MIRA INFORM REPORT
|
Report Date : |
18.04.2014 |
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 : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 56000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “AVANTHA GROUP”. It is a well-established and
reputed company having fine track. The company possesses a favourable financial profile marked by healthy
networth base. Further, the management has slightly improved its operational
performance over previous year and is looking to improve its scale of
operations which are constrained due to intense competition in the industry,
volatility in raw materials prices and fluctuations in the foreign exchange. The ratings also take into consideration the high dependence on
external borrowings due to some of the debt funded recent acquisitions as
well as modest working capital intensive nature of its operations. Mitigated by the strong financial support it receives from its
promoters. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of promoters extensive experience, along with the subject
enjoying market leadership position backed by strong pan-India distribution
network the subject can be considered 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATINGS AND RESEARCH |
|
Rating |
Long Term Rating: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
22.01.2014 |
|
Rating Agency Name |
INDIA RATINGS AND RESEARCH |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
22.01.2014 |
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. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
10000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra,
India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
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 : |
·
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
|
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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.