MIRA
INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SRIPATHI PAPER AND BOARDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
944 (Old 1680/31) Ramani’s Regency, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
27.05.2002 |
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Com. Reg. No.: |
18-010851 |
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Capital
Investment / Paid-up Capital : |
Rs.150.376 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U21012TZ2002PTC010851 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Kraft Paper and Duplex Board. |
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No. of Employees
: |
850 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The Company can be considered for business dealing at usual trade
terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to
restrictions on overseas purchases and muted import of capital goods helped
shrink the current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half of
2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade secrets
to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
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 PARTED BY
|
Name : |
Mr. Srinivasan |
|
Designation : |
General Manager |
|
Contact No.: |
91-9600923881 |
|
Date : |
12.07.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
944 (Old 1680/31) Ramani’s Regency, Trichy Road, Ramanathapuram,
Coimbatore-641045, Tamilnadu, India |
|
Tel. No.: |
91-422-4300445 / 4300446 |
|
Mobile No.: |
91-9600923881 (Mr. Srinivasan) |
|
Fax No.: |
91-422-4300449 |
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E-Mail : |
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|
Website : |
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|
|
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|
Factory 1 : |
2, Sukkiravarpatti, Sivakasi-626130, Tamilnadu, India |
|
Tel. No.: |
91-4562-238171 / 238117 / 238014 / 238049 |
|
Fax No.: |
91-4562-238147 |
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E-Mail : |
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Factory 2 : |
Rajan Nagar, Puduvadavalli, Sathyamangalam – 638401, Tamilnadu, India |
|
Tel. No.: |
91-4295-243463 |
|
Fax No.: |
91-4295-243473 |
|
E-Mail : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Ramachandran Krishnasamy |
|
Designation : |
Chairman and Managing Director |
|
Address : |
2/3, R K Gardens, Chandra Gandhi Nagar, Extension Sowripalayam Post, Coimbatore-641028,
Tamilnadu, India |
|
Date of Birth/Age : |
30.04.1961 |
|
Date of Appointment : |
19.08.2002 |
|
PAN No.: |
AFXPK5490E |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Krishnasamy Ravichandran |
|
Designation : |
Managing Director |
|
Address : |
Old No.725/6 C, New No.350, Standard Colony, Thiruthangal, Sivakasi,
Virudhunagar-626130, Tamilnadu, India |
|
Date of Birth/Age : |
29.06.1963 |
|
Date of Appointment : |
29.05.2002 |
|
PAN No.: |
AAPPR9861F |
|
DIN No.: |
01120533 |
|
|
|
|
Name : |
Mr. Ayyappan Ragupathy |
|
Designation : |
Whole Time Director |
|
Address : |
471 A, Vadakku Radaveethi, Thiruthangal, Virudhunagar-626130,
Tamilnadu, India |
|
Date of Birth/Age : |
11.02.1958 |
|
Date of Appointment : |
19.08.2002 |
|
PAN No.: |
AGDPR8092G |
|
DIN No.: |
01128755 |
|
|
|
|
Name : |
Mr. Alagamperumal Subbiah |
|
Designation : |
Director |
|
Address : |
54, Azhagapuri, Virudhunagar-626005, Tamilnadu, India |
|
Date of Birth/Age : |
03.06.1960 |
|
Date of Appointment : |
19.08.2002 |
|
DIN No.: |
01240122 |
|
|
|
|
Name : |
Mr. Veerappan Nagaraj |
|
Designation : |
Director |
|
Address : |
1/18, Azhagapuri, Meesalur PO Virudhunagar-626003, Tamilnadu, India |
|
Date of Birth/Age : |
09.05.1962 |
|
Date of Appointment : |
19.08.2002 |
|
DIN No.: |
01240207 |
KEY EXECUTIVES
|
Name : |
Mr. Sri Nivasan |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
R Krishnaswamy |
|
7492041 |
|
K Chitrabanu |
|
3146270 |
|
R Jayaprakash |
|
100000 |
|
B Senthil Kumar |
|
52500 |
|
S. Jagannathan |
|
27320 |
|
P.R. Krishnamoorthy |
|
5000 |
|
V. Vasanthi |
|
50000 |
|
Kalarani |
|
50000 |
|
Megastox Fin Research Private Limited, India |
|
746950 |
|
B. Anuradha |
|
10000 |
|
K Ravichandran |
|
761513 |
|
R Rukmani |
|
25000 |
|
V Nagaraj |
|
339875 |
|
A Raghupathi |
|
132896 |
|
A Subbiah |
|
198275 |
|
S Alagudurai |
|
100000 |
|
Beaumont Enterprises India Private Limited, India |
|
1800000 |
|
Total |
|
15037640 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
|
Bodies corporate |
16.94 |
|
Directors or relatives of Directors |
83.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Kraft Paper and Duplex Board. |
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Products : |
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Exports : |
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Products : |
·
M.G. Kraft Paper 12 to 30 BF (100to 250GSM) ·
White Coated Duplex Board (White Black and Grey
Black) 250 to 500 GSM ·
Writing and Printing Paper |
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Countries : |
·
UK ·
USA ·
Europe |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
850 (Approximately) |
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Bankers : |
·
City Union Bank of India, 13 – Chairman NPSN Arumuga
Nadar Road, Sivakasi – 626123, Tamilnadu, India ·
Industrial Development Bank of India Limited,
Stock Exchange Building, 683-686, Trichy Road, Coimbatore, Tamilnadu, India ·
State Bank of Travancore, Coimbatore Branch, 15,
SNV Ashirvad, State Bank Road, Coimbatore-641018, Tamilnadu, India |
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Facilities : |
Notes: SBT - Secured by
charge with IDBI Bank over all movable pari passu & immovable fixed
assets of the company present and future, including the proposed expansion
project and also secured by hypothecation of current assets of the company
subject to the charge on working capital limits and personal guarantee by the
promoter Directors. IDBI - Secured
by paripassu charge over the entire fixed assets of the company along with
State Bank of Travancore and also secured by hypothecation of current assets of
the company subject to charge on the working capital limits and personal
guarantee by the promoter Directors. Union Bank of
India - Secured by the fixed assets, Stocks and Book Debts of the Writing and
Printing Paper division and personal guarantee by the Directors. TIIC - Secured
by the fixed asset purchased using the fund. IndusInd Bank -
Secured by Vehicles purchased using their respective loans. Kotak Mahindra Bank - Secured by vehicles purchased using the fund. Short term borrowings from banks are cash credit and WCDL and secured
by First charge by way of Hypothecation of entire current assets of the
company and further secured by second charge by way of mortgage on all the
fixed assets, both present and future of the company and personal guarantee
given by the Directors of the company. These charges are ranking pari passu
amongst the working capital lending Bankers |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Bakthavachalam and Company Chartered Accountant |
|
Address : |
15/67 A, KG Layout, Bharathi Park, 8th Cross Saibaba Colony,
Coimbatore-641011, Tamilnadu, India |
|
PAN No.: |
AADFB5331Q |
|
|
|
|
Sister Concern |
·
Single Window Securities Limited ·
Balaji Packaging Industries |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- Each |
Rs.180.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15037640 |
Equity Shares |
Rs.10/- Each |
Rs.150.376 Million |
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 |
150.376 |
100.376 |
100.000 |
|
(b) Reserves & Surplus |
391.394 |
324.921 |
248.984 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
45.751 |
97.751 |
31.612 |
|
Total
Shareholders’ Funds (1) + (2) |
587.521 |
523.048 |
380.596 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
418.871 |
556.235 |
429.226 |
|
(b) Deferred tax liabilities (Net) |
137.719 |
105.706 |
87.194 |
|
(c) Other long term liabilities |
12.147 |
14.962 |
27.350 |
|
(d) long-term provisions |
5.495 |
1.680 |
1.053 |
|
Total Non-current Liabilities (3) |
574.232 |
678.583 |
544.823 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1108.233 |
888.111 |
524.711 |
|
(b) Trade payables |
175.645 |
200.690 |
96.781 |
|
(c) Other current
liabilities |
161.078 |
187.247 |
120.557 |
|
(d) Short-term provisions |
19.712 |
20.049 |
27.023 |
|
Total Current Liabilities (4) |
1464.668 |
1296.097 |
769.072 |
|
|
|
|
|
|
TOTAL |
2626.421 |
2497.728 |
1694.491 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1361.876 |
1212.162 |
785.636 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
36.662 |
34.596 |
63.162 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.079 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.263 |
5.068 |
17.839 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.060 |
|
Total Non-Current Assets |
1405.801 |
1251.826 |
866.776 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
460.976 |
443.809 |
209.262 |
|
(c) Trade receivables |
518.109 |
431.706 |
332.622 |
|
(d) Cash and cash
equivalents |
59.184 |
182.078 |
58.700 |
|
(e) Short-term loans and
advances |
168.868 |
174.315 |
220.200 |
|
(f) Other current assets |
13.483 |
13.994 |
6.931 |
|
Total Current Assets |
1220.620 |
1245.902 |
827.715 |
|
|
|
|
|
|
TOTAL |
2626.421 |
2497.728 |
1694.491 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
3257.193 |
2497.406 |
2055.000 |
|
|
|
|
Other Income |
4.726 |
3.300 |
18.700 |
|
|
|
|
TOTAL (A) |
3261.919 |
2500.706 |
2073.700 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Material and Operating Expenses |
2848.790 |
2175.247 |
1801.900 |
|
|
|
|
TOTAL (B) |
2848.790 |
2175.247 |
1801.900 |
|
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
413.129 |
325.459 |
271.800 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
189.735 |
145.893 |
82.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
223.394 |
179.566 |
189.100 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.885 |
85.683 |
64.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
98.509 |
93.883 |
125.100 |
||
|
|
|
|
|
|
||
|
Less |
TAX (I) |
32.013 |
25.903 |
42.600 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-I) (J) |
66.496 |
67.980 |
82.500 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
197.497 |
151.184 |
68.600 |
||
|
|
|
|
|
|
||
|
|
PROFIT BROUGH
FORWARD FROM SUDIRMAN |
0.000 |
(21.588) |
0.000 |
||
|
|
|
|
|
|
||
|
|
INVESTMENT IN
PAPER SUDIRMAN PRIVATE LIMITED SHARES EXTINGUISHED |
0.000 |
(0.079) |
0.000 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
263.993 |
197.497 |
151.100 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
NA |
239.600 |
253.247 |
|
|
|
TOTAL EARNINGS |
NA |
239.600 |
253.247 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
NA |
654.300 |
534.312 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
6.60 |
6.77 |
8.38 |
||
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
4000.000 |
The above information has been parted by Mr. Srinivasan (General Manger)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.04
|
2.72 |
3.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.02
|
3.76 |
6.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
3.81 |
7.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.60
|
2.76 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.96 |
2.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
100.000 |
100.376 |
150.376 |
|
Reserves & Surplus |
248.984 |
324.921 |
391.394 |
|
Share Application money
pending allotment |
31.612 |
97.751 |
45.751 |
|
Net
worth |
380.596 |
523.048 |
587.521 |
|
|
|
|
|
|
long-term borrowings |
429.226 |
556.235 |
418.871 |
|
Short term borrowings |
524.711 |
888.111 |
1108.233 |
|
Total
borrowings |
953.937 |
1444.346 |
1527.104 |
|
Debt/Equity
ratio |
2.506 |
2.761 |
2.599 |
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 |
2,055.000 |
2,497.406 |
3,257.193 |
|
|
|
21.528 |
30.423 |
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
|
2,055.000 |
2,497.406 |
3,257.193 |
|
Profit |
82.500 |
67.980 |
66.496 |
|
|
4.01% |
2.72% |
2.04% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans repayable on demand from Others |
439.555 |
0.000 |
|
Short Term Borrowings |
|
|
|
Term Loan From Bank |
27.666 |
7.287 |
|
Total |
467.221 |
7.287 |
REVIEW OF OPERATIONS:
During the year
the company has achieved a turnover of Rs.3257.193 Million as against the
Previous year turnover of Rs.2497.406 Million There is an overall growth in
sales by 30.42% over the previous year. The EBITDA has improved to Rs.413.129
Million as against Rs.325.459 Million in the previous year. The Company is
present in all major segments of Paper Industry viz., Kraft, Boards and
Printing & Writing segments. The overall slowdown in the economy was
responsible for sluggish demand for paper. The EBITDA has been maintained more
or less as in the previous year but the high interest cost and depreciation has
resulted in the reduction in the Profit after tax. However the company is
constantly taking steps in the areas of Quality improvement, energy savings,
effluent treatment etc., in order to achieve cost reduction which will have a
bearing on the bottom line in the years to come.
OUTLOOK:
The Indian Economy
has grown by about 5% during 2012-13 against 6.5% during the previous year with
manufacturing sector growth of just 1% against 2% in the previous year. India
represents 15% of the world population but the paper consumption stands at very
low levels compared to the world's paper consumption. The Indian Paper Industry
which ranks 11th in production globally, has registered faster growth rates of
about 7% in recent times. The forecast for paper industry for 2013- 14 is
around 6 7%. The Indian Govt., has allowed for FDI in retail business. They
expect this will create a substantial demand in the Premium duplex Board and
folding box Board in the paper Industry which has higher margins. There are
strong macroeconomic drivers like increasing corporate spend, improving
literacy and living standards, declining poverty and higher disposable incomes
in India that are likely to increase the demand for paper in the country in the
long run.
CONTINGENT LIABILITIES:
|
Particular |
31.03.2013 Rs. In Million |
31.03.2012 Rs. In Million |
|
Claims against the
company not acknowledged as debt(Letter of credit opened both inland and
foreign) |
16.113 |
93.838 |
|
Claims against
the company not acknowledged as debt The company is liable to pay electricity
tax on own generation which is disputed in writ petition before madras high
court which had granted a stay against such levy |
- |
4.823 |
|
Reversal of
Cenvat credit taken on inputs during the manufacture of first exempted
clearance of 3500 MT on Unit I & Unit II. The case is pending with the
CESTAT. |
22.063 |
- |
|
TNEB has
demanded penalty for exceeding demand and energy quota. The company has filed
appeal with the Tamil Nadu Electricity Regulatory Commission, Chennai and is
pending |
7.074 |
- |
|
Sales tax dept.,
has demanded reversal of input credit availed under TN VAT Act against the
power plant. |
3.407 |
- |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10264243
|
28/11/2013
* |
495,300,000.00
|
STATE
BANK OF INDIA |
Commercial
Branch, 1443, Trichy Road, Coimbatore, Tamil Nadu - 641018, India |
B92360296
|
|
2 |
10200516
|
10/02/2010
|
19,000,000.00
|
The
Tamilnadu Industrial Investment Corporation Limited |
United
Shopping Complex, 94,Dr.Nanjappa Road, Coimbatore, Tamil Nadu - 641018,
India |
A78467925
|
|
3 |
10079906
|
25/06/2010
* |
57,350,000.00
|
UNION
BANK OF INDIA |
Erode
Main Branch, 381 Sathy Road, Erode, Taminadu - 638003, India |
A90446543
|
|
4 |
10026626
|
05/09/2013
* |
400,000,000.00
|
IDBI
Bank Limited |
Excellence,
4th Floor, 104, Race Course Road, Coimbatore, Tamil Nadu - 641018, India |
B87160511
|
|
5 |
10023498
|
28/11/2013
* |
1,217,500,000.00
|
State
Bank Of Travancore |
Coimbatore
Main, 15, Snv Ashirvad, State Bank Road, Coimbatore, Tamil Nadu - 641018,
India |
B94217098
|
|
6 |
10011695
|
05/09/2013
* |
251,500,000.00
|
IDBI
Bank Limited |
Excellence,
4th Floor, 104, Race course Road, Coimbatore, Tamil Nadu - 641018, India |
B87159422
|
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.102.72 |
|
Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.