MIRA INFORM REPORT
|
Report Date : |
17.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
N R AGARWAL INDUSTRIES LIMITED |
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Registered
Office : |
415-418, Janki Centre, 4th Floor, 29 Shah Industrial Estate,
Andheri (West), Mumbai – 400058, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.12.1993 |
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Com. Reg. No.: |
11-133365 |
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Capital Investment
/ Paid-up Capital : |
Rs.170.191
Millions |
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CIN No.: [Company Identification
No.] |
L22210MH1993PLC133365 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN7721N |
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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, Exporter and Importer of Paper Boards and
Newsprint. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There seems sharp dip in the profile of the company. Borrowing of the
company has also increased during 2014. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly on talks over coal supply contracts, uncertainty over cancellation of
blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses,
recently approached the Delhi high court for relief in two separate cases. The
airline challenged a notice by Punjab & National Bank alleging that it had
wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Issuer Rating = IND (B-) |
|
Rating Explanation |
High risk of default. |
|
Date |
15.07.2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Mahesh Sawant |
|
Designation : |
Assistant Manager Accounts |
|
Contact No.: |
91-22-67317500 |
|
Date : |
14.11.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
415-418, Janki Centre, 4th Floor, 29 Shah Industrial
Estate, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-26730667/ 26730570/ 26730668/ 26730913/ 14/ 17/ 2639215/ 56/ 57/
26347316/ 67317500 |
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Fax No.: |
91-22-26730667/ 26730227/ 26320686 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1: |
Plot No.169/1 GIDC, Phase – II, Vapi Gujarat – 396195, India |
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Tel. No.: |
91-260-2401634 |
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Fax No.: |
91-260-2431706 |
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Email : |
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Factory 2: |
Plot No. 1, Phase 1, GIDC, Vapi, District Valsad – 396195,
Gujarat |
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Tel. No.: |
91-260-2431942 |
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Fax No.: |
91-260-2426979/ 2428320 |
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Email : |
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Factory 3: |
Plot No. 901.3rd Phase, GIDC, Vapi. Dist.: Valsad
(Gujarat) – 396195, India |
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Tel No.: |
91-260 - 2400052 / 242 1124 |
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Fax No.: |
91-260 - 2401836 |
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Email : |
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Factory 4: |
Plot No. 901/P, 3rd Phase, GIDC, Vapi – 396195, India |
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Tel No.: |
91-260-2400052/ 2421124 |
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Fax No.: |
91-260-2401836 |
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Email : |
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Factory 5: |
Sarigam, Taluka, Umbergaon, District Valsad, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajendra Nagin Agarwal |
|
Designation : |
Chairman, Managing Director and Chief Executive Officer |
|
Address : |
5, Sunnyside Lokhandwala Complex, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth : |
21.07.1960 |
|
Date of Appointment : |
08.12.1993 |
|
DIN No.: |
00176440 |
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|
|
|
Name : |
Mr. Raunak Rajendra Agarwal |
|
Designation : |
Whole time Director |
|
Address : |
5, Sunnyside Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra,
India |
|
Date of Birth : |
07.12.1988 |
|
Date of Appointment : |
01.05.2008 |
|
DIN No.: |
02173330 |
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|
|
|
Name : |
Mr. Mangilal Bhikhaji Suthar (Up to 08.08.2014) |
|
Designation : |
Executive Director |
|
Address : |
Flat No.104, Onheight Ashopalav Complex, Chharwada Road, Vapi –
396191, Gujarat, India |
|
Date of Birth : |
06.10.1952 |
|
Date of Appointment : |
11.11.2011 |
|
DIN No.: |
03634697 |
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|
|
|
Name : |
Mrs. Reena Agarwal (w.e.f. 08.08.2014) |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Sachin Nath Chaturvedi |
|
Designation : |
Independent Director |
|
Address : |
2803, Shreepati Arcade, A K Marg, Nana Chowk, Mumbai – 400036,
Maharashtra, India |
|
Date of Birth : |
29.09.1950 |
|
Date of Appointment : |
08.03.1994 |
|
DIN No.: |
00553459 |
|
|
|
|
Name : |
Mr. Parduman Kumar |
|
Designation : |
Independent Director |
|
Address : |
Flat No.308, Sunrise Apartment, Shastri Nagar, Andheri (West), Mumbai
– 400053, Maharashtra, India |
|
Date of Birth : |
23.08.1937 |
|
Date of Appointment : |
05.08.2005 |
|
DIN No.: |
00179074 |
|
|
|
|
Name : |
Mr. Radhakrishnan Ramchandra Iyer Chirayathu Matom |
|
Designation : |
Independent Director |
|
Address : |
B-4, Swami Vivekanand Housing Society, Veera Desai Cross Road, Andheri
(West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth : |
10.11.1945 |
|
Date of Appointment : |
27.02.2007 |
|
DIN No.: |
01309312 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Uchil |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Ms. Hemali Jawahar Sheth |
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Designation : |
Company Secretary and Compliance Officer |
|
Address : |
3-E, 1003 Damodar Park, LBS Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
|
Date of Birth/ Age : |
19.06.1988 |
|
Date of Appointment : |
09.02.2011 |
|
PAN No.: |
BGIPS8616K |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12460923 |
73.22 |
|
|
12460923 |
73.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12460923 |
73.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2000 |
0.01 |
|
|
500 |
0.00 |
|
|
4300 |
0.03 |
|
|
6800 |
0.04 |
|
|
|
|
|
|
1239794 |
7.28 |
|
|
|
|
|
|
2003544 |
11.77 |
|
|
1153960 |
6.78 |
|
|
154079 |
0.91 |
|
|
144367 |
0.85 |
|
|
9712 |
0.06 |
|
|
4551377 |
26.74 |
|
Total Public shareholding (B) |
4558177 |
26.78 |
|
Total (A)+(B) |
17019100 |
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) |
17019100 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Raunak Agarwal |
32 |
0.00 |
|
Rajendra Nagin Agarwal |
7922030 |
46.55 |
|
Reena Rajendra Agarwal |
4538861 |
26.67 |
|
Total |
12460923 |
73.22 |
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
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Delhi Iron and Steel Company Private Limited |
705334 |
4.14 |
|
Param Capital Research Private Limited |
199271 |
1.17 |
|
Total |
904605 |
5.32 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Paper Boards and
Newsprint. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Sri Lanka |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
· European Countries · Singapore · USA · UK · Malaysia · Japan · Germany |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long
Term Borrowings
Short Term Borrowings
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|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chaturvedi and Partners Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Sister Concern : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
|
2500000 |
Preference Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17019100 |
Equity Shares |
Rs.10/- each |
Rs.170.191
Millions |
Reconciliation of the
number of shares
|
Equity Shares |
Rs.
In Millions |
|
Equity Shares at the beginning |
170.019 |
|
Add: Shares issued |
-- |
|
Less: Shares bought back |
-- |
|
Total |
170.019 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each equity shareholder is entitled to one vote per share
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
R N Agarwal |
7922030 |
46.548 |
|
Reena R. Agarwal |
4538861 |
26.669 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.191 |
170.191 |
170.191 |
|
(b) Reserves & Surplus |
935.681 |
931.160 |
885.241 |
|
(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) |
1,105.872 |
1,101.351 |
1,055.432 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,266.244 |
1,681.408 |
1,470.495 |
|
(b) Deferred tax liabilities (Net) |
157.749 |
156.853 |
160.699 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2,423.993 |
1,838.261 |
1,631.194 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
659.726 |
497.475 |
518.286 |
|
(b) Trade
payables |
1,110.190 |
987.804 |
804.632 |
|
(c) Other
current liabilities |
289.527 |
188.099 |
330.152 |
|
(d) Short-term
provisions |
8.245 |
12.265 |
42.608 |
|
Total Current
Liabilities (4) |
2,067.688 |
1,685.643 |
1,695.678 |
|
|
|
|
|
|
TOTAL |
5,597.553 |
4,625.255 |
4,382.304 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,269.178 |
1,241.340 |
1,167.923 |
|
(ii)
Intangible Assets |
0.575 |
1.311 |
2.075 |
|
(iii)
Capital work-in-progress |
2,898.256 |
2,033.932 |
1,984.224 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.872 |
1.872 |
1.869 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
167.132 |
141.673 |
141.299 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4,337.013 |
3,420.128 |
3,297.390 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
327.651 |
306.865 |
328.093 |
|
(c) Trade
receivables |
567.095 |
572.538 |
553.547 |
|
(d) Cash
and cash equivalents |
41.421 |
71.704 |
77.581 |
|
(e)
Short-term loans and advances |
324.373 |
254.020 |
125.693 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
1,260.540 |
1,205.127 |
1,084.914 |
|
|
|
|
|
|
TOTAL |
5,597.553 |
4,625.255 |
4,382.304 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,405.302 |
5,122.884 |
4,925.971 |
|
|
|
Other Income |
38.123 |
38.011 |
43.447 |
|
|
|
TOTAL (A) |
5,443.425 |
5,160.895 |
4,969.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3,439.211 |
3,190.292 |
3,118.585 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(7.575) |
(7.240) |
(14.916) |
|
|
|
Employees benefits expense |
216.199 |
207.843 |
190.554 |
|
|
|
Other expenses |
1,570.325 |
1,519.197 |
1,306.136 |
|
|
|
TOTAL (B) |
5,218.160 |
4,910.092 |
4,600.359 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
225.265 |
250.803 |
369.059 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.103 |
103.560 |
102.774 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
110.162 |
147.243 |
266.285 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
103.107 |
94.577 |
90.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.055 |
52.666 |
175.950 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.534 |
6.747 |
35.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.521 |
45.919 |
140.950 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
836.282 |
790.363 |
677.549 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
0.000 |
0.000 |
20.423 |
|
|
|
Corporate Tax on Dividend |
0.000 |
0.000 |
3.313 |
|
|
|
Transferred to General Reserve |
0.000 |
0.000 |
4.400 |
|
|
BALANCE CARRIED
TO THE B/S |
840.803 |
836.282 |
790.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
450.559 |
272.336 |
240.546 |
|
|
TOTAL EARNINGS |
450.559 |
272.336 |
240.546 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
818.065 |
726.286 |
788.677 |
|
|
|
Stores & Spares |
21.296 |
21.215 |
18.516 |
|
|
|
Capital Goods |
27.852 |
0.000 |
123.762 |
|
|
|
Coal |
417.804 |
414.801 |
0.000 |
|
|
TOTAL IMPORTS |
1285.017 |
1162.302 |
930.955 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.27 |
2.70 |
8.28 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1466.700 |
1629.600 |
|
Total Expenditure |
|
1388.600 |
1590.800 |
|
PBIDT (Excl OI) |
|
78.100 |
38.800 |
|
Other Income |
|
01.500 |
01.600 |
|
Operating Profit |
|
79.600 |
40.300 |
|
Interest |
|
33.900 |
98.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
45.700 |
(58.400) |
|
Depreciation |
|
29.500 |
45.700 |
|
Profit Before Tax |
|
16.200 |
(104.000) |
|
Tax |
|
2.200 |
43.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
14.000 |
(147.100) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
14.000 |
(147.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.08 |
0.90 |
2.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.17 |
4.90 |
7.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.26 |
2.03 |
7.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.05 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.65 |
1.98 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61 |
0.71 |
0.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
170.191 |
170.191 |
170.191 |
|
Reserves & Surplus |
885.241 |
931.160 |
935.681 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1055.432 |
1101.351 |
1105.872 |
|
|
|
|
|
|
long-term borrowings |
1470.495 |
1681.408 |
2266.244 |
|
Short term borrowings |
518.286 |
497.475 |
659.726 |
|
Total
borrowings |
1988.781 |
2178.883 |
2925.970 |
|
Debt/Equity
ratio |
1.884 |
1.978 |
2.646 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
4,925.971 |
5,122.884 |
5,405.302 |
|
|
|
3.997 |
5.513 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
4,925.971 |
5,122.884 |
5,405.302 |
|
Profit |
140.950 |
45.919 |
4.521 |
|
|
2.86% |
0.90% |
0.08% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long term debt |
129.659 |
26.696 |
132.532 |
|
Total |
129.659 |
26.696 |
132.532 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
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:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits from Others |
34.800 |
82.450 |
|
Deposits from Directors |
146.514 |
136.607 |
|
Total |
181.314 |
219.057 |
OPERATIONS AND BUSINESS PERFOMANCE
The shrinking operating profit margins, low liquidity, escalating debt cost, increasing competition, an overall suppressed consumer demand and adverse market conditions have become major concern for the Company in the last financial year. Despite of all the financial challenges the operations of the Company were not affected and The Company has recorded a turnover of Rs.5405.302 Millions during 2013-14 against the turnover of Rs.5122.884 Millions during 2012-13 registering a growth of 5.51% over the turnover of the previous year.
The Company’s Earnings before Interest, Depreciation and Tax (EBIDTA) during 2013-14 was Rs.222.773 Millions. However Company’s Profit before Tax (PBT) during 2013-14 has decreased from Rs.52.665 Millions to Rs.7.054 Millions registering a decline of 87%. The Earning per Share also reduced to Rs.0.27 per share from Rs.2.70 per share
EXPANSION AND DEVELOPMENT PLAN
Live raging a rich experience of over 25 years in the business of manufacturing and marketing various grades of paper, readymade and well-laid infrastructure in terms of land, energy (captive power), water availability, MOEF clearance and skilled resources, The Company has undertaken a landmark expansion by setting-up a 90,000 TPA paper machine for manufacturing Newsprint and Writing Printing at Sarigam, Gujarat State. With a view to reinforce its competitiveness in the market and secure energy availability, the new mill complex has also have a 15 MW Captive Power Plant, providing 100 percent self-reliance.
The project capital cost is optimally funded through a mix of promoter funds and rupee debt. The Sarigam Project commenced Commercial Production on July 21, 2014.
OPPORTUNITIES AND OUTLOOK
The Indian Paper and Paperboards Industry has potential and also capabilities to service the growing demand in domestic and international market and also to create huge employment avenues in the rural India through gro/production forestry and at mills, provided the competitiveness of the value chain is encouraged by the government.
In India, the paper industry is primarily rural based with close linkages with farming community. Over the years it has evolved into an agro-based industry from its earlier character of a forestbased industry. Indian Paper Industry is growing at a healthy rate of 7-8% Y-o-Y. With current per capita consumption of 11 Kg (approx.) against the world average of 55 Kg, there is a lot of headroom for growth. To make most of the potential, Paper Industry in India is witnessing structural shift with respect to scale, technology, productivity, market Interface etc. Such structural changes are creating challenges for the existing business models. At the same time, a whole range of business opportunities have opened up both in manufacturing as well as distribution.
On sustainability front, Paper Industry is poised to emerge as one of the most sustainable industries. The industry is growing more trees than it harvests in India. Waste paper that is generated in daily life as well as agricultural waste which otherwise would have been burnt in the fields is being recycled by the industry to make paper.
Sustainable plantations as a source of wood are also adding to the green cover in India.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half
year ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1619.351 |
1458.354 |
3077.705 |
|
b) Other operating income |
10.212 |
8.360 |
18.572 |
|
Total
income from Operations(net) |
1629.563 |
1466.714 |
3096.277 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1073.687 |
931.900 |
2005.587 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(85.264) |
11.528 |
(73.736) |
|
d) Employees benefit expenses |
87.749 |
60.009 |
147.757 |
|
e) Depreciation and amortization expenses |
45.675 |
29.544 |
75.219 |
|
f) Other expenditure |
514.618 |
385.157 |
899.774 |
|
Total expenses |
1636.465 |
1418.138 |
3054.601 |
|
3. Profit from operations before other income and
financial costs |
(6.902) |
48.576 |
41.676 |
|
4. Other income |
1.549 |
1.507 |
3.056 |
|
5. Profit from ordinary activities before finance costs |
(5.353 |
50.083 |
44.732 |
|
6. Finance costs |
98.667 |
33.884 |
132.551 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(104.020) |
16.199 |
(87.819) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(104.020) |
16.199 |
(87.819) |
|
10.Tax expenses |
43.056 |
2.217 |
45.273 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(147.076) |
13.982 |
(133.092) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(147.076) |
13.982 |
(133.092) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
170.191 |
170.191 |
170.191 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
Earnings per share
(EPS) (of Rs.10 each) (not annualised): |
|
|
|
|
(a)
Basic |
(8.64) |
0.82 |
(7.82) |
|
(b)
Diluted |
(8.64) |
0.82 |
(7.82) |
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half
year ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
|
|
- Percentage of shareholding |
4558177 |
4558177 |
4558177 |
|
2. Promoters and Promoters group Shareholding- |
26.78% |
26.78% |
26.78% |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
12460923 |
12460923 |
12460923 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
73.22% |
73.22% |
73.22% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
B. Investor
Complaints |
|
||
|
Pending
at the beginning of the quarter |
Nil |
||
|
Received
during the quarter |
Nil |
||
|
Disposed
of during the quarter |
Nil |
||
|
Remaining
unresolved at the end of the quarter |
Nil |
||
Notes:
- The above results were reviewed by the
Audit Committee and approved by the Board of Directors at their meeting
held on 10th November, 2014
- The Statutory Auditors have carried out
Limited Review of the above financial results.
- As the entire operations of the Company
relate to products categorized under 'Paper and Paper Products' as a
single primary reportable segment, no separate reporting is required under
Accounting Standard 17 issued by the Institute of Chartered Accountants of
India
- The Income Tax Appellate Tribunal,
Ahmedabad disposed of the appeals filed by the Company for the disputed
tax demand of Rs.108.400 Millions for the Assessment Years 2007-08 to
2010-11 by remitting back the file to CIT (A) for disposal on merits and
law. The proceedings are in progress. b) The Company has received a notice
raising a demand of Rs.45.200 Millions for Assessment Year 2011-12 against
which the Company has preferred an appeal.
- Effective from 1st April, 2014, the
Company has charged depreciation on the revised remaining useful life of
the assets as per the provisions of schedule II of the Companies Act,
2013. Depreciation for the quarter is lower by Rs.9.311 Millions and for
the period ended September 30, 2014 by Rs.6.049 Millions. Based on the
transitional provisions as per Note 7(b) of schedule II, an amount of
Rs.8.842 Millions (net of deferred Tax Rs.4.246 Millions) has been
deducted from retained earnings.
- Previous period's / year's figures have
been regrouped, rearranged or reclassified, wherever necessary
Statement of Assets and Liabilities:
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
170.191 |
|
(b) Reserves & Surplus |
|
|
793.747 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
963.938 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2,688.856 |
|
(b) Deferred tax liabilities (Net) |
|
|
198.775 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
2,887.631 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
917.892 |
|
(b) Trade
payables |
|
|
1,158.423 |
|
(c) Other
current liabilities |
|
|
497.115 |
|
(d) Short-term
provisions |
|
|
9.673 |
|
Total Current
Liabilities (4) |
|
|
2,583.103 |
|
|
|
|
|
|
TOTAL |
|
|
6,434.672 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
7,570.070 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1.872 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
123.591 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
7,695.533 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
541.702 |
|
(c) Trade
receivables |
|
|
700.767 |
|
(d) Cash and
cash equivalents |
|
|
82.307 |
|
(e)
Short-term loans and advances |
|
|
317.777 |
|
(f) Other
current assets |
|
|
96.586 |
|
Total
Current Assets |
|
|
1,739.139 |
|
|
|
|
|
|
TOTAL |
|
|
9,434.672 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10365894 |
02/07/2012 |
4,361,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B43772714 |
|
2 |
10372830 |
02/07/2012 |
2,400,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B56483548 |
|
3 |
10258143 |
07/12/2013 * |
311,700,000.00 |
The Saraswat Co-Op Bank Limited |
Saraswat Bank Bhavan, Plot No. 953, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, India |
B94840519 |
|
4 |
10206267 |
18/02/2010 |
69,500,000.00 |
Bank Of India |
28, Andheri Corporate Banking Branch, S V Road, Andheri West, Mumbai, Maharashtra - 400053, India |
A80709769 |
|
5 |
10194775 |
07/12/2013 * |
2,273,300,000.00 |
Bank Of Baroda |
Vapi Industrial Estate Branch, C/M 14, Gidc, Near |
B94841756 |
|
6 |
10107009 |
30/08/2014 * |
1,752,900,000.00 |
Bank of Baroda |
Vapi Industrial Estate Branch, C/M - 14,, Gidc, Near Char Rasta,, Vapi, Gujarat - 396195, India |
C19853613 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.64 |
|
UK Pound |
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.