MIRA INFORM REPORT
|
Report No. : |
337149 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BILT GRAPHIC PAPER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
P.O. Ballarpur Paper Mills, District Chandrapur, Ballarpur – 442901,
Maharashtra |
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|
Tel No.: |
91-7172-240282 / 240270 / 240210 |
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Country : |
India |
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Financials (as
on) : |
30.06.2014 |
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Date of
Incorporation : |
16.07.2007 |
|
|
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|
Com. Reg. No.: |
11-172382 |
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Capital
Investment / Paid-up Capital : |
Rs.5500.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21000MH2007PLC172382 |
|
|
|
|
IEC No.: |
0307084990 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AADCB2230M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Printing and Writing Papers. |
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|
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Ballarpur Paper Holding B.V”. It is
well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate networth base and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak Bansal |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-124-2804242 |
LOCATIONS
|
Registered Office : |
P.O. Ballarpur Paper Mills, District Chandrapur – 442901, Maharashtra,
India |
|
Tel. No.: |
91-7172-240282 / 240270 / 240210 |
|
Mobile No.: |
91-9890478432 (Mr. R. K. Chhabra) |
|
Fax No.: |
91-7172-240548 / 240548 |
|
E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
|
Head Office : |
Thapar House, 124 Janpath, New Delhi – 110001, Delhi, India |
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|
|
|
Corporate Office : |
First India Place, Tower - C, Block - A, Sushant Lok – I, Mehrauli -
Gurgaon Road, Gurgaon-122 002, Haryana, India |
|
Tel No.: |
91-124-2804242 / 43 |
|
Fax No.: |
91-124-2804261 |
|
|
|
|
Factory : |
·
Pune 105, Milestone Pune, Solapur Highway, Bhadalwadi, Pundhwadi, Pune –
413105, Maharashtra, India ·
Andhra Pradesh Varangal District, Kamla Puram, India ·
Bhiwan Maharashtra, District Baramati, India ·
Gadchiroli
P O. Ashti, District: Gadchiroli, Maharashtra – 442707, India Tel No.: 91-7135-244151 ·
Orissa Gaganapur, Pojeypore, District Koraput, Orissa – 764002, West Bengal, India Tel No.: 91-6854-230222 |
DIRECTORS
As on 19.12.2014
|
Name : |
Mr. Bhuthalingam Hariharan |
|
Designation : |
Director |
|
Address : |
D-2/3, Pachimi Marg, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
18.04.1957 |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
00012432 |
|
|
|
|
Name : |
Mr. Yogesh Aggarwal |
|
Designation : |
Whole Time Director |
|
Address : |
607, B. Aral Jas, DLF Golf Course Road, Gurgaon - 122002, Haryana,
India |
|
Date of Birth/Age : |
08.02.1964 |
|
Date of Appointment : |
25.08.2008 |
|
DIN No.: |
00233722 |
|
|
|
|
Name : |
Mr. Rajeev Ranjan Vaderah |
|
Designation : |
Director |
|
Address : |
47, Paschimi Marg, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
30.08.1949 |
|
Date of Appointment : |
16.07.2007 |
|
DIN No.: |
00012252 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Bansal |
|
Designation : |
Company Secretary |
|
Address : |
IP College for Women, C-4, Staff Flats, Shamnath Nagar, Civil Lines, |
|
Date of Birth/Age : |
26.02.1972 |
|
Date of Appointment : |
25.08.2008 |
|
PAN No : |
ABTPB4125B |
|
|
|
|
Name : |
Mr. Arvind Sahani |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.12.2014
|
Names of Shareholders |
No. of Shares |
|
Ballarpur Industries Limited, |
49940 |
|
Mahajan Akhil (Nominee of Ballarpur Industries Limited, |
10 |
|
Pathak Sandeep (Nominee of Ballarpur Industries Limited, |
10 |
|
Jolly Vinu (Nominee of Ballarpur Industries Limited, |
10 |
|
Sehgal Shalinin (Nominee of Ballarpur Industries Limited, |
10 |
|
Vivek Chaudhary (Nominee of Ballarpur Industries Limited, India) |
10 |
|
Ballarpur Paper Holdings B. V., Netherlands |
550000000 |
|
Deepak Bansal (Nominee of Ballarpur Industries Limited, India) |
10 |
|
|
|
|
Total |
550050000 |
As on 19.12.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing and Writing Papers. |
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Products : |
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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 : |
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Products : |
Raw Material |
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Countries : |
Vietnam |
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Terms : |
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Selling : |
Cash and Credit (30, 60, 90 Days) |
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Purchasing : |
Cash and Credit (30, 60, 90 Days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
· Axis Bank, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
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Facilities : |
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Financial Institution : |
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Auditors : |
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|
Name : |
K.K. Mankeshwar and Company Chartered Accountants |
|
Address : |
King's Way, Nagpur - 440001, Maharashtra, India |
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PAN
No. : |
AABFK1156A |
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|
|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding Company : |
· Ballarpur Paper Holding B.V. |
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|
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|
Ultimate Holding
Company : |
v Ballarpur Industries Limited |
|
|
|
|
Subsidiaries (including step down
subsidiaries) of ultimate Holding Company : |
· Ballarpur International Holdings B.V. · Bilt Paper B.V. (Formerly Known as Ballarpur International Graphic Paper · Holdings B.V.) · Ballarpur Speciality Paper Holdings B.V. · Sabah Forest Industries Sdn. Bhd. · BILT Tree Tech Limited · Premier Tissues (India) Limited |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850100000 |
Equity Shares |
Rs.10/- each |
Rs.8501.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550050000 |
Equity Shares |
Rs.10/- each |
Rs.5500.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
5500.500 |
5500.500 |
5500.500 |
|
(b) Reserves & Surplus |
9135.900 |
8420.600 |
7280.800 |
|
(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) |
14636.400 |
13921.100 |
12781.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
24475.100 |
22145.500 |
19634.300 |
|
(b) Deferred tax liabilities (Net) |
2170.000 |
2057.800 |
1888.700 |
|
(c) Other long term
liabilities |
485.000 |
418.700 |
310.800 |
|
(d) long-term
provisions |
351.800 |
319.800 |
246.400 |
|
Total Non-current
Liabilities (3) |
27481.900 |
24941.800 |
22080.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10140.500 |
9623.500 |
6582.400 |
|
(b) Trade
payables |
8818.300 |
7784.100 |
6047.800 |
|
(c) Other
current liabilities |
6676.500 |
5775.200 |
5642.800 |
|
(d) Short-term
provisions |
296.200 |
431.300 |
186.000 |
|
Total Current
Liabilities (4) |
25931.500 |
23614.100 |
18459.000 |
|
|
|
|
|
|
TOTAL |
68049.800 |
62477.000 |
53320.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
46142.500 |
32660.600 |
29142.900 |
|
(ii)
Intangible Assets |
223.100 |
116.600 |
0.400 |
|
(iii)
Capital work-in-progress |
531.700 |
14017.800 |
8894.100 |
|
(iv)
Intangible assets under development |
0.000 |
100.500 |
0.000 |
|
(b) Non-current Investments |
330.500 |
330.500 |
330.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3104.000 |
2964.500 |
4676.800 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
50331.800 |
50190.500 |
43044.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8550.000 |
6716.500 |
4770.700 |
|
(c) Trade
receivables |
2068.200 |
1827.600 |
1763.400 |
|
(d) Cash
and cash equivalents |
2135.000 |
200.600 |
314.400 |
|
(e)
Short-term loans and advances |
4957.700 |
3531.200 |
3406.200 |
|
(f) Other
current assets |
7.100 |
10.600 |
21.100 |
|
Total
Current Assets |
17718.000 |
12286.500 |
10275.800 |
|
|
|
|
|
|
TOTAL |
68049.800 |
62477.000 |
53320.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37065.900 |
33092.100 |
31211.900 |
|
|
|
Other Income |
112.600 |
47.900 |
89.000 |
|
|
|
TOTAL |
37178.500 |
33140.000 |
31300.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
21457.900 |
18800.900 |
17372.200 |
|
|
|
Purchases of Stock-in-Trade |
29.200 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(874.000) |
(72.200) |
(58.400) |
|
|
|
Employees benefits expense |
1836.900 |
1601.200 |
1426.900 |
|
|
|
Other expenses |
7849.000 |
6798.700 |
6854.100 |
|
|
|
TOTAL |
30299.000 |
27128.600 |
25594.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6879.500 |
6011.400 |
5706.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3341.500 |
2444.400 |
2573.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3538.000 |
3567.000 |
3132.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2260.700 |
1813.400 |
1710.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1277.300 |
1753.600 |
1422.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1277.300 |
198.300 |
293.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1133.600 |
1555.300 |
1129.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5732.600 |
4392.800 |
3263.800 |
|
|
|
|
|
|
|
|
|
Add |
|
212.500 |
200.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend |
60.800 |
357.500 |
0.000 |
|
|
|
Tax on Dividend |
357.500 |
58.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6660.400 |
5732.600 |
4392.800 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
2.06 |
2.83 |
2.05 |
|
|
|
Diluted |
1.96 |
2.57 |
1.96 |
|
|
Particulars |
|
|
As on 2015 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
38000.000 |
|
|
|
|
|
The above information has been parted by Mr. Deepak Bansal
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3927.100 |
3727.800 |
3466.700 |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
7698.900 |
6746.900 |
5590.100 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.06 |
4.70 |
3.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
18.56 |
18.17 |
18.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.90 |
3.65 |
3.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.63 |
2.55 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.68 |
0.52 |
0.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
5500.500 |
5500.500 |
5500.500 |
|
Reserves & Surplus |
7280.800 |
8420.600 |
9135.900 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12781.300 |
13921.100 |
14636.400 |
|
|
|
|
|
|
long-term borrowings |
19634.300 |
22145.500 |
24475.100 |
|
Short term borrowings |
6582.400 |
9623.500 |
10140.500 |
|
Current maturities of
long-term debts |
3466.700 |
3727.800 |
3927.100 |
|
Total
borrowings |
29683.400 |
35496.800 |
38542.700 |
|
Debt/Equity
ratio |
2.322 |
2.550 |
2.633 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
31211.900 |
33092.100 |
37065.900 |
|
|
|
6.024 |
12.008 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
31211.900 |
33092.100 |
37065.900 |
|
Profit |
1129.000 |
1555.300 |
1133.600 |
|
|
3.62% |
4.70% |
3.06% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULAR |
30.06.2014 (Rs.
In Million) |
30.06.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debentures intercorporate |
3000.000 |
3000.000 |
|
Foreign currency term loans from others |
5704.400 |
5668.400 |
|
Deferred sales tax loan |
400.000 |
287.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
|
10140.500 |
9623.500 |
|
|
|
|
|
Total |
19244.900 |
18578.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10540505 |
31/12/2014 |
2,000,000,000.00 |
AXIS BANK LTD. |
2ND FLOOR, STATESMAN HOUSE, 148,
BARAKHAMBA ROAD, |
C39160072 |
|
2 |
10530135 |
13/11/2014 |
500,000,000.00 |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER,
E1 23 NETAJI SUBHASH PLACE, PITAMPURA
DELHI, Delhi - 11 |
C32912891 |
|
|
3 |
10476598 |
24/01/2014 |
1,269,293,600.00 |
IDFC Limited |
KRM Tower, 8th Floor, No. 1, Harrington
Road, Ch |
B95937652 |
|
4 |
10470315 |
11/12/2013 |
885,121,667.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148,
BARAKHAMBA ROAD, |
B93545135 |
|
5 |
10448428 |
04/09/2013 |
4,685,216,760.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B84732569 |
|
6 |
10443847 |
02/08/2013 |
1,220,000,000.00 |
DBS BANK LTD. |
CAPITOL POINT, BABA KHARAK SINGH MARG,
CONNAUGHT PLACE, NEW DELHI,
Delhi - 110001, INDIA |
B82502816 |
|
7 |
10436067 |
03/07/2013 |
3,000,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 1, TOLSTOY MARG, 12TH FLOOR,
JAWAHAR |
B79281911 |
|
8 |
10433664 |
26/06/2013 |
1,500,000,000.00 |
GE MONEY FINANCIAL SERVICES Private
LIMITED |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER,
E1 23 NETAJI SUBHASH PLACE,
PITAMPURA DELHI, Delhi - 11 |
B78221769 |
|
9 |
10414913 |
28/03/2013 |
1,350,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B71788327 |
|
10 |
10393832 |
27/12/2012 |
2,500,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor, No. 1, Harrington Road,
Chetpet, Chennai, Tamil Nadu - 600031, INDIA |
B64822281 |
|
11 |
10284591 |
16/11/2012 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B63542674 |
|
12 |
10274602 |
16/11/2012 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B63543300 |
|
13 |
10261552 |
21/12/2010 |
2,500,000,000.00 |
Axis Trustee Services Limited |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE
PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B03521218 |
* Date of charge modification
OVERVIEW AND
OPERATIONS
The Company is part of the paper
and pulp industry with a strong presence in India. Globally, the industry is
undergoing a structural transformation.
On the one hand, advanced
economies are witnessing pressure on demand due to deep penetration of the
digital media which has often made the use of paper redundant. On the other,
emerging economies like China and India with higher economic growth, stress on
school and college education, large and thriving networks of newspapers and
print media coupled with relatively low paper penetration base are witnessing
healthy increases in paper demand. While the longer term structural trend
stated above is correct, it is also important to note that prevalent
macro-economic conditions play a significant role in defining the shorter term
status of the pulp and paper industry. On that score, the situation was not
particularly positive even for the emerging markets. Global economic growth was
stifled in calendar year (CY) 2013. World GDP growth had reduced to 3.1% in
CY2012. Unfortunately, it declined further to 3% in CY2013. This time, the
major drop in GDP growth was in the emerging markets and developing economies,
which witnessed a reduction from 4.9% in CY2012 to 4.7% in CY2013.
India, too, went through a
difficult time. The country recorded its second consecutive year of below 5%
growth: 4.7% for the period April 2013 to March 2014, with manufacturing output
declining by 0.7% compared to the same period in the previous year. Not
surprisingly, paper demand was adversely affected in India and it occurred at a
time when the domestic paper industry had already made large scale investments
in enhancing capacities. Thus, the market conditions were highly competitive.
The Company, too, completed
its present round of large scale investments with the pulping facility coming
on stream in Ballarpur in February 2014. This was the last of the major
investment programme which was being executed over the last five years. With
these investments, the Company is now ready to leverage the benefits of
integration right across the pulp and paper value chain by catering to specific
segments of the Indian paper market which rank among the fastest growing paper
markets in the world.
In a sense, FY2014 was a
watershed year for the Company. It saw the completion of a long phase of
strategic investments, acquisitions and expansion of capacities; and, with it,
there is a clear change in emphasis to consolidation, and focus on efficient
execution to best deliver enhanced value for the businesses and the
stakeholders.
Going forward, the Company is actively focusing on the following drivers
to take its business to the next level:
(i) Consolidating its
market leadership in India, which is one of the fastest growing paper markets
in the world.
(ii) Continuous new product
development to offer a diverse product range with premium positioning in India.
(iii) Vertical integration
across the pulp and paper value chain, which will evolve highly competitive
cost structures.
(iv) Leveraging and
building on its extensive and deep rooted distribution network.
(v) Day to day focus on
improving cash flows and optimising the capital structure.
(vi)
Building on the rich experience of its management team.
FINANCIAL HIGHLIGHTS
During the period under
review, the Company was successful in growing its revenues and maintaining
operating profit margins even under difficult market conditions. Net profits
dipped on account of increased interest and depreciation costs. However, the
management is confident that with significantly increased scale of operations
over the next few years, the effect of interest and depreciation will be less
than before.
The salient features of the financial performance are:
(i) Net sales increased by
11.94% to Rs. 36495.000 million in FY2014.
(ii) Earnings before interest,
depreciation, taxes and amortisation (EBIDTA) rose by 14.44% to reach Rs.
6879.500 million in FY2014.
(iii) In FY2014, with cost
saving measures, operating margins (EBIDTA/Net Sales) grew by 41 basis points
to 18.85%.
(iv) Profit after tax
(PAT), however, decreased by 27.11% to Rs. 1133.600 million in FY2014,
primarily on account of higher depreciation and finance cost.
BUSINES PORTFOLIO
The Company has undergone
restructuring over the last few years The Company now focuses on the wood-free
printing and writing paper, coated and uncoated, which is the primary business
portfolio. The focus is on the reel or sheet commercial printing business and
desktop printing business through copier paper. There is also focus on high
value bio-degradable high-end packaging. The Company has four plants in India
Ballarpur (Maharashtra), Bhigwan (Maharashtra), Ashti (Maharashtra) and Sewa
(Odisha).
The business competitive
strength emanates from the vertical integration of its operations and strong
marketing distribution network. In terms of fibre security, the Company has
access to 288,138 hectares of licensed plantations and forests of its fellow
subsidiary, Sabah Forest Industries Sdn. Bhd. (SFI). It also has access to
procuring from farmers in India through its social farm forestry programme by
Bilt Tree Tech Limited, a fellow subsidiary, which has been developed over
several years. The Company is now fully self-sufficient in hard-wood pulp
production with two of the four units having integrated pulp producing facilities
namely Ballarpur and Sewa, while Bhigwan and Ashti obtain pulp produced at SFI
and Ballarpur. The production system also includes captive energy and part
chemicals (on-site) at certain facilities. This integrated structure right from
procuring wood to producing paper provides scope for flexibilities in operating
decisions that optimises costs. The business is supported by a unique
distribution network. The Company has a multi-tiered distribution network in
India, with most of the volume being sold by exclusive distributors.
MARKET DEVELOPMENTS
Globally, the paper
industry is facing the most difficult challenge of shrinking demand. This has
been evident in the recent past and the trend has continued in 2013-14.
However, this trend has several regional disparities across the globe. Broadly,
the advanced countries have greater digitization and are witnessing shrinking
demand while emerging economies mainly in Asia, the Middle-East and Africa is
seeing demand growth. Data for the first seven months of CY2014 clearly
outlines this development. North America and Europe registered declining demand
of 3% and 2.3% respectively, while the Asian economies, including India and
China, grew by 2.5%. In this backdrop, there has been several closures of high
cost plants in the western world, while the developing countries have seen
increased investments in the paper industry primarily to integrate across the
chain and reduce costs. These developments have created a delicate balance
between global demand and supply in the industry.
Despite digitisation across
the economy, India happens to be one of the fastest growing paper markets in
the world. Estimates suggest that paper demand in India will grow by 53% over
the next six years, increasing from today’s levels of 13 million metric tons
(MT) to 20 million MT by 2020. This will be primarily because of massive
under-penetration of paper use in India. According to a report by ?India
Ratings?, India’s per capita paper consumption is at 9 kg, against 22 kg in
Indonesia, 25 kg in Malaysia and 42 kg in China. The global average stands at
58 kg. Policy factors also have a key role to play in the growth of the
domestic paper industry in India. The governments sustained focus on literacy,
increased consumer packaging, continued need for documentation for Indian
Companies and expansion in organised retail continue to positively affect paper
consumption and demand in India.
Thus, there is considerable
headroom for growth with every one kg incremental per capita consumption in India
translating to an additional demand of over one million MT per year. At an
industry level, over the last five years, the Indian paper industry has
invested around Rs. 200000.000 million towards capacity enhancement, technology
up-gradation and various acquisitions. With these capacities coming on stream
in a short span of time, there has been an immediate effect of intense market
competition. However, this is expected to settle down as Companies focus on
leveraging these assets without making much additional investments in the short
to medium term. With India’s Free-Trade Agreement (FTA) with the Association of
Southeast Asian Nations (ASEAN) coming into effect from 1 January 2014, the
import duty on paper supplied from countries in this region to India has been
practically waived. As it stands today, there is zero duty on import of coated
sheet products and 6% on import of coated-reel products. For import of both
sheet and reel uncoated products, there is zero duty. Consequently, there has
been an increase in volume of imported paper from ASEAN countries in 2014. This
has exerted some additional competitive pressures on domestic paper
manufacturers. The Company also strategically exports some of its output to
leverage global opportunities, develop a market position in some countries and
balance-out the supply in India.
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
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.64.92 |
|
|
1 |
Rs.101.43 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
-- PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.