MIRA
INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ECOBOARD INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
WESTERN BIO-SYSTEMS LIMITED |
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Registered
Office : |
36/1, preet Chambers, 2nd
Floor, Pune – |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
20.11.1991 |
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|
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Com. Reg. No.: |
11-064087 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.178.320 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24239MH1991PLC064087 |
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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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|
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Line of Business
: |
Manufacturers and sells particle board and bio systems. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating reflects weak financial risk profile marked by thin
profitability margins and stretched liquidity position of the company. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
C+ (Fund Based Limits) |
|
Rating Explanation |
Poor credit quality and limited prospects of
recovery. |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Non Fund Based Limits) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
February 2014 |
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 DENIED
Management Non
Co-Operative (91-20-25513669)
LOCATIONS
|
Registered Office (Bio – Division) |
36/1, Preet Chambers, 2nd Floor, Wakdewadi, Pune Mumbai
Road, Pune-411 003, Maharashtra, India |
|
Tel. No.: |
91-20-25513669/ 40079454 |
|
Fax No.: |
91-20-25513669 |
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E-Mail : |
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|
Website : |
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|
Area : |
6000 sq. ft. |
|
Location : |
Owned |
|
|
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|
Corporate office/ Pune
Branch : |
65/1 A, “Akarshak”, ECO House, Opposite Nal Stop, |
|
Tel. No.: |
91-20-25432345 |
|
Fax No. : |
91-20-25465328 |
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E-Mail : |
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Branch Office : |
Located at: · Chennai · Bengaluru · Bhubaneshwar · Kochi · Vizag · Kolkatta · Bhopal · Delhi · Chandigarh · Mumbai · Kolhapur · Nagpur · Ahmedabad ·
Islampur |
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|
|
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Factory 1: |
Near Akluj, Post Velapur, Taluka Malshiras, District Solapur – 413118, Maharashtra, India |
|
Tel. No.: |
91-2185-245261/ 245262/ 245263 / 245265 |
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Fax No. : |
91-2185-245203 |
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E-Mail : |
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|
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Factory 2 : |
Jambhulwadi, Near Islampur, Walwa, Sangli-415 407, Maharashtra, India |
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Tel. No.: |
91-2342-252818 |
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Fax No.: |
91-2342-252819 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. V.S Raju |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. G.R. K. Raju |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. P. Satyanarayana Raju |
|
Designation : |
Director |
|
Address : |
Plot No. 211 J, Road No. 6, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.08.1959 |
|
Qualification : |
B.E. (Mech) |
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Date of Appointment : |
27.06.2003 |
|
|
|
|
Name : |
Mr. Srinivas Raju P. |
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Designation : |
Director |
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|
Name : |
Mr. Praveen Kumar Raju Gottumukkala |
|
Designation : |
Director |
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|
Name : |
Dr. N.A Ramaiah |
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Designation : |
Independent Director |
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|
Name : |
Mr. Ramchandra Raju P.S |
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Designation : |
Independent Director |
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|
Name : |
Mr. U.S Kadam |
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Designation : |
Independent Director |
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|
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|
Name : |
Mr. V.P Rane |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Narasimhan Krishnan |
|
Designation : |
Independent Director |
|
Address : |
35,National Co-Operative housing society, Baner Road, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1940 |
|
Qualification : |
Eng. Graduate (B.E.) |
|
Date of Appointment : |
09.08.2011 |
KEY EXECUTIVES
|
Name : |
Mrs. Asmita Sagar Raje |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
10066502 |
56.45 |
|
|
10066502 |
56.45 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
10066502 |
56.45 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1900 |
0.01 |
|
|
7800 |
0.04 |
|
|
9700 |
0.05 |
|
|
|
|
|
|
1605665 |
9.00 |
|
|
|
|
|
|
4472263 |
25.08 |
|
|
1296785 |
7.27 |
|
|
381085 |
2.14 |
|
|
8049 |
0.05 |
|
|
1650 |
0.01 |
|
|
49938 |
0.28 |
|
|
250000 |
1.40 |
|
|
71448 |
0.40 |
|
|
7755798 |
43.49 |
|
Total Public
shareholding (B) |
7765498 |
43.55 |
|
Total (A)+(B) |
17832000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17832000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and sells particle board and bio systems. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Maharashtra · Andhra Bank ·
State Bank of India |
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Facilities : |
(Rs.
In Millions)
Notes: Vehicle loan from bank is repayable by way of 36 equated monthly instalments ending July 2014. |
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|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chaturvedi SK and Fellows Chartered Accountants |
|
Address : |
410, Dev Plaza, SV Road, Andheri (West), Mumbai - 400 058, Maharashtra, India |
|
Tel. No.: |
91-22-66943452 |
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Fax No.: |
91-22-66943453 |
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|
Associates-
Companies/ firms in which key management persons are having control /
substantial interest : |
Vesar Furnitek Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23000000 |
Equity Shares |
Rs.10/- each |
Rs.230.000 Millions |
|
200000 |
Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17832000 |
Equity Shares |
Rs.10/- each |
Rs.178.320 Millions |
|
|
|
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|
Rights, preferences
and restrictions attached to shares
The Company has issued only one class of Equity shares. Each Share has a paid up value of Rs.10/-. Every shareholder is entitled to one vote per share. Each share is entitled to dividend at the rate as may be declared by the Board and approved by the shareholders at the Annual General Meeting.
Details of
shareholders holding more than 5% equity shares in the Company :
|
|
As at 31.03.2013 |
|
|
|
No. of Shares |
Percentage of holding |
|
Jayalakshmi Gottumukkala |
2765637 |
15.51% |
|
Ramakrishna Raju Gottumukkala |
2476225 |
13.89% |
|
Satyavathi Vegesna |
1094147 |
6.14% |
|
P. Satyanarayana Raju |
905900 |
5.08% |
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 |
178.320 |
178.320 |
178.320 |
|
(b) Reserves & Surplus |
168.047 |
237.136 |
257.994 |
|
(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) |
346.367 |
415.456 |
436.314 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
29.221 |
22.389 |
0.140 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.610 |
5.910 |
6.555 |
|
(d) long-term provisions |
8.630 |
7.465 |
8.457 |
|
Total
Non-current Liabilities (3) |
43.461 |
35.764 |
15.152 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
249.611 |
219.707 |
185.513 |
|
(b) Trade payables |
94.782 |
73.450 |
65.758 |
|
(c) Other current liabilities |
29.110 |
31.410 |
53.627 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
373.503 |
324.567 |
304.898 |
|
|
|
|
|
|
TOTAL |
763.331 |
775.787 |
756.364 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
295.772 |
335.597 |
375.325 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
2.228 |
0.769 |
0.769 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.744 |
4.217 |
4.572 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
301.744 |
340.583 |
380.666 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
328.793 |
292.742 |
228.442 |
|
(c) Trade receivables |
64.745 |
51.901 |
69.717 |
|
(d) Cash and cash equivalents |
16.081 |
14.870 |
19.535 |
|
(e) Short-term loans and
advances |
51.968 |
51.362 |
58.004 |
|
(f) Other current assets |
0.000 |
24.329 |
0.000 |
|
Total
Current Assets |
461.587 |
435.204 |
375.698 |
|
|
|
|
|
|
TOTAL |
763.331 |
775.787 |
756.364 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
373.105 |
327.550 |
429.454 |
|
|
Other Income |
6.152 |
3.134 |
4.209 |
|
|
TOTAL
(A) |
379.257 |
330.684 |
433.663 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
220.794 |
184.469 |
195.751 |
|
|
Purchases of stock-in-trade |
0.000 |
0.000 |
0.204 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.027) |
(41.067) |
29.004 |
|
|
Employees benefits expense |
30.746 |
28.056 |
33.593 |
|
|
Manufacturing and other
operating expenses |
83.550 |
74.395 |
86.886 |
|
|
Administration and other
charges |
30.042 |
30.177 |
34.341 |
|
|
Selling and distribution
expenses |
19.574 |
20.785 |
37.740 |
|
|
Exceptional items |
0.000 |
(25.190) |
(21.048) |
|
|
TOTAL
(B) |
364.679 |
271.625 |
396.471 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
14.578 |
59.059 |
37.192 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.266 |
36.466 |
35.541 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(25.688) |
22.593 |
1.651 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
33.568 |
33.406 |
41.608 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(59.256) |
(10.813) |
(39.957) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
9.833 |
10.044 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(69.089)
|
(20.857) |
(39.957)
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD (K) |
(373.173) |
(352.316) |
(312.357) |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(442.262) |
(373.173) |
(352.314) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.740 |
2.447 |
6.948 |
|
|
Stores and spares |
2.450 |
3.501 |
0.995 |
|
|
TOTAL
IMPORTS |
3.190 |
5.948 |
7.943 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.87) |
(1.17) |
(2.24) |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
72.100 |
61.600 |
79.000 |
|
Total Expenditure |
77.800 |
63.600 |
80.800 |
|
PBIDT (Excl OI) |
(5.700) |
(2.000) |
(1.800) |
|
Other Income |
0.200 |
0.500 |
1.500 |
|
Operating Profit |
(5.600) |
(1.500) |
(0.300) |
|
Interest |
10.300 |
10.000 |
9.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(15.900) |
(11.400) |
(10.100) |
|
Depreciation |
10.500 |
10.400 |
10.400 |
|
Profit Before Tax |
(26.300) |
(21.800) |
(20.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(26.300) |
(21.800) |
(20.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(26.300) |
(21.800) |
(20.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(18.22) |
(6.31) |
(9.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.88) |
(3.30) |
(9.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.79) |
(1.40) |
(5.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
(0.03) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
0.58 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.34 |
1.23 |
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 |
178.320 |
178.320 |
178.320 |
|
Reserves & Surplus |
257.994 |
237.136 |
168.047 |
|
Net
worth |
436.314 |
415.456 |
346.367 |
|
|
|
|
|
|
long-term borrowings |
0.140 |
22.389 |
29.221 |
|
Short term borrowings |
185.513 |
219.707 |
249.611 |
|
Total
borrowings |
185.653 |
242.096 |
278.832 |
|
Debt/Equity
ratio |
0.426 |
0.583 |
0.805 |
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 |
429.454 |
327.550 |
373.105 |
|
|
|
(23.729) |
13.908 |
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 |
429.454 |
327.550 |
373.105 |
|
Profit |
(39.957) |
(20.857) |
(69.089) |
|
|
(9.30%) |
(6.37%) |
(18.52%) |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED
LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
From directors |
29.022 |
21.461 |
|
|
|
|
|
Total |
29.022 |
21.461 |
|
Case Details |
|
|
Case Type |
Civil Appeal |
|
Filing No. |
100361/2011 Filing date: 29-01-2011 |
|
Registration No. |
100070/2011 Registration date: 02-02-2011 |
|
Case code |
200101003612011 |
|
|
|
|
CASE STATUS |
|
|
First Hearing Date |
02-02-2011 |
|
Next Hearing Date |
11-06-2014 |
|
Purpose of Hearing |
|
|
Court No & Judge |
68 - DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
|
|
|
|
Petitioner(s) & Advocate(s) |
|
|
Petitioner - Vignesh Pay Wood and Boards |
|
|
Respondent(s) & Advocate(s) |
|
|
Respondent - Ecoboard Industries Ltd. |
|
|
|
|
|
ACTS |
|
|
Under Act(s) |
--- |
|
Under Section(s) |
--- |
|
Subject |
|
|
|
|
|
LOWER COURT INFORMATION |
|
|
Court No & Name |
Civil Judge S.D.Pune |
|
Case No & Year |
Spl.Civ.Suit - 0000006 - 2003 |
|
Case Decision Date |
30-12-2008 |
|
History Of Case Hearing |
||||
|
Regn. No. |
Judge |
Bussiness on Date |
Hearing Date |
Purpose of Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
02-02-2011 |
30-03-2011 |
Argument on Exh.____Unready |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
30-03-2011 |
30-06-2011 |
Argument on Exh.____Unready |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
30-06-2011 |
11-08-2011 |
Argument on Exh.____Unready |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
11-08-2011 |
30-09-2011 |
Awaiting R and P |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
30-09-2011 |
27-12-2011 |
Awaiting R and P |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
27-12-2011 |
28-03-2012 |
Awaiting R and P |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
28-03-2012 |
07-07-2012 |
Awaiting R and P |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
07-07-2012 |
24-08-2012 |
Awaiting R and P |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
24-08-2012 |
27-09-2012 |
Paper Book |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
27-09-2012 |
26-11-2012 |
Preparation of Paper Book |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
26-11-2012 |
10-01-2013 |
Preparation of Paper Book |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
10-01-2013 |
21-02-2013 |
Preparation of Paper Book |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
21-02-2013 |
22-03-2013 |
Preparation of Paper Book |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
22-03-2013 |
17-07-2013 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
17-07-2013 |
26-08-2013 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
26-08-2013 |
25-09-2013 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
25-09-2013 |
29-10-2013 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
29-10-2013 |
07-12-2013 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
07-12-2013 |
21-01-2014 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
21-01-2014 |
25-02-2014 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
25-02-2014 |
03-04-2014 |
Hearing |
|
100070/2011 |
DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
03-04-2014 |
11-06-2014 |
Hearing |
|
Orders |
|||
|
Order No. |
Order Date |
Order Details |
|
|
Writ Information |
|||
|
Regn. No. |
Appellate Case No. |
Appellate Authority |
Date of Reciept |
|
Case Transfer Details Between The Courts |
|||
|
Regn. No. |
Transfer Date |
From Court No |
To Court No |
|
100070/2011 |
09-04-2012 |
49 - DISTRICT JUDGE - 1 ADDL. SESSIONS JUDGE PUNE |
12 - DISTRICT JUDGE-2 AND ADDL. SESSIONS JUDGE, PUNE |
|
100070/2011 |
07-08-2013 |
12 - DISTRICT JUDGE-2 AND ADDL. SESSIONS JUDGE, PUNE |
68 - DISTRICT JUDGE -18 AND ASST. SESSIONS JUDGE PUNE |
Business
The business environment for Company’s products was better than the last year as there was increase in the revenue of the Company. Management hope the consistents efforts may give better results than previous years.
MANAGEMENT DISCUSSION
AND ANALYSIS
About the company
Ecoboard deals in laminated particle boards made from agriresidues mainly baggasse and anaerobic waste water treatment plants for distilleries.
The baggasse boards are 100% wood free and a versatile all purpose board meant to be a alternative to conventional wood based particle boards, plywood and other panel products.
With technical assistance from Sulzer Chemtech Limited, Switzerland the company manufacturers waste water treatment plants which handle toxic residues spent wash and effluent of obnoxious nature from distilleries and transformbio gas, by product of the treatment process into fuel, i.e turning waste water to wealth.
The Company not only uses baggasse for manufacture of board but also uses the by-product after manufacture of boards which is baggasse dust, for generation of power. Further the Company has a 1 MW power plant at Velapur unit to produce power from baggasse dust.
Manufacturing process
of baggasse boards :
A lot goes into the process of manufacturing baggasse boards. Bales of baggasse, received from sugar factories are elaborately processed, blended, resin with fibers, machine pressed, screened, layered into sheets, checked and graded to reconfirm quality. This is followed by a secondary process of decorative covering with textured melamine gas treated design using short cycle laminating process. The end product, manufactured from agro residue such as sugarcane baggasse, stalk of cotton, bajra, tur, corn etc. is cent-percent wood free, sturdy , durable, easy to maintain, abrasion resistant, eco friendly , moisture resistant, dimensionally stable, termite resistant, fire retardant, and also cost effective.
Philosophy and
Environmental outlook
Ecoboards are made from any form of agricultural waste and converted into good quality and healthy particleboard for construction and furniture purposes as against the wood based boards use of which has caused enormous depletion of forest cover and tree resources thus damaging the environment and contributing to adverse climate change.
Industry synopsis
Over the period globally plywood industry is losing its base and alternative materials are getting used over wood products due to development of a conscious public mind to conserve forest wealth. Industry aims to reduce 50% plywood use in this decade while substituting particle board industry to reach 50% requirement.
Agro residue boards Industry if allowed to survive and sustain, shall help the country encourage to set up at least 1000 units in rural India wherein use of non conventional renewable agriresidues shall replace wood/tree resources in next 20 years. In addition to serve the environmental cause, the industry supports and encourages rural employment and rural development and brings sizeable revenue to the poor farmers through sale of agro-residue which is otherwise burnt in the field causing enormous carbon emissions.
CONTINGENT
LIABILITIES :
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debt Excise duty claims disputed in appeals |
14.231 |
14.162 |
|
Letters of credit and bank guarantees outstanding (net of margin deposits) |
20.593 |
23.109 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10204660 |
11/02/2010 |
27,000,000.00 |
BANK OF MAHARASHTRA |
INDUSTRIAL FINANCE BRANCH, 1183/A, YASHOMANGAL, F .C.ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
A80087703 |
|
2 |
10207993 |
04/02/2010 |
18,150,000.00 |
ANDHRA BANK |
610, SACHAPIR STREET, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
A81559395 |
|
3 |
10207994 |
30/01/2010 |
21,000,000.00 |
ANDHRA BANK |
610, SACHAPIR STREET, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
A81559734 |
|
4 |
90086352 |
26/03/2003 |
31,400,000.00 |
THE SOUTH INDIAN BANK |
CAMP BRANCH, PUNE, MAHARASHTRA, INDIA |
- |
|
5 |
90088368 |
15/03/2007 * |
14,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
WEST ZONE OFFICE, EARNEST HOUSE, 11TH FLOOR, 194 |
- |
|
6 |
90088238 |
17/12/1999 |
1,681,027.00 |
THERMAX CAPITAL LTD |
THERMAX HOUSE, 4; MUMBAI PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
- |
|
7 |
90085052 |
11/06/1999 * |
50,000,000.00 |
THE UNITED WESTERN BANK LTD |
172/4; RAVIWAR PETH, SHIVIAJI CIRCLE, SATARA, MAHARASHTRA - 415001, INDIA |
- |
|
8 |
90084880 |
21/01/2000 * |
50,000,000.00 |
SICOM LTD |
NIRMAL. 1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
9 |
90084741 |
28/10/2013 * |
301,500,000.00 |
BANK OF MAHARASHTRA |
YASHOMANGAL, 1183/A, F. C ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
B89247266 |
|
10 |
90084693 |
04/09/1997 |
70,000,000.00 |
BANK OF MAHARASHTRA |
INDUSTRIAL FINANCE BRANCH, SADASHIV VILAS; F. C. ROAD, PUNE, MAHARASHTRA - 411016, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Freehold land
· Leasehold land
· Building
· Plant and machinery
· Electrical installations
· Furniture and fixtures
· Equipments
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
2P3AID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
20 |
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.