MIRA
INFORM REPORT
|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIPLY INDUSTRIES LIMITED |
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Registered
Office : |
#69, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18-036484 |
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Com. Reg. No.: |
04.09.1996 |
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Capital
Investment / Paid-up Capital : |
Rs. 173.137 Millions |
|
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CIN No.: [Company Identification
No.] |
L20293TN1996PLC036484 |
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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.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Trader of Plywood. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 800000 |
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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. Rating reflects moderate financial risk profile due to loss incurred by
the company in the year 2014. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
CARE |
|
Rating |
Long Term Bank Facilities = BB- |
|
Rating Explanation |
Inadequate Credit Quality and High Credit Risk |
|
Date |
July 08,2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal Degree of Safety and Very High Credit Risk |
|
Date |
July 08,2014 |
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 DECLINED
Management Non Co-Operative (91-44-26605995)
LOCATIONS
|
Registered Office / Factory : |
#69, Nelveli Village, Uthiramerur
Block, Kancheepuram - 603107, Tamilnadu, India |
|
Tel. No.: |
91-44 – 2660 5995 |
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Fax No.: |
91-44 – 2660 2273 |
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Corporate Office : |
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E-Mail : |
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Website : |
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Branch 1 : |
Old No. 6, Ayyappa Temple Road,
Subbaiyanapalya, Bangalore - 560043, Karnataka, India |
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Branch 2 : |
102, 1st Floor, Kala Mandir
Co-operative Housing Society Limited, Chitrakar Kether Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
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Branch 3 : |
A-2/61, Marble Market, WHS, Kirti Nagar, New
Delhi - 110 015, India |
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Regional Offices
: |
Located at ·
New Delhi · Gurgaon · Patna · Baroda · Bhopal · Bhubaneshwar · Panaji (Goa) · Coimbatore · Trivandrum · Visakhapatnam (Vizag) · Bangalore · Ludhiana · Jaipur · Guwahati · Surat · Jamshedpur · Nagpur · Mumbai · Vijayawada · Trichy · Nasik · Pondicherry (Pondy) · Kochi (Cochin) · Chandigargh · Lucknow · Ahmedabad · Indore · Kolkata (Calcutta) · Raipur · Pune · Chennai · Mysore · Hyderabad · Madurai |
DIRECTORS
As on 31.03.2014
|
Name : |
B.L. Bengani |
|
Designation : |
Chairman and Managing Director |
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Date of Birth : |
05.02.1960 |
|
Qualification : |
B.Com |
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|
Name : |
Mr. Sudhir Kumar
Jena |
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Designation : |
Director |
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Date of Birth : |
17.04.1963 |
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Qualification : |
Chartered Accountant |
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|
Name : |
Mr. R. Kuppu Rao |
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Designation : |
Director (resigned w.e.f. 20.07.2014) |
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Name : |
Mr. Ramakanta Panda |
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Designation : |
Director |
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Date of Birth : |
26.01.1976 |
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Qualification : |
B.A., LLB |
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|
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|
Name : |
Ms. Shaine Sunny
Mundaplakkal |
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Designation : |
Director |
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Date of Birth : |
03.07.1989 |
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Qualification : |
B.Tech (IT) |
KEY EXECUTIVES
|
Name : |
Mr. Raghuram Nath |
|
Designation : |
Chief Financial Officer |
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|
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|
Name : |
Mr. Antaryami Sahoo |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6245189 |
36.07 |
|
|
0 |
0.00 |
|
|
6245189 |
36.07 |
|
|
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
6245189 |
36.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
0 |
0.00 |
|
|
14000 |
0.08 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
14000 |
0.08 |
|
|
|
|
|
|
4858410 |
28.06 |
|
|
|
|
|
|
3427157 |
19.79 |
|
|
2377387 |
13.73 |
|
|
391600 |
2.26 |
|
|
0 |
|
|
|
32677 |
0.19 |
|
|
3800 |
0.02 |
|
|
355123 |
2.05 |
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|
11054554 |
63.85 |
|
Total Public shareholding (B) |
11068554 |
63.93 |
|
Total (A)+(B) |
17313743 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17313743 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Plywood. |
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Products : |
Not Available |
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Brand Names : |
UNIPLY AND ELEMENTZ |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
State
Bank of India, India · HDFC Bank, India |
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Facilities : |
(Rs.
In Millions)
Long Term
Borrowing a)
State Bank of India - Term Loan
- II from bank carries interest @ 16.10% p.a. The balance outstanding is
repayable in 4 Principal Quarterly Installment of Rs. 2.000 Millions in the
next year. The loan is secured by hypothecation of fixed assets of the
company. Further, the loan has been guaranteed by Managing Director of the
company. b)
Hire Purchase loan from HDFC Bank - Crane
Loan is secured by hypothecation of respective asset, hire purchase loan is
repayable in 22 EMI of Rs.0.053 Millions. c)
Hire Purchase loan from HDFC
Bank - Car Loan is secured by hypothecation of respective asset, hire
purchase loan is repayable in 17 EMI of Rs.0.014 Million. d)
Hire Purchase Loan from
Kotak Mahindra Prime Limited - Car Loan is secured by hypothecation of
respective asset, hire purchase loan is repayable in 21 EMI of Rs. 0.021
Million. e)
Inter corporate loan
carries interest rate of 15% p.a. and repayable after 12 months from balance
sheet date. Short Term
Borrowing ·
Cash Credit from State Bank
of India is secured by hypothecation of stock, receivables and other current
assets of the company, hypothication of fixed assets of the company excluding
vehicles & goodwill. Further secured by personal guarantee of the
managing director of company. The cash credit is repayable on demand and carries
interest @ 16.00% p.a. |
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Auditors : |
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|
Name : |
C. Ramasamy and B. Srinivasan Chartered Accountant |
|
Address : |
37, Alagiri Nagar II Street, Vadapalani, Chennai – 600026, Tamilnadu,
India |
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Tel. No.: |
91-44-40459999 |
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Fax No.: |
91-44-40459995 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
·
Surge Trading Limited, Hong Kong (upto
31.03.2013) |
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|
|
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Associate : |
·
Uniply International Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Isued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17313743 |
Equity Shares |
Rs.10/- each |
Rs. 173.137
Millions |
|
|
|
|
|
Reconciliation of
Shares:
|
Particulars |
31.03.2014 |
|
No. of Shares |
|
|
Opening Share Capital |
14363743 |
|
Add: Shares issued during the year |
2950000 |
|
Add: Rights / Bonus Shares Issued |
-- |
|
Total |
17313743 |
|
Less: Buy back of Shares |
-- |
|
Less Reduction in Capital |
-- |
|
Closing Share Capital |
17313743 |
·
The company has issued only one class of equity
shares having a par value of Rs.10/- per share. Each holder of equity share is
entitled to one vote per share.
·
During the year company has issued 29,50,000 equity
shares of Rs.10/- each fully paid and allotted on 25.03.2014.
List of Shareholders having 5% or more
Shares (In Nos):
|
Name of Shareholders |
31.03.2014 |
|
|
In Nos |
In % |
|
|
B L Bengani |
4472693 |
25.83 |
|
B L Bengani - HUF |
-- |
-- |
|
Dugar Merchandise Private Limited |
1772496 |
10.24 |
|
Raimcom Sales Private Limited |
-- |
-- |
|
Deeksha Marketing Private Limited |
924977 |
5.34 |
As per of the company, including its
register of shareholders or members.
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 |
173.137 |
143.637 |
143.637 |
|
(b) Reserves & Surplus |
106.053 |
135.541 |
176.512 |
|
(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) |
279.190 |
279.178 |
320.149 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28.428 |
27.237 |
39.267 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.781 |
1.000 |
3.777 |
|
Total Non-current Liabilities (3) |
29.209 |
28.237 |
43.044 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
520.499 |
383.795 |
337.089 |
|
(b) Trade payables |
310.876 |
438.728 |
290.304 |
|
(c) Other current
liabilities |
12.585 |
28.279 |
34.527 |
|
(d) Short-term provisions |
0.010 |
0.010 |
0.831 |
|
Total Current Liabilities (4) |
843.970 |
850.812 |
662.751 |
|
|
|
|
|
|
TOTAL |
1152.369 |
1158.227 |
1025.944 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
272.365 |
287.189 |
267.841 |
|
(ii) Intangible Assets |
0.068 |
0.080 |
0.090 |
|
(iii) Capital
work-in-progress |
0.391 |
0.067 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.455 |
0.986 |
0.986 |
|
(c) Deferred tax assets (net) |
39.214 |
26.027 |
7.792 |
|
(d) Long-term Loan and Advances |
7.475 |
8.549 |
6.841 |
|
(e) Other Non-current assets |
5.835 |
5.835 |
5.835 |
|
Total Non-Current Assets |
325.803 |
328.733 |
289.385 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
593.485 |
558.886 |
468.788 |
|
(c) Trade receivables |
205.822 |
226.146 |
221.970 |
|
(d) Cash and cash
equivalents |
15.035 |
25.932 |
32.996 |
|
(e) Short-term loans and
advances |
5.381 |
11.824 |
6.201 |
|
(f) Other current assets |
6.843 |
6.706 |
6.604 |
|
Total Current Assets |
826.566 |
829.494 |
736.559 |
|
|
|
|
|
|
TOTAL |
1152.369 |
1158.227 |
1025.944 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1460.332 |
1222.139 |
1210.287 |
|
|
|
Other Income |
1.212 |
2.228 |
2.435 |
|
|
|
TOTAL |
1461.544 |
1224.367 |
1212.722 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1271.680 |
949.920 |
893.166 |
|
|
|
Purchases of Stock-in-Trade |
95.466 |
83.189 |
75.595 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(170.294) |
8.399 |
(20.138) |
|
|
|
Employees benefits expense |
102.089 |
77.035 |
41.328 |
|
|
|
Other expenses |
119.420 |
86.946 |
116.188 |
|
|
|
TOTAL
|
1418.361 |
1205.489 |
1106.139 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
43.183 |
18.878 |
106.583 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
69.828 |
63.131 |
61.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(26.645) |
(44.253) |
44.679 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
16.030 |
14.942 |
14.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(42.675) |
(59.195) |
30.226 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(13.187) |
(18.225) |
9.284 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(29.488) |
(40.970) |
20.942 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(66.170) |
(25.200) |
(46.142) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(95.658) |
(66.170) |
(25.200) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
2.312 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
241.351 |
358.603 |
361.121 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.70) |
(2.85) |
(1.46) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.02) |
(3.35) |
1.73 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
2.96 |
1.54 |
8.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.84) |
(5.23) |
2.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15) |
(0.21) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.97 |
1.47 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.97 |
1.11 |
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 |
143.637 |
143.637 |
173.137 |
|
Reserves & Surplus |
176.512 |
135.541 |
106.053 |
|
Net
worth |
320.149 |
279.178 |
279.190 |
|
|
|
|
|
|
long-term borrowings |
39.267 |
27.237 |
28.428 |
|
Short term borrowings |
337.089 |
383.795 |
520.499 |
|
Total
borrowings |
376.356 |
411.032 |
548.927 |
|
Debt/Equity
ratio |
1.176 |
1.472 |
1.966 |
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 |
1210.287 |
1222.139 |
1460.332 |
|
|
|
0.979 |
19.490 |
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 |
1210.287 |
1222.139 |
1460.332 |
|
Profit |
20.942 |
(40.970) |
(29.488) |
|
|
1.73% |
(3.35)% |
(2.02)% |
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 |
---------------------- |
|
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 Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term Borrowing |
|
|
|
Loans and
Advances from Others |
|
|
|
Inter Corporate Loans |
27.500 |
15.000 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans repayable
on demand From Bank |
|
|
|
Inter Corporate Loans |
22.500 |
25.000 |
|
Other loans and
advances |
|
|
|
Short Term Credit from Bank - Buyers
Credit - State Bank India |
0.000 |
40.652 |
|
Total |
50.000 |
80.652 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10026957 |
15/02/2014 * |
632,400,000.00 |
State Bank of
India |
Commercial Branch, No.232 NSC Bose Road,
Chennai, |
B98022817 |
* Date of charge modification
PERFORMANCE REVIEW
During the year of
operation, the company has achieved a net turnover of Rs. 1460.332 million, as
against the previous year net turnover of Rs. 1224.367 million with a growth of
19.27%. However, the management is enduring its hard work to accomplish
improved results in the years to come on all fronts like minimizing operational
costs, brand building and etc.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
MACROECONOMIC OVERVIEW AND
PLYWOOD INDUSTRY
Fiscal 2014 was a
difficult year for the Indian economy with the GDP growth rate falling to its
lowest in the decade. A receding economy, rising infl ation combined with
heightened interest rates, High risk weight-age for loans, volatility in
exchange markets had an adverse impact on the savings ability of the population
leading to a decline in demand for housing and real estate which had an direct
impact on the demand for plywood and panel products. The slowdown has also
resulted in slippage of productivity growth in the past few years.
The plywood
industry had been under severe stress where small and medium sizes Industry
have suffered heavily. High cost of production, low volume, expensive brand
promotion, tight monetary situation, high finance cost, timber export ban from
Myanmar and maintenance of quality have been the key issues.
Despite unfavorable
Government Regulations, stringent market conditions and severe global impacts,
our consumers have been our support system throughout. To fi ll the import gap
of timber from Myanmar the Company has switched over to other species of logs
imported from Malaysia, Africa and other countries to continue to maintain the
quality and constitutions of plywood by using tropical hardwood. Companies have
adopted the much needed changes in selection of raw materials - tropical
hardwood, which are moderate in weight and color. At the same time, your
company has maintained the quality parameters as in the past, as required to
keep the Trust of the consumers buoyant. In overall, the company is well placed
to tackle all the adverse situations and hurdles.
OUTLOOK
In view of the
Governments thrust towards infrastructure and real estate growth your company
is hopeful to achieve better results and growth. With buoyant demand and
marketing strength of “UNIPLY and ELEMENTZ” brands, products of your company
positioned to fully exploit emerging opportunities. The company has also
focused more on Decorative segment and added up more than 150 varieties of
engineered veneers to its fold. The Marketing infrastructure has also been
ramped to achieve the higher turnover by opening stock points for decorative
plywood.
Further, the Company’s goal is to become a well-diversified Company in
the
UN-AUDITED
FINANCIAL RESULT FOR THE QUARTER ENDED 30.09.2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended Reviewed
|
Half Year Ended Reviewed |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
306.178 |
335.519 |
641.697 |
|
|
|
Less: Excise
Duty) |
26.767 |
30.257 |
57.024 |
|
|
|
a. Net Sales/ Income from Operations |
279.411 |
305.262 |
584.673 |
|
|
|
b. Other Operating Income |
(0.070) |
0.278 |
0.208 |
|
|
|
Total Income from
Operations (Net) |
279.341 |
305.540 |
584.881 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
223.664 |
285.174 |
508.838 |
|
|
|
b. Purchase of Stock-in trade |
13.547 |
7.237 |
20.784 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(9.023) |
(44.393) |
(53.416) |
|
|
|
d. Employees Benefit Expenses |
22.190 |
19.843 |
42.033 |
|
|
|
e. Depreciation and Amortisation Expenses |
3.836 |
5.146 |
8.982 |
|
|
|
f. Other expenses |
24.544 |
23.496 |
48.040 |
|
|
|
Total Expenses |
278.758 |
296.503 |
575.261 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
0.583 |
9.037 |
9.620 |
|
|
4 |
Other Income |
-- |
-- |
-- |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
0.583 |
9.037 |
9.620 |
|
|
6 |
Finance Costs |
21.560 |
21.596 |
43.156 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(20.977) |
(12.559) |
(33.536) |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
(20.977) |
(12.559) |
(33.536) |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
-- |
-- |
-- |
|
|
|
- Deferred Tax |
(6.000) |
-- |
(6.000) |
|
|
11 |
Net Profit from
ordinary activity after tax |
(14.977) |
(12.559) |
(27.536) |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
(14.977) |
(12.559) |
(27.536) |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
173.137 |
173.137 |
173.137 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
-- |
-- |
-- |
|
|
|
Basic EPS |
(0.87) |
(0.73) |
(1.59) |
|
|
|
Diluted EPS |
(0.87) |
(0.73) |
(1.59) |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
11068554 |
11068554 |
110685554 |
|
|
|
- Percentage of shareholding |
63.85 |
63.85 |
63.85 |
|
|
2 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
3590996 |
3590996 |
3590996 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
57.50 |
57.50 |
57.50 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
20.74 |
20.74 |
20.74 |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
2654253 |
2654253 |
2654253 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
42.50 |
42.50 |
42.50 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
15.33 |
15.33 |
15.33 |
|
NOTE:
1. The above financial result were reviewed by the audit committee and
approved by board of Directors at its meeting held at chennai on 30th
November 2014. Limited reviewed of these result as required under Clause 41 of Listing
Agreement has been carried by the Statutory Auditors.
2. There was no complaints from investor pending at the end of the quarter.
3. The company has aligned the useful life of fixes assets with those
specified in part C of schedule II to the companies Act, 2013 for all classes
of assets. As a result, the depreciation for the ended 30.09.2014 is provided
based on Part C of schedule II to the companies Act, 2013. In the case of
assets whose useful life have ended as on 01.04.2014, the carring value has been
adjusted to the opening reserve as on 01.04.2014, pursuant to provisions of
schedule II to the companies Act, 2013.
4. Figures for the previous period has been regrouped/reclassified, wherever
necessary, to make them comparable with the figures of the current period.
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
Reviewed As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a)
Share Capital |
|
|
173.137 |
|
(b) Reserves & Surplus |
|
|
75.311 |
|
|
|
|
248.448 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
27.779 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
1.181 |
|
|
|
|
28.960 |
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
530.197 |
|
(b) Trade payables |
|
|
398.084 |
|
(c) Other current
liabilities |
|
|
26.991 |
|
(d) Short-term provisions |
|
|
0.010 |
|
|
|
|
955.282 |
|
|
|
|
|
|
TOTAL |
|
|
1232.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(b)Tangible Assets |
|
|
261.805 |
|
(c)Capital
work-in-prepress |
|
|
0.391 |
|
(c) Non-current Investments |
|
|
0.455 |
|
(d) Deferred tax assets (net) |
|
|
45.214 |
|
(e) Long-term Loan and Advances |
|
|
8.481 |
|
(f) Other Non-current assets |
|
|
5.835 |
|
|
|
|
322.181 |
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
636.291 |
|
(c) Trade receivables |
|
|
279.726 |
|
(d) Cash and cash equivalents |
|
|
14.046 |
|
(e) Short-term loans and
advances |
|
|
3.669 |
|
(f) Other current assets |
|
|
6.777 |
|
|
|
|
940.509 |
|
|
|
|
|
|
TOTAL |
|
|
1232.690 |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and fixture
·
Vehicles
·
Office Equipment
·
Others
·
Compacters
·
Electrical
and Fitting
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. 61.91 |
|
|
1 |
Rs. 97.12 |
|
Euro |
1 |
Rs. 76.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
31 |
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.