MIRA
INFORM REPORT
|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEPA LIMITED |
|
|
|
|
Registered
Office : |
Nepanagar, Burhanpur – 450221, Madhya Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.01.1947 |
|
|
|
|
Com. Reg. No.: |
10-000636 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1078.612 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21012MP1947GOI000636 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN9961C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Producer of News Print and Writing Printing Paper |
|
|
|
|
No. of Employees
: |
1231 (Approximately)
(comprising 156 Executives, 844 Non-Executives and 231 Temporary
Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Sick company |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a government of India Company. The company has declared as sick company under BIFR (Board for
Industrial and Financial Reconstruction). It has registered a case under section
15(1) of the sick Industrial Companies (special provisions) Act 1985 (SICA)
as case no. 502/1998 Management of the company has not filed its latest financial (i.e.
2013), with the government department. As per previous year financials (i.e. 2012), there are huge
accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments terms are reported to be slow and delayed. Although subject is a government of India undertaking (having exposure
of government), it can be regarded for any business dealings on fully safe
and secured 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
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.
LOCATIONS
|
Registered Office : |
Nepanagar, Burhanpur – 450221, Madhya Pradesh, India |
|
Tel. No. : |
91-7325-222134 |
|
Fax No. : |
91-7325-222174 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.12.2012
|
Name : |
Surinder Kumar Mutreja |
|
Designation : |
Managing Director |
|
Address : |
Nepa House, Nepanagar, Burhanpur – 450221, Madhya Pradesh, India |
|
Date of Birth/Age : |
11.11.1960 |
|
Date of Appointment : |
13.10.2010 |
|
DIN No. : |
00718249 |
|
|
|
|
Name : |
Mr. Sunil kumar Singh |
|
Designation : |
Director |
|
Address : |
D-413, Pragati, Vihar Hostel, Lodhi Road, New Delhi – 110003, India |
|
Date of Birth/Age : |
13.02.1971 |
|
Date of Appointment : |
13.05.2010 |
|
DIN No. : |
02679637 |
|
|
|
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Nominee director |
|
Address : |
Shanti Krishna, 5034/3, Sant Nagar, Karol Bagh, New Delhi – 110005,
India |
|
Date of Birth/Age : |
09.09.1950 |
|
Date of Appointment : |
24.10.2011 |
|
DIN No. : |
00283431 |
|
|
|
|
Name : |
Mr. Suresh Kumar Goyal |
|
Designation : |
Director |
|
Address : |
Z-26 S/F Hudco Place, Andrews Ganj, New Delhi – 110049, India |
|
Date of Birth/Age : |
18.07.1960 |
|
Date of Appointment : |
30.04.2012 |
|
DIN No. : |
02330888 |
|
|
|
|
Name : |
Mr. Prasant Kumar |
|
Designation : |
Nominee Director |
|
Address : |
10/8 Jade
Apartment, Shalimar, Enclave, E-3 Arera Colony, Bhopal – 462016, Madhya
Pradesh, India |
|
Date of Birth/Age : |
14.08.1960 |
|
Date of Appointment : |
22.08.2012 |
|
DIN No. : |
06364793 |
|
|
|
|
Name : |
Mr. Aravind Gopal Rao Kulkarni |
|
Designation : |
Nominee Director |
|
Address : |
RMV Clusters,
2nd PHS BLK 1 FLT 404, Lottegollahalli, Devinagar, Banglore – 560094, Karnataka,
India |
|
Date of Birth/Age : |
06.02.1950 |
|
Date of Appointment : |
20.12.2012 |
|
DIN No. : |
06399161 |
|
|
|
|
Name : |
Ms. Veena Upadhyaya |
|
Designation : |
Nominee Director |
|
Address : |
B-59, Sector 14, Gautam Buddha Nagar, Noida – 201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
20.09.1951 |
|
Date of Appointment : |
20.12.2012 |
|
DIN No. : |
06499494 |
KEY EXECUTIVES
|
Name : |
Ms. Deepika Singh |
|
Designation : |
Secretary |
|
Address : |
TH-07, Opposite Nepanagar Police Station, Nepanagar, Burhanpur –
450221, Madhya Pradesh, India |
|
Date of Birth/Age : |
06.07.1988 |
|
Date of Appointment : |
04.06.2012 |
|
PAN No.: |
CCDPS4308A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Central Government |
105465944 |
As on 31.12.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and State] |
99.36 |
|
Other top fifty shareholders |
0.64 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer of News Print and Writing Printing Paper |
GENERAL INFORMATION
|
No. of Employees : |
1231 (Approximately)
(comprising 156 Executives, 844 Non-Executives and 231 Temporary
Employees) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of Indore, Nepanagar, East Nimar, Madhya Pradesh, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Subhash Chand
Jain Anurag and Associates Chartered Accountants |
|
Address : |
4-Archana, Apartment
8-B, Ratlam Kothi, Indore, Madhya
Pradesh, India |
|
PAN
No. : |
AAFFS7586J |
CAPITAL STRUCTURE
After 31.012.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107915944 |
Equity Shares |
Rs.10/- each |
Rs.1079.159 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107818164 |
Equity Shares |
Rs.10/- each |
Rs.1078.182 Millions |
|
97780 |
Value of shares subscribed but not fully paid |
|
Rs. 0.430 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1078.612
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
1078.612 |
1060.112 |
|
(b) Reserves & Surplus |
|
(6714.532) |
(5985.495) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
18.500 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(5635.920) |
(4906.883) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5574.655 |
4748.682 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
31.927 |
31.995 |
|
(d) long-term provisions |
|
18.777 |
18.777 |
|
Total Non-current Liabilities (3) |
|
5625.359 |
4799.454 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1.088 |
45.344 |
|
(b) Trade payables |
|
54.823 |
29.567 |
|
(c) Other current
liabilities |
|
971.852 |
909.817 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities (4) |
|
1027.763 |
984.728 |
|
|
|
|
|
|
TOTAL |
|
1017.202 |
877.299 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
179.170 |
166.650 |
|
(ii) Intangible Assets |
|
0.025 |
0.025 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
13.398 |
13.398 |
|
(e) Other Non-current assets |
|
40.359 |
30.835 |
|
Total Non-Current Assets |
|
232.952 |
210.908 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
200.923 |
147.329 |
|
(c) Trade receivables |
|
24.226 |
40.850 |
|
(d) Cash and cash
equivalents |
|
441.936 |
357.781 |
|
(e) Short-term loans and
advances |
|
107.679 |
112.362 |
|
(f) Other current assets |
|
9.486 |
8.069 |
|
Total Current Assets |
|
784.250 |
666.391 |
|
|
|
|
|
|
TOTAL |
|
1017.202 |
877.299 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1059.682 |
|
|
2] Share Application Money |
|
|
28.500 |
|
|
3] Reserves & Surplus |
|
|
1.524 |
|
|
4] (Accumulated Losses) |
|
|
(5282.541) |
|
|
NETWORTH |
|
|
(4192.835) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
40.944 |
|
|
2] Unsecured Loans |
|
|
4014.182 |
|
|
TOTAL BORROWING |
|
|
4055.126 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(137.709) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
174.325 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
157.653 |
|
|
Sundry Debtors |
|
|
43.379 |
|
|
Cash & Bank Balances |
|
|
233.754 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
121.905 |
|
Total
Current Assets |
|
|
556.691 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
646.371 |
|
|
Other Current Liabilities |
|
|
222.354 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
868.725 |
|
|
Net Current Assets |
|
|
(312.034) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(137.709) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1516.363 |
1049.637 |
631.084 |
|
|
|
Other Income |
135.624 |
133.505 |
142.999 |
|
|
|
TOTAL |
1651.987 |
1183.142 |
774.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
878.772 |
612.915 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(18.053) |
(7.977) |
|
|
|
|
Employee benefit expense |
282.644 |
288.580 |
|
|
|
|
Other expenses |
662.218 |
493.954 |
|
|
|
|
Prior period items before tax |
22.512 |
1.103 |
|
|
|
|
TOTAL |
1828.093 |
1388.575 |
868.674 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(176.106) |
(205.433) |
(94.591) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
541.626 |
488.260 |
448.292 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(717.732) |
(693.693) |
(542.883) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.301 |
10.351 |
10.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(729.033) |
(704.044) |
(553.293) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(729.033) |
(704.044) |
(553.293) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(6.88) |
(6.64) |
(5.09) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(44.13)
|
(59.51) |
(71.48) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(48.08)
|
(67.07) |
(87.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(71.67)
|
(80.25) |
(75.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.99)
|
(0.98) |
(0.97) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76
|
0.68 |
0.64 |
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 |
No |
|
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 |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
5574.620 |
4748.647 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loan from bank |
1.108 |
0.000 |
|
Total |
5575.728 |
4748.647 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90207971 |
17/03/1997 |
358,000,000.00 |
S. B. I. |
NEPANAGAR, EAST NIMAR, Madhya Pradesh, INDIA |
- |
|
2 |
90207028 |
13/07/1989 |
135,000,000.00 |
STATE BANK OF INDORE |
5; YESHWANT NIWAS ROAD, INDORE, Madhya Pradesh, INDIA |
- |
|
3 |
90206972 |
09/01/1989 |
10,000,000.00 |
STATE BANK OF INDORE |
5; YESHWANT NIWAS ROAD, INDORE, Madhya Pradesh, INDIA |
- |
|
4 |
90204446 |
18/09/1978 |
12,500,000.00 |
M. P. ELECTRICITY BOARD |
JABALPUR, JABALPUR, Madhya Pradesh, INDIA |
- |
|
5 |
90206468 |
06/10/1972 |
7,500,000.00 |
STATE BANK OF INDORE |
44; HAMAM STREET; KARIM CHAMBERS, POST BOX NO. 932; FORT, BOMBAY,
Maharashtra, INDIA |
- |
|
6 |
90204427 |
21/03/1964 |
96,250.00 |
THE CHAIRMAN MADHYA PRADESH |
HOUSING BOARD, BHOPAL, Madhya Pradesh, INDIA |
- |
|
7 |
90204423 |
18/03/1961 |
165,000.00 |
THE GOVERNOR OF MADHYA PRADESH |
INDORE, INDORE, Madhya Pradesh, INDIA |
- |
|
8 |
90204419 |
28/03/1960 |
215,800.00 |
THE GOVERNOR OF MADHYA PRADESH |
BHOPAL, BHOPAL, Madhya Pradesh, INDIA |
- |
APPROVAL OF REVIVAL PACKAGE
The Company was
referred to Board for Industrial and Financial Reconstruction (BIFR) on 29.05.1998
and registered as case No.502/98. The BIFR in its hearing on 21.06.2010
directed the Company and DHI to submit a fully tied up DRS (Draft
Rehabilitation Scheme) based on the TEV (Techno-Economic Viability) study.
Further as per the instruction of the Department of Heavy Industry, we had
appointed the SPB-PC, Chennai for the preparation of Techno-Economic
Feasibility Report (TEFR). After receiving TEFR, revival package has been
prepared and submitted to Government for consideration.
The Department of
Heavy Industries has accorded approval of revival of the company vide letter
No. 7(8) / 2009 PE-VII dated 25th September, 2012.
The Company and
Operating Agency have submitted the revised revival Plan to BIFR on 28th
September, 2012 and 4th October, 2012 for kind perusal and to issue suitable
direction to come out of purview of BIFR. Operating Agency is preparing Draft
Rehabilitation Scheme for onward submission to BIFR.
OPERATION
All out efforts
were made to procure raw material in time and to run both machines on sustained
basis, thus resulted in company producing 59,205 MT newsprint in the year
2011-12, which is the highest ever production made after switching over to
recovered fiber based technology.
Capacity
utilization was 67.28% against previous year’s 53.90%. During this year Economy
quality of newsprint was made solely from ONP and ST quality with OINP + ONP.
Machine runability and strength of paper was good.
Company had signed
MOU (Memorandum of Understanding) with Department of Heavy Industry on
31.03.2011 for financial year 2011-12 and achieved “Very Good” grading this
year. MOU for 2012-13 also has been signed with Department of Heavy Industry on
15.03.2012 and expecting “Excellent” grading for the year 2012-13.
MARKETING SCENARIO
Business Core (Industry)
There are about
653 operating mills in India producing around 9.0 million tons of paper, paper
board and newsprint annually and more than 2/3rd of all the Indian
paper mills use waste paper as primary fiber for paper, paperboard and
newsprint production. The requirement of waste paper as a raw material is
sourced indigenously as well as through imports.
The availability
of indigenous waste paper is inadequate therefore the mills are heavily relying
on waste paper imports to meet the demand of raw material requirement. The
import of waste paper has increased manifold in the last few years. According
to data by the Director General, Commercial Intelligence and Statistic (DGCIS),
Union Ministry of Commerce, the waste paper import to India during 1997-2002
have increased by almost 80%.
Presently imports
are around 4.0 million tons of waste paper at an annual import bill of 1000
million USD and 0.6 million tons of wood pulp is imported by the domestic
industry.
FIXED ASSETS
v
Land
v
Buildings
v
Plant and Equipment
v
Furniture and Fixtures
v
Vehicles
v
Bridges roads ports
culverts
v
Railway Sidings
v
Books Periodicals
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.62.19 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.