1. Summary Information
|
Country |
India |
||
|
Company Name |
TODAYS
WRITING INSTRUMENTS LIMITED |
Principal Name 1 |
Mr. Rajesh Kumar Drolia |
|
Status |
Sick company |
Principal Name 2 |
Mr. Ronald Netto |
|
Registration # |
54-000041 |
||
|
Street Address |
Survey
No. 251/2, Valsad Falia, Near Jain Temple, Dadra and Nagar Haveli – 396193,
Union Territory, Union Territory, India |
||
|
Established Date |
29.04.1992 |
SIC Code |
-- |
|
Telephone# |
91-260-2668574/ 2668538 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2668536 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Writing Instruments |
|
|
# of employees |
Not Available |
Product Name 2 |
Stationery Products |
|
Paid up capital |
Rs.
128,133,000/- |
Product Name 3 |
- |
|
Shareholders |
No |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
22 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public Enterprise |
Yes |
Rating |
C |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
- |
Today’s Stationery Mart Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
359,344,000 |
Current Liabilities |
376,355,000 |
|
Inventories |
48,376,000 |
Long-term Liabilities |
1,494,195,000 |
|
Fixed Assets |
277,704,000 |
Other Liabilities |
491,074,000 |
|
Deferred Assets |
308,938,000 |
Total Liabilities |
2,361,624,000 |
|
Invest& other Assets |
41,660,000 |
Retained Earnings |
(1,453,735) |
|
|
|
Net Worth |
(1,325,602,000) |
|
Total Assets |
1,036,022,000 |
Total Liab. & Equity |
1,036,022,000 |
|
Total Assets (Previous Year) |
103,7,387,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
491,701,000 |
Net Profit |
(142,041,000) |
|
Sales(Previous yr) |
577,869,000 |
Net Profit(Prev.yr) |
(1,013,536,000) |
MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TODAYS WRITING INSTRUMENTS LIMITED (w.e.f. 02.11.2011) |
|
|
|
|
Formerly Known
As : |
TODAY’S WRITING PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 251/2, Valsad Falia, Near Jain Temple, Dadra and Nagar Haveli – 396193, Union Territory |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
29.04.1992 |
|
|
|
|
Com. Reg. No.: |
54-000041 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 128.133 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999DN1992PLC000041 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTT00791A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT1487E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Seller, and Exporter of Writing Instruments and Stationery Products. |
|
|
|
|
No. of Employees
: |
Information declined by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick company |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The Subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has register case (Case No.63/2011) with Board for
Industrial and financial Reconstruction under section 3 (0) of sick
industrial companies act 1985. The order on which for approval for rehabilitation proposal is
pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
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.
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.
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. 91-0260-2668574
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 251/2, Valsad Falia, Near Jain Temple, Dadra and Nagar Haveli – 396193, Union Territory, India |
|
Tel. No.: |
91-260-2668574/ 2668538/2669818/819/820 |
|
Fax No.: |
91-260-2668536 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
201, Hari Om Chambers, B-16, New Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-66954900/ 66060800 |
|
Fax No.: |
91-22-66954910 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Rajesh Kumar Drolia |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
Commerce Graduate |
|
|
|
|
Name : |
Mr. Ronald Netto |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
53 Years |
|
|
|
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
Commerce Graduate |
|
|
|
|
Name : |
Mr. Shreedhar M. Parande |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
76 Years |
|
Qualification : |
B.SC/M.SC/LLB, LLM.CAIIB, AIB. (London), Diploma in German
Language, Certificate in French Language |
|
|
|
KEY EXECUTIVES
|
Name : |
Ms. Bhavika Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.10.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1134862 |
8.86 |
|
|
1134862 |
8.86 |
|
|
|
|
|
|
456000 |
3.56 |
|
|
456000 |
3.56 |
|
Total shareholding of Promoter and Promoter Group (A) |
1590862 |
12.42 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
144999 |
1.13 |
|
|
641814 |
5.01 |
|
|
786813 |
6.14 |
|
|
|
|
|
|
2770908 |
21.63 |
|
|
|
|
|
|
4540620 |
35.44 |
|
|
2545237 |
19.86 |
|
|
578860 |
4.52 |
|
|
20000 |
0.16 |
|
|
122956 |
0.96 |
|
|
8156 |
0.06 |
|
|
406398 |
3.17 |
|
|
21350 |
0.17 |
|
|
10435625 |
81.44 |
|
Total Public shareholding (B) |
11222438 |
87.58 |
|
Total (A)+(B) |
12813300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
12813300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller, and Exporter of Writing Instruments
and Stationery Products. |
|
|
|
|
Brand Names : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by Management. |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Details of Security
Terms of
Repayment The repayment schedule of term loans of Rs. 165.800 Millions were
rescheduled by CDR cell on restructuring and it was payable @ 3.75 % per quarter
commencing from 01.10.2015. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ajay Shobha and Company Chartered Accountants |
|
|
|
|
Subsidiary Company: |
|
|
|
|
|
Associate Companies / Firms : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12813300 |
Equity Shares |
Rs.10/- each |
Rs. 128.133
Millions |
|
|
|
|
|
Out of above 4125000 Equity Shares of Rs. 10 each are alloted as fully paid up pursuant to the scheme of amalgamation without payment being- received in cash
|
Particulars |
Number of Shares |
Rs in Millions |
|
Reconciliation of equity shares and amounts outstanding |
|
|
|
At the beginning of the year |
12813300 |
128.133 |
|
At the end of the year |
12813300 |
128.133 |
Terms /rights attached to equity shares
The Company has only one class of equity
shares having a par value of Rs. 10. The equity shares have rights, preferences
and restrictions which are in accordance provisions of law, in particular the
Companies Act, 1956.
Details of shareholders holding more than 5 % shares in the Company.
|
Particulars |
Number of Shares |
% of holding |
|
Bennett Coleman and Company Limited |
844400 |
6.59 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
128.133 |
|
(b) Reserves & Surplus |
|
|
(1453.735) |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(1325.602) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
236.600 |
|
(b) Deferred tax liabilities (Net) |
|
|
391.568 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
87.946 |
|
Total Non-current
Liabilities (3) |
|
|
716.114 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1257.595 |
|
(b) Trade
payables |
|
|
201.964 |
|
(c) Other
current liabilities |
|
|
174.391 |
|
(d) Short-term
provisions |
|
|
11.560 |
|
Total Current
Liabilities (4) |
|
|
1645.510 |
|
|
|
|
|
|
TOTAL |
|
|
1036.022 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
273.211 |
|
(ii)
Intangible Assets |
|
|
4.493 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
41.660 |
|
(c) Deferred tax assets (net) |
|
|
308.938 |
|
(d) Long-term Loan and Advances |
|
|
2.642 |
|
(e) Other
Non-current assets |
|
|
32.724 |
|
Total Non-Current
Assets |
|
|
663.668 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
|
|
(b)
Inventories |
|
|
48.376 |
|
(c) Trade
receivables |
|
|
49.390 |
|
(d) Cash
and cash equivalents |
|
|
194.144 |
|
(e) Short-term
loans and advances |
|
|
65.198 |
|
(f) Other
current assets |
|
|
15.246 |
|
Total
Current Assets |
|
|
372.354 |
|
|
|
|
|
|
TOTAL |
|
|
1036.022 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
128.133 |
128.133 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(1311.693) |
(298.157) |
|
|
NETWORTH |
|
(1183.560) |
(170.024) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1064.000 |
1064.000 |
|
|
2] Unsecured Loans |
|
434.354 |
429.675 |
|
|
TOTAL BORROWING |
|
1498.354 |
1493.675 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
314.794 |
1323.651 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
299.473 |
380.491 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
41.660 |
41.660 |
|
|
DEFERREX TAX ASSETS |
|
284.379 |
91.247 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
55.229
|
542.929 |
|
|
Sundry Debtors |
|
48.238
|
462.569 |
|
|
Cash & Bank Balances |
|
194.392
|
61.902 |
|
|
Other Current Assets |
|
37.288
|
29.736 |
|
|
Loans & Advances |
|
76.728
|
308.510 |
|
Total
Current Assets |
|
411.875
|
1405.646 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
212.125
|
210.289 |
|
|
Other Current Liabilities |
|
420.071
|
306.163 |
|
|
Provisions |
|
90.397
|
78.941 |
|
Total
Current Liabilities |
|
722.593
|
595.393 |
|
|
Net Current Assets |
|
(310.718)
|
810.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
314.794 |
1323.651 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
491.701 |
577.869 |
670.089 |
|
|
|
Other Income |
25.318 |
16.955 |
6.778 |
|
|
|
TOTAL (A) |
517.019 |
594.824 |
676.867 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
284.517 |
484.879 |
394.933 |
|
|
|
Purchases of traded goods |
34.388 |
78.137 |
74.354 |
|
|
|
Changes in inventories |
1.934 |
340.612 |
18.586 |
|
|
|
Employee benefits expense |
58.938 |
58.266 |
52.102 |
|
|
|
Other expenses |
158.251 |
630.343 |
246.019 |
|
|
|
TOTAL (B) |
538.028 |
1592.237 |
785.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(21.009) |
(997.413) |
(109.127) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
114.040 |
113.562 |
123.521 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(135.049) |
(1110.975) |
(232.648) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.518 |
85.103 |
82.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(156.567) |
(1196.078) |
(315.402) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.526) |
(182.542) |
28.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(142.041) |
(1013.536) |
(343.951) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1459.422) |
(445.886) |
(101.935) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1601,464) |
(1459.422) |
(445.886) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
140.430 |
140.986 |
91.218 |
|
|
TOTAL EARNINGS |
140.430 |
140.986 |
91.218 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.124 |
5.297 |
17.271 |
|
|
|
Stores & Spares |
19.789 |
14.876 |
0.000 |
|
|
|
Traded Goods |
15.753 |
16.301 |
14.035 |
|
|
TOTAL IMPORTS |
40.666 |
36.474 |
31.306 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.09) |
(79.10) |
(26.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(27.47) |
(170.39)
|
(50.82) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(31.84) |
(206.98)
|
(47.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.84) |
(168.14)
|
(17.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
1.01
|
1.86 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.13) |
(1.26)
|
(8.78) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23 |
0.57
|
2.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
670.089 |
577.869 |
491.701 |
|
|
|
(13.762) |
(14.911) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
670.089 |
577.869 |
491.701 |
|
Profit |
(343.951) |
(1013.536) |
(142.041) |
|
|
(51.33%) |
(175.39%) |
(28.89%) |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PERFORMANCE
This year the Company set itself the target of ensuring that the costs are reduced considerably and the losses are reduced that the Company has achieved this and the loss at the EBIDTA LEVEL has reduced from Rs 997.400 Millions to Rs 21.000 Millions. Likewise, Loss after tax also has reduced from Rs 1013.500 Millions to Rs 142.000 Millions. While, there was an improvement in the efficiency, quality and check on costs, the sales continued to suffer due to lack of working funds. Hence, during the year under review your Company has achieved net sales of Rs 491.700 Millions (previous year Rs 577.900 Millions) and incurred net loss of Rs 142.000 Millions (previous year Rs 1013.500 Millions). The measures started in 2009 continued in right earnest and the Company’s performance in the current year is likely to improve. The total export during the year under review was Rs 140.400 Million.
OUTLOOK
The outlook for the industry despite the difficulties faced by the economy is good. The current slowdown in the economy is not expected to affect the industry. The rise in rural income and the significant reduction in the poverty line will give a boost to education. This will give a fillip to the writing instrument industry. The Company is now in a position to benefit from these developments.
FINANCIAL
RESTRUCTURING
The settlement negotiations with the lenders are in progress and we are hopeful of formalising the same during the course of this year. The process has taken much longer than anticipated. The Board expresses its gratitude to the Lenders for supporting the Company at this crucial juncture.
STATUS OF BIFR
PROCEEDINGS
Pending settlement with the lenders, they have been raising objections at BIFR. In order to bring clarity on issues with reference to reasons for sickness the BIFR has ordered a Special Investigative Audit, which is underway. The Company is confident of cruising through the said audit without any problem. A scheme can be submitted once the settlementwith the lenders and other creditors are finalised.
STATUS REPORT ON THE
SUBSIDIARIES
Today’s Stationery
Mart Ltd
.There is hardly any activity in this Company and the chances of the Company reviving its operations in the near future is remote. However, the bank liability in respect of this Company has been settled by the Promoters of Todays Writing Instruments Ltd. by selling personal properties.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Indian Writing Instruments Industry is a very heterogeneous group of business usually associated with the Schools, Colleges and Office and plays a very crucial role in working of any organization across the globe. The year 2012-13 was again the year with set of challenges to sustain the growth rate due to the rising Inflation, fluctuations in Currency rates. The current account deficit, the consequent pressure on rupee and the slackening of growth has added a new dimension to the prospects in the domestic industry. With plastic pens in the classical inferior goods category, slowdown is not likely to affect the demand as the market is more or less indifferent to pricing except the rural market. Similar to the past few years, this year also plastic
Processing Industry faced the dilemma of fluctuations in polymer raw material prices with rising trends and consequently pressure on margins cut for the Industrial players. The FDI opportunities are being examined by players and with Linc deepening their relationship with Mitsubishimore international players are likely to established their presence in India.Writing instruments is now a medium scale industry is poised to move towards the large scale segment with international market being the focus of all the leading players. Overall the industry is vibrant and is in a robust growth phase.
EXPORT
Export opportunities are promising. The Export market is growing at a healthy pace. However, the Company has exported goods worth ` 1404.Lacs (previous year Rs 1403.83 lacs) of writing instruments and stationery. The disruption of peaceand political uncertainties in the Middle East has caused some setback for exports. Currently, the Company is exporting toover 15 countries across the globe. We have emerged as a leading player in many of the Middle East countries. We could have done better with additional working capital.
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Loan Received from Directors and Relatives |
95.000 |
99.291 |
|
Trade Deposits |
1.000 |
1.450 |
|
Inter Corporated Deposit |
4.671 |
5.175 |
|
Short Term Loans From Banks |
328.438 |
328.438 |
|
Total |
429.109 |
434.354 |
|
|
|
|
CONTINEGENT
LIABILITIES
(Rs in Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
a) Income tax matters
disputed in appeal |
103.283 |
103.283 |
|
b) Sales tax
matter disputed in appeal |
70.431 |
- |
|
In all the above matters, the Company is hopeful of succeeding and as
such does not expect any significant liability to crystallize |
- |
- |
|
b) Bank guarantee |
|
|
|
i) Guarantee issued to various government departments and the Company
is hopeful to meet its obligations. |
12.801 |
12.801 |
|
ii) Corporate guarantee given on behalf of others - covered by indemnity under taking from Today's Petrotech Limited and Today’s Stationery Mart Limited |
305.000 |
305.000 |
FIXED ASSETS
- Freehold Land
- Building
- Plant and Machinery
- Electricals Installations
- Moulds
- Office Equipments
- Computer
- Furniture and Fixtures
- 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 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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
|
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.