MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALLARPUR INDUSTRIES LIMITED |
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Registered
Office : |
P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
26.04.1945 |
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Com. Reg. No.: |
11-010337 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1311.200 Millions |
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CIN No.: [Company Identification
No.] |
L21010MH1945PLC010337 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPB00166F / NGPB01717C |
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PAN No.: [Permanent Account No.] |
AAACB5343E |
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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
: |
Manufacturer and Exporter of Writing and Printing Paper and Paper
Products. |
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No. of Employees
: |
2097 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 63890000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having good track record. Sales of the company has slightly dipped but profit has increased in
the year 2013. Overall financial position of the company is sound. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal 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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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. Anil Mohan |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-124-2804242 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office/ Factory : |
P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901,
Maharashtra, India |
|
Tel. No.: |
91-124-2804242/ 43 |
|
Fax No.: |
91-124-2804260/ 61 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Thapar House, 124 Janpath, New Delhi – 110001, India |
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|
|
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Corporate/ Operating Office : |
First India Place, Tower C, Mehrauli -
Gurgaon Road, Gurgaon - 122002, Haryana, India |
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Tel. No.: |
91-124-2804242/ 43 |
|
Fax No.: |
91-124-2804260-61 |
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E-Mail : |
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Plant 1 : |
Unit Sewa Gaganpur, P.O. Jeypore Railway Station, District Koraput - 764002,
Orissa, India |
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Plant 2 : |
Unit Shree Gopal
P.O. Yamunanagar, District Yamunanagar - 135001, Haryana, India |
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Plant 3 : |
Unit Ashti P.O. Ashti, Tehsil Chamorshi, District Gadchiroli - 442707,
Maharashtra, India |
DIRECTORS
AS ON 30.06.2013
|
Name : |
Mr. Gautam Thapar |
|
Designation : |
Chairman |
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|
Name : |
Mr. R.R. Vederah |
|
Designation : |
Manager Director and Executive Vice Chairman |
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Name : |
Mr. B. Hariharan |
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Designation : |
Group Director (Finance) |
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Experience : |
29 years |
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|
Name : |
Mr. A.P. Singh |
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Designation : |
Director - Nominee of LIC |
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|
Name : |
Mr. P.V. Bhide |
|
Designation : |
Director |
|
Date of Birth/Age : |
62 years |
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|
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|
Name : |
Mr. Sanjay Labroo |
|
Designation : |
Director |
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|
Name : |
Mr. A.S. Dulat |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Ashish Guha |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil Mohan |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
1211198 |
0.18 |
|
|
322799469 |
49.24 |
|
|
324010667 |
49.43 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
324010667 |
49.43 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
39130871 |
5.97 |
|
|
181968 |
0.03 |
|
|
5550 |
0.00 |
|
|
65176669 |
9.94 |
|
|
108701255 |
16.58 |
|
|
213196313 |
32.52 |
|
|
|
|
|
|
29588490 |
4.51 |
|
|
|
|
|
|
54701615 |
8.34 |
|
|
19089542 |
2.91 |
|
|
14937089 |
2.28 |
|
|
2875506 |
0.44 |
|
|
11723541 |
1.79 |
|
|
338042 |
0.05 |
|
|
118316736 |
18.05 |
|
Total Public shareholding
(B) |
331513049 |
50.57 |
|
Total (A)+(B) |
655523716 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
123 |
0.00 |
|
|
123 |
0.00 |
|
Total
(A)+(B)+(C) |
655523839 |
100.00 |
Shareholding 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 |
Blue Horizon Investments Limited |
450 |
0.00 |
|
2 |
Gautam Thapar |
11,61,216 |
0.18 |
|
3 |
Avantha Holdings Limited |
32,26,89,019 |
49.23 |
|
4 |
B M Thapar |
17,911 |
0.00 |
|
5 |
Nandini Kapur |
4,800 |
0.00 |
|
6 |
Sulochana Thappar |
27,271 |
0.00 |
|
7 |
Avantha Realty Limited |
1,10,000 |
0.02 |
|
|
Total |
32,40,10,667 |
49.43 |
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 Shareholders |
No.
of Shares held |
Shares
as % |
|
|
1 |
Life Insurance Corporation of India |
44134423 |
6.73 |
|
|
2 |
Samena Special Situations Mauritius |
41515609 |
6.33 |
|
|
3 |
Platinum Investment Management Limited A/c
Platinum Asia Fund |
35282244 |
5.38 |
|
|
4 |
HDFC Trustee Company Limited - Various
Fund |
27802028 |
4.24 |
|
|
5 |
General Insurance Corporation of India |
12801050 |
1.95 |
|
|
6 |
UTI Dividend Yield Fund |
11189208 |
1.71 |
|
|
7 |
Citigroup Global Markets Mauritius Private
Limited |
9901876 |
1.51 |
|
|
|
Total |
182626438 |
27.86 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Life Insurance Corporation of India |
44134423 |
6.73 |
|
|
2 |
Samena Special Situations Mauritius |
41515609 |
6.33 |
|
|
3 |
Platinum Investment Management Limited A/c
Platinum Asia Fund |
35282244 |
5.38 |
|
|
|
Total |
120932276 |
18.45 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of
Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No.
of Outstanding DRs |
No.
of Shares Underlying |
Shares
Underlying Outstanding DRs as % |
|
1 |
GDR |
41 |
123 |
0.00 |
|
|
Total |
41 |
123 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Writing and Printing Paper and Paper Products. |
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Products/ Services : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Malaysia |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 30.06.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paper including Wrapper and Coated Paper |
M.T. |
232,068 |
200,253 |
a) The installed capacity is as certified by the Mangement and license capacity is not given as licensing is not applicable.
b) Includes Production 8649 MT of Coated Paper at Unit Shree Gopal converted out of the paper manufactured by Company.
c) Includes Production NIL of Paper Stationary converted out of the paper manufactured by Company.
d) The Installed Capacity and Actual Production of paper and wrapper includes Specialised Grades of paper.
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
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No. of Employees : |
2097 (Approximately) |
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Bankers : |
· Axis Bank Limited · Export-Import Bank of India · State Bank of Travancore |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
· GE Money Financial Services Private Limited · Life Insurance Corporation of India |
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Auditors : |
|
|
Name : |
K. K. Mankeshwar and Company Chartered Accountants |
|
Address : |
Kingsway, Nagpur – 440001, Maharashtra, India |
|
Tel. No.: |
91-712-6629946/ 47/ 2554223 |
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Fax No.: |
91-712-6629948/ 6613404 |
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E-Mail : |
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Subsidiary : |
· Ballarpur International Holdings B.V. · Bilt Tree Tech Limited ·
Premier Tissues (India) Limited |
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|
Step Down
Subsidiary : |
· Ballarpur Paper Holdings B.V. · Bilt Graphic Paper Products Limited ·
Sabah Forest Industries Sdn. Bhd. |
|
|
|
|
Other Related
Parties : |
· APR Sacks Limited · Arizona Printers and Packers Private Limited · Avantha Holdings Limited · Avantha Power and Infrastructure Limited · Avantha Realty Limited · Avantha Technologies Limited · Bilt Industrial Packaging Company Limited · Biltech Building Elements Limited · Crompton Greaves Limited · Global Green Company Limited · Imerys Newquest(India) Private Limited · Jhabua Power Limited · Korba West Power Company Limited · Krebs And Cie India Limited · Leading Line Merchant Traders Private Limited · Mirabelle Trading Pte. Limited · Prestige Wines and Spirits Private Limited · Salient Business Solutions Limited · Saraswati Travels Private Limited · SMI Newquest India Private Limited · Solaris Chemtech Industries Limited ·
UH L Power Company Limited |
CAPITAL STRUCTURE
AS ON 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,487,500,000 |
Equity Shares |
Rs. 2/- each |
Rs. 2975.000 Millions |
|
10,250,000 |
Preference Shares |
Rs. 100/- each |
Rs. 1025.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 4000.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,030,005,910 |
Equity Shares |
Rs. 2/- each |
Rs. 2060.000
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
655,773,584 |
Equity Shares |
Rs. 2/- each |
Rs. 1311.500
Millions |
|
249,745 |
Less: Forfeited shares |
|
Rs. 0.500
Million |
|
655,523,839 |
Total Equity Shares |
Rs. 2/- each |
Rs. 1311.000
Millions |
|
|
Add: Amount originally paid up on forfeited shares |
|
Rs. 0.200 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1311.200
Millions |
Reconciliation of number of Shares
|
Equity Shares: |
30.06.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Balance as at the beginning of the year |
655,523,839 |
1311.200 |
|
Balance as at the end of the year |
655,523,839 |
1311.200 |
Rights,
preferences and restrictions attached to shares:
The Company has
one class of equity shares having a par value of Rs.2 per share. Each
shareholder is eligible for one vote per share held. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive any of
the remaining assets of the Company, after distribution of all preferential
amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
Details of shares held by shareholders holding more than 5% of the
aggregate shares as on 30.06.2013 in the Company:
|
Name of Shareholders |
30.06.2013 |
|
|
|
No. of Shares |
Holding ( % ) |
|
Avantha Holdings Limited |
322,689,019 |
49.23 |
|
Life Insurance Corporation of India |
44,134,423 |
6.73 |
|
Samena Special Situations Mauritius |
41,515,609 |
6.33 |
|
Platinum
Investment Management Limited A/c Platinum Asia Fund |
35,282,244 |
5.38 |
|
HDFC Trustee
Company Limited - HDFC Various Funds |
-- |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1,311.200 |
1,311.200 |
1,311.200 |
|
(b) Reserves & Surplus |
14,661.400 |
14,559.600 |
14,874.900 |
|
(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) |
15,972.600 |
15,870.800 |
16,186.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3,179.200 |
2,650.100 |
3,944.700 |
|
(b) Deferred tax liabilities (Net) |
1,035.200 |
1,064.800 |
1,048.700 |
|
(c)
Other long term liabilities |
36.700 |
117.400 |
146.800 |
|
(d)
long-term provisions |
338.400 |
294.000 |
295.300 |
|
Total
Non-current Liabilities (3) |
4,589.500 |
4,126.300 |
5,435.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4,021.500 |
3,357.300 |
4,261.500 |
|
(b)
Trade payables |
1,351.700 |
1,216.400 |
1,634.000 |
|
(c)
Other current liabilities |
2,326.500 |
2,439.700 |
2,559.500 |
|
(d)
Short-term provisions |
294.900 |
431.300 |
514.100 |
|
Total
Current Liabilities (4) |
7,994.600 |
7,444.700 |
8,969.100 |
|
|
|
|
|
|
TOTAL |
28,556.700 |
27,441.800 |
30,590.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11,823.200 |
8,931.300 |
9,498.000 |
|
(ii)
Intangible Assets |
330.800 |
0.700 |
0.800 |
|
(iii)
Capital work-in-progress |
1,368.700 |
1,415.900 |
1,072.800 |
|
(iv) Intangible assets under development |
0.000 |
329.900 |
294.200 |
|
(b) Non-current
Investments |
8,137.800 |
8,138.900 |
11,962.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
427.400 |
1,692.000 |
116.500 |
|
(e)
Other Non-current assets |
0.000 |
1.100 |
0.800 |
|
Total
Non-Current Assets |
22,087.900 |
20,509.800 |
22,945.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,615.100 |
2,512.600 |
2,694.000 |
|
(c)
Trade receivables |
2,129.600 |
2,353.700 |
2,412.900 |
|
(d)
Cash and cash equivalents |
177.800 |
146.300 |
124.100 |
|
(e)
Short-term loans and advances |
1,544.500 |
1,909.400 |
2,379.400 |
|
(f)
Other current assets |
1.800 |
10.000 |
34.700 |
|
Total
Current Assets |
6,468.800 |
6,932.000 |
7,645.100 |
|
|
|
|
|
|
TOTAL |
28,556.700 |
27,441.800 |
30,590.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9,846.800 |
10,943.500 |
10,609.100 |
|
|
|
Other Income |
36.500 |
51.000 |
40.800 |
|
|
|
TOTAL (A) |
9,883.300 |
10,994.500 |
10,649.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3,851.600 |
4,693.000 |
4,924.900 |
|
|
|
Purchases of Stock-in-Trade |
1,039.300 |
883.800 |
782.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(159.800) |
38.700 |
(245.000) |
|
|
|
Employees benefits expense |
979.900 |
723.900 |
765.700 |
|
|
|
Other expenses |
2,560.100 |
3,370.800 |
2,702.200 |
|
|
|
TOTAL (B) |
8,271.100 |
9,710.200 |
8,930.400 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,612.200 |
1,284.300 |
1,719.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
426.400 |
264.000 |
374.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,185.800 |
1,020.300 |
1,344.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
808.900 |
898.300 |
840.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
376.900 |
122.000 |
504.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.000 |
56.300 |
202.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
331.900 |
65.700 |
301.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2488.700 |
2907.800 |
3150.900 |
|
|
|
|
|
|
|
|
|
Add |
DEBENTURE
REDEMPTION RESERVE NO LONGER REQUIRED |
200.000 |
75.000 |
75.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.000 |
10.000 |
50.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
218.800 |
168.800 |
112.500 |
|
|
|
Proposed Dividend |
196.700 |
327.800 |
393.300 |
|
|
|
Dividend Tax |
33.400 |
53.200 |
63.800 |
|
|
BALANCE CARRIED
TO THE B/S |
2554.700 |
2488.700 |
2907.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on FOB basis |
4.200 |
189.300 |
266.100 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.400 |
1138.400 |
2024.300 |
|
|
|
Components and spare parts |
108.100 |
200.100 |
249.300 |
|
|
|
Capital Goods |
9.700 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
157.200 |
1338.500 |
2273.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.51 |
0.10 |
0.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2013 |
31.12.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2651.100 |
2488.700 |
|
Total Expenditure |
|
2296.600 |
2132.000 |
|
PBIDT (Excl OI) |
|
354.500 |
356.700 |
|
Other Income |
|
0.000 |
0.000 |
|
Operating Profit |
|
354.500 |
356.700 |
|
Interest |
|
133.000 |
136.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
221.500 |
220.700 |
|
Depreciation |
|
175.500 |
174.000 |
|
Profit Before Tax |
|
46.000 |
46.700 |
|
Tax |
|
(34.700) |
(56.400) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
80.700 |
103.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
80.700 |
103.100 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
3.36
|
0.60 |
2.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.83
|
1.11 |
4.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
0.69 |
2.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45
|
0.38 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.93 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
1,311.200 |
1,311.200 |
1,311.200 |
|
Reserves & Surplus |
14,874.900 |
14,559.600 |
14,661.400 |
|
Net
worth |
16,186.100 |
15,870.800 |
15,972.600 |
|
|
|
|
|
|
long-term borrowings |
3,944.700 |
2,650.100 |
3,179.200 |
|
Short term borrowings |
4,261.500 |
3,357.300 |
4,021.500 |
|
Total
borrowings |
8,206.200 |
6,007.400 |
7,200.700 |
|
Debt/Equity
ratio |
0.507 |
0.379 |
0.451 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
10,609.100 |
10,943.500 |
9,846.800 |
|
|
|
3.152 |
(10.021) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
10,609.100 |
10,943.500 |
9,846.800 |
|
Profit |
301.500 |
65.700 |
331.900 |
|
|
2.84% |
0.60% |
3.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
30.06.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
30.06.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term debt |
1535.800 |
1500.100 |
1622.700 |
|
|
|
|
|
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
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 |
-- |
|
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 |
No |
|
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 |
INDEX OF CHARGE
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10466699 |
23/12/2013 |
500,000,000.00 |
STATE BANK OF
TRAVANCORE |
R. K. PURAM
BRANCH, 1ST FLOOR ANSAL CHAMBERS - I, 3, BHIKAJI KAMA PLACE, NEW DELHI -
110066, INDIA |
B92171701 |
|
2 |
10394873 |
31/12/2012 |
500,000,000.00 |
GE MONEY
FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH
FLOOR, AGGARWAL MILLENIUM TOWER, E1 2 3 |
B65128324 |
|
3 |
10382978 |
23/10/2012 |
1,500,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B60688421 |
|
4 |
10062822 |
15/10/2007 * |
820,000,000.00 |
HSBC BANK
(MAURITIUS) LIMITED |
5TH FLOOR, LES
CASCADES BUILDING,, EDITH CAVELL S |
A25818626 |
|
5 |
90235087 |
18/10/2012 * |
220,000,000.00 |
LIFE INSURANCE
CORPORATION OF INDIA |
INVESTMENT
DEPARTMENT,6TH FLOOR, CENTRAL OFFICE, |
B62461249 |
|
6 |
80049461 |
28/09/2004 |
500,000,000.00 |
UTI BANK LIMITED |
148BARAKHAMBHA
ROAD, NEW DELHI, NEW DELHI - 110001, INDIA |
- |
|
7 |
90235022 |
16/02/2004 |
95,000,000.00 |
IDBI BANK
LIMITED |
1109 & 1110;
SURYA KIRAN BUILDING, 19; K.G. MARG, NEW DELHI, DELHI, INDIA |
- |
|
8 |
90235007 |
24/12/2003 |
250,000,000.00 |
IDBI BANK
LIMITED |
1109 & 1110;
SURYA KIRAN BUILDING, 19; K.G. MARG, |
- |
|
9 |
90058140 |
03/06/2003 |
250,000,000.00 |
ING VYASA BANK
LIMITED |
G-35, CONNAUGHT
PLACE, NEW DELHI, DELHI, INDIA |
- |
|
10 |
90234925 |
27/02/2003 |
5,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING; FLOOR 21, W.T.C. COMPLEX; CU |
- |
|
11 |
90238029 |
30/11/2002 * |
500,000,000.00 |
UTI BANK LIMITED |
13TH FLOOR;
MAKER TOWER F, CUFFE PARADE; COLABA, |
- |
|
12 |
90240959 |
30/11/2003 * |
500,000,000.00 |
UTI BANK LIMITED |
13TH FLOOR;
MAKER TOWER F, CUFFE PARADE; COLABA, |
- |
|
13 |
90234871 |
12/07/2002 |
31,500,000.00 |
PUNJAB NATIONAL
BANK |
ECE HOUSE, K.G.
MARG, NEW DELHI - 110001, INDIA |
- |
|
14 |
90238012 |
09/03/2004 * |
1,400,000,000.00 |
UTI BANK LIMITED |
13TH FLOOR;
MAKER TOWER F, CUFFE PARADE; COLABA, |
- |
|
15 |
90238178 |
06/05/2002 * |
1,400,000,000.00 |
UTI BANK LIMITED |
13TH FLOOR; MAKER
TOWER F, CUFFE PARADE; COLABA, |
- |
|
16 |
90240875 |
09/03/2004 * |
1,400,000,000.00 |
UTI BANK LIMITED |
13TH FLOOR;
MAKER TOWER F, CUFFE PARADE; COLABA, |
- |
|
17 |
90234847 |
12/03/2003 * |
500,000.00 |
STATE BANK OF
PATIYALA |
CENTRAL AVENUE
BRANCH, NAGPUR - 440018,, MAHARASHTRA, INDIA |
- |
|
18 |
90043264 |
05/06/2002 * |
525,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX;
CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
19 |
90043252 |
03/12/2001 |
300,000,000.00 |
UTI BANK LIMITED |
STATESMAN HOUSE,
BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
- |
|
20 |
90236129 |
21/04/2003 * |
250,000,000.00 |
THE HONKONG
& SHANGHAI BANKING CORPORATION LIMITED |
NEW DELHI, NEW
DELHI, DELHI, INDIA |
- |
|
21 |
90240831 |
21/04/2003 * |
250,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING COPRORATION LIMITED |
NEW DELHI, NEW
DELHI, DELHI, INDIA |
- |
|
22 |
90043233 |
07/11/2001 |
120,000,000.00 |
UTI BANK LIMITED |
STATESMAN HOUSE;
UPPER GROUND FLOOR, 48; BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
- |
|
23 |
90043172 |
20/08/2001 |
800,000,000.00 |
ICICI LIMITED |
ICICI TOWER; NBCC
PLACE, PRAGATI VIHAR; BHISHAM PITAMAH MARG, NEW DELHI - 110003, INDIA |
- |
|
24 |
90043107 |
18/12/2001 * |
500,000,000.00 |
UTI BANK LIMITED |
STATESMAN HOUSE,
148; BARAKHAMBA ROAD, NEW DELHI, INDIA |
- |
|
25 |
90057488 |
05/06/2001 |
300,000,000.00 |
ICITI LIMITED |
NBCC PLACE,
BHISHAM PITAMAH MARG, NEW DELHI - 110003, INDIA |
- |
|
26 |
90238175 |
30/03/2001 |
450,500,000.00 |
ALLAHABAD BANK |
2 NATAJI SUBHAS
ROAD, CALCUTTA, WEST BENGAL, INDIA |
- |
|
27 |
90232579 |
29/03/2001 * |
130,000,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121;
PENNSYLVANIA N. W., WASHINGTON D. C.; 20433, USA, , UNITED STATES OF AMERICA |
- |
|
28 |
90056939 |
28/09/1998 |
250,000,000.00 |
ABN AMRO BANK
N.V. |
327, M.G. ROAD, PUNE
- 411001, MAHARASHTRA, INDIA |
- |
|
29 |
90042257 |
18/12/2002 * |
510,000,000.00 |
IDBI BANK
LIMITED |
IDBI HOUSE;
FERGUSSON COLLEGE ROAD, DNYANESHWAR PADUKA CHOWK;SHIVAJI NAGAR, SHIVAJI NAGAR
- 400005, MAHARASHTRA, INDIA |
- |
|
30 |
80050629 |
06/01/1998 |
40,000,000.00 |
THE REPATRIATES
CO-OPERATIVE FINANCE & DEVELOPMENT |
33, NORTH USMAN
ROAD, T.NAGAR, CHENNAI - 600017, TAMILNADU, INDIA |
- |
|
31 |
90041779 |
08/10/1996 |
170,000,000.00 |
BANK
INTERNASIONAL INDONESIA |
RAHEJA CHAMBERS,
213; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
32 |
90240253 |
23/07/1996 * |
500,000,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
33 |
90240221 |
24/01/1989 * |
6,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
E" BLOCK,
CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
- |
|
34 |
90041674 |
16/04/1996 |
2,790,975.00 |
ABN-AMRO BANK |
STOCKOLM BRANCH,
P.O.B.NO.7826; STOCKHOLM, STOCKHOLM, MAHARASHTRA, INDIA |
- |
|
35 |
90041666 |
25/08/1997 * |
2,100,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
36 |
90041617 |
06/09/1996 * |
250,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE, WORLD
TRADE CENTRE; CUFFE PARADE, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
37 |
90041585 |
06/09/1996 * |
1,100,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE,
WORLD TRADE CENTRE; CUFFE PARADE, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
38 |
90234057 |
05/11/1994 |
71,000,000.00 |
BANK OF BARODA |
BANK OF BARODA
BUILDING, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
|
39 |
90232658 |
11/06/2001 * |
71,000,000.00 |
THE ICICI LTD. |
163, BACKBAY
RECLAMTION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
40 |
90239944 |
11/06/2001 * |
71,000,000.00 |
ICICI LIMITED |
163, BACKBAY
RECLAMTION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
41 |
90233856 |
08/09/1992 |
50,000,000.00 |
AMERICAN EXPRESS
BANK LIMITED |
HAMILTON HOUSE, CONNAUGHT
PLACE, NEW DELHI - 110001, INDIA |
- |
|
42 |
90233846 |
28/07/1992 |
40,000,000.00 |
ICICI LIMITED |
163, BACKBAY
RECLAMTION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
43 |
90233818 |
17/03/1992 |
19,000,000.00 |
PUNJAB NATIONAL
BANK |
ECE HOUSE; 28-A,
K.G. MARG, NEW DELHI, INDIA |
- |
|
44 |
90233808 |
14/02/1992 |
89,330,000.00 |
ICICI LIMITED |
163, BACKBAY
RECLAMTION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
45 |
90233749 |
28/07/1992 * |
2,925,000.00 |
ORIENTAL INSURANCE
COMPANY LIMITED |
ORIENTAL HOUSE;
A- 25/27; ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
- |
|
46 |
90233729 |
20/01/1995 * |
55,000,000.00 |
THE ICICI LTD. |
163, BACKBAY
RECLAMBATION, BOMBAY - |
- |
|
47 |
90235475 |
31/01/1993 * |
17,500,000.00 |
RISK CAPITAL
& TECHNOLOGY FINANCE CORPO. LTD. |
SCOPE COMPLEX;
CORE V, LODHI ROAD, NEW DELHI - 110003, INDIA |
- |
|
48 |
90239605 |
21/01/1993 * |
17,500,000.00 |
RISK CAPITAL
& TECHNOLOGY FINANCE CORPORATION LIMI |
SEOPE COMPLEX,
CORE V; LODHI ROAD, NEW DELHI - 110003, INDIA |
- |
|
49 |
90233715 |
28/07/1992 * |
19,000,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
50 |
90233679 |
02/07/1997 * |
420,000,000.00 |
THE ICICI
LIMITED |
163; BACKBAY
RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
51 |
90237865 |
09/08/1994 * |
60,000,000.00 |
THE INDUSTRIAL
CREDIT & INVESTMENT CORP. OF INDIA |
163; BACKBAY RECLAMATION,
MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
52 |
90367023 |
22/06/1989 |
4,360,100.00 |
INDUSTRIAL
FINANCE CORP. OF INDIA |
SANSAD MARG, NEW
DELHI, DELHI, INDIA |
- |
|
53 |
90233549 |
17/02/2003 * |
17,000,000.00 |
ALLAHABAD BANK |
2 NETAJI SUBHASH
ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA |
- |
|
54 |
90237855 |
17/02/2003 * |
17,000,000.00 |
ALLAHABAD BANK |
2 NETAJI SUBHASH
ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA |
- |
|
55 |
90233542 |
28/09/1995 * |
29,500,000.00 |
ALLAHABAD BANK |
CHANDRAPUR,
CHANDRAPUR, MAHARASHTRA, INDIA |
- |
|
56 |
90233506 |
07/04/2000 * |
6,700,000.00 |
CORPORATION BANK |
KARWAR NORTH
KANARA, KANARA, WEST BENGAL, INDIA |
- |
|
57 |
90233459 |
27/10/1987 |
23,000,000.00 |
THE INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
58 |
90233445 |
27/08/1990 * |
60,000,000.00 |
UNIT URUST OF
INDIA |
SIR VITHALDAS
THACKERSEY MARG, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
59 |
90233442 |
27/08/1990 * |
30,000,000.00 |
GENERAL
INSURANCE CORPORATION OF INDIA |
INDUSTRIAL
ASSURANCE BUILDING, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
60 |
90239113 |
24/01/1989 * |
6,000,000.00 |
PUNJAB NATIONAL
BANK |
BALLARPUR, BALLARPUR,
MAHARASHTRA, INDIA |
- |
|
61 |
90233125 |
05/04/1990 * |
1,000,000.00 |
UNION BANK OF
INDIA |
239, BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA, INDIA |
- |
|
62 |
90238748 |
05/04/1990 * |
14,000,000.00 |
BANK OF BARODA |
CHANDRAPUR, CHANDRAPUR,
MAHARASHTRA, INDIA |
- |
|
63 |
90238720 |
24/01/1989 * |
28,750,000.00 |
ALLAHABAD BANK |
AMBALA CANTT,
AMBALA, HARYANA, INDIA |
- |
|
64 |
90238699 |
05/04/1990 * |
29,500,000.00 |
ALLAHABAD BANK |
CHANDRAPUR,
CHANDRAPUR, MAHARASHTRA, INDIA |
- |
|
65 |
90232935 |
24/01/1969 |
17,000,000.00 |
ALLAHABAD BANK |
2; NETAJI
SUBHASH ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
30.06.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Non-convertible debentures |
1250.000 |
2000.000 |
|
Deferred payment liabilities |
29.200 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loan |
4019.700 |
3354.200 |
|
Fixed deposits* |
1.800 |
3.100 |
|
|
|
|
|
Total |
5300.700 |
5357.300 |
COMPANY OVERVIEW
Ballarpur Industries Limited (‘BILT’ or the company), a public limited
company is engaged primarily in the business of manufacturing of writing and
printing (W&P) paper, pulp and paper products.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
Global economic growth increased marginally from an annualised rate of
2.5% in the second half of calendar year (CY) 2012 to 2.75% in the first
quarter of CY2013. Continuing underperformance was principally due to two
factors. First, growth continued to disappoint in major emerging market
economies — reflecting, in varying degrees, infrastructure bottlenecks and
other capacity constraints, slower demand growth, concerns regarding financial
stability, as well as apprehensions relating to fiscal deficits, monetary
policies and current account deficits. Second, continuing recession in the Euro
area was both longer and deeper than expected, with low demand, depressed
confidence, high unemployment and weak balance sheets of banks interacting to
dampen the animal spirits. The one positive has been the USA. Everything points
to a steady economic recovery though the pace continues to remain slow.
Economic conditions in India were particularly disappointing. GDP growth
reduced yet again — first to 5% in April 2012–March 2013, which is the lowest
in the last decade, and then to 4.4% in the first quarter, or April 2013–June
2013. India is going through a phase of low investments, growing trade deficit,
weakening government finances, fast depreciating domestic currency, higher than
normal net capital outflows with little or no policy or administrative reforms
in the last four years.
In addition, currency and exchange rates have been playing an
increasingly important role in the pulp and paper Industry. This is not only
linked to the relation between the Indian Rupee and US Dollar but also the
interplay of various pulp and paper cost currencies like the Brazilian Real,
the Indonesian Rupiah, the Chilean Peso, the Chinese Yuan and the Vietnamese
Dong vis-à-vis the US Dollar. To be on the right side of the raw materials
curve, one not only needs to correctly read the raw material cycles but also
the exchange rate fluctuations.
These conditions have adversely affected both business and consumer
sentiments. Regarding the global paper business, this macro-economic scenario
has contributed to a further reduction in demand for writing and printing paper
— over and above the fall in growth at the margin on account of rapidly growing
digitisation.
Not surprisingly, with a large proportion of its markets concentrated in
India and Malaysia, BILT (or ‘the Company’) faced severe demand side
uncertainties. To its credit, despite an adverse environment, BILT recorded
2.6% revenue growth in financial year (FY July– June) 2013 versus FY2012. In
addition to depressed demand, the Company faced rising cost of several key
inputs such as pulp and energy — overcoming which required many cost saving
measures.
The salient features of the financial performance are:
· Net sales increased by 2.6% to Rs.48548.000 Millions in FY2013.
· Profit before interest, depreciation and tax (PBDIT) increased by 9.3% to Rs.8756.000 Millions in FY2013.
· With cost savings, operating margin (PBDIT/Net sales) increased by 110 basis points from 16.9% in FY2012 to 18% in FY2013.
· However, the scale of operations were still not at the level that could absorb the significant capacity additions. Thus, profit after tax (PAT) in FY2013 fell by 41.2% to Rs.936.000 Millions, primarily on account of higher depreciation and finance cost.
Simply put, FY2013 was a difficult year for the Company. However, the
ability to withstand adversities and grow operating profits further strengthens
BILT’s business vision, which is focused on long term value creation and
sustainability.
The project implementation for strategic augmentation of capacity and
vertical integration have reached finality, and the Company is expected to start
leveraging these from the next financial year. Moreover, across all business
units, BILT has made progress on resource conservation and sustainable
development — the details of which are given in the course of this chapter.
Thus, the Company is now in a position to generate sustainable growth on two
counts: first in maintaining and growth of sales and profits; and second in
giving back to the environment what it uses in the production of pulp and
paper.
Today, with the business restructuring process complete, BILT’s key
businesses are differentiated as follows:
· Writing and printing paper business, including copier paper in India, which is operated through BILT Graphic Paper Products Limited (BGPPL), a step-down subsidiary of the Company.
· Pulp and writing and printing paper business in Malaysia through Sabah Forest Industries Sdn. Bhd., Malaysia, (SFI), another step-down subsidiary of the Company.
· Rayon grade pulp business at Kamalapuram, operated directly under BILT.
· Tissue business through Premier Tissues (India) Limited (PTIL), a subsidiary of the Company.
Detailed performance of these businesses and its production units are
given in the sections that follow, along with brief notes on the development in
key support functions like human resource management, information technology
(IT), research and development, farm forestry and internal controls.
PAPER AND PULP BUSINESS: INDIA
MARKET DEVELO PMENTS
BILT is one of India’s premier companies in the writing and printing paper
segment. In addition, it also produces and markets specialty paper and tissue
paper.
The trend of shrinking global demand for writing and printing paper that
was witnessed in FY2012 continued in FY2013. Demand reduced by 2.3% in CY2012
and by 1.2% for the first seven months of CY2013, compared to the same period
of the previous calendar year. While the market is contracting at an aggregate,
there are divergent trends within different regions across the globe.
A clear development is the shift in growing demand from advanced
countries to emerging economies.
This is evident that for the first seven months of CY2013, North America
and Europe registered declining demand of 2.4% and 5.6% respectively, while the
Asian economies, including India and China, grew by 3.7%. Indeed, the demand
growth in Asian countries is an improvement over the 2.7% registered in the
first seven months of CY2012.
Much of this divergent trend is attributable to fundamental differences
in the stage of economic development across these regions. In advanced
countries, where technology adoption is much greater, rapid penetration of
computers and spread of digital media have adversely affected paper demand. In
emerging Asian economies like India, there is still massive under-penetration
of paper use. This is reflected in the per capita consumption of paper. In
India, per capita consumption stands at only 9.3 kg — versus 22 kg in
Indonesia, 25 kg in Malaysia, 42 kg in China and 312 kg in the US.
Interestingly, while India has 17% of the world’s population, it consumes less
than 3% of the world’s paper.
The divide between India and other emerging market nations is getting
bridged with relatively rapid economic development. India’s per capita
consumption of paper has almost doubled in the last decade and this growth is
expected to continue. Today, India is the 15th largest paper consumer in the
world, which amounted to some 12 million metric tonnes per annum (MTPA) in
FY2013. It is also one of the fastest growing markets in the world, with
estimates suggesting a market size increase to 22 million MTPA by 2022.
The last few years have witnessed several new investments in capacity
creation in the Indian writing and printing paper industry. With increased
capacity coming on-stream, there has been a supply-demand mismatch resulting in
intense competition and pricing pressure. Capital intensive industries like
paper periodically witness such market conditions where the long term capacity
trend follows a step function, while demand has a steady trend growth. This
leads to periods of excess capacity and intense competition till demand growth
catches up with capacity.
BILT continues to implement a well-structured strategic plan focussed on
maintaining its leadership position across carefully selected sub segments of
the writing and printing paper industry in India. The strategy is based on
leveraging the benefits of a significant level of vertical integration in the
production system; regular introduction of new products with a focus on value
addition: and is buttressed by a widespread, cost effective distribution
network that penetrates deep into the markets that matter.
The Company also strategically exports some of its output to leverage
global opportunities, develop a market position in some countries, and balance
out the supply in India. In FY2013, BILT exported to 80 countries across the
globe — with exports accounting for over 8% of its volumes produced in India.
In addition, BILT also increased its penetration in the Malaysian market through
SFI.
The Company’s writing and printing paper business can be divided into
five categories: coated wood-free, uncoated wood-free, copier paper, business
stationery and creamwove. BILT is also into the tissue paper business.
COATED WOOD-FREE
Coated wood-free consumption in India increased by about 10% to 623,000
MTPA in FY2013, and BILT continued to maintain and develop its leadership
position in this category. It includes blade coated, air knife and cast coated
products. While the high technology blade coated products grew by 8%, air knife
grew by 6%.
The coated market can be segregated in two ways. One is in terms of
one-side coated (C1S) and both-sides coated (C2S). The second is a division in
terms of paper products and board products. Within blade coated products, which
is the higher order technology, the C2S paper market grew by over 12% to
316,830 MTPA and the C2S board market grew by over 13% to 118,000 MTPA in
FY2013.
With rapid expansion in the market, the value-added coated woodfree
market is increasingly getting transformed into a more commodity-like space
that is witnessing a major growth in the imports volumes, especially from
China. BILT continues to counter this by introducing new products, enhancing
customer service through a multi format distribution network, and by
continuously focusing on reducing costs through larger scale of operations and
better efficiencies in production.
UNCOATED WOOD-FREE
During FY2013, the Indian uncoated market — comprising Low Bright and Hi
Bright segments — grew by 5% to 1,185,000 MTPA. The market is largely
restricted to domestic players and is highly fragmented with a multitude of
products and manufacturers. International competition has little role in this
market, which remains fairly insulated from global developments.
BILT remains the largest organized player in this space by continuing to
offer a wide range of products. While maintaining a commanding presence in each
product category, the Company has laid greater importance on optimizing its
product mix for greater profitability. Consequently, the Company has been
focusing on the higher value Hi Bright segment, which accounts for around 61%
of the entire uncoated maplitho segment. Hi Bright grew by 8% in FY2013, and
BILT maintained its leadership position in the category.
Most of BILT’s major brands in this segment maintained their market
shares. This includes Sunshine Super Printing Paper, which is used for offset
printing and Three Aces Natural Shade Deluxe (T.A. NSD).
COPIER
Copier is a forward integration of the uncoated wood-free paper segment.
This includes maplitho paper cut in sizes with product characteristics that are
best suited for desktop printing and copying. This is a fast growing segment.
The mill packed copier market in India grew by 15% during FY2013 to 576,000
MTPA. Today, there is intense competition in this category with participation
of all major players in the Indian paper industry. There are almost 40 brands
at various price points.
BILT has four major brands in the market — Copy Power, Image Copier, Ten
on Ten and BILT Matrix — and has maintained its second spot in this highly
competitive market. Moreover, with steady ramping up of production, the Company
is positioned to claim market leadership in this segment.
CREAMWOVE
This is a high volume, low value product segment. In volume terms, it is
by far the largest segment in India. It is characterized by several producers,
each with suboptimal capacities, and a highly price sensitive market. This
market is stagnant and is estimated at 1.6 million MTPA in FY2013. BILT has
strategically maintained a minimal presence in this segment.
OPERATIONS
As a consolidated entity, BILT’s paper manufacturing operation spans
five production units in India. These include Ballarpur (Maharashtra), Bhigwan
(Maharashtra), Shree Gopal (Haryana), Sewa (Odisha) and Ashti (Maharashtra).
The details of operational developments across the different units are given
below.
UNIT: BALLARPUR
During FY2013, Ballarpur produced 244,228 MT of paper with the new state
of- the-art paper machine (PM) -7 producing 132,019 MT of paper. This machine
and its finishing section has enhanced paper quality and provided better
packing with improved productivity levels.
On the product development front, Ballarpur successfully manufactured
new shades and products, including Carry Bag Paper, BILT Fine Print, BILT Edge,
Coating Base NCR, Copier grade paper for the stationery segment and wrapper
paper. These have been tuned to meet customer needs in the domestic as well as
export markets.
Un-bleached pulp production was 118,854 MTPA. Improved operational
efficiencies resulted in better pulp quality with consistent brightness and
increased pulp strength for better operations of paper machines. As a part of
fibre conservation, ash levels in paper have been increased through
incorporation of new process technologies. This helps reduce fibre consumption
along with improvement in paper quality.
Environment management and resource conservation continued to be key
focus areas.
AWARDS AND AC HIEVEMENTS: BALLARPUR
· First integrated pulp and paper industry in India to implement and certified Energy Management System (EnMS) as per ISO 50001:2011.
· It has a certified Integrated Management System of ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007.
· IPMA Award for Energy Conservation.
· Energy Efficient Unit Award 2012 from CII GBC Hyderabad for Energy Conservation Project.
· Certified for ‘FSC COC’ and Control Wood certificate by the Forest Stewardship Council.
· Shortlisted among top six companies globally by RISI-Pulp and Paper International for the Best Efficiency Improvement of the Year Award.
PULP BUSINESS: INDIA
The Indian pulp business with its manufacturing base at Kamalapuram
focuses mainly on rayon grade pulp.
Production reduced by 8.9% to 80,859 MT in FY2013. This was primarily
due to reduced availability of raw material and some issues regarding output
from a section of chemical recovery. The problems in chemical recovery were partially
rectified by a set of planned shutdowns during end of FY2013 along with
maintenance activity on plant and machinery. Since then, the declining
production trend has been reversed.
Raw material availability has been poor across the industry, and a few
units in the writing and printing sector have made initial inroads in the area
of wood chips imports for pulp production. While at Kamalapuram, BILT has been
exploring this option, there is a relative disadvantage due to its fairly
distant location from the nearest port.
Consequently, it focussed on sourcing from neighbouring states to
augment supplies.
PAPER AND PULP BUSINESS ABROAD: SFI, MALAYSIA
SFI paper production in FY2013 was 127,033 MT, which is 9.4% higher than
FY2012. Out of the total paper production in FY2013, export orders were 36,711
MTPA which is 27.4% higher than the previous year.
During FY2013, SFI successfully ramped up the upgraded Pulp Mill to
about 73% capacity utilization. Total bleached pulp production from SFI was
176,338 MT which was 67.5% higher than FY2012. In line with the strategy of
vertical integration across BILT’s different entities, SFI exported 73,280 MT
of market pulp to BILT’s paper manufacturing machines in India during FY2013.
The mill also undertook a planned annual shut for 20 days from 1 April
2013 to meet the statutory compliance of boilers and pressure vessels
inspection by Department of Safety and Health. The following certifications
were achieved during FY2013:
· SFI was awarded OSHAS 18001– 2007 and MS 1711:2011 certification in August 2012 followed by Environment Management system certification under ISO 14001-2004 in January 2013. SFI is now ISO 9001-2008, OSHAS 18001-2007 and ISO 14001-2004 certified.
· It was awarded the Forest Stewardship Council’s (FSC’s) Chain of Custody, or COC certification in December 2012 to sell the products as 100% FSC and FSC mix. First production of 100% FSC pulp and paper was done in January 2013.
TISSUE BUSINESS
The tissue market in India is shared evenly between institutional and
retail consumers. While the institutional market is in a relatively advanced
stage of development, the retail consumer market in India is still at a very
nascent stage.
During FY2013, growth in the Indian tissue market growth was impacted
adversely due to the prevalent slowdown
in the Indian economy as well as certain developments specific to the
tissue industry. These were:
· The institutional market’s shift from high consumption/ wastage products to more efficient products and dispensing systems — bringing about drop in tissue consumption.
· Cost pressures, which induced drop in tissue gsm from 17/18 gsm to 16 for napkin and bathroom tissue grades, which constitute over 75% of the market.
Like the rest of the industry, Premier Tissues (India) Limited’s (PTIL)
business was under stress in FY2013. It has taken definitive steps for
corrections to get back on the growth path in FY2014. For instance, PTIL took
aggressive steps to improve its presence in modern trade during FY2013, the
only sub-segment which continued to grow strongly. These efforts have started
paying dividend with over 25% growth in business with modern trade during the
last quarter of FY2013. In the institutional segment, PTIL has made good
progress on large national level accounts with a finely tuned strategy to
leverage its manufacturing strength and distribution capabilities.
During FY2014, PTIL shall continue with these strategies as there is
enough room for business expansion.
INFORMATION TECHNOLOGY (IT)
FY2013 saw some significant steps in the utilisation of IT at BILT. The
Company expanded its Enterprise Resource Planning (ERP) footprint in the
organisation by adding modules on Indenting, Purchasing and Spend Analytics.
This brought entire ‘Purchase to Pay’ activities under one application —
reducing potential process delays and technical errors. In addition, the ERP
was extended to the Malaysia operations, thus bringing the entire organisation
on a single platform.
A cutting edge Human Resource Management (HRM) application was
implemented for the Malaysia operations, which included activities ranging from
employee and leave management to payroll processing. During FY2013, the captive
power business of APIL moved to the Company and IT integration of this with the
existing business was also achieved seamlessly.
In addition to strategic IT initiatives, there were a host of automation
and analytics initiatives that were implemented in sales and marketing, HR,
finance and accounting and production. These are expected to bridge various
process gaps and help in identification of potential cost reduction
opportunities.
BILT has been an environmentally responsible organisation. To continue
its support in planting more trees, a large scale activity of geo-spatial
mapping of forests in India and Malaysia was initiated in FY2013.
FARM FORESTRY
Through its subsidiary, BILT Tree Tech Limited (BTTL), the Company
continues to work with the farming community to plant tree species that are
suitable for pulpwood. With activities spanning over a decade, there are
thousands of farmers today who are associated with
BTTL’s farm forestry programme. BTTL has a strong network of qualified
forestry staff to motivate the farmers and provide service support at their
doorstep.
BTTL is currently operating its farm forestry programme in the states of
Odisha, Madhya Pradesh, Chhattisgarh, Andhra Pradesh and Maharashtra. In order
to strengthen the programme and increase its acceptability among farmers,
especially tribals in the catchment areas of its mills, BTTL supplies fast
growing, site specific quality planting stock with technical know-how. It has
environmentally controlled global standard nurseries in Maharashtra and Odisha
with a capacity to produce 20 million plants of clonal saplings. It also
supplies quality seedlings of leucaena (subabul) in Andhra Pradesh and
Maharashtra, casuarina in Andhra Pradesh and the Odisha Coast and acacia in
Odisha.
The production programme is supported by strong R&D to improve the
genetic stock of planting material to yield more productivity. BTTL has formed
research collaborations with premier Indian research institutes like Institute
of Forest Genetics and Tree Breeding (IFGTB), Coimbatore and the Forest
Research Institute (FRI), Dehradun.
It is also collaborating with scientists from South Africa for its
eucalyptus tree breeding programme.
BTTL also facilitates financial assistance for small and marginal
farmers through bank loans to encourage them to take up plantations in their
rain fed fallow lands. It also gives assured buy back of wood at a declared
support/ market price, whichever is higher.
The main objective of the BTTL farm forestry programme is to grow wood
on a sustainable basis in the catchment area of the paper mills. To achieve
this and to generate awareness, a series of exposure visits of farmers are
conducted to the production nurseries and well established plantations. Regular
training programmes are also conducted for farmers to educate and update them on
the techniques of raising pulpwood plantations to yield maximum productivity
from their land.
In FY2013, BTTL raised pulpwood plantations in approximately 10,000
hectares (25000 acres) of farmland — thus benefiting around 15,000 small and
marginal farmers in the catchment area of BILT’s paper mill units. BTTL
received the World Bank 2013 India Development Market Place Award for its
Chhattisgarh farm forestry operations.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 31ST DECEMBER,
2013
(RS.
IN MILLIONS)
|
|
Standalone |
|||
|
Sl. No. |
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Year to date for current period ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income
from operations |
|
|
|
|
|
(a)
Net sales/income from operations (Net of excise duty) |
2462.700 |
2630.900 |
5093.600 |
|
|
(b)
Other Operating Income |
26.000 |
20.200 |
46.200 |
|
|
Total
income from operations (net) |
2488.700 |
2651.100 |
5139.800 |
|
2 |
Expenses |
|
|
|
|
|
(a)
Cost of Material Consumed |
1022.500 |
1125.300 |
2147.800 |
|
|
(b)
Purchases of stock in trade |
291.300 |
291.900 |
583.200 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(87.400) |
(4.100) |
(91.600) |
|
|
(d)
Employee benefits expense |
254.900 |
256.300 |
511.200 |
|
|
(e)
Depreciation and amortisation expense |
174.000 |
175.500 |
349.500 |
|
|
(f)
Other Expenditure |
|
|
|
|
|
Power
and Fuel |
485.800 |
462.100 |
948.000 |
|
|
Store
and Spares |
27.900 |
31.700 |
59.600 |
|
|
Other
Expenditure |
137.000 |
133.400 |
270.400 |
|
|
Total
expenses |
2306.000 |
2472.100 |
4778.100 |
|
3 |
Profit/(Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
182.700 |
179.000 |
361.700 |
|
4 |
Other
income |
-- |
-- |
-- |
|
5 |
Profit/(Loss)
from ordinary activities before finance costs and exceptional items (3
+ 4) |
182.700 |
179.000 |
361.700 |
|
6 |
Finance
cost |
136.000 |
133.000 |
269.100 |
|
7 |
Profit/(Loss)
from ordinary activities after finance costs but before exceptional items (5
- 6) |
46.700 |
46.000 |
92.600 |
|
8 |
Exceptional
items |
-- |
-- |
-- |
|
9 |
Profit
/ (Loss) from ordinary activities before
tax (7 + 8) |
46.700 |
46.000 |
92.600 |
|
10 |
Tax
expense (Net of MAT entitlement Credit ) |
(56.400) |
(34.700) |
(91.100) |
|
11 |
Net
Profit / (Loss) from ordinary activities after tax (9 - 10) |
103.100 |
80.700 |
183.700 |
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net
Profit / (Loss) for the period (11 - 12) |
103.100 |
80.700 |
183.700 |
|
14
15 |
Share
of profit / (loss) of associates Minority interest |
-- |
-- |
-- |
|
16 |
Net
Profit / (Loss) after taxes, minority interest and share of profit / (loss)
of associates (13+14-15) |
103.100 |
80.700 |
183.700 |
|
17
18 |
Debt
service coverage ratio Interest
service coverage ratio |
|
|
1.21 2.64 |
|
19
20 |
Paid
up Equity Share Capital (Face
Value of Rs 2/- per share) Reserves
excluding Revaluation Reserves as per balance
sheet of previous accounting year |
|
|
1311.200 14845.100 |
|
21 |
Earnings
per share |
|
|
|
|
|
(a) Basic (b) Diluted |
0.16 0.16 |
0.12 0.12 |
0.28 0.28 |
|
|
Standalone |
|||
|
Sl. |
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Year to date for current period ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
PART
II |
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING (the details |
|
|
|
|
|
relate
only to shares of the Company) |
|
|
|
|
21 |
Public
Shareholding : |
|
|
|
|
|
-
Number of Shares |
331513172 |
331513172 |
331513172 |
|
|
-
Percentage of Shareholding |
50.57% |
50.57% |
50.57% |
|
23 |
Promoter
and Promoter group Shareholding |
|
|
|
|
|
a)Pledged
/encumbered |
|
|
|
|
|
-
Number of Equity Shares of Rs. 2/-each |
-- |
-- |
-- |
|
|
-
Percentage of Shareholding (As a percentage of total shareholding of promoter
and promoter group) |
0.00% |
0.00% |
0.00% |
|
|
(As
a percentage of total share capital of the company) |
0.00% |
0.00% |
0.00% |
|
|
b).Non-encumbered |
|
|
|
|
|
-
Number of Equity Shares of Rs. 2/-each |
324010667 |
324010667 |
324010667 |
|
|
-
Percentage of Shareholding |
|
|
|
|
|
(As
a percentage of total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
(As
a percentage of total share capital of the company) |
49.43% |
49.43% |
49.43% |
|
Particulars B. INVESTOR COMPLAINTS [Nos.] |
3 Months Ended 31.12.2013 |
|
Pending
at the beginning of the quarter |
- |
|
Received
during the quarter |
3 |
|
Disposed
of during the quarter |
3 |
|
Remaining
unresolved at the end of the |
- |
|
quarter |
|
QUARTERLY REPORTING ON SEGMENT WISE REVENUES, RESULTS AND CAPITAL
EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
|
|
Standalone |
|||
|
Sl. |
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Year to date for current period ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Segment Revenues |
|
|
|
|
|
(a)
Paper |
1083.800 |
1133.600 |
2217.400 |
|
|
(b)
Paper Products and Office Supplies |
501.400 |
469.900 |
971.300 |
|
|
(c)Pulp
including Rayon Grade |
877.500 |
1027.400 |
1904.900 |
|
|
(d)
Unallocated |
-- |
-- |
- |
|
|
Total |
2462.700 |
2630.900 |
5093.600 |
|
|
Less:
Inter Segment Revenue |
-- |
-- |
-- |
|
|
Net Sales/ Income from
operation |
2462.700 |
2630.900 |
5093.600 |
|
2 |
Segment Results
((Profit)(+)/ Loss (-) before tax and interest) |
|
|
|
|
|
(a)
Paper |
297.000 |
210.800 |
507.800 |
|
|
(b)
Paper Products and Office Supplies |
20.100 |
18.800 |
38.900 |
|
|
(c)
Rayon Grade Pulp |
(120.700) |
(36.900) |
(157.600) |
|
|
(d)
Unallocated |
-- |
-- |
-- |
|
|
Total |
196.400 |
192.700 |
389.100 |
|
|
Less:
i) Interest |
136.000 |
133.000 |
269.100 |
|
|
ii)
Other un-allocable expenditure net of un-allocable income |
13.700 |
13.700 |
27.400 |
|
|
Total Profit Before Tax |
46.700 |
46.000 |
92.600 |
|
|
|
|
|
|
|
3 |
Capital
Employed |
|
|
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
|
|
(Based
on reasonable estimates ) |
|
|
|
|
|
(a)
Paper |
10584.100 |
10836.500 |
10584.100 |
|
|
(b)
Paper Products and Office Supplies |
1267.600 |
1261.800 |
1267.600 |
|
|
(c)
Rayon Grade Pulp |
6427.500 |
6202.900 |
6427.500 |
|
|
(d)
Unallocated |
7687.200 |
7639.600 |
7687.200 |
|
|
Total |
25966.400 |
25940.800 |
25966.400 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
|
Particulars |
Standalone |
|
|
|
31.12.2013 |
|
A |
EQUITY
AND LIABILTIES |
|
|
1 |
Shareholders’
funds |
|
|
(a) |
Share
Capital |
1311.200 |
|
(b) |
Subordinated
Perpetual Capital Securities |
0.000 |
|
(c) |
Reserves
and surplus |
14845.100 |
|
|
Sub-total-Shareholders
funds |
16156.300 |
|
2 |
Share
application money pending allotment |
-- |
|
3 |
Minority
Interest |
-- |
|
4 |
Non
Current liabilities |
|
|
(a) |
Long
-Term Borrowings |
2307.800 |
|
(b) |
Deferred
Tax Liabilities (Net) |
912.700 |
|
(c) |
Other
long-term liabilities |
37.700 |
|
(d) |
Long
-Term Provisions |
324.100 |
|
|
Sub-total-Non-Current
Liabilities |
3582.300 |
|
5 |
Current
liabilities |
|
|
(a) |
Short
-Term Borrowings |
5377.100 |
|
(b) |
Trade
Payables |
1915.600 |
|
(c) |
Other
Current liabilities |
2004.400 |
|
(d) |
Short
-Term Provisions |
63.000 |
|
|
Sub-total-Current
Liabilities |
9360.100 |
|
|
TOTAL-EQUITY
AND LIABILITIES |
29098.700 |
|
B |
ASSETS |
|
|
1 |
Non
Current Assets |
|
|
(a) |
Fixed
Assets |
13632.900 |
|
(b) |
Goodwill
on consolidation |
-- |
|
(c) |
Non-Current
Investments |
8137.800 |
|
(d) |
Deferred
Tax Assets (Net) |
-- |
|
(e) |
Long-term
Loans and Advances |
442.800 |
|
(f) |
Other
Non-Current Assets |
-- |
|
|
Sub-total-Non
Current Assets |
22213.500 |
|
2 |
Current
Assets |
|
|
(a) |
Current
Investments |
-- |
|
(b) |
Inventories |
3059.200 |
|
(c) |
Trade
Receivables |
1591.700 |
|
(d) |
Cash
and Cash Equivalents |
57.200 |
|
(e) |
Short-term
Loans and Advances |
2174.000 |
|
(f) |
Other
Current Assets |
3.100 |
|
|
Sub-total-Current
Assets |
6885.200 |
|
|
TOTAL-ASSETS |
29098.700 |
NOTES:
1)
The Pulp
mill modernisation project at Unit Ballarpur forming part of BILT Graphic Paper
Products Limited (BGPPL) is ramping up gradually and would be capitalized
during the quarter ending March 14.
2)
Provision
for taxation is net of MAT entitlement credit of the Company's step down
subsidiary BGPPL amounting to Rs.95.700 Millions and Rs.138.500 Millions for
the Current quarter and upto December'l3 respectively.(Corresponding quarter period ended December'l2 Rs.77.300
Millions and Rs.156.800 Millions respectively). The provision for consolidated
deferred tax liability for the quarter and period ended Decembef13 includes
Rs.47.300 Millions and Rs. 138.100 Millions deferred tax asset recognised by
the company at its step down subsidiary Sabah forest industries (Corresponding
quarter period ended previous year Rs.69.800 Millions /Rs. 69.800
respectively.) Also the company has recognised deferred tax assets during the
quarter period ended December 13 Rs.72.200 Millions and Rs.122.500
respectively. (Corresponding quarter/ period ended December 12 Rs. NIL).
3)
Formulae
for Computation of Ratios are as follows:
· Debt Equity Ratio = Debt / Equity (including compulsory convertible debenture)
· Debt Service Coverage Ratio = (Earnings before Depreciation, Amortisation, interest and Tax - Current Cash Taxes) / (Interest Expense + Principal Repayments made during the period for long term loans).
· Interest Service Coverage Ratio = Earnings before Depreciation, Amortisation, Interest and Tax / interest Expense.
4)
These
results have been reviewed by the Audit Committee, approved by the Board of
Directors in its meeting held on 31" January'2014 and have undergone
"Limited Review/' by the statutory Auditors of the company.
5)
Previous
year figures have been regrouped/ rearranged wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
30.06.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
|
|
|
|
|
(a) Claims against the Company not acknowledged as debts |
1083.100 |
1021.000 |
|
(b) Guarantees |
185.600 |
137.900 |
|
|
|
|
|
Total |
1268.700 |
1158.900 |
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant & Equipments
· Furniture & Fixtures
· Vehicles
· Office Equipment
· Computer
· Railway Sidings, Trolley
· Lines, Tramway and
· Tipping Tubs
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 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. 61.20 |
|
|
1 |
Rs. 102.35 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.