MIRA
INFORM REPORT
|
Report Date : |
03.01.2014 |
|
|
|
|
Tel. No.: |
91 20 2776371 |
IDENTIFICATION DETAILS
|
Name : |
PUDUMJEE PULP AND PAPER MILLS LIMITED |
|
|
|
|
Registered
Office : |
Thergaon, Chichwad, Pune – 411033, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
19.11.1964 |
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Com. Reg. No.: |
11-013058 |
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Capital
Investment / Paid-up Capital : |
Rs. 82.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21012MH1964PLC013058 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP00107C / PNEP07501E |
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|
PAN No.: [Permanent Account No.] |
AABCP0310Q |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Paper and also in Real Estate Business and Power Generation Activity. |
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|
|
No. of Employees
: |
530 (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 5419000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of M.P. Jatia Group of Companies. It is
a well-established company having fine track record. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
November 28, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A2+ |
|
Rating Explanation |
Strong degree of safety and higher credit
risk. |
|
Date |
November 28, 2013 |
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 BY
|
Name : |
S K Birla |
|
Designation : |
General Manager of Finance |
|
Contact No.: |
91-20-30613333 |
|
Date : |
31.12.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Thergaon, Chichwad, Pune – 411033, Maharashtra, India |
|
Tel. No.: |
91-20-30613333/ 27275381 |
|
Fax No.: |
91-20-27273294/ 30613388 |
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E-Mail : |
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|
Website : |
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|
|
|
Corporate &
Sales Office : |
Jatia Chambers, 60, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-30213333 |
|
Fax No.: |
91-22-22658316 |
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E-Mail : |
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|
|
|
|
Unit : |
17-24, Vittal Rao
Nagar, Madhapur, Hyderabad - 500081, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. V.O. Somani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rusi N. Sethna |
|
Designation : |
Director |
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|
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|
Name : |
Mr. A.K. Jatia |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V.P. Leekha |
|
Designation : |
Director (Technical) & CEO |
|
Date of Birth/Age : |
73 Years |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
50 Years |
|
|
|
|
Name : |
Mr. S.K. Bansal |
|
Designation : |
Director (Finance) and Secretary |
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|
|
Name : |
Mr. B.C. Dalal |
|
Designation : |
Director |
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|
|
Name : |
V.K. Beswal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
S K Birla |
|
Designation : |
General Manager of Finance |
|
|
|
|
Name : |
Mr. Hurbert Trummer |
|
Designation : |
Chief Operating Officer (COO) |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
37 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2694687 |
6.57 |
|
|
17219151 |
42.00 |
|
|
19913838 |
48.57 |
|
|
|
|
|
|
5087270 |
12.41 |
|
|
5087270 |
12.41 |
|
Total shareholding of Promoter and Promoter Group (A) |
25001108 |
60.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
250 |
0.00 |
|
|
6430 |
0.02 |
|
|
134515 |
0.33 |
|
|
141195 |
0.34 |
|
|
|
|
|
|
3984535 |
9.72 |
|
|
|
|
|
|
9254551 |
22.57 |
|
|
2287607 |
5.58 |
|
|
331004 |
0.81 |
|
|
331004 |
0.81 |
|
|
15857697 |
38.68 |
|
Total Public shareholding (B) |
15998892 |
39.02 |
|
Total (A)+(B) |
41000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
41000000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionShareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pudumjee Industries Limited
|
3412850 |
8.32 |
|
2 |
Suma Commercial Private Limited
|
2873036 |
7.01 |
|
3 |
Thacker & Company Limited
|
6150000 |
15.00 |
|
4 |
Chem-Mach Private Limited
|
2533265 |
6.18 |
|
5 |
Poonam Jatia |
2039270 |
4.97 |
|
6 |
Arun Kumar Jatia |
2048000 |
5.00 |
|
7 |
Ubiquitous Trading Private Limited |
2150000 |
5.24 |
|
8 |
Winterpark Investments & Finance Private Limited |
100000 |
0.24 |
|
9 |
Mahabir Prasad Jatia |
358333 |
0.87 |
|
10 |
Vrinda Jatia |
500000 |
1.22 |
|
11 |
Vasudha Jatia |
500000 |
1.22 |
|
12 |
Yashvardhan Jatia |
2336354 |
5.70 |
|
|
Total |
25001108 |
60.98 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Halan Properties Private Limited |
1650000 |
4.02 |
|
|
|
Total |
1650000 |
4.02 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Paper and also in Real Estate Business and Power Generation Activity. |
GENERAL INFORMATION
|
No. of Employees : |
530 (Approximately) |
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Bankers : |
· State Bank of India · IDBI Bank Limited · Bank of India ·
ING Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Volkswagen Finance Private Limited 3, North Avenue, Level 5, Maker Maxity, Bandra Kurla Complex, Kala Nagar, Bandra (Easr), Mumbai - 400051, Maharashtra, India · IDBI Trusteeship Services Limited Asian Building Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 411001, Maharashtra, India |
|
|
|
|
Solicitors : |
Kanga and Company |
|
|
|
|
Auditors : |
|
|
Name : |
Khare and Company Chartered Accountants |
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|
|
|
Subsidiary Company
: |
Pudumjee Investment and Finance Company Limited |
|
|
|
|
Associate Firms /
Companies : |
· Pudumjee-G : Corp Developers · Prime Developers · Pudumjee Industries Limited · Pudumjee Plant Laboratories Limited · Pudumjee Hygiene Products Limited ·
Pudumjee Holdings Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,75,00,000 |
Equity Shares |
Rs. 2/- each |
Rs. 95.000 Millions |
|
50,000 |
14% (free of company’s tax but subject to deduction of tax at source at the prescribed rates) Redeemable
Cumulative Preference Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 82.000
Millions |
|
|
|
|
|
The reconciliation
of the number of Equity shares outstanding
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
No. of Shares |
No. of Shares |
|
Equity Shares at the beginning and end of the year |
41,000,000 |
41,000,000 |
The details of
Shareholders holding more than 5% shares
|
Name of the
Shareholders |
31.03.2013 |
|
|
|
No. of Shares |
% held |
|
Thacker and Company Limited |
4,301,856 |
10.49 |
|
Pudumjee Industries Limited |
3,412,850 |
8.32 |
|
Suma Commercial Private Limited |
2,873,036 |
7.01 |
|
Chem-Mach Private Limited |
2,533,265 |
6.18 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
82.000 |
82.000 |
82.000 |
|
(b) Reserves & Surplus |
1272.833 |
1136.675 |
1037.029 |
|
(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) |
1354.833 |
1218.675 |
1119.029 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
756.997 |
630.290 |
277.787 |
|
(b) Deferred tax liabilities (Net) |
161.600 |
163.200 |
157.400 |
|
(c) Other long
term liabilities |
145.474 |
213.458 |
154.603 |
|
(d) long-term
provisions |
61.403 |
71.290 |
70.342 |
|
Total Non-current
Liabilities (3) |
1125.474 |
1078.238 |
660.132 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
35.744 |
141.522 |
56.187 |
|
(b)
Trade payables |
211.099 |
335.918 |
285.248 |
|
(c)
Other current liabilities |
226.841 |
269.493 |
153.724 |
|
(d) Short-term
provisions |
20.506 |
20.997 |
30.746 |
|
Total Current
Liabilities (4) |
494.190 |
767.930 |
525.905 |
|
|
|
|
|
|
TOTAL |
2974.497 |
3064.843 |
2305.066 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1099.617 |
1043.131 |
887.041 |
|
(ii)
Intangible Assets |
2.169 |
2.622 |
0.000 |
|
(iii)
Capital work-in-progress |
572.619 |
593.411 |
65.853 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
34.531 |
34.531 |
24.291 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
616.668 |
472.777 |
374.697 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2325.604 |
2146.472 |
1351.882 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
50.161 |
0.000 |
75.196 |
|
(b)
Inventories |
272.821 |
597.330 |
328.214 |
|
(c)
Trade receivables |
230.565 |
202.457 |
312.379 |
|
(d) Cash
and cash equivalents |
9.369 |
12.195 |
20.974 |
|
(e)
Short-term loans and advances |
85.977 |
106.389 |
216.421 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
648.893 |
918.371 |
953.184 |
|
|
|
|
|
|
TOTAL |
2974.497 |
3064.843 |
2305.066 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from Operations |
2090.580 |
2250.848 |
2257.670 |
|
|
|
Other Income |
51.723 |
38.224 |
48.309 |
|
|
|
TOTAL (A) |
2142.303 |
2289.072 |
2305.979 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Of Materials Consumed |
862.971 |
1199.922 |
1254.520 |
|
|
|
Trade Purchases |
21.370 |
47.234 |
12.584 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process
and Stock in Trade |
120.926 |
(156.546) |
(5.570) |
|
|
|
Employees Cost |
211.362 |
209.776 |
181.198 |
|
|
|
Foreign Exchange Loss/(Gain) |
12.843 |
36.186 |
(6.988) |
|
|
|
Other Expenses |
591.468 |
699.817 |
636.984 |
|
|
|
TOTAL (B) |
1820.940 |
2036.389 |
2072.728 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
321.363 |
252.683 |
233.251 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.701 |
44.161 |
45.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
251.662 |
208.522 |
188.022 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84.842 |
78.264 |
86.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
166.820 |
130.258 |
101.312 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.300) |
17.600 |
20.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
168.120 |
112.658 |
81.112 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
26.013 |
25.552 |
4.455 |
|
|
|
Deemed Exports |
34.311 |
17.747 |
191.715 |
|
|
TOTAL EARNINGS |
60.324 |
43.299 |
196.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
441.465 |
833.924 |
600.780 |
|
|
|
Components & Spare Parts |
12.548 |
25.497 |
16.076 |
|
|
|
Capital Goods |
8.962 |
94.599 |
0.000 |
|
|
|
Goods for resale |
0.000 |
37.028 |
8.691 |
|
|
TOTAL IMPORTS |
462.975 |
991.048 |
625.547 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
4.10 |
2.75 |
1.98 |
|
|
|
Diluted
|
4.10 |
2.75 |
1.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
7.85
|
4.92 |
3.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.98
|
5.79 |
4.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.05
|
5.35 |
4.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59
|
0.63 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.20 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities
of Long Term Debts: |
|
|
|
|
Fixed Deposits |
41.643 |
177.174 |
70.640 |
|
Secured Debts |
160.821 |
41.257 |
42.753 |
|
Unsecured Debts |
4.225 |
0.662 |
0.000 |
|
|
|
|
|
|
Total |
206.689 |
219.093 |
113.393 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: CCL/2977/2008 Filing Date: 24.09.2008 Reg. No.: CC/32/2008 Reg. Date: 11.12.2008 |
|
Petitioner: INDO INTERNATIONAL FINTRUST LIMITED AND Respondent: PUDUMJEE
PULP AND PAPER MILLS LIMITED Petn. Adv : PRAKASH AND COMPANY (0) District: BOMBAY |
|
Bench: SINGLE Status: Pre-Admission
Category: COUNTER CLAIM |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10391364 |
22/11/2012 |
5,098,000.00 |
VOLKSWAGEN
FINANCE PRIVATE LIMITED |
3, NORTH AVENUE,
LEVEL 5, MAKER MAXITY, BANDRA KURLA COMPLEX, KALA NAGAR, BANDRA (E), MUMBAI -
400051, MAHARASHTRA, INDIA |
B63901516 |
|
2 |
10380630 |
17/09/2012 |
250,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING
GR. FLOOR,, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 411001, MAHARASHTRA,
INDIA |
B59720680 |
|
3 |
10363407 |
15/06/2012 |
86,000,000.00 |
BANK OF INDIA |
MUMBAI MID
CORPORATE, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT,
MUMBAI - 400001, MAHARASHTRA, INDIA |
B42780973 |
|
4 |
10343557 |
23/02/2012 |
750,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, C-2, WADIA INTERNATIONAL CENTRE,
P.B. MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B35582477 |
|
5 |
10280359 |
21/03/2011 |
90,000,000.00 |
THE SARASWAT CO
OPERATIVE BANK LIMITED |
MADHUKOSH, S V
SOVANI PATH LANE, GIRGAUM MUMBAI - 411004, MAHARASHTRA, INDIA |
B10248292 |
|
6 |
90087326 |
15/07/2005 * |
100,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
10TH FLOOR;
NARIMAN BHAWAN, 227; VINAY K. SHAH MARG; NARIMAN POINT, MUMBAI - 400021,
MAHARASHTRA, INDIA |
- |
|
7 |
90085460 |
22/08/2013 * |
916,000,000.00 |
STATE BANK OF
INDIA - LEAD BANK |
COMMERCIAL
BRANCH (ADVANCES), N.G.N. VAIDYA MARG (BANK STREET), MUMBAI - 400001,
MAHARASHTRA, INDIA |
B83832923 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fixed Deposits from Public/Shareholders * |
247.380 |
95.285 |
|
Deposit from Associates |
11.000 |
11.000 |
|
Deferred Sales Tax Liability |
152.569 |
156.794 |
|
SHORT TERM BORROWINGS |
|
|
|
Fixed Deposits |
5.840 |
6.220 |
|
Others Deposits |
8.115 |
5.990 |
|
|
|
|
|
Total |
424.904 |
275.289 |
|
LONG-TERM BORROWINGS a)
Excluding (i) Rs.5.840 Millions (Last year Rs.6.220
Millions) being deposits for 1 year shown under "Short Term Borrowings"
Rs.41.643 Millions (Last year Rs. 177.174 Millions) shown under "Current
maturities of Long Term Fixed Deposits". b)
Excluding Rs.4.225 Millions (Last year Rs.0.662 Million)
shown under "Current maturities of "Long Term Unsecured Debts". c)
There has been no default in repayment of Loan
& Payment of Interest in respect of any of aforesaid borrowings. *
Repayable after 2 years and 3 years from the date of acceptance of each
Deposits. |
||
OPERATIONS
The Company achieved significant growth in profits from its Real Estate business.
The revenue and profits from the Paper manufacturing activity, however, were
adversely affected due to slowdown in overall economy and prevailing recessionary
conditions in the country coupled with inflationary pressures on the input
costs. The Directors cautiously and judiciously adopted a strategy of lower
capacity utilization to minimize the negative impact and avoided ultimate substantial
losses. The installation of a Paper manufacturing facility at a cost of about Rs.1000.000
Millions at Mahad has been, as a precautionary measure, put on hold temporarily
in view of the prevailing recessionary conditions to minimize the impact of
fixed cost and in view of changing market situation a fresh view of the
investment plans in regard to new products to be manufactured is under study.
The Directors believe that the recent steps taken by the Government to
improve the overall economy and easing of commodity prices combined with
Company's continuous efforts on cost reduction would enable the Company to enhance
capacity utilization and improve profitability.
The third Wind Power Plant of 2.1 MW at Jat, Sangli commissioned during
the year is satisfactorily operating thus taking the total capacity of
renewable energy generation through Wind Mills upto 4.60 MW.
The labour relations continued to remain peaceful.
Out of 79 Fixed Deposits amounting to Rs.3.937 Millions which had
matured for payment as at the close of 31st March, 2013, out of this, 14
deposits of the value of Rs.1.109 Millions have been claimed upto 16th May,
2013.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER & HALF
YEAR ENDED 30TH SEPTEMBER, 2013
(RS. IN MILLIONS)
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
a) Gross Sales/Income from Operations |
592.100 |
632.300 |
1224.400 |
|
Less : Excise Duty |
30.000 |
36.000 |
66.000 |
|
Net Sales/Income from
Operations |
562.100 |
596.300 |
1158.400 |
|
Other Operating Income |
3.400 |
5.400 |
8.800 |
|
Total Income from
operations (net) |
565.500 |
601.700 |
1167.200 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Consumption of raw material |
311.100 |
328.900 |
640.000 |
|
(b) Purchase of stock in trade |
-- |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(9.400) |
(8.900) |
(18.300) |
|
(d) Employee benefit expenses |
57.700 |
59.400 |
117.100 |
|
(e) Depreciation and amortization expenses |
20.200 |
20.200 |
40.400 |
|
(f) Consumption of Fuel, Power & Water |
121.200 |
116.300 |
237.500 |
|
(g) Net Foreign Exchange Loss / (Gain) |
9.700 |
16.400 |
26.100 |
|
(h) Other expenses |
44.200 |
55.500 |
99.700 |
|
Total Expenses |
554.700 |
587.800 |
1142.500 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
10.800 |
13.900 |
24.700 |
|
Other Income |
17.500 |
16.700 |
34.200 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
28.300 |
30.600 |
58.900 |
|
Finance costs |
19.900 |
22.300 |
42.200 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
8.400 |
8.300 |
16.700 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
8.400 |
8.300 |
16.700 |
|
Tax Expenses |
0.900 |
1.000 |
1.900 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
7.500 |
7.300 |
14.800 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
7.500 |
7.300 |
14.800 |
|
Paid- up
Equity Share Capital (Face value Rs. 2/- per share) |
82.000 |
82.000 |
82.000 |
|
Reserves excluding
revaluation reserves as per balance sheet of Previous Accounting Year |
|
|
|
|
Basic/Diluted EPS for the period before & after extra
ordinary items (Rs) |
0.18/0.18 |
0.18/0.18 |
0.36/0.36 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
15998892 |
15991392 |
15998892 |
|
Percentage of Shareholding |
39.02% |
39.00% |
39.02% |
|
|
|
|
|
|
2. Promoters and promoter group
shareholding |
25001108 |
25008608 |
25001108 |
|
a)
Pledged/Encumbered |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
- Number of
Shares |
25001108 |
25008608 |
25001108 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00% |
100.00% |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
60.98% |
61.00% |
60.98% |
|
|
Particulars |
Six Months ended 30th September 2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS & CAPITAL EMPLOYED
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. Segment Revenue |
|
|
|
|
a) Paper Division |
565.500 |
601.700 |
1167.200 |
|
b) Power
Generation |
27.900 |
17.600 |
45.500 |
|
c) Real Estate
Activity |
-- |
-- |
-- |
|
Total |
593.400 |
619.300 |
1212.700 |
|
Less: Inter – segment revenue |
27.900 |
17.600 |
45.500 |
|
Total income from operations (net) |
565.500 |
601.700 |
1167.200 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a) Paper Division |
(2.800) |
7.100 |
4.300 |
|
b) Power
Generation |
16.000 |
8.400 |
24.400 |
|
c) Real Estate
Activity |
-- |
-- |
-- |
|
Total |
13.200 |
15.500 |
28.700 |
|
Less: i) Interest |
20.000 |
21.600 |
41.600 |
|
ii) All other unallocable expenditure (Net of unallocable income) |
(15.200) |
(14.400) |
(29.600) |
|
Total Profit Before Tax |
8.400 |
8.300 |
16.700 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a) Paper Division |
1707.500 |
1688.600 |
1707.500 |
|
b) Power
Generation |
287.400 |
289.000 |
287.400 |
|
c) Real Estate
Activity |
(174.200) |
(129.200) |
(174.200) |
|
Total |
1820.700 |
1848.400 |
1820.700 |
STANDALONE STATEMENT OF ASSETS
AND LIABILITIES
|
Particulars |
Half Year Ended |
|
|
A. EQUITY AND LIABILITIES |
30.09.2013 |
|
|
1. Shareholders’
Funds |
|
|
|
a] Share Capital |
82.000 |
|
|
b] Reserves and Surplus |
1289.200 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
644.400 |
|
|
b] Deferred Tax Liabilities |
160.800 |
|
|
c] Other current liabilities |
193.400 |
|
|
d] Long term provisions |
62.200 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
57.700 |
|
|
b] Trade Payables |
416.900 |
|
|
c] Other Current Liabilities |
198.500 |
|
|
d] Short Term Provision |
8.500 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
3113.600 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
(i) Tangible assets |
1064.600 |
|
|
(ii) intangible assets |
1.800 |
|
|
(iii) Capital work-in-progress |
588.800 |
|
|
b] Non-current investment |
34.500 |
|
|
c] Deferred tax assets (net) |
-- |
|
|
d] long Term loans and Advances |
584.600 |
|
|
e] Other non-current assets |
-- |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
70.100
|
|
|
Inventories |
352.000
|
|
|
Trade Receivables |
252.600
|
|
|
Cash & Bank Balances |
24.300
|
|
|
Short Term loans and advances |
140.300
|
|
|
Other Current Assets |
0.000
|
|
|
|
|
|
TOTAL - ASSETS |
3113.600 |
|
NOTES
1.
The
auditors have carried out limited review of the results for quarter & half
year ended 30th September 2013.
2.
Since
the Expansion Project at Mahad has been temporarily deferred, the borrowing and
other costs aggregating to Rs.15.900 Millions in the half year ending 30th
September, 2013 (consisting of Rs.7.300 Millions in the first quarter and Rs 8.600
Millions in the second quarter) have been treated as revenue expenditure.
3.
The
figures for previous period have been recast and regrouped wherever necessary
to conform to current period's presentations.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Contingent
Liabilities not provided for in respect of: |
|
|
|
i) Bank
Guarantees and Letters of Credit in favour of suppliers of raw materials,
spares etc.* |
211.108 |
197.685 |
|
ii) Guarantee for other Companies * |
143.500 |
73.667 |
|
iii) Claims
against the Company not acknowledged as debts for excise duty, property tax
and commercial claims etc. ** |
61.998 |
72.577 |
|
|
|
|
|
Total |
416.606 |
343.929 |
|
Note: * Will not
affect the future Profitability. ** May affect the future profitability to the extent indicated, if
such liabilities crystallise. |
||
FIXED ASSETS:
TANGIBLE ASSETS
·
Land - Freehold
·
Land - Leasehold
·
Buildings Under Lease
·
Buildings - Others
·
Machinery
·
Laboratory Equipments
·
Furniture & Fixtures
·
Vehicles
INTANGIBLE ASSETS
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.90 |
|
|
1 |
Rs. 102.74 |
|
Euro |
1 |
Rs. 85.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.