MIRA INFORM REPORT
|
Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAMA PULP AND PAPERS LIMITED |
|
|
|
|
Registered
Office : |
Nath House, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
09.07.1980 |
|
|
|
|
Com. Reg. No.: |
11-022820 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 110.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21010MH1980PLC022820 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14611C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR7243K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Various types of Papers such
as Writing and Printing, Absorbent Kraft, Carbon Base, Poster and Napkin Grade
Tissue Paper. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considred 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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow 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 |
CRISIL |
|
Rating |
Long term rating: “BBB” |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
12.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3+” |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
12.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Mahesh Mehta |
|
Designation : |
Director |
|
Contact No.: |
91-22-22875653 |
|
Date : |
17.11.2014 |
LOCATIONS
|
Registered Office : |
Nath House, Nath Road, Aurangabad – 431005, Maharashtra, India |
|
Tel. No.: |
91-240-2376313/ 14/ 15/
16/17/ 2376764 |
|
Mobile No.: |
91-9374992144 (Mr. Amol) |
|
Fax No.: |
91-240-2376318 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Head /Administrative Office : |
1, Chateau |
|
Tel. No.: |
91-22-22875653/
54/ 55/ 22854937 |
|
Fax No.: |
91-22-22875652 |
|
|
|
|
Factory : |
Plot No. 293 - 296, Phase II, G.I.D.C, Phase II, Vapi - 396195,
Gujarat, India |
|
Tel No.: |
91-260-2992115/ 3296710 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mahesh Mehta |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.09.1952 |
|
Qualification : |
B.Sc., MA, LL.B, ACS, AICWA |
|
Experience in
special functional area : |
Finance and Administration |
|
Date of Appointment
: |
21.10.1997 |
|
|
|
|
Name : |
Ramniklal Salgia |
|
Designation : |
Independent Director |
|
Address : |
|
|
Date of Birth/Age : |
24.04.1955 |
|
Qualification : |
M.Sc. |
|
Experience in
special functional area : |
Material Management |
|
Date of Appointment
: |
30.09.2003 |
|
DIN No. : |
02704031 |
|
|
|
|
Name : |
Akhilesh K. Sharma |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.04.1955 |
|
Date of Appointment : |
30.09.2003 |
KEY EXECUTIVES
|
Name : |
Ms. Neha P. Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
2668059 |
24.26 |
|
|
2668059 |
24.26 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
2668059 |
24.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11400 |
0.10 |
|
|
11400 |
0.10 |
|
|
|
|
|
|
3074651 |
27.95 |
|
|
|
|
|
|
3181708 |
28.92 |
|
|
1849049 |
16.81 |
|
|
215133 |
1.96 |
|
|
10170 |
0.09 |
|
|
204963 |
1.86 |
|
|
8320541 |
75.64 |
|
Total Public shareholding (B) |
8331941 |
75.74 |
|
Total (A)+(B) |
11000000 |
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) |
11000000 |
0.00 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Akash Farms Private Limited |
24,74,494 |
22.50 |
|
2 |
Jeevan Farms Private Limited |
1,29,315 |
1.18 |
|
3 |
Prabha Farms Private Limited |
64,250 |
0.58 |
|
|
Total |
26,68,059 |
24.26 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Public
and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Mansukhlal Amritlal Sanghrajka |
197956 |
1.80 |
|
|
2 |
Tapovan Farms Private Limited |
1081000 |
9.83 |
|
|
3 |
Mayo Farms Private Limited |
1625000 |
14.77 |
|
|
4 |
Ritman Concrete Private Limited |
408433 |
3.71 |
|
|
5 |
Suresh Datta Waghmare |
200100 |
1.82 |
|
|
6 |
Harinder Singh Dhaliwal |
124324 |
1.13 |
|
|
|
Total |
3636813 |
33.06 |
|
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 |
Tapovan Farms Private Limited |
1081000 |
9.83 |
|
|
2 |
Mayo Farms Private Limited |
1625000 |
14.77 |
|
|
|
Total |
2706000 |
24.60 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Various types of Papers such as
Writing and Printing, Absorbent Kraft, Carbon Base, Poster and Napkin Grade
Tissue Paper. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
-- |
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|
|
||||||
|
Imports : |
-- |
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|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
-- |
||||||
|
|
|
||||||
|
Purchasing : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
Information declined by management |
||||||||||||||||||||||
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Bankers : |
·
Axis Bank Limited |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Facilities : |
NOTE SHORT TERM
BORROWINGS * Working Capital Loan is Secured by first charge on
entire current asset including Raw Materials, Work in Process, Finished Goods
and Book Debts present and future. Also collateral security of extension of
charge of mortgage of Factory Land and Building in the name of the Company
situated at Vapi and first charge on entire fixed assets of the company
existing and future and corporate guarantee by Akash Farms Private Limited
and personal guarantee of Promoter, Director of Akash Farms Private Limited |
||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. R. Agrawal and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs. 125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
NOTE
(a) Reconciliation of
Number of Shares
|
Particulars |
No. of Shares |
|
Shares Outstanding as at beginning of the year |
11000000 |
|
Shares Outstanding as at end of the year |
11000000 |
(b) List of Shareholders
holding more than 5% of the total Number of Share issued by the Company
|
Name of
Shareholders |
Percentage of Holding |
No. of Shares |
|
Akash Farms Private Limited |
22.50% |
2474494 |
|
Tapovan Farms Private Limited |
9.83% |
1081000 |
|
Mayo Farms Private Limited |
14.77% |
1625000 |
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 |
110.000 |
110.000 |
110.000 |
|
(b) Reserves & Surplus |
295.962 |
276.482 |
255.354 |
|
(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) |
405.962 |
386.482 |
365.354 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2.631 |
2.147 |
3.083 |
|
(b) Deferred tax liabilities (Net) |
13.449 |
8.998 |
0.121 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.077 |
1.579 |
1.204 |
|
Total Non-current
Liabilities (3) |
18.157 |
12.724 |
4.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
72.650 |
64.116 |
44.698 |
|
(b) Trade
payables |
49.509 |
31.399 |
27.384 |
|
(c) Other
current liabilities |
16.994 |
18.415 |
15.093 |
|
(d) Short-term
provisions |
11.710 |
1.414 |
1.194 |
|
Total Current
Liabilities (4) |
150.863 |
115.344 |
88.369 |
|
|
|
|
|
|
TOTAL |
574.982 |
514.550 |
458.131 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
160.177 |
150.584 |
141.653 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.298 |
0.000 |
3.978 |
|
(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 |
132.885 |
125.177 |
79.760 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
296.360 |
275.761 |
225.391 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3.310 |
0.000 |
0.000 |
|
(b)
Inventories |
77.726 |
51.409 |
45.632 |
|
(c) Trade
receivables |
161.686 |
155.867 |
136.331 |
|
(d) Cash
and cash equivalents |
3.479 |
2.873 |
4.623 |
|
(e)
Short-term loans and advances |
32.421 |
28.640 |
46.154 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
278.622 |
238.789 |
232.740 |
|
|
|
|
|
|
TOTAL |
574.982 |
514.550 |
458.131 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from Operation |
858.088 |
711.940 |
709.905 |
|
|
|
Other Income |
1.992 |
1.326 |
0.767 |
|
|
|
TOTAL (A) |
860.080 |
713.266 |
710.672 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
422.451 |
319.688 |
283.553 |
|
|
|
Purchases of Stock-in-Trade |
123.794 |
113.370 |
182.592 |
|
|
|
Changes in Inventories of Finished Goods and
Stock-in-Trade |
(20.1590 |
(4.331) |
(3.652) |
|
|
|
Employees Benefits Expense |
30.886 |
24.395 |
20.785 |
|
|
|
Other Expenses |
240.090 |
201.443 |
174.343 |
|
|
|
TOTAL (B) |
797.062 |
654.565 |
657.621 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
63.018 |
58.701 |
53.051 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.121 |
10.876 |
6.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52.897 |
47.825 |
46.557 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.777 |
10.203 |
9.343 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
40.120 |
37.622 |
37.214 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.470 |
8.876 |
11.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
25.650 |
28.746 |
25.283 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Receipt - Against Export Goods |
24.942 |
26.479 |
35.796 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
155.401 |
|
|
|
Spare Parts and Consumable |
NA |
NA |
0.332 |
|
|
TOTAL IMPORTS |
NA |
NA |
155.733 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.33 |
2.61 |
2.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
222.000 |
244.000 |
|
Total Expenditure |
211.300 |
229.900 |
|
PBIDT (Excl OI) |
10.700 |
14.100 |
|
Other Income |
00.0 |
0.500 |
|
Operating Profit |
10.700 |
14.500 |
|
Interest |
1.900 |
1.800 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
8.800 |
12.700 |
|
Depreciation |
3.200 |
3.200 |
|
Profit Before Tax |
5.600 |
9.500 |
|
Tax |
0.000 |
2.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
|
Profit After Tax |
5.600 |
7.000 |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
5.600 |
7.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.99 |
4.04 |
3.56 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.34 |
8.25 |
7.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.02 |
7.31 |
8.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.17 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
2.07 |
2.63 |
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 |
110.000 |
110.000 |
110.000 |
|
Reserves & Surplus |
255.354 |
276.482 |
295.962 |
|
Net
worth |
365.354 |
386.482 |
405.962 |
|
|
|
|
|
|
long-term borrowings |
3.083 |
2.147 |
2.631 |
|
Short term borrowings |
44.698 |
64.116 |
72.650 |
|
Total
borrowings |
47.781 |
66.263 |
75.281 |
|
Debt/Equity
ratio |
0.131 |
0.171 |
0.185 |
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 |
709.905 |
711.940 |
858.088 |
|
|
|
0.287 |
20.528 |
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 |
709.905 |
711.940 |
858.088 |
|
Profit |
25.283 |
28.746 |
25.650 |
|
|
3.56% |
4.04% |
2.99% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
0.737 |
0.926 |
0.949 |
|
|
|
|
|
|
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 |
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 |
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 |
Yes |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 26/08/2013 |
||||||
|
STAMP NO:- ITXAL/1382/2013 |
FILING DATE:- 26/08/2013 |
REG. NO.: ITXA/2291/2013 |
REG. DATE: 10/12/2013 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX |
RESPONDENT:- |
RAMA PULP AND PAPER LTD.- |
|||
|
PETN.ADV:- |
SURESH KUMAR |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|||||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
14/11/2014 |
STAGE:- |
||||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10236680 |
22/05/2013 * |
140,000,000.00 |
STATE BANK OF PATIALA |
WODEHOUSE ROAD BRANCH, 37, LALIT BULIDING, NATHALAL PARIKH MARG, COLABA, MUMBAI, MAHARASHTRA - 400001, INDIA |
B77109056 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Others |
1.190 |
1.190 |
|
Total |
1.190 |
1.190 |
REVIEW OF OPERATIONS
The performance of the Company during the year has improved marginally compared to that of the previous year.
The sales turnover of the company has increased by around 21% to Rs. 860.100 Millions from Rs. 713.300 Millions because the company has undertaken an expansion programme for paper machine no I.
The company recorded a net profit of Rs. 40.100 Millions during the year compared to a net profit of Rs.37.600 Millions in the previous year.
The company has developed a higher version of Absorbent Kraft named ‘VIRGIN KRAFT’ which can compete and replace the paper being supplied by ‘A’ grade paper mills. Further the company has successfully got an export order for its laminate grade paper which will increase the bottom line of the company. Its earlier product Absorbent Kraft introduced by the company in the previous year is well accepted by the consumers and has captured substantial market share. The company endeavours to capture the export market and have made exports to the extent of Rs. 24.942 Millions to the countries like Indonesia, Thailand and Philippines. During the year the company has undertaken a successful expansion programme for its paper machine and also installed an additional FBC boiler which will increase fuel efficiency considerably and also reduce the down time of the plants at the time of annual shut down of their existing boiler.
FUTURE PLANS
The company’s expansion programme to set up a plant to manufacture 1.25 lacs TPA of Granular Single Super Phosphate (SSP) at Paithan, Dist.Aurangabad in Maharashtra and 16000 TPA of Linear Alkyl Benzene Sulphonic Acid (LABSA) at Vapi Dist.Valsad Gujarat got delayed pending the permission from Ministry of environment for clearance of the above projects. Although the company got the Terms of reference, it hopes to get the final clearance soon.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The company is one of the well known paper mill manufacturing specialty grade papers in India. The company has state-of-the-art facilities to manufacture various grades of papers ranging from 18 GSM to 120 GSM. The company is strategically located at Vapi in the state of Gujarat having necessary infrastructure facilities. Presently the company manufactures various types of papers such as Writing & Printing, Absorbent Kraft, Carbon Base, Poster and Napkin grade tissue paper.The company has achieved leadership position in the segments of Carbon base paper (OTC) and Absorbent Kraft paper and is the market leader in these segments. With a dedicated and competent technical and marketing team along with innovative marketing strategies, they are poised to capture higher market share.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the
Company not acknowledged as debts hence not provided |
|
|
|
(i) Bank Guarantee given to the GPCB |
0.100 |
0.100 |
|
(ii) Bank Guarantee given to the DGVCL |
11.000 |
11.000 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2014
(RS. IN MILLIONS)
|
PART I |
|||||
|
Sr. No. |
Particulars |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
Revenue from
Operation (Gross) |
256.507 |
232.984 |
489.491 |
|
|
|
Less: Excise Duty |
12.545 |
10.999 |
23.544 |
|
|
I |
Revenue From
Operation (Net) |
243.962 |
221.985 |
465.947 |
|
|
|
|
|
|
|
|
|
II |
Other Income |
0.443 |
0.022 |
0.465 |
|
|
|
|
|
|
|
|
|
2 |
Expenditure |
|
|
|
|
|
|
Changes in inventory of Finished Goods and Stock-in-Process |
2.370 |
10.534 |
12.904 |
|
|
|
Cost of material Consumed |
117.856 |
102.924 |
220.780 |
|
|
|
Purchases of Stock in Trade |
39.972 |
37.316 |
77.288 |
|
|
|
Employees Benefit Expenses |
8.877 |
7.181 |
16.058 |
|
|
|
Finance Cost |
1.796 |
1.922 |
3.718 |
|
|
|
Depreciation |
3.194 |
3.195 |
6.389 |
|
|
|
Other Expenses |
60.823 |
53.338 |
114.161 |
|
|
|
Total Expenditure |
234.888 |
216.410 |
451.298 |
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
9.517 |
5.597 |
15.114 |
|
|
|
Provision for Taxation |
2.500 |
0.000 |
2.500 |
|
|
|
Profit before deffered tax |
7.017 |
5.597 |
12.614 |
|
|
|
Deffered tax |
0.000 |
0.000 |
0.000 |
|
|
|
Net profit |
7.017 |
5.597 |
12.614 |
|
|
|
Paid-up equity share capital (face value of Rs.10/- each) |
110.000 |
110.000 |
110.000 |
|
|
|
Reserves excluding Revaluation Reserves |
|
|
|
|
|
|
Earning Per Share (of Rs. 10 each) |
|
|
|
|
|
|
Basic and Diluted Earnings per share (in Rs.) |
0.64 |
0.51 |
1.15 |
|
|
|
Basic and Diluted Earnings per share (in Rs.) |
0.64 |
0.51 |
1.15 |
|
|
|
|
|
|
|
|
|
PART II |
|||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
8331941 |
8331941 |
8331941 |
|
|
|
- Percentage of shareholding |
75.74% |
75.74% |
75.74% |
|
|
2 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
405000 |
405000 |
405000 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
15.18% |
15.18% |
15.18% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
3.68% |
3.68% |
3.68% |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
2263059 |
2263059 |
2263059 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
84.82% |
84.82% |
84.82% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
20.57% |
20.57% |
20.57% |
|
|
B |
INVESTOR COMPLAINTS
(NO.) |
3 Months ended 30.09.2014 |
|
|
Opening Balance |
0 |
|
|
Received and Solved |
0 |
|
|
Closing Balance |
0 |
NOTE
The above results revived and recommended by the Audit Committee and taken on record and approved by the Board of directors in their meeting held on 30th October, 2014.
The segment reporting is not applicable to the company as the company is in one segment of business i.e. Papers.
Figures of previous period have been re-grouped and or recast wherever considered necessary to confirm to the grouping of the current period.
FIXED ASSETS
Tangible Assets
· Lease Hold Land
· Building
· Plant and Equipment
· Furniture and Fixture
· 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.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.