MIRA
INFORM REPORT
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Report No. : |
335047 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SATIA INDUSTRIES LIMITED |
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Registered
Office : |
Village Rupana, |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.11.1980 |
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Com. Reg. No.: |
16-004329 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Million |
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CIN No.: [Company Identification
No.] |
L21012PB1980PLC004329 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AMRS14004E |
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PAN No.: [Permanent Account No.] |
AACCS7233A |
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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
: |
Manufacturing of Writing and Printing Paper from Virgin Pulp. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1980. It is engaged in the manufacturing
of writing and printing paper at its plant located at Muktsar, Punjab. It is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments
term are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
16.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
16.10.2014 |
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
31-03-2013.
LOCATIONS
|
Registered Office/ Factory : |
Village Rupana, Malout-Muktsar Road, Muktsar – 152032, Punjab, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch Office 1: |
613-615, Naurang House, 21 K.G. Marg, New Delhi – 110001, India |
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Branch Office 2: |
SCO 90-92, Sector 80 C, Madhya Marg, Chandigarh – 160018, Punjab,
India |
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Branch Office 3: |
304, Navjeevan Complex, 29 Station Road, Jaipur – 302006, Rajasthan,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Ajay Satia |
|
Designation : |
Managing Director |
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Name : |
Mr. R.K Bhandari |
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Designation : |
Whole Time Director |
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Name : |
Mr. Avinash Chander Ahuja |
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Designation : |
Independent Director |
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Name : |
Mr. A. Krishna |
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Designation : |
Independent Director |
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Name : |
Mr. S.K Arora |
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Designation : |
Independent Director |
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Name : |
Mr. Dinesh Sharma |
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Designation : |
Independent Director |
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Name : |
Mr. I.D. Singh |
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Designation : |
Independent Director |
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Name : |
Mr. J.R. Sharma |
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Designation : |
Director (Legal) |
KEY EXECUTIVES
|
Name : |
Dr. Ajay Satia |
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Designation : |
Chairman |
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Name : |
Mr. Ashik Kumar Khurana |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Rakesh Kumar Dhuria |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of |
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(A) Shareholding of
Promoter and Promoter Group |
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|
4088156 |
40.88 |
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|
4088156 |
40.88 |
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Total shareholding
of Promoter and Promoter Group (A) |
4088156 |
40.88 |
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(B) Public
Shareholding |
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|
3364535 |
33.65 |
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|
99775 |
1.00 |
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|
2447534 |
24.48 |
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|
5911844 |
59.12 |
|
Total Public
shareholding (B) |
5911844 |
59.12 |
|
Total (A)+(B) |
10000000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10000000 |
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 : |
Manufacturing of Writing and Printing Paper from Virgin Pulp. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Central Bank of India |
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Facilities : |
Note: The loans due to PNB and CBI are secured by the first charge by way of equitable mortgage of company's immovable properties,present and future, hypothecation of company's movable assets, present and future in their favour on parripassu basis and further personally guaranteed by the Managing Director and a director of the company. The loans are further secured by
pledge of 2.400 Million equity shares held by the promoters. Vehicle loans are secured by
hypothecation of specific assets only. Working capital Borrowings are secured by hypothecation of all stocks of raw material stores, work in progress finished stock and book debts, personal guarantee by M.D and a Director of the company. In addition to this the working capital limits are further secured by way of second parri passu charge on all the fixed assets of the company. The loan due to PNB is further secured by pledge of 24 lacs equity shares held by the promoters. |
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Statutory Auditors : |
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Name : |
Rakesh Bansal and Company Chartered Accountants |
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Address : |
Muktsar – 152026, Punjab India |
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Cost Auditors : |
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Name : |
R.J. Goel and Company Chartered Accountants |
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Address : |
New Delhi, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Individual Owing
directly or indirectly substantial interest in the voting power of the
company: (As on 31.03.2014) |
· T.C. Spinners Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Million |
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The Company has only one class of
shares referred to as equity shares having a par value of Rs.10/-. Each holder
of equity shares is entitled to one vote per share.
20,00,000 Shares out of the issued,
subscribed and paid up share capital were allotted as bonus shares in the last
five years by capitalization of reserves.
In the event of Liquidation of the
company, the holders of equity shares will be entitled to receive any of the
remaining assets of the company, after distribution of all preferential
amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
Reconcilation of number of share
outstanding :
|
Particulars |
Year Ended As At 31March,2014 |
|
Number of shares at the Beginning |
10,00,000 |
|
Add : Shares Issued |
0 |
|
Number of Shares at the End |
10,00,000 |
Details of Shareholders holding more than
5% shares in the company
|
Particulars |
Year Ended As At 31March,2014 |
% Holding in the SHARES |
|
Equity Shares of Rs.10 each fully paid |
|
|
|
Sh. Ajay Satia |
1475861 |
14.76 |
|
Smt. Bindu Satia |
751094 |
7.50 |
|
Sh. Anil Satia |
567719 |
5.67 |
|
Mr. Ankit Satia |
793344 |
7.93 |
|
Mr. Dhruv Satia |
543169 |
5.43 |
|
S.D.S Cotton Private Limited |
1518285 |
15.18 |
|
Muktsar Fincap Private Limited |
1572800 |
15.72 |
As per of the company, including its
register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
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I.
EQUITY AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
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(a) Share Capital |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
813.800 |
747.435 |
612.468 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
10.000 |
10.000 |
|
Total
Shareholders’ Funds (1) + (2) |
913.800 |
857.435 |
722.468 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1110.232 |
551.506 |
436.606 |
|
(b) Deferred tax liabilities
(Net) |
49.764 |
141.022 |
241.779 |
|
(c) Other long term
liabilities |
803.060 |
742.367 |
611.925 |
|
(d) long-term provisions |
62.617 |
55.029 |
33.426 |
|
Total
Non-current Liabilities (3) |
2025.673 |
1489.924 |
1323.736 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
552.540 |
461.803 |
385.216 |
|
(b) Trade payables |
313.657 |
262.128 |
211.081 |
|
(c) Other current liabilities |
266.668 |
93.762 |
84.309 |
|
(d) Short-term provisions |
1.690 |
11.619 |
28.195 |
|
Total
Current Liabilities (4) |
1134.555 |
829.312 |
708.801 |
|
|
|
|
|
|
TOTAL |
4074.028 |
3176.671 |
2755.005 |
|
|
|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2544.912 |
1562.621 |
1625.747 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
331.719 |
62.435 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
71.700 |
112.700 |
112.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2616.612 |
2007.040 |
1800.882 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
519.763 |
270.776 |
243.183 |
|
(c) Trade receivables |
752.170 |
739.087 |
460.648 |
|
(d) Cash and cash equivalents |
55.798 |
47.558 |
33.052 |
|
(e) Short-term loans and
advances |
87.668 |
66.398 |
122.105 |
|
(f) Other current assets |
42.017 |
45.812 |
95.135 |
|
Total
Current Assets |
1457.416 |
1169.631 |
954.123 |
|
|
|
|
|
|
TOTAL |
4074.028 |
3176.671 |
2755.005 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3931.332 |
3834.337 |
2784.518 |
|
|
Other Income |
50.812 |
34.843 |
33.889 |
|
|
TOTAL
|
3982.144 |
3869.180 |
2818.407 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1863.935 |
1535.034 |
1023.162 |
|
|
Purchases of Stock-in-Trade |
0.000 |
67.259 |
30.354 |
|
|
Increase/Decrease in stock in
trade and work in progress |
(52.238) |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
780.980 |
64.806 |
22.655 |
|
|
Employees benefits expense |
236.561 |
222.232 |
177.950 |
|
|
Other expenses |
458.718 |
1448.000 |
1119.536 |
|
|
Extraordinary Items |
0.991 |
3.801 |
6.881 |
|
|
TOTAL
|
3288.947 |
3341.132 |
2380.538 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
693.197 |
528.048 |
437.869 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
163.478 |
155.785 |
147.906 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
529.719 |
372.263 |
289.963 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
529.866 |
267.053 |
100.519 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(0.147) |
105.210 |
189.444 |
|
|
|
|
|
|
|
Less |
TAX |
(65.859) |
(29.757) |
50.626 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
65.712 |
134.967 |
138.818 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
0.000 |
0.802 |
|
|
TOTAL
EARNINGS |
NA |
0.000 |
0.802 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
171.673 |
122.020 |
|
|
Components and Stores parts |
NA |
15.120 |
8.174 |
|
|
Capital Goods |
NA |
45.778 |
1.372 |
|
|
TOTAL
IMPORTS |
NA |
232.571 |
131.566 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.84 |
13.34 |
13.69 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
379.985 |
387.946 |
|
Net cash flow from operating activity |
NA |
332.514 |
381.065 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.67 |
3.52 |
4.99 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.63 |
13.77 |
15.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
3.85 |
7.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.12 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.82 |
1.18 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.41 |
1.35 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
612.468 |
747.435 |
813.800 |
|
Net
worth |
722.468 |
857.435 |
913.800 |
|
long-term borrowings |
436.606 |
551.506 |
1110.232 |
|
Short term borrowings |
385.216 |
461.803 |
552.540 |
|
Total
borrowings |
821.822 |
1013.309 |
1662.772 |
|
Debt/Equity
ratio |
1.138 |
1.182 |
1.820 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2784.518 |
3834.337 |
3931.332 |
|
|
|
37.702 |
2.530 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2784.518 |
3834.337 |
3931.332 |
|
Profit |
138.818 |
134.967 |
65.712 |
|
|
4.99% |
3.52% |
1.67% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS (As on 31.03.2014)
During the financial year 2013-2014, net revenue from operation was Rs.3834.337 Million as compared to Rs.2784.518 Million during the corresponding period of previous year 2012-2013 The net profit after tax of the Company is Rs.134.967 Million as compared to Rs.138.818 Million for the previous year.
The Director has decided to plough back the
profits and do not recommend any dividend.
FUTURE PROSPECTS (As on 31.03.2014)
The low per capita consumption of paper leaves a head room for growth. The policy emphasis on education through private sector and public-private partnership will drive growth, business and communication are on the increase driving demand for a range of paper varieties - office or copier paper, printing and writing paper, bills, invoices, telephone bills, tickets ,Printers are on the increase not just in commercial application but also in homes and shops. These will contribute to increasing the demand. But the concerns need to be addressed. "Input costs squeeze is a greater concern" than demand slow down which is a short term issue. Raw material availability, primarily pulp wood supply is a matter of concern. A policy on industrial plantations is needed to support industry, which is now trying to push farm forestry and social forestry schemes. "Raw material is clearly an area of concern" as costs and imports increase. "Clearly value addition has to happen domestically and will generate jobs and
conserve environment.
MANAGEMENT DISCUSSION & ANALYSIS (As
on 31.03.2014)
Satia Industries Limited has a system of presentation system on quarterly basis to review the operation and performance of the Company. The Company Audit Committee and Board of Directors also meet regularly and advise for strengthening the corporate governances, the maximization of returns and minimization of risk. The Company is having writing and Printing Paper, Chemical Recovery and Co-generation plants at VPO Rupana, Malout -Muktsar Road, distt Muktsar and also engaged in the trading activities of the cotton and yarn. The Company has prepared the Balance sheet, profit and Loss account and other statement of accounts in compliance with the requirement of the Companies Act, 1956 and as per mandatory accounting standard issued by the Institute of Chartered Accountants of India
Industry Structure and Development
The Indian Paper Industry accounts for about 1.6% of the world's production of paper and paperboard. The estimated turnover of the industry is Rs.350000.000 Million (USD 7 billion) approximately and its contribution to the exchequer is around Rs.30000.000 Million (USD 0.6 billion). The industry provides employment to more than 0.37 million people directly and 1.3 million people indirectly. The industry was delicenced effective from July, 1997 by the Government of India; foreign participation is permissible. Most of the paper mills are in existence for a long time and hence present technologies fall in a wide spectrum ranging from oldest to the most modern. The mills use a variety of raw material viz. wood, bamboo, recycled fibre, bagasse, wheat straw, rice husk, etc.; approximately 35% are based on chemical pulp, 44% on recycled fibre and 21% on agro-residues. The geographical spread of the industry as well as market is mainly responsible for regional balance of production and consumption. The operating capacity of the industry currently stands at 12.75 million tons. During this fiscal year, domestic production of paper and paperboard is estimated to be 10.11 million tons. As per industry guesstimates,
over all paper consumption (including newsprint) has now touched 11.15 million tons and per capita consumption is pegged at 9.3 kg. Demand of paper has been hovering around 8% for some time. So far, the growth in paper industry has mirrored the growth in GDP. India is the fastest growing market for paper globally and it presents an exciting scenario; paper consumption is poised for a big leap forward in sync with the economic growth and is estimated to touch 13.95 million tons by 2015-16. The futuristic view is that growth in paper consumption would be in multiples of GDP and hence an increase in consumption by one kg per capital would lead to an increase in demand of 1 million tons.
Opportunities and threats
The company has a very strong pulping base having capacity to make sufficient agro waste pulp besides significant capacity to make deinked pulp. along with a Strong marketing network and loyal customer base to fulfill increasing market demand with increase in production and productivity. Three different machines that give your company flexibility to cater to a wider range of market are major strengths. At the same time, the major threat being faced by your company is the stringent environmental regulation being imposed by the government. Increasing competition with globalization and emergence of new units with latest technology, threat of Zero import duty on paper inputs, raw material shortage and economy of scale.
Segmentation or product wise performance
The company has introduced a premium quality paper 'super snow white paper' excelling in all qualities like brightness, formation, bulk and strength properties and its share in total production is increasing. This product has made a place for itself in the market. Plans to introduce photocopier paper under a brand name in near future are underway. There has been good demand for colored and azure laid paper made by the company. There has been more than full capacity utilization of manufacturing capacity of your company.
Internal Control Systems and their
adequacy
There is adequate internal control
system in the company through Internal Audit and regular operations review and
efforts are being made to strengthen it.
Operating & Financial Performance
The net revenue from operation of the Company was Rs.3834.337 Million as compared to Rs.2784.517 Million during the corresponding period of the previous year 2012-2013 and the net profit after tax of the Company was Rs.134.967 Million from Rs.138.818 Million recorded for the previous year.
Development in Human Resources/Industrial
Relations
The human capital of the company has
been motivated and committed to bring good operating performance. The
industrial relations are cordial. strives to provide the best work environment
with ample
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10555902 |
03/03/2015 |
220,000,000.00 |
Punjab National
Bank |
Kacha Ferozepur Road,
Main Branch, Muktsar, Punjab - 152026, INDIA |
C47173158 |
|
2 |
10549592 |
31/12/2014 |
120,000,000.00 |
Punjab National
Bank |
Main Branch,
Kacha Ferozepur Road, Muktsar, Punjab - 152026, INDIA |
C43841634 |
|
3 |
10488338 |
03/03/2015 * |
2,865,300,000.00 |
Punjab National
Bank |
Kacha Ferozepur
Road, Main Branch, Muktsar, Punjab - 152026, INDIA |
C47181532 |
|
4 |
10488542 |
03/03/2015 * |
2,865,300,000.00 |
Punjab National
Bank |
Kacha Ferozepur Road,
Main Branch, Muktsar, Punjab - 152026, INDIA |
C47180039 |
|
5 |
10477207 |
09/01/2014 |
600,000,000.00 |
PUNJAB NATIONAL
BANK |
MAIN BRANCH,
KACHA FEROZEPUR ROAD, MUKTSAR, Punjab - 152026, INDIA |
B96188313 |
|
6 |
10477212 |
02/01/2014 |
98,500,000.00 |
Punjab National
Bank |
Main Branch,,
Kacha Ferozepur Road,, Muktsar, Punjab - 152026, INDIA |
B96189089 |
|
7 |
10445076 |
24/07/2013 |
70,000,000.00 |
Punjab National
Bank |
Main Branch,
Kacha Ferozepur Road, Muktsar, Punjab - 152026, INDIA |
B83073551 |
|
8 |
10445082 |
24/07/2013 |
95,000,000.00 |
Punjab National
Bank |
Main Branch,,
Kacha Ferozepur Road, Muktsar, Punjab - 152026, INDIA |
B83076315 |
CONTINGENT
LIABILITIES:
(Rs.
in million)
|
PARTICULARS |
Year Ended As On 31.03.2014 |
|
Bank Guarantee |
54.094 |
|
Unexpired Letter of Credit (Opened by Bank) (Material received against LCs has been accounted for and credited to suppliers account) |
168.133 |
|
Excise & Customs duty demand in dispute |
0.383 |
|
Sales Tax demand in dispute |
0.386 |
|
Customs Duty in respect of Export Obligation |
7.372 |
|
Corporate Guarantee in favour of Uco Bank on Behalf of T.C Spinners Private Limited (Outstanding balance Rs.83.865 Million) |
121.000 |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Electrical installation fitting and equipments
· Office Equipment
· Furniture and fittings
· Vehicles
· Computers
· A.C,Fan and Cooler
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 records 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.63.81 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
SUD |
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 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.