
Equity Shares of Rs.10/- each @ 6.5 per cent |
357.500 |
0.000 |
NA |
|
|
|
Dividend Tax |
58.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
5732.600 |
4392.800 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3133.600 |
3419.900 |
4071.600 |
|
|
TOTAL EARNINGS |
3133.600 |
3419.900 |
4071.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10037.100 |
6728.000 |
8066.800 |
|
|
|
Stores & Spares |
609.300 |
995.000 |
992.000 |
|
|
|
Capital Goods |
231.700 |
2953.900 |
15.700 |
|
|
TOTAL IMPORTS |
10878.100 |
10676.900 |
9074.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.83 |
2.05 |
4.33 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
4.69
|
3.61
|
6.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.30
|
4.56
|
7.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.65
|
3.22
|
4.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.11
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.28
|
2.05
|
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.52
|
0.56
|
0.71 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
5500.500 |
5500.500 |
5500.500 |
|
Reserves & Surplus |
6151.800 |
7280.800 |
8420.600 |
|
Net worth |
11,652.300 |
12,781.300 |
13,921.100 |
|
|
|
|
|
|
long-term borrowings |
17335.400 |
19634.300 |
22145.500 |
|
Short term borrowings |
5289.100 |
6582.400 |
9623.500 |
|
Total borrowings |
22,624.500 |
26,216.700 |
31,769.000 |
|
Debt/Equity ratio |
1.942 |
2.051 |
2.282 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
28420.600 |
31211.900 |
33092.100 |
|
|
|
9.821 |
6.024 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
28420.600 |
31211.900 |
33092.100 |
|
Profit |
1948.700 |
1129.000 |
1555.300 |
|
|
6.86% |
3.62% |
4.70% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT:
|
Particulars |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current
Maturities of Long-Term Debt |
3727.800 |
3466.700 |
787.100 |
|
|
|
|
|
|
Total |
3727.800 |
3466.700 |
787.100 |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (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 |
UNSECURED LOANS
|
Particulars |
30.06.2013 |
30.06.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Fully Convertible Debentures Others |
3000.000 |
3000.000 |
|
Term Loans From Others |
5668.400 |
5283.000 |
|
Deferred Payment Liabilities |
287.000 |
286.400 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Working Capital Loans From Banks |
9623.500 |
6582.400 |
|
|
|
|
|
Total |
18578.900 |
15151.800 |
OVERVIEW AND OPERATIONS
Global economic growth
increased marginally from an annualised rate of 2.5% in the second half of calendar
year (CY) 2012 to 2.75% in the first quarter of CY2013. Continuing
underperformance was principally due to two factors. First, growth continued to
disappoint in major emerging market economies reflecting, in varying degrees,
infrastructure bottlenecks and other capacity constraints, slower demand
growth, concerns regarding financial stability, as well as apprehensions
relating to fiscal deficits, monetary policies and current account deficits.
Second, continuing recession in the Euro area was both longer and deeper than
expected, with low demand, depressed confidence, high unemployment and weak
balance sheets of banks interacting to dampen the animal spirits. The one
positive has been the USA. Everything points to a steady economic recovery
though the pace continues to remain slow.
Economic conditions in
India were particularly disappointing. GDP growth reduced yet again first to 5%
in April 2012, March 2013, which is the lowest in the last decade, and then to
4.4% in the first quarter, or April, 2013 June, 2013. India is going through a
phase of low investments, growing trade deficit, weakening government finances,
fast depreciating domestic currency, higher than normal net capital outflows
with little or no policy or administrative reforms in the last four years.
In addition, currency and
exchange rates have been playing an increasingly important role in the pulp and
paper Industry. This is not only linked to the relation between the Indian Rupee
and US Dollar but also the interplay of various pulp and paper cost currencies
like the Brazilian Real, the Indonesian Rupiah, the Chilean Peso, the Chinese
Yuan and the Vietnamese Dong vis-ŕ-vis the US Dollar. To be on the right side
of the raw materials curve, one not only needs to correctly read the raw
material cycles but also the exchange rate fluctuations.
These conditions have
adversely affected both business and consumer sentiments. Regarding the global
paper business, this macro-economic scenario has contributed to a further
reduction in demand for writing and printing paper over and above the fall in
growth at the margin on account of rapidly growing digitisation.
Not surprisingly, with a
large proportion of its markets concentrated in India, the Company faced severe
demand side uncertainties. To its credit, despite an adverse environment, the
Company recorded 6.4 % revenue growth in financial year (FY July-June) 2013
versus FY2012. In addition to depressed demand, the Company faced rising cost
of several key inputs such as pulp and energy overcoming which required many
cost saving measures.
The salient features of
financial performance are as under:
- Net sales increased by
6.8% from Rs.30512.500 Millions in FY2012 to Rs.32600.900 Millions in FY2013.
- PBDIT increased by 5.4%
from Rs.5706.100 Millions in FY2012 to Rs.6011.400 Millions in FY2013.
- Profit after tax (PAT)
increased by 37.8% from Rs.1129.000 Millions in FY2012 to Rs.1555.300 Millions
in FY2013.
Simply put, FY2013 was a
difficult year for the Company. However, the ability to withstand adversities
and grow operating profits further strengthens the Company’s business vision,
which is focussed on long term value creation and sustainability.
The project implementation
for strategic augmentation of capacity and vertical integration have reached
finality and the Company is expected to start leveraging these from the next
financial year. Moreover, across all Units, the Company has made progress on
resource conservation and sustainable development the details of which are
given hereinafter. Thus, the Company is now in a position to generate
sustainable growth on two counts: first in maintaining and growth of sales and
profits; and second in giving back to the environment what it uses in the
production of pulp and paper.
During the year, the
Company had completed transfer by way of slump exchange basis, as a going
concern the then business undertakings of the Company comprising Unit
Kamalapuram with Units Sewa and Ashti, the then business undertaking of
Ballarpur Industries Limited (BILT), the ultimate holding company of the
Company. The transfer was executed on 1 October 2012 with effect from 1 July
2012, pursuant to approval of Members of the Company at their General Meeting.
During the year, the
Company had also completed acquisition of captive power plant of Avantha Power
and Infrastructure Limited situated at Units Ballarpur, Bhigwan and Sewa.
Consequently, the
performance of the Company for the financial year ended 30, June 2013 is not
strictly comparable with that of the previous financial year.
The Company operates in the
business of manufacturing and selling of paper and paper products and its
manufacturing operations are spread over four units, namely Ballarpur
(Maharashtra), Bhigwan (Maharashtra), Sewa (Maharashtra) and Ashti (Odisha).
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
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
Floor, 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 - 110034, India |
B78221769 |
|
5 |
10414913 |
28/03/2013 |
1,350,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, 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
Floor, Bombay Dyeing Mills Compound, |
B63542674 |
|
8 |
10274602 |
16/11/2012 * |
2,500,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Floor, 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 |
||||||
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
NO |
|
--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.